Quarterly report [Sections 13 or 15(d)]

Entity Level Information

v3.25.1
Entity Level Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Entity Level Information

NOTE 10 — Entity Level Information

 

Segment Information—The Company operates in one reporting segment.

 

The Company’s Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The Company’s CODM primarily uses consolidated net income (loss) to allocate resources and assess Company performance, primarily through periodic budgeting and Company performance reviews. The CODM utilizes discrete financial information at the consolidated level, including profit and loss statements, cash flow and revenue forecasts, inventory reports, and vendor payment plans.

 

The following table details the revenues, significant expenses and other segment items regularly provided to and reviewed by the CODM:

 

    2025     2024  
    Three Months Ended  
    March 31,  
    2025     2024  
Revenues   $ 16,721     $ 16,776  
Less:                
Cost of sales     6,639       12,489  
Amortization of contract fulfillment assets     933       869  
Other cost of sales     793       516  
Research and development     1,633       456  
Sales and marketing     3,239       2,492  
General and administrative, excluding legal fees     2,425       2,390  
Legal fees     414       253  
Interest expense, net     91       —  
Other (income) expense, net     (36 )     92  
Income tax expense     132       125  
Consolidated segment net income (loss)   $ 458     $ (2,906 )
Reconciliation of profit or loss                
Adjustments and reconciling items     —       —  
Consolidated net income (loss)   $ 458     $ (2,906 )

 

 

The following table summarizes total net revenues by region based on ship-to destinations:

 

    2025     2024  
    Three Months Ended  
    March 31,  
    2025     2024  
United States   $ 12,768     $ 7,266  
Asia Pacific     529       7,663  
Canada     2,382       1,806  
Europe and Middle East     1,042       41  
Total net revenues   $ 16,721     $ 16,776  

 

Long-lived assets, substantially comprised of contract fulfillment assets, located in the United States and Asia Pacific region were $8,843 and $180 as of March 31, 2025, respectively, and $7,384 and $187 as of December 31, 2024, respectively.

 

Inventory located in the United States and Asia Pacific region was $3,467 and $5,153 as of March 31, 2025, respectively, and $3,383 and $7,238 as of December 31, 2024, respectively.

 

Concentrations of Revenue Risk— One customer accounted for 60% and 31% of total net revenues for the three months ended March 31, 2025 and 2024, respectively. One additional related party customer accounted for 46% of total net revenues for the three months ended March 31, 2024.

Operating Segments  Maximum Customer Concentration Risk   Accounts Receivable Revenue Benchmark