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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

13. REVENUE

Disaggregated Revenue

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

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Quantum computing and networking hardware

 

$

21,584

 

 

$

6,345

 

 

$

39,673

 

 

$

17,301

 

Platform, consulting and support services

 

 

18,282

 

 

 

6,055

 

 

 

28,453

 

 

 

14,062

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

 

The Company’s revenue disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

28,742

 

 

$

11,895

 

 

$

49,748

 

 

$

29,910

 

International

 

 

11,124

 

 

 

505

 

 

 

18,378

 

 

 

1,453

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

Remaining Performance Obligations

As of September 30, 2025, approximately $141.1 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 55% 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 nine months ended September 30, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(10,214

)

New deferrals, net

 

 

24,775

 

Balance as of September 30, 2025

 

$

25,239