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Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the years ended December 31, 2025, 2024 and 2023, based on the disaggregation criteria described above are as follows (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

 

Revenue

 

 

% of
Revenue

 

 

Revenue

 

 

% of
Revenue

 

 

Revenue

 

 

% of
Revenue

 

Revenue by primary geographical
   market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

13,289

 

 

 

74

%

 

$

7,814

 

 

 

86

%

 

$

2,815

 

 

 

65

%

Asia

 

 

611

 

 

 

3

%

 

 

603

 

 

 

7

%

 

 

728

 

 

 

17

%

Europe

 

 

3,867

 

 

 

21

%

 

 

475

 

 

 

5

%

 

 

769

 

 

 

18

%

Oceania

 

 

312

 

 

 

2

%

 

 

173

 

 

 

2

%

 

 

—

 

 

 

—

 

Total

 

$

18,079

 

 

 

100

%

 

$

9,065

 

 

 

100

%

 

$

4,312

 

 

 

100

%

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

11,069

 

 

 

61

%

 

$

5,681

 

 

 

63

%

 

$

3,877

 

 

 

90

%

Recognized over time

 

 

7,010

 

 

 

39

%

 

 

3,384

 

 

 

37

%

 

 

435

 

 

 

10

%

Total

 

$

18,079

 

 

 

100

%

 

$

9,065

 

 

 

100

%

 

$

4,312

 

 

 

100

%

Point in time revenue was primarily related to product revenue and over time revenue was from non-recurring engineering services.

For the year ended December 31, 2025 three customers accounted for 28%, 18% and 18% of the Company's revenue. For the year ended December 31 2024, two customers accounted for 56% and 16% of the Company's revenue. For the year ended December 31, 2023, two customers accounted for 23% and 22% of the Company’s revenue.

Contract Assets and Contract Liabilities

As of December 31, 2025 and 2024, the Company had contract assets of $3.3 million and $0.1 million, respectively, recognized in other current assets. As of December 31, 2025 and December 31, 2024, the Company had contract liabilities of $0 million and $4.0 million, respectively, recognized in other current liabilities.

Remaining Performance Obligations

As of December 31, 2025, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $34.8 million, of which approximately 31% is expected to be recognized as revenue over the next 12 months, and the remainder thereafter. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates.