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Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of revenue by discipline


		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024

		(in thousands)
Systems		$	143,668		$	201,037		$	414,564		$	595,114
Aftermarket			69,943			55,527			186,154			170,334
Total Revenue		$	213,611		$	256,564		$	600,718		$	765,448

Schedule of revenue by geographic markets


		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024

		(in thousands)
North America		$	29,161		$	32,950		$	103,909		$	112,826
Asia Pacific			161,352			202,377			441,405			586,754
Europe			23,098			21,237			55,404			65,868
Total Revenue		$	213,611		$	256,564		$	600,718		$	765,448

Schedule of Contract liabilities


		September 30,			December 31,
		2025			2024

		(in thousands)
Contract liabilities		$	128,920		$	138,174

Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.


		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024

		(in thousands)
Balance, beginning of the period		$	129,742		$	174,011		$	138,174		$	210,885
Deferral of revenue			27,991			31,544			48,740			69,938
Other adjustments *			—			—			(2,272)			(4,716)
Recognition of deferred revenue			(28,813)			(41,529)			(55,722)			(112,081)
Balance, end of the period		$	128,920		$	164,026		$	128,920		$	164,026

* Adjustment to contracts with customers are assessed to determine if amounts paid by customers represent deferred revenue or liabilities payable to customers and such amounts are accordingly reclassified pursuant to our revenue recognition policy and ASC 606.