Note 16 - Segment Information

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

16. Segment Information

The Company manages its business activities on a consolidated basis and operates in a single operating segment. Its products and services are sold throughout the world, through direct and indirect sales channels. The Company’s chief operating decision maker (the “CODM”) is the Chief Executive Officer. The CODM makes operating performance assessment and resource allocation decisions on a consolidated basis. The CODM does not review assets in evaluating the results of the segment.

The CODM assesses performance for the consolidated entity and decides how to allocate resources based on net income (loss) reported on the consolidated statements of income (loss). The CODM uses net income (loss) to monitor budgeted versus actual results and to conduct competitive analysis by benchmarking against industry peers. Additionally, net income (loss) serves as a basis for making strategic decisions, such as acquisitions and reinvestments into the business, and establishing management compensation linked to segment performance.

The following table sets forth the information about the Company’s reported segment revenue, segment profit or loss, and significant segment expenses:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue:	$	109,728	$	88,804	$	304,810	$	241,299
Less:
People expenses		56,267		46,698		164,010		138,017
Stock-based compensation		10,678		9,811		31,441		29,807
Cloud and server hosting services expenses		11,825		8,332		32,019		23,493
Marketing expenses		2,943		2,844		10,756		8,819
Other segment items (1)		14,998		18,191		47,108		53,127
Net income (loss)	$	13,017	$	2,928	$	19,476	$	(11,964	)

⁽¹⁾ The other segment items category includes professional services, rent, software maintenance, travel, depreciation and amortization, certain overhead expense, and mark-to-market of earn-out shares liabilities and warrant liabilities.

Revenue by geography is based upon the billing address of the customer. All transfers between geographic regions have been eliminated from consolidated revenue. The following table sets forth revenue by geographic area:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue:
North America	$	43,094	$	37,648	$	119,117	$	99,240
EMEA		35,454		26,298		96,760		72,193
APAC		31,180		24,858		88,933		69,866
Total revenue	$	109,728	$	88,804	$	304,810	$	241,299

The following table sets forth revenue generated by countries which represent more than 10% of total consolidated revenue:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue:
United States	$	42,485	$	37,518	$	118,051	$	98,744
Germany		15,185		11,568		40,680		30,856
Singapore		12,900		10,700		38,205		31,409