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Revenue and Deferred Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Deferred Revenue Revenue and Deferred Revenue
Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. Contract costs consist of amounts paid to obtain contracts with customers in connection with sales of subscriptions through third-party apps. Contract costs are amortized over the subscription term. As of March 31, 2025 and December 31, 2024 the Company had $1.5 million and $1.2 million recorded for capitalized contract costs, respectively.
The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
(in thousands)
Deferred revenue, beginning of period$48,253 $43,235 
Recognition of revenue included in beginning of period
deferred revenue
(24,890)(23,479)
Revenue deferred, net of revenue recognized on contracts in
the respective period
30,410 26,877 
Deferred revenue, end of period$53,773 $46,633 
As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance.
The Company expects the following recognition of deferred revenue as of March 31, 2025:
Year Ended December 31,
2025 (remainder of year)202620272028Total
(in thousands)
Revenue expected to be recognized$47,896 $4,819 $1,021 $37 $53,773 
The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 15, Segment Information.
Revenue recognized during the three months ended March 31, 2025 related to performance obligations satisfied or partially satisfied was $4.6 million.
The following table presents the total revenue by geography based on the ship-to address for the periods indicated:
Three Months Ended March 31,
20252024
(in thousands)
North America*$127,569 $134,835 
International35,065 32,557 
Total revenue$162,634 $167,392 
*North America revenue consists of revenues from the United States and Canada.
The following table presents the total revenue by source for the periods indicated:
Three Months Ended March 31,
20252024
(in thousands)
Platform
$79,986 $78,286 
Connected machines
38,461 36,948 
Accessories and materials
44,187 52,158 
Total revenue$162,634 $167,392