| SEGMENT INFORMATION and GEOGRAPHIC INFORMATION |
11. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION The Company is engaged in providing SaaS platforms to customers primarily located in the United States. The Company’s operations are conducted in two reportable segments: Lofty and Trucker Path. The Company defines its segments as those operations whose results the chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. The Lofty segment includes the Company’s all-in-one real estate sales acceleration and client lifecycle management platform. The Trucker Path segment includes the Company’s driver-centric online transportation management platform. The Company’s operating structure also includes Corporate, which is a center focusing on strategic initiatives, policy, governance and the scaling of global operations, and a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. Chief Operating Decision Maker and Method of Determining Segment Income or Loss The Company’s CODM is Joseph Chen, the chairman and the chief executive of the Company. The CODM assesses the performance of operating segments primarily based on net operating revenues and operating income (loss). These metrics guide strategic operating decisions and resource allocation across the Company. Segment operating income is calculated consistently with the methodology used for consolidated operating income. Decisions made at this level encompass, but are not limited to, setting annual business plan targets and allocating capital expenditures, all of which are aligned with the Company’s long-term growth objectives. Income taxes and certain treasury-related items, such as interest income and interest expense, are managed globally within Corporate. Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, the CODM. The Company measures the results of its segments using, among other measures, each segment’s revenue, cost of sales and operating expenses. Information for the Company’s segments and Corporate, is provided in the following table: | | | | | | | | | | | | | | | | | | Lofty | | Trucker Path | | The Corporate | | Eliminations | | Consolidated | For the three months ended September 30, 2025 | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | Subscription services | | $ | 8,709 | | $ | 9,786 | | $ | — | | $ | — | | $ | 18,495 | Advertising services | | | 412 | | | 456 | | | — | | | — | | | 868 | Other Saas services | | | 935 | | | 90 | | | — | | | — | | | 1,025 | Other services | | | — | | | — | | | 152 | | | (115) | | | 37 | Total revenues | | | 10,056 | | | 10,332 | | | 152 | | | (115) | | | 20,425 | Cost | | | 2,200 | | | 3,049 | | | 33 | | | — | | | 5,282 | Gross profit | | | 7,856 | | | 7,283 | | | 119 | | | (115) | | | 15,143 | Operating expenses: | | | | | | | | | | | | | | | | Selling and marketing expense | | | 3,968 | | | 1,537 | | | 73 | | | (102) | | | 5,476 | Research and development expense | | | 3,546 | | | 3,116 | | | 13 | | | (12) | | | 6,663 | General and administrative expense | | | 1,916 | | | 999 | | | 1,542 | | | (1) | | | 4,456 | Total operating expenses | | | 9,430 | | | 5,652 | | | 1,628 | | | (115) | | | 16,595 | (Loss) Income from operations | | $ | (1,574) | | $ | 1,631 | | $ | (1,509) | | $ | — | | $ | (1,452) | Other expense, net | | | | | | | | | | | | | | | (15) | Loss from fair value change of a long-term investment | | | | | | | | | | | | | | | (9) | Interest income, net | | | | | | | | | | | | | | | 155 | Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax | | | | | | | | | | | | | | $ | (1,321) | | | | | | | | | | | | | | | | | Other segment information: | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 119 | | $ | 35 | | $ | 26 | | $ | — | | $ | 180 | Goodwill | | | 4,840 | | | — | | | — | | | — | | | 4,840 | Intangible assets, net | | | 2,045 | | | 1,163 | | | 15 | | | — | | | 3,223 | | | | | | | | | | | | | | | | | For the three months ended September 30, 2024 | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | Subscription services | | $ | 8,442 | | $ | 6,823 | | $ | — | | $ | — | | $ | 15,265 | Advertising services | | | 386 | | | 398 | | | — | | | — | | | 784 | Other Saas services | | | 388 | | | 204 | | | — | | | — | | | 592 | Other services | | | — | | | — | | | 160 | | | (115) | | | 45 | Total revenues | | | 9,216 | | | 7,425 | | | 160 | | | (115) | | | 16,686 | Cost | | | 1,722 | | | 2,295 | | | 36 | | | — | | | 4,053 | Gross profit | | | 7,494 | | | 5,130 | | | 124 | | | (115) | | | 12,633 | Operating expenses: | | | | | | | | | | | | | | | | Selling and marketing expense | | | 3,996 | | | 1,013 | | | 60 | | | (105) | | | 4,964 | Research and development expense | | | 2,535 | | | 2,243 | | | 9 | | | (8) | | | 4,779 | General and administrative expense | | | 1,750 | | | 1,188 | | | 525 | | | (2) | | | 3,461 | Total operating expenses | | | 8,281 | | | 4,444 | | | 594 | | | (115) | | | 13,204 | (Loss) Income from operations | | $ | (787) | | $ | 686 | | $ | (470) | | $ | — | | $ | (571) | Other income, net | | | | | | | | | | | | | | | 431 | Gain from fair value change of a long-term investment | | | | | | | | | | | | | | | 147 | Interest income | | | | | | | | | | | | | | | 393 | Income before provision of income tax and loss in equity method investments and non-controlling interest, net of tax | | | | | | | | | | | | | | $ | 400 | | | | | | | | | | | | | | | | | Other segment information: | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 41 | | $ | 14 | | $ | 33 | | $ | — | | $ | 88 | Intangible assets, net | | | 951 | | | 366 | | | 23 | | | — | | | 1,340 |
