Second Quarter 2025 Results

Revenues for the quarter were $86.8 million, a 2% increase compared with $84.9 million in Q2 2024.

It is noted that the second quarter strength of the US dollar versus some of the various local currencies in which the Company operates compared to the year-ago US dollar level, impacted the revenue growth when translated into US dollars. In local currencies, revenues grew by 4% year-over-year.

73% of revenues were from location-based service subscription fees, and 27% were from product revenues.

Revenues from subscription fees for the quarter were $63.8 million, an increase of 6% over the second quarter of 2024. In local currencies, subscription revenue grew by 7% year-over-year.

The subscriber grew to 2,548,000 by the end of June 2025, marking a quarterly increase of 40,000 and a year-over-year increase of 219,000.

Product revenues for the quarter were $23.0 million, a decrease of 6% year-over-year. Product sales were impacted due to a cessation of new sales during the 12-day war between Israel and Iran during the second quarter.