Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
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,  
    2025     2024     2025     2024     2025     2024  
    (as a percentage)  
Customer 1     30.5 %     — %     18.1 %     <10 %     — %     — %
Customer 2     20.1 %     <10 %     15.9 %     <10 %     <10 %     <10 %
Customer 3     14.6 %     24.0 %     20.6 %     25.4 %     <10 %     <10 %
Customer 4     <10 %     — %     14.3 %     <10 %     <10 %     — %
Customer 5     <10 %     26.5 %     <10 %     20.1 %     <10 %     <10 %
Customer 6     — %     16.0 %     — %     <10 %     — %     <10 %
Customer 7     <10 %     11.4 %     <10 %     <10 %     <10 %     <10 %
Customer 8     <10 %     <10 %     <10 %     <10 %     17.3 %     — %
Customer 9     — %     — %     — %     — %     12.8 %     12.9 %
Customer 10     — %     — %     — %     — %     <10 %     10.8 %
Customer 11     — %     <10 %     — %     <10 %     — %     18.2 %

 

Revenue by Geographic Area

 

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

 

    2025     2024     2025     2024  
    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
    (In thousands)  
Americas   $ 10,731     $ 10,103     $ 19,020     $ 19,476  
Europe     2,748       176       3,684       501  
Other     93       65       188       153  
Total   $ 13,572     $ 10,344     $ 22,892     $ 20,130  

 

Contract Assets and Liabilities

 

There was $0.4 million and $0.9 million of revenue recognized during the three and six months ended June 30, 2025, respectively, included in contract liabilities as of December 31, 2024. The amount of revenue recognized during the three and six months ended June 30, 2024 included in contract liabilities as of December 31, 2023 was $0.8 million and $1.6 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 months ended June 30, 2025 and 2024. There was no revenue related to variable consideration during the six months ended June 30, 2025 and 2024.