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Revenue
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Revenue by primary geographical market:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

2,120

 

 

 

34

%

 

$

3,157

 

 

 

94

%

EMEA

 

 

3,862

 

 

 

62

%

 

 

52

 

 

 

2

%

Asia

 

 

280

 

 

 

4

%

 

 

159

 

 

 

5

%

Total

 

$

6,262

 

 

 

100

%

 

$

3,368

 

 

 

101

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

2,427

 

 

 

39

%

 

$

2,481

 

 

 

74

%

Recognized over time

 

 

3,835

 

 

 

61

%

 

 

887

 

 

 

26

%

Total

 

$

6,262

 

 

 

100

%

 

$

3,368

 

 

 

100

%

The revenue recognized at a point in time was related to product revenue and revenue recognized over time was from non-recurring engineering services.

For the three months ended March 31, 2026, two customers accounted for 47% and 12% of the Company’s revenue, respectively. For the three months ended March 31, 2025, two customers accounted for 59% and 19% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of March 31, 2026 the Company had contract assets of $6.4 million included in other current assets and other noncurrent assets. As of December 31, 2025, the Company had contract assets of $3.3 million included in other current assets. As of March 31, 2026, and December 31, 2025, the Company had contract liabilities of $0.4 million and $0 million, respectively, included in other current liabilities.

 

Remaining Performance Obligations

As of March 31, 2026, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $31.4 million, of which approximately 28% 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.