Annual report pursuant to Section 13 and 15(d)

Revenue

v3.24.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue 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,
2023 2022 2023 2022
(as a percentage)
Customer 1 <10  % 11.7  % 11.2  % <10  %
Customer 2 <10  % 29.2  % <10  % <10  %
Revenue by Geographic Area
The Company currently sells its products in the geographic regions as follows:
December 31,
2023 2022
(In thousands)
Americas $ 67,883  $ 78,070 
Europe 9,219  263 
Other 341  373 
Total $ 77,443  $ 78,706 

Contract Assets and Liabilities
There was $2.7 million of revenue recognized during the year ended December 31, 2023 included in contract liabilities as of December 31, 2022. There was $1.7 million of revenue recognized during the year ended December 31, 2022 included in contract liabilities as of December 31, 2021. 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. Revenue related to variable consideration represented $2.7 million and $4.9 million for the year ended December 31, 2023 and 2022, respectively.