Annual report [Section 13 and 15(d), not S-K Item 405]

Revenue

v3.25.1
Revenue
 12 Months Ended
Dec. 31, 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

 

 

Year ended December 31,

 

December 31,

 

 

2024

 

2023

 

2024

 

2023

 

 

(as a percentage)

Customer 1

 

23.0%

 

<10%

 

<10%

 

<10%

Customer 2

 

12.7%

 

—%

 

<10%

 

—%

Customer 3

 

11.3%

 

<10%

 

<10%

 

<10%

Customer 4

 

10.5%

 

<10%

 

<10%

 

—%

Customer 5

 

<10%

 

<10%

 

18.2%

 

11.2%

Customer 6

 

—%

 

—%

 

12.9%

 

<10%

Customer 7

 

—%

 

—%

 

10.8%

 

<10%

 

Revenue by Geographic Area

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

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Americas

 

$

39,908

 

 

$

67,883

 

Europe

 

 

839

 

 

 

9,219

 

Other

 

 

256

 

 

 

341

 

Total

 

$

41,003

 

 

$

77,443

 

 

Contract Assets and Liabilities

There was $2.4 million of revenue recognized during the year ended December 31, 2024 included in contract liabilities as of December 31, 2023. There was $2.7 million of revenue recognized during the year ended December 31, 2023 included in contract liabilities as of December 31, 2022. The change in contract assets reflects the difference in timing between our satisfaction of remaining performance obligations and our contractual right to bill our 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. There was no revenue related to variable consideration and $2.7 million in revenue related to variable consideration for the year ended December 31, 2024 and 2023, respectively.