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Contract Assets and Contract Liabilities | 12 Months Ended
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Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] |
Contract Assets and Contract Liabilities | 5. Contract Assets and Contract Liabilities Contract assets are included within prepaid expenses and other current assets in the consolidated balance sheets. Contract assets relate to contracts with customers for which one or more performance obligations have been completed and revenue has been recognized, but the customer's payment is contingent on the satisfaction of additional performance obligations. The opening and closing balances of the Company's contract assets are as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Contract assets |  | $ | 5,678 |  |  | $ | 3,865 |
The Company had current and non-current contract liabilities totaling $10.5 million and $3.1 million, respectively, as of December 31, 2024. The Company had current and non-current contract liabilities totaling $13.9 million and $2.6 million, respectively, as of December 31, 2023. The non-current contract liabilities balance is included in other long-term liabilities on the consolidated balance sheets. Contract liabilities relate to contracts with customers for which partial or complete payment of the transaction price has been received from the customer and the related obligations must be completed before revenue can be recognized. These amounts primarily relate to undelivered equipment, services, or maintenance agreements. The Company recognized $24.8 million of revenue from its contract liabilities during the year ended December 31, 2024, of which $13.8 million was recognized from the beginning contract liabilities balance. The Company recognized $28.2 million of revenue from its contract liabilities during the year ended December 31, 2023, of which $10.9 million was recognized from the beginning contract liabilities balance. The Company recognized $21.6 million of revenue from its contract liabilities during the year ended December 31, 2022, of which $12.9 million was recognized from the beginning contract liabilities balance.

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- Definition Contract with customer asset and liability. + References No definition available. + Details
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- References No definition available. + Details
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