Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 11. Segment Reporting

Segment Reporting

Historically, the Company organized its operations into two reportable business segments: Identity and Premises. The Identity segment included products and solutions that enabled secure access to information serving the logical access and cyber-security market, and protected connected objects and information using radio-frequency identification ("RFID") embedded security. The Premises segment included the Company's solutions to address the premises security market for government and enterprise, including access control, video surveillance, analytics, audio, access readers and identities.

As disclosed in Note 1, Basis of Presentation and Note 3, Discontinued Operations, in the third quarter of 2024, the Company completed the sale of its Physical Security Business, which historically represented the Company's Premises segment, as well as its access card and identity reader operations, which were historically part of its Identity segment. As a result, the Company has one reportable segment: the Internet of Things ("IoT") Business segment.

The chief operating decision maker ("CODM") assesses performance for the segment and decides how to allocate resources based on consolidated loss from continuing operations that also is reported on the condensed consolidated statements of comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Loss from continuing operations is used to monitor budget versus actual results. Monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company derives revenue primarily in the Americas, Europe and the Middle East, and Asia-Pacific regions and manages the business activities on a consolidated basis. The Company’s CODM is the chief executive officer.

Significant Segment Expenses

As the Company's CODM manages operations on a consolidated basis, consolidated net loss from continuing operations as reported in the Company's condensed consolidated statements of comprehensive loss is the U.S. GAAP measure that is used to make operating decisions and evaluate operating performance. The significant expense categories which are used to manage operations are those reflected in the Company's condensed consolidated statements of comprehensive loss.

Geographic Information

Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Americas	$	1,833		$	3,386		$	4,071		$	6,344
Europe and the Middle East		1,964			2,068			3,751			4,606
Asia-Pacific		1,243			1,287			2,487			2,449
Total	$	5,040		$	6,741		$	10,309		$	13,399
As percentage of net revenue:
Americas		36	%		50	%		39	%		47	%
Europe and the Middle East		39	%		31	%		36	%		34	%
Asia-Pacific		25	%		19	%		25	%		19	%
Total		100	%		100	%		100	%		100	%

Concentration of Credit Risk

One customer accounted for 19% of net revenue for the three months ended June 30, 2025. One customer accounted for 18% of net revenue for the six months ended June 30, 2025. Two customers accounted for 18% and 11%, respectively, of net revenue for the three months ended June 30, 2024. Two customers accounted for 12% and 10%, respectively, of net revenue for the six months ended June 30, 2024. Two customers accounted for 15% and 10%, respectively, of net accounts receivable as of June 30, 2025. Two customers accounted for 16% and 11%, respectively, of net accounts receivable as of December 31, 2024.

Long-lived assets by geographic location as of June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30, 2025		December 31, 2024
Property and equipment, net:
Americas	$	117	$	68
Europe and the Middle East		628		475
Asia-Pacific		6,781		7,151
Total property and equipment, net	$	7,526	$	7,694
Operating lease right-of-use assets:
Americas	$	—	$	—
Europe and the Middle East		334		335
Asia-Pacific		1,061		1,665
Total operating lease right-of-use assets	$	1,395	$	2,000