Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.1
Revenue
 3 Months Ended
Mar. 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

 

Three Months Ended March 31,

 

March 31,

 

December 31,

 

2025

 

2024

 

2025

 

2024

 

(as a percentage)

Customer 1

 

31.5%

 

—%

 

<10%

 

<10%

Customer 2

 

29.5%

 

26.8%

 

<10%

 

<10%

Customer 3

 

<10%

 

13.5%

 

<10%

 

<10%

Customer 4

 

—%

 

<10%

 

16.9%

 

18.2%

Customer 5

 

—%

 

—%

 

12.0%

 

12.9%

Customer 6

 

—%

 

—%

 

10.1%

 

10.8%

 

Revenue by Geographic Area

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

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Americas

 

$

8,289

 

 

$

9,373

 

Europe

 

 

936

 

 

 

325

 

Other

 

 

95

 

 

 

88

 

Total

 

$

9,320

 

 

$

9,786

 

 

Contract Assets and Liabilities

There was $0.5 million of revenue recognized during the three months ended March 31, 2025, included in contract liabilities as of December 31, 2024. The amount of revenue recognized during the three months ended March 31, 2024 included in contract liabilities as of December 31, 2023 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 adjusts 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 of a change in estimation. There was no revenue related to variable consideration during the three ended March 31, 2025 and 2024.