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Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):
Year Ended December 31,
202520242023
Americas$407,288 $350,155 $330,415 
Europe251,638 217,880 220,665 
Greater China158,456 164,147 164,115 
Other Asia176,977 182,333 122,352 
$994,359 $914,515 $837,547 

The following table summarizes disaggregated revenue information by revenue type (in thousands):
Year Ended December 31,
202520242023
Standard products and services (1)
$880,015 $795,319 $734,140 
Application-specific customer solutions114,344 119,196 103,407 
$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.
Allowance for Credit Loss
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 losses459 
Write-offs, net of recoveries(222)
Foreign exchange rate changes7 
Balance as of December 31, 2024827 
Increases to the allowance for credit losses477 
Write-offs, net of recoveries(555)
Foreign exchange rate changes(21)
Balance as of December 31, 2025$728 
Contract with Customer, Contract Asset and Contract Liability
The following table summarizes the contract assets (in thousands):
Year Ended December 31,
202520242023
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 recognition21,998 
Recognition of revenue deferred in prior period(28,108)
Foreign exchange rate changes(380)
Balance as of December 31, 202425,035 
Deferral of revenue billed in the current period, net of recognition18,100 
Recognition of revenue deferred in prior period(22,728)
Foreign exchange rate changes687 
Balance as of December 31, 2025$21,094