Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.3
Revenue
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

4. Revenue

Software subscriptions and services revenue consist of platform license subscriptions and application development services. Advertising revenue is comprised of in-app advertising. Refer to our revenue recognition policy under the subheading, Revenue Recognition, in Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10-K filed with the SEC on March 31, 2025.

Disaggregation of Revenue

The following table sets forth our net revenue by category:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Software subscriptions and services

 

$

446

 

 

$

464

 

 

$

1,514

 

 

$

1,434

 

Advertising

 

176

 

 

201

 

 

 

251

 

 

 

1,163

 

Net revenue

 

$

622

 

 

$

665

 

 

$

1,765

 

 

$

2,597

 

 

The following table sets forth our concentration of revenue sources as a percentage of total net revenue:

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2025

 

2024

 

2025

 

2024

Customer A

 

12%

 

13%

 

5%

 

7%

Customer G

 

20%

 

18%

 

28%

 

14%

Customer H

 

-%

 

(3)%

 

-%

 

13%

Customer I

 

-%

 

-%

 

-%

 

12%

 

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 98% of our net revenue from within the United States for the three and nine months ended September 30, 2025 and over 99% of our net revenue from within the United States for the three and nine months ended September 30, 2024.

Deferred Revenue

Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under the arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the nine months ended September 30, 2025, we recognized revenue of $1,088 that was included in our deferred revenue balance as of December 31, 2024.

Remaining Performance Obligations

Remaining performance obligations were $4,928 as of September 30, 2025, of which we expect to recognize approximately 35% as revenue over the next 12 months and the remainder thereafter.