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

Revenue

v3.26.1
Revenue
 12 Months Ended
Dec. 31, 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

 

 

Year ended December 31,

 

December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

(as a percentage)

Customer 1

 

11.2%

 

<10%

 

<10%

 

—%

Customer 2

 

10.6%

 

11.3%

 

34.0%

 

<10%

Customer 3

 

11.4%

 

12.7%

 

—%

 

<10%

Customer 4

 

<10%

 

—%

 

16.2%

 

—%

Customer 5

 

<10%

 

23.0%

 

<10%

 

<10%

Customer 6

 

<10%

 

10.5%

 

<10%

 

<10%

Customer 7

 

—%

 

—%

 

—%

 

18.2%

Customer 8

 

—%

 

—%

 

—%

 

12.9%

Customer 9

 

—%

 

—%

 

—%

 

10.8%

 

Revenue by Geographic Area

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

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Americas

 

$

39,901

 

 

$

39,908

 

Europe

 

 

4,493

 

 

 

839

 

Other

 

 

1,579

 

 

 

256

 

Total

 

$

45,973

 

 

$

41,003

 

 

Contract Assets and Liabilities

There was $2.3 million of revenue recognized during the year ended December 31, 2025 included in contract liabilities as of December 31, 2024. There was $2.4 million of revenue recognized during the year ended December 31, 2024 included in contract liabilities as of December 31, 2023. 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.