Total Revenue

31% increase ( " " " )

Total Revenue rose from $280.73 million in Q1 2025 to $366.9 million in Q1 2026. This increase is attributed to an expanded IoT device adoption and a broader customer base, consistent with previous trends where multi-application usage drove a 33% revenue event last fiscal year ( " " " ).

Gross Profit

Improved to 77% margin ( " " )

Gross Profit reached $283,715 thousand with a 77% margin in Q1 2026, up slightly from margins around 76% seen in FY 2025. This indicates that despite increased revenue, operational efficiencies in managing IoT costs have continued to improve, reflecting incremental gains from scale in the IoT business ( " " ).

Operating Loss

Recorded at ($33,255) thousand ( " " )

The Operating Loss of ($33,255) thousand in Q1 2026 appears improved relative to prior period trends. Rising IoT revenue helped partially offset cost investments as the company continues scaling its IoT platform – a trend that followed previous operational improvements in FY 2025 ( " " ).

Net Loss

Recorded at ($22,121) thousand ( " " )

Net Loss narrowed to ($22,121) thousand in Q1 2026. This improvement, compared to earlier wider losses, reflects better cost management and the positive impact of higher IoT revenue, in line with efforts to reduce overall loss in prior periods ( " " ).

Cash and Cash Equivalents

Increased to $259,025 thousand ( " )

The increase in Cash and Cash Equivalents to $259,025 thousand reflects strong liquidity maintained from robust operating cash flows observed previously in FY 2025, supporting continued investments in IoT growth ( " ).

Balance Sheet (Total Assets)

Total assets at $2,073,617 thousand ( " )

Total Assets stand at $2,073,617 thousand in Q1 2026, demonstrating a stable financial position and continued investments in IoT capabilities. This asset base is consistent with the growth trends recorded in FY 2025, where funds were directed to scale the IoT platform and related investments ( " ).

Net Cash Used in Operating Activities

$52,612 thousand used ( " " )

Net Cash Used in Operating Activities was $52,612 thousand in Q1 2026. The better cash flow performance, compared to the previous period’s broader cash usage, indicates improved efficiency in managing working capital as IoT-driven revenue increases begin to offset operational costs, a trend evolving from FY 2025 ( " " ).