Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

NOTE 13. SEGMENT REPORTING

The Company operates as a single operating segment, which is also its only reportable segment as its CODM, which is currently the Company's President and Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s principal operations are in the United States and the Company’s long-lived assets are located primarily within the United States. The Company held $11,508 and $8,023 of assets outside the United States on September 30, 2025, and December 31, 2024, respectively.

The CODM uses revenue, gross profit, operating expenses, and net income as the primary measures to assess performance and to make strategic decisions regarding product development, market expansion, and resource allocation. Key financial performance measures of the segment are as follows.

	For the three months ended September 30,						For the nine months ended September 30,
	2025			2024			2025			2024
Revenue
Hardware	$	11,506		$	18,707		$	45,479		$	72,460
Professional Services		7,035			3,308			15,255			12,582
Deferred hub amortization		3,424			5,177			12,701			16,435
SaaS		14,237			13,318			42,419			38,040
Total revenue		36,202			40,510			115,854			139,517
Cost of revenue
Hardware		13,836			13,843			40,664			48,845
Professional Services		6,800			6,840			20,330			22,157
Deferred hub amortization		1,819			2,735			6,559			8,461
SaaS		4,178			3,635			12,502			9,869
Total cost of revenue		26,633			27,053			80,055			89,332
Gross profit		9,569			13,457			35,799			50,185
Operating expenses
Operating expenses excluding stock compensation and depreciation and amortization		13,286			22,659			60,639			67,925
Stock compensation		2,019			1,366			6,597			7,341
Depreciation and amortization		1,291			1,169			3,635			3,733
Total operating expenses		16,596			25,194			70,871			78,999
Impairment charge		-			-			24,929			-
Loss from operations		(7,027	)		(11,737	)		(60,001	)		(28,814	)
Other segment items(1)		757			1,814			2,687			6,594
Net loss	$	(6,270	)	$	(9,923	)	$	(57,314	)	$	(22,220	)

(1) Other segment items include interest income, net, other income (expense), net, and income tax expense (benefit).

The CODM is regularly provided with the consolidated cost of revenue and consolidated operating expenses as noted on the face of the Condensed Consolidated Statement of Operations and Comprehensive Loss, as these make up the significant expenses included in the measure of the segment profit or loss. Reported segment revenues less the significant expenses defined in accordance with ASC 280-10-50-26A is equal to the reported segment profit or loss, and thus there are no other segment items to disclose herein.

The Company considers these categories significant based on their materiality to the segment’s results and their importance in the CODM’s evaluation of segment performance and resource allocation decisions.