Financial Performance - Revenue reached $33 million, a 27% year-over-year increase[6] - GAAP gross margin was 32%, a 127 percentage point increase year-over-year[6] - Non-GAAP gross margin was 46%, a 22 percentage point increase year-over-year[6] - Adjusted EBITDA improved by $8 million year-over-year to $(5) million[6] - Operating cash flow improved by $9 million year-over-year to $9 million[6] Recurring Revenue and Bookings - Annual Recurring Revenue (ARR) increased by 8% quarter-over-quarter and 26% year-over-year to $57 million[6] - Contracted Annual Recurring Revenue (CARR) reached $69 million in 1Q25[18] - Bookings were $34.5 million in 1Q25[18] Business Strategy and Cost Savings - Implemented targeted workforce reductions in April, driving $30 million in annualized cost savings[6] - The company is creating four distinct business units to optimize operations and drive growth: Software Products, Professional Services, Managed Services, and OEM Hardware[8, 9] 2025 Guidance - The company reaffirmed its 2025 guidance, projecting total revenue between $125 million and $175 million[7, 22] - The company projects year-end ARR between $55 million and $65 million[22]