Annual report pursuant to Section 13 and 15(d)

Revenue

v3.23.1
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table sets forth our net revenues by category:

Year Ended December 31,
2022 2021
Net revenues
Platform revenue $ 6,521  $ 7,548 
Hardware revenue 15,273  3,095 
Net revenues $ 21,794  $ 10,643 
For the years ended December 31, 2022 and 2021, we sold $1,535 and $1,063, respectively, of PhunToken for which we received both cash and digital assets from customers. Revenue from sales of PhunToken is recorded within platform revenue in the table above.
We generate revenue in domestic and foreign regions and attribute net revenue to individual countries based on the location of the contracting entity. We derived 97% and 93% of our net revenues from within the United States for the years ended December 31, 2022 and 2021, respectively. Revenue by geographic location is as follows:

Year Ended December 31,
2022 2021
Net revenues
United States $ 21,137  $ 9,939 
International 657  704 
Net revenues $ 21,794  $ 10,643 
Deferred Revenue
Our deferred revenue balance consisted of the following:

December 31,
2022 2021
Current deferred revenue
Platform revenue $ 1,531  $ 1,824 
Hardware revenue $ 1,373  $ 2,149 
Total current deferred revenue $ 2,904  $ 3,973 
Non-current deferred revenue
Platform revenue $ 1,274  $ 1,299 
Total non-current deferred revenue $ 1,274  $ 1,299 
Total deferred revenue $ 4,178  $ 5,272 

Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the year ended December 31, 2022, we recognized revenue of $4,028 that was included in our deferred revenue balance as of December 31, 2021.
Remaining Performance Obligations
Remaining performance obligations consist of gross deferred revenue and backlog. Remaining performance obligations were $8,002 as of December 31, 2022, of which we expect to recognize 47% as revenue over the next 12 months and the remainder thereafter.
PhunToken
In May 2021, we announced the commencement of the selling of PhunToken. PhunToken is our innovative digital asset intended to be utilized within our token ecosystem, once developed, to help drive engagement by unlocking features and capabilities of our MaaS platform. For the years ended December 31, 2022 and 2021, we recognized revenue from PhunToken sales of $1,535 and $1,063, respectively, for which we received both cash and digital assets from customers. Sales of PhunToken are recorded within platform revenue in the table above.
In March 2022, certain members of our senior management team purchased 827.5 million PhunToken pursuant to Restricted Token Purchase Agreements, at an aggregate purchase price of approximately $7. The PhunToken would have been transferred to employees over a time-based delivery schedule ranging from one to four years. In October 2022, our board of directors terminated the PhunToken Restricted Purchase Agreements, with no further PhunToken to be delivered to the employees after April 1, 2022.
As of December 31, 2022 and 2021, issued PhunToken were 377.2 million and 131.7 million, respectively. Total supply of PhunToken is capped at 10 billion.