Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

Note 15. 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 June 30,

 

Six Months Ended June 30,

 

June 30,

 

December 31,

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

 

(as a percentage)

Customer 1

 

24.0%

 

—%

 

25.4%

 

—%

 

—%

 

—%

Customer 2

 

26.5%

 

—%

 

20.1%

 

<10%

 

<10%

 

<10%

Customer 3

 

16.0%

 

—%

 

<10%

 

—%

 

16.9%

 

—%

Customer 4

 

11.4%

 

<10%

 

<10%

 

<10%

 

<10%

 

—%

Customer 5

 

<10%

 

11.5%

 

<10%

 

10.4%

 

<10%

 

<10%

Customer 6

 

<10%

 

<10%

 

<10%

 

<10%

 

14.0%

 

11.2%

Customer 7

 

<10%

 

<10%

 

<10%

 

11.3%

 

<10%

 

<10%

Customer 8

 

<10%

 

23.4%

 

<10%

 

11.3%

 

<10%

 

<10%

Customer 9

 

<10%

 

12.1%

 

<10%

 

<10%

 

<10%

 

<10%

Customer 10

 

<10%

 

11.3%

 

<10%

 

<10%

 

—%

 

<10%

 

Revenue by Geographic Area

The Company currently sells its products in the geographic regions as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(In thousands)

 

Americas

 

$

10,103

 

 

$

20,923

 

 

$

19,476

 

 

$

43,086

 

Europe

 

 

176

 

 

 

4,173

 

 

 

501

 

 

 

8,598

 

Other

 

 

65

 

 

 

38

 

 

 

153

 

 

 

137

 

Total

 

$

10,344

 

 

$

25,134

 

 

$

20,130

 

 

$

51,821

 

 

Contract Assets and Liabilities

There was $0.8 million and $1.6 million of revenue recognized during the three and six months ended June 30, 2024, respectively, included in contract liabilities as of December 31, 2023. The amount of revenue recognized during the three and six months ended June 30, 2023 included in contract liabilities as of December 31, 2022 was $0.9 million and $1.8 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 adjusts 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 of a change in estimation. There was no revenue related to variable consideration during the three ended June 30, 2024 and 2023. There was no revenue related to variable consideration and $1.3 million in revenue related to variable consideration for the six months ended June 30, 2024 and 2023, respectively.