| | | | | | | | | | | | | | | | | | Lofty | | Trucker Path | | The Corporate | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | For the nine months ended September 30, 2025 | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | Subscription services | | $ | 25,865 | | $ | 26,385 | | $ | — | | $ | — | | $ | 52,250 | Advertising services | | | 1,217 | | | 1,252 | | | — | | | — | | | 2,469 | Other Saas services | | | 2,680 | | | 184 | | | — | | | — | | | 2,864 | Other services | | | — | | | — | | | 463 | | | (345) | | | 118 | Total revenues | | | 29,762 | | | 27,821 | | | 463 | | | (345) | | | 57,701 | Cost | | | 6,395 | | | 8,353 | | | 103 | | | — | | | 14,851 | Gross profit | | | 23,367 | | | 19,468 | | | 360 | | | (345) | | | 42,850 | Operating expenses: | | | | | | | | | | | | | | | | Selling and marketing expense | | | 11,683 | | | 4,093 | | | 175 | | | (312) | | | 15,639 | Research and development expense | | | 9,667 | | | 8,745 | | | 110 | | | (29) | | | 18,493 | General and administrative expense | | | 5,483 | | | 2,613 | | | 2,606 | | | (4) | | | 10,698 | Total operating expenses | | | 26,833 | | | 15,451 | | | 2,891 | | | (345) | | | 44,830 | (Loss) Income from operations | | $ | (3,466) | | $ | 4,017 | | $ | (2,531) | | $ | — | | $ | (1,980) | Other loss, net | | | | | | | | | | | | | | | 18 | Loss from fair value change of a long-term investment | | | | | | | | | | | | | | | (30) | Interest income, net | | | | | | | | | | | | | | | 608 | Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax | | | | | | | | | | | | | | $ | (1,384) | | | | | | | | | | | | | | | | | Other segment information: | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 375 | | $ | 63 | | $ | 87 | | $ | — | | $ | 525 | Goodwill | | | 4,840 | | | — | | | — | | | — | | | 4,840 | Intangible assets, net | | | 2,045 | | | 1,163 | | | 15 | | | — | | | 3,223 | | | | | | | | | | | | | | | | | For the nine months ended September 30, 2024 | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | Subscription services | | $ | 24,001 | | $ | 18,695 | | $ | — | | $ | — | | $ | 42,696 | Advertising services | | | 1,120 | | | 1,279 | | | — | | | — | | | 2,399 | Other Saas services | | | 535 | | | 242 | | | — | | | — | | | 777 | Other services | | | — | | | — | | | 471 | | | (345) | | | 126 | Total revenues | | | 25,656 | | | 20,216 | | | 471 | | | (345) | | | 45,998 | Cost | | | 4,491 | | | 6,270 | | | 108 | | | — | | | 10,869 | Gross profit | | | 21,165 | | | 13,946 | | | 363 | | | (345) | | | 35,129 | Operating expenses: | | | | | | | | | | | | | | | | Selling and marketing expense | | | 11,041 | | | 2,989 | | | 215 | | | (319) | | | 13,926 | Research and development expense | | | 6,906 | | | 6,542 | | | 366 | | | (22) | | | 13,792 | General and administrative expense | | | 4,299 | | | 2,698 | | | 3,002 | | | (4) | | | 9,995 | Impairment of intangible assets | | | 207 | | | | | | — | | | — | | | 207 | Total operating expenses | | | 22,453 | | | 12,229 | | | 3,583 | | | (345) | | | 37,920 | (Loss) Income from operations | | $ | (1,288) | | $ | 1,717 | | $ | (3,220) | | $ | — | | $ | (2,791) | Other income, net | | | | | | | | | | | | | | | 413 | Loss from fair value change of a long-term investment | | | | | | | | | | | | | | | (1,474) | Interest income | | | | | | | | | | | | | | | 1,164 | Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax | | | | | | | | | | | | | | $ | (2,688) | | | | | | | | | | | | | | | | | Other segment information: | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 159 | | $ | 39 | | $ | 99 | | $ | — | | $ | 297 | Intangible assets, net | | | 951 | | | 366 | | | 23 | | | — | | | 1,340 |
Geographic Data The following table provides information related to the total revenues: | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2024 | | 2025 | | 2024 | | 2025 | United States | | $ | 15,538 | | $ | 18,618 | | $ | 43,330 | | $ | 52,573 | International | | | 1,148 | | | 1,807 | | | 2,668 | | | 5,128 | Total operating revenues | | $ | 16,686 | | $ | 20,425 | | $ | 45,998 | | $ | 57,701 |
The following table provides information related to the long-lived assets, net: | | | | | | | | | As of December 31, | | As of September 30, | | | 2024 | | 2025 | United States | | $ | 7,281 | | $ | 8,788 | International | | | 2,301 | | | 2,236 | Long-lived assets, net | | $ | 9,582 | | $ | 11,024 |
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