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Revenue | 3 Months Ended
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Mar. 31, 2026
Revenue [Abstract] |
REVENUE | NOTE 3 – REVENUE The following table presents our disaggregated revenues by type, timing and geographical region.
|  | Three Months Ended March 31, |
(dollars in thousands) |  | 2026 |  |  | 2025 |
Type of Revenue |  |  |  |  |  |
Product revenue |  | $ | 38,368 |  |  | $ | 3,224 |
Service revenue |  |  | 9,323 |  |  |  | 809 |
Development revenue |  |  | 2,431 |  |  |  | 215 |
Total revenues |  | $ | 50,122 |  |  | $ | 4,248 |
Timing of Revenue |  |  |  |  |  |  |  |
Revenue recognized point in time |  | $ | 40,562 |  |  | $ | 3,984 |
Revenue recognized over time |  |  | 9,560 |  |  |  | 264 |
Total revenue |  | $ | 50,122 |  |  | $ | 4,248 |
Geographical region |  |  |  |  |  |  |  |
Israel |  | $ | 21,598 |  |  | $ | 2,488 |
Europe |  |  | 12,071 |  |  |  | - |
Asia - Other |  |  | 12,000 |  |  |  | - |
North America |  |  | 3,313 |  |  |  | 216 |
United Arab Emirates |  |  | 305 |  |  |  | 1,533 |
Other Countries |  |  | 835 |  |  |  | 11 |
Total revenues |  | $ | 50,122 |  |  | $ | 4,248 |
Contract Assets and Liabilities The Company recognizes a receivable or contract asset when we perform a service or transfer a good in advance of receiving consideration. A receivable is recorded when our right to consideration is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is recorded when we have recognized revenue over time in accordance with meeting our performance obligation but are unable to invoice the customer yet based on the contractual invoicing terms. The contract asset is reclassified to a receivable when the right to consideration becomes unconditional. Contract assets are included in other current assets on the condensed consolidated balance sheets. The table below details the activity in our contract assets during the three months ended March 31, 2026 and the year ended December 31, 2025.
(dollars in thousands) |  | Three Months Ended March 31, 2026 |  |  | Year Ended December 31, 2025 |
Balance, beginning of period |  | $ | 3,171 |  |  | $ | 206 |
Contract assets recognized |  |  | 15,488 |  |  |  | 8,476 |
Reclassification to accounts receivable, net |  |  | (2,676 | ) |  |  | (5,511 | )
Balance, end of period |  | $ | 15,983 |  |  | $ | 3,171 |
The Company recognizes a contract liability (deferred revenue) when we receive consideration from a customer, or if we have the unconditional right to consideration (i.e., a receivable), prior to satisfying the performance obligation. A contract liability is our obligation to transfer goods or services to a customer for which we have received consideration, or an amount of consideration is due from the customer. The table below details the activity in our contract liabilities during the three months ended March 31, 2026, and the year ended December 31, 2025.
(dollars in thousands) |  | Three Months Ended March 31, 2026 |  |  | Year Ended December 31, 2025 |
Balance, beginning of period |  | $ | 8,501 |  |  | $ | 329 |
Contract liabilities acquired in business combinations |  |  | 14,253 |  |  |  | 7,374 |
Effect of deconsolidation of subsidiary |  |  | (337 | ) |  |  | - |
Additions |  |  | 4,892 |  |  |  | 9,542 |
Recognized as revenue |  |  | (7,477 | ) |  |  | (8,744 | )
Balance, end of period |  | $ | 19,832 |  |  | $ | 8,501 |
Revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liability opening balance, was $2.2 million and $12 thousand, respectively. As of March 31, 2026 and December 31, 2025, $205 thousand and $472 thousand of the contract liability balance represents long-term deferred revenue and is included in other liabilities on the consolidated balance sheets, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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