Segment Information and Geographic Data

12 Months Ended

Dec. 31, 2024

Segments, Geographical Areas [Abstract]

Segment Reporting Disclosure

Segment Information and Geographic Data

Segment Information

The Company operates and manages its business activities on a consolidated basis and has one operating and reportable segment, as defined under ASC 280, Segment Reporting. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the Chief Operating Decision Maker (“CODM”), who decides how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM and is responsible for evaluating the Company’s financial performance and allocating resources. The CODM uses net income as the measure of profit or loss to allocate resources, assess performance, and monitor budgets against actual results.

Further, the CODM reviews the significant segment expenses in the table below on net (loss) income when assessing performance and allocating resources, as well as those used for strategic decisions related to headcount and

capital expenditures. The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets.

The following table reflect the Company’s significant segment expenses:

(In thousands)	2024		2023		2022
Revenue, net:
Product	$	153,263	$	156,717	$	148,600
Service	47,190		36,298		15,436
Total revenue, net	200,453		193,015		164,036
Cost of sales (excluding stock-based compensation)	82,922		78,655		59,024
Amortization - license & IP expense	1,997		1,721		1,183
Sales (excluding stock-based compensation)	29,320		25,510		17,120
Marketing (excluding stock-based compensation)	15,028		19,349		12,692
Research and development (excluding stock-based compensation)	32,975		37,475		29,823
General and administrative (excluding stock-based compensation)	31,885		36,102		29,403
Stock-based compensation expense	26,848		22,048		16,594
Other segment items	(14,504)		(15,696)		(4,288)
Net (loss) income	$	(6,020)	$	(12,148)	$	2,484

Other segment items include other income (expenses) and interest income (expenses).

Revenue by geographic location

The Company sells its products worldwide and attributes revenue to the geography where the product is delivered. The geographical distribution of revenue for the years ended December 31, 2024, 2023, and 2022 was as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
United States	$	92,610	$	102,085	$	94,592
EMEA	62,341		53,178		43,958
APAC	35,770		31,598		22,523
Other	9,732		6,154		2,963
Total revenue, net	$	200,453	$	193,015	$	164,036

EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America.

The Company had no major customers and no individual country represented more than 10% of total revenues for the years ending December 31, 2024, 2023, and 2022.

Long-lived assets by geographic location

As of December 31, 2024 and December 31, 2023, the Company’s long-lived assets by geographic area were as follows (in thousands):

	December 31, 2024		December 31, 2023
United States	$	8,228	$	8,814
EMEA	435		325
APAC	9,299		9,266
Total	$	17,962	$	18,405

As of December 31, 2024 and December 31, 2023, most of the Company’s long-lived assets were located in the United States and in Wuxi, China.