Quarterly report [Sections 13 or 15(d)]

Revenue

v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 5. 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 March 31,

 

March 31,

 

December 31,

 

2026

 

2025

 

2026

 

2025

 

(as a percentage)

Customer 1

 

27.6%

 

—%

 

<10%

 

<10%

Customer 2

 

27.5%

 

<10%

 

44.7%

 

34.0%

Customer 3

 

<10%

 

31.5%

 

—%

 

—%

Customer 4

 

<10%

 

29.5%

 

<10%

 

—%

Customer 5

 

<10%

 

<10%

 

15.9%

 

<10%

Customer 6

 

<10%

 

—%

 

—%

 

16.2%

 

 

Revenue by Geographic Area

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

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Americas

 

$

13,021

 

 

$

8,289

 

Europe

 

 

612

 

 

 

936

 

Other

 

 

183

 

 

 

95

 

Total

 

$

13,816

 

 

$

9,320

 

 

Contract Assets and Liabilities

There was $0.3 million of revenue recognized during the three months ended March 31, 2026, included in contract liabilities as of March 31, 2026. The amount of revenue recognized during the three months ended March 31, 2025 included in contract liabilities as of December 31, 2025 was $0.5 million. 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 evaluates contract assets for expected credit losses under ASC 326. As of March 31, 2026 and December 31, 2025, the allowance for credit losses related to contract assets was not material. There were no material provisions for credit losses related to contract assets recognized during the three months ended March 31, 2026 and 2025.