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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Deferred Revenue Deferred revenue is as follows:
(in thousands) | September 30, 2025 |  | December 31, 2024
Current | $ | 31,771 |  |  | $ | 23,166 |
Non-current | 1,924 |  |  | 1,529 |
Total | $ | 33,695 |  |  | $ | 24,695 |
Most performance obligations greater than one year relate to service and support contracts that the Company expects to fulfill within 36 months. The Company expects to fulfill 100% of service and support contracts within 60 months. The changes in deferred revenue, inclusive of both current and long-term, are as follows:
(in thousands) | 2025 |  | 2024
Beginning balance - January 1 | $ | 24,695 |  |  | $ | 11,454 |
Acquired deferred revenue (refer to "Note 3 - Acquisitions") | 809 |  |  | 12,391 |
Recognition of deferred revenue | (126,588) |  |  | (73,706) |
Deferral of revenue | 133,788 |  |  | 79,911 |
Impact of foreign currency translation on deferred revenue | 991 |  |  | 460 |
Ending balance - September 30 | $ | 33,695 |  |  | $ | 30,510 |
The above tables exclude customer deposits of $2.1 million and $1.7 million as of the nine months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025 and 2024, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $3.5 million and $1.4 million. During the nine months ended September 30, 2025 and 2024, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $21.5 million and $6.3 million. Disaggregated Revenue The Company disaggregates revenue from contracts with customers by major product line because the Company believes it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by contract terms and economic factors.
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(in thousands) | Point in time |  | Over time |  | Point in time |  | Over time
Subscription service | $ | — |  |  | $ | 74,763 |  |  | $ | — |  |  | $ | 59,909 |
Hardware | 29,895 |  |  | — |  |  | 22,650 |  |  | — |
Professional service | 4,924 |  |  | 9,601 |  |  | 5,263 |  |  | 8,932 |
Total | $ | 34,819 |  |  | $ | 84,364 |  |  | $ | 27,913 |  |  | $ | 68,841 |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(in thousands) | Point in time |  | Over time |  | Point in time |  | Over time
Subscription service | $ | — |  |  | $ | 215,076 |  |  | $ | — |  |  | $ | 143,160 |
Hardware | 78,602 |  |  | — |  |  | 60,992 |  |  | — |
Professional service | 13,193 |  |  | 28,575 |  |  | 15,977 |  |  | 24,848 |
Total | $ | 91,795 |  |  | $ | 243,651 |  |  | $ | 76,969 |  |  | $ | 168,008 |

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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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