Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.3
Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Customer Concentration
The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below:
Total Revenue Accounts Receivable, Net
Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31,
2023 2022 2023 2022 2023 2022
(as a percentage)
Customer 1 14.2  % —  % <10  % —  % —  % —  %
Customer 2 22.8  % —  % <10  % —  % —  % —  %
Customer 3 14.1  % —  % <10  % —  % <10  % —  %
Customer 4 13.3  % —  % <10  % —  % —  % —  %
Customer 5 12.4  % —  % <10  % —  % 18.0  % —  %
Customer 6 <10  % 36.7  % <10  % 38.6  % 13.0  % <10  %
Customer 7
 <10  % <10  % <10  % 11.5  % <10  % —  %
Customer 8
 <10  % 17.1  % <10  % <10  % <10  % —  %
Customer 9
 <10  % 12.5  % <10  % <10  % <10  % —  %
Revenue by Geographic Area
The Company currently sells its products in the geographic regions as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(In thousands)
Americas $ 23,407  $ 18,933  $ 66,620  $ 50,592 
Europe 329  37  8,927  111 
Other 72  145  209  274 
Total $ 23,808  $ 19,115  $ 75,756  $ 50,977 
Contract Assets and Liabilities
There was $0.6 million and $2.3 million of revenue recognized during the three and nine months ended September 30, 2023, respectively, included in contract liabilities as of December 31, 2022. The amount of revenue recognized during the three and nine months ended September 30, 2022 included in contract liabilities as of December 31, 2021 was $0.9 million and $2.5 million, respectively. The change in contract assets reflects the difference in timing between the Company’s satisfaction of remaining performance obligations and the Company’s contractual right to bill its customers. The Company had no material asset impairment charges related to contract assets in the periods presented.
Variable Consideration
The Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjust the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result from a change in estimation. Revenue related to variable consideration represented $3.9 million and $3.1 million of the Company’s revenue during the three months ended September 30, 2023 and 2022, respectively, and $3.9 million and $4.0 million for the nine months ended September 30, 2023 and 2022, respectively.