XML 35 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Segment and Related Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
The Company operates in one segment. There have been no changes to the Company’s reportable segment, the identification of the Chief Operating Decision Maker, or the methodology used to assess segment performance since the filing of our 2024 Annual Report.

The following table presents revenues and significant segment expenses:

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Total revenues, net$119,183 $96,754 $335,446 $244,977 
Less:
Subscription service cost of sales(1)
25,300 19,928 70,616 48,140 
Hardware cost of sales(1)
24,474 16,779 60,306 46,243 
Professional service cost of sales(1)
11,860 9,923 31,433 30,415 
Sales and marketing(1)
12,046 10,181 35,420 30,349 
General and administrative(1)
23,583 20,760 69,062 56,428 
Research and development(1)
18,110 16,937 56,775 47,433 
Depreciation and amortization9,082 7,876 26,726 21,125 
Stock-based compensation7,821 5,887 22,889 16,583 
Transaction costs1,171 1,125 2,887 6,103 
Amortization of identifiable intangible assets3,389 2,699 10,042 5,577 
Other segment items(2)
— (147)— (747)
Operating loss$(17,653)$(15,194)$(50,710)$(62,672)
Other segment items(3)
(524)(4,638)(12,857)78,742 
Net (loss) income$(18,177)$(19,832)$(63,567)$16,070 

(1) These amounts exclude stock-based compensation expense, depreciation and amortization expense, and transaction costs, which are presented separately as additional significant segment expenses.
(2) Other segment items include adjustment to contingent consideration liability and gain on insurance proceeds. See the condensed consolidated statements of operations for additional information on these amounts.
(3) Other segment items include other income (expense), net; loss on extinguishment of debt; interest expense, net; benefit from (provision for) income taxes; and net income from discontinued operations. See the condensed consolidated statements of operations for additional information on these amounts.

The following table represents revenues by country based on the location of the revenue:

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
United States$98,181 $81,638 $278,568 $219,353 
International21,002 15,116 56,878 25,624 
Total$119,183 $96,754 $335,446 $244,977 

The following table represents assets by country based on the location of the assets:

(in thousands)September 30, 2025December 31, 2024
United States$597,532 $599,945 
International779,842 780,782 
Total$1,377,374 $1,380,727 
Customers accounting for 10% or more of the Company’s total revenues are summarized as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
McDonald’s Corporation23 %18 %20 %13 %
All Others77 %82 %80 %87 %
Total100 %100 %100 %100 %

No other customer within "All Others" accounted for 10% or more of the Company’s total revenue for the three and nine months ended September 30, 2025 or 2024.