XML 40 R32.htm IDEA: XBRL DOCUMENT v3.26.1
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION

21. REVENUE RECOGNITION:

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer.

For the three months ended June 30, 2026 and 2025, the Company recorded 97% and 96%, respectively, of its revenue from OLED related sales and 3% and 4%, respectively, from the providing of services through Adesis. For the six months ended June 30, 2026 and 2025, the Company recorded 97% and 96%, respectively, of its revenue from OLED related sales and 3% and 4%, respectively, from the providing of services through Adesis.

Contract Balances

The following table provides information about assets and liabilities associated with our contracts from customers (in thousands):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Accounts receivable

 

$

126,204

 

 

$

119,953

 

Short-term unbilled receivables

 

 

23,165

 

 

 

19,338

 

Long-term unbilled receivables

 

 

54,867

 

 

 

45,600

 

Short-term contract assets

 

 

3,051

 

 

 

3,070

 

Long-term contract assets

 

 

1,758

 

 

 

3,338

 

Short-term deferred revenue

 

 

40,823

 

 

 

21,011

 

Long-term deferred revenue

 

 

2,023

 

 

 

1,943

 

 

Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. Contract assets represent consideration related to the renewal of customer contracts which is recognized over the contract term based on material units sold. The deferred revenue balance as of June 30, 2026 will be recognized as materials are shipped to customers over the remaining contract periods. As of June 30, 2026, the Company had $19.5 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days.

Significant changes in unbilled receivables, contract assets and deferred revenue balances associated with the Company's contracts from customers for the six months ended June 30, 2026 and 2025 are as follows (in thousands):

 

 

 

Six Months Ended June 30, 2026

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2025

 

$

71,346

 

 

$

(22,954

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

76,351

 

Increases due to cash received

 

 

—

 

 

 

(106,286

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

10,043

 

Unbilled receivables recorded, net

 

 

49,933

 

 

 

—

 

Contract assets recorded, net

 

 

(1,598

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(36,840

)

 

 

—

 

Net change

 

 

11,495

 

 

 

(19,892

)

Balance at June 30, 2026

 

$

82,841

 

 

$

(42,846

)

 

 

 

Six Months Ended June 30, 2025

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2024

 

$

64,876

 

 

$

(33,611

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

55,923

 

Increases due to cash received

 

 

—

 

 

 

(63,183

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

2,642

 

Unbilled receivables recorded, net

 

 

89,409

 

 

 

—

 

Contract assets recorded, net

 

 

(1,038

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(76,581

)

 

 

—

 

Net change

 

 

11,790

 

 

 

(4,618

)

Balance at June 30, 2025

 

$

76,666

 

 

$

(38,229

)

 

The total cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase of $10.0 million for the six months ended June 30, 2026 as compared to an increase of $2.6 million for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the adjustment resulted from an increase in the average price per gram, primarily due to lower anticipated demand from certain customers over the respective remaining lives of their contracts.