Quarterly report [Sections 13 or 15(d)]

Revenue

v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 5. Revenue

Customer Concentration

Customers representing 10% or more of total revenue for the periods presented or accounts receivable, net, as of the balance sheet dates presented were as follows:

 

 

Total Revenue

 

Accounts Receivable, Net

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

June 30,

 

December 31,

 

2026

 

2025

 

2026

 

2025

 

2026

 

2025

 

(as a percentage)

Customer 1

 

17.1%

 

<10%

 

10.6%

 

<10%

 

18.9%

 

<10%

Customer 2

 

15.8%

 

<10%

 

<10%

 

<10%

 

<10%

 

<10%

Customer 3

 

13.0%

 

14.6%

 

<10%

 

20.6%

 

<10%

 

<10%

Customer 4

 

12.8%

 

<10%

 

<10%

 

<10%

 

<10%

 

<10%

Customer 5

 

<10%

 

<10%

 

<10%

 

<10%

 

15.2%

 

<10%

Customer 6

 

<10%

 

<10%

 

12.2%

 

<10%

 

<10%

 

34.0%

Customer 7

 

<10%

 

<10%

 

<10%

 

<10%

 

<10%

 

16.2%

Customer 8

 

<10%

 

<10%

 

11.1%

 

<10%

 

<10%

 

<10%

Customer 9

 

<10%

 

30.5%

 

<10%

 

18.1%

 

<10%

 

<10%

Customer 10

 

<10%

 

20.1%

 

<10%

 

15.9%

 

<10%

 

<10%

Customer 11

 

<10%

 

<10%

 

<10%

 

14.3%

 

<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,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

(In thousands)

 

Americas

 

$

20,193

 

 

$

10,731

 

 

$

33,214

 

 

$

19,020

 

Europe

 

 

357

 

 

 

2,748

 

 

 

970

 

 

 

3,684

 

Other

 

 

114

 

 

 

93

 

 

 

296

 

 

 

188

 

Total

 

$

20,664

 

 

$

13,572

 

 

$

34,480

 

 

$

22,892

 

 

Contract Assets and Liabilities

There was $0.4 million and $0.8 million of revenue recognized during the three and six months ended June 30, 2026, respectively, included in contract liabilities as of June 30, 2026. The amount of revenue recognized during the three and six months ended June 30, 2025 included in contract liabilities as of December 31, 2025 was $0.4 million and $0.9 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 evaluates contract assets for expected credit losses under ASC 326. As of June 30, 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 six months ended June 30, 2026 and 2025.