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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

15. REVENUE

Disaggregated Revenue

The Company's revenues disaggregated by revenue source is as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

 

2022

 

Specialized quantum computing hardware

 

$

21,594

 

 

$

7,083

 

 

$

239

 

Platform, consulting and support services

 

 

21,479

 

 

 

14,959

 

 

 

10,892

 

Total revenue

 

$

43,073

 

 

$

22,042

 

 

$

11,131

 

 

The Company's revenues disaggregated by customer location is as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

40,714

 

 

$

18,703

 

 

$

9,175

 

International

 

 

2,359

 

 

 

3,339

 

 

 

1,956

 

Total revenue

 

$

43,073

 

 

$

22,042

 

 

$

11,131

 

Remaining Performance Obligations

As of December 31, 2024, approximately $77.2 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The

Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months.

Unearned Revenue

The following table summarizes the changes in unearned revenue for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

2024

 

 

2023

 

 

2022

 

Beginning balance

 

$

12,534

 

 

$

9,930

 

 

$

4,963

 

Revenue recognized

 

 

(11,911

)

 

 

(8,660

)

 

 

(4,216

)

New deferrals, net

 

 

10,055

 

 

 

11,264

 

 

 

9,183

 

Ending balance

 

$

10,678

 

 

$

12,534

 

 

$

9,930