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Revenue Recognition | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023 |  |
Americas |  | $ | 407,288 |  |  | $ | 350,155 |  |  | $ | 330,415 |  |  |
Europe |  | 251,638 |  |  | 217,880 |  |  | 220,665 |  |  |
Greater China |  | 158,456 |  |  | 164,147 |  |  | 164,115 |  |  |
Other Asia |  | 176,977 |  |  | 182,333 |  |  | 122,352 |  |  |
|  | $ | 994,359 |  |  | $ | 914,515 |  |  | $ | 837,547 |  |  |
The following table summarizes disaggregated revenue information by revenue type (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Standard products and services (1) |  | $ | 880,015 |  |  | $ | 795,319 |  |  | $ | 734,140 |
Application-specific customer solutions |  | 114,344 |  |  | 119,196 |  |  | 103,407 |
|  | $ | 994,359 |  |  | $ | 914,515 |  |  | $ | 837,547 |
(1) In 2025, the Company entered into a commercial partnership with a strategic channel partner (the “Partner”) to better serve Original Equipment Manufacturer (OEM) customers in the specialized field of medical lab automation. Through 2030, the Partner has exclusive rights to sell machine vision hardware in combination with licensed Company software, in exchange for annual minimum license fees paid to the Company. The contract includes a substantive termination penalty if the contract is cancelled by the Partner. As such, the Company recognized the minimum license fees as revenue in 2025, at the point in time when the Partner received access to the software. Also in 2025, the Company transferred related inventories at cost to the Partner. As a result of the upfront recognition of the license revenue and transfer of inventories, the Company recognized one-time revenue of approximately $13 million in 2025, which is included in the "Standard products and services" amount in the table above.
Costs to Fulfill a Contract Costs to fulfill customer contracts are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $10,592,000, $10,705,000, and $13,265,000 as of December 31, 2025, 2024, and 2023, respectively. Costs to fulfill customer contracts are amortized when the Company transfers the promised goods and services to the customer. The amount of amortization during 2025 related to costs deferred as of December 31, 2024 amounted to $9,831,000, and the amount of amortization during 2024 related to costs deferred as of December 31, 2023 amounted to $12,512,000. Accounts Receivable Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. The following table summarizes changes in the allowance for credit losses (in thousands):
| Amount
Balance as of December 31, 2023 | $ | 583 |
Increases to the allowance for credit losses | 459 |
Write-offs, net of recoveries | (222) |
Foreign exchange rate changes | 7 |
Balance as of December 31, 2024 | 827 |
Increases to the allowance for credit losses | 477 |
Write-offs, net of recoveries | (555) |
Foreign exchange rate changes | (21) |
Balance as of December 31, 2025 | $ | 728 |
Contract Assets The following table summarizes the contract assets (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Unbilled revenue | $ | 16,980 |  |  | $ | 3,055 |  |  | $ | 2,402 |
Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing primarily for certain application-specific customer solutions contracts, as well as for upfront license revenue recognized in connection with the strategic channel partnership mentioned above. Our rights to consideration are generally unconditional at the time our performance obligations are satisfied. The increase in unbilled revenue as of December 31, 2025 was primarily due to $10,365,000 of upfront license revenue recognized in 2025 in connection with the strategic channel partnership. Although the license revenue was recognized upfront, payments are expected to be received over the duration of the partnership, resulting in unbilled revenue. Contract Liabilities Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition. The following table summarizes the deferred revenue and customer deposits activity (in thousands):
| Amount
Balance as of December 31, 2023 | $ | 31,525 |
Deferral of revenue billed in the current period, net of recognition | 21,998 |
Recognition of revenue deferred in prior period | (28,108) |
Foreign exchange rate changes | (380) |
Balance as of December 31, 2024 | 25,035 |
Deferral of revenue billed in the current period, net of recognition | 18,100 |
Recognition of revenue deferred in prior period | (22,728) |
Foreign exchange rate changes | 687 |
Balance as of December 31, 2025 | $ | 21,094 |
As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for contracts that have an original expected duration of more than one year, primarily related to extended hardware warranties, are not material.

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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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