Quarterly report pursuant to Section 13 or 15(d)

Revenue

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Revenue
 3 Months Ended
Mar. 31, 2024
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
Three Months Ended March 31, March 31, December 31,
2024 2023 2024 2023
(as a percentage)
Customer 1 26.8  % —  % <10  % —  %
Customer 2 13.5  % 16.6  % <10  % <10  %
Customer 3 <10  % 17.6  % <10  % <10  %
Customer 4 <10  % 10.7  % —  % —  %
Customer 5 <10  % 10.6  % <10  % <10  %
Customer 6 —  % 10.6  % <10  % <10  %
Revenue by Geographic Area
The Company currently sells its products in the geographic regions as follows:
Three Months Ended March 31,
2024 2023
(In thousands)
Americas $ 9,373  $ 22,163 
Europe 325  4,425 
Other 88  99 
Total $ 9,786  $ 26,687 
Contract Assets and Liabilities
There was $0.9 million of revenue recognized during the three months ended March 31, 2024, included in contract liabilities as of December 31, 2023. The amount of revenue recognized during the three months ended March 31, 2023 included in contract liabilities as of December 31, 2022 was $0.9 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 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. There was no revenue related to variable consideration during the three months ended March 31, 2024 and 2023.