XML 23 R10.htm IDEA: XBRL DOCUMENT v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

We disaggregate our revenue from customers by the type of arrangement, primarily from the sale of battery products and from providing research and development services, as this depicts how the nature, amount, timing, and cash flows are affected by economic factors. The following table summarizes the Company’s disaggregated revenue:

​

​

​

​

​

​

​

​

Year Ended December 31, 

(in thousands)

2025

​

2024

Revenue from customers:

​

​

​

​

​

Service revenue

$

13,582

​

$

1,920

Product revenue

​

7,418

​

​

120

Total revenue from customers

$

21,000

​

$

2,040

 

 

Remaining Performance Obligations

We have performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of December 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that were unsatisfied or partially unsatisfied, was approximately $0.3 million, which is expected to be recognized as revenue within one year. This amount does not include contracts to which the customer is not committed. The estimated timing of the recognition of remaining unsatisfied performance obligations is subject to change and is affected by changes to scope, changes in timing of delivery of products and services, or contract modifications.

Contract Assets

The Company records accounts receivable when the right to consideration is unconditional, subject only to the passage of time. Contract assets primarily relate to unbilled service revenue. The Company does not have the right to bill and collect revenue for certain performance obligations until the milestone is complete. Estimated revenue related to milestone achievement cannot be billed or collected until customer acceptance of milestone is completed. Contract assets are included in prepaid and other current assets in the Company's consolidated balance sheets. The following table reflects the change in contract assets between December 31, 2024 and December 31, 2025:

​

​

​

​

​

Year Ended December 31, 

(in thousands)

2025

Contract assets:

​

​

Balance at December 31

$

—

Additions

​

12,775

Billings to customer

​

(11,650)

Balance at December 31

$

1,125

 

 

Contract Liabilities

Contract liabilities primarily relate to the advance consideration received from customers. Contract liabilities are included in accrued expenses and other current liabilities in the Company's consolidated balance sheets. The following table reflects the change in contract liabilities between December 31, 2024 and December 31, 2025:

​

​

​

​

​

Year Ended December 31, 

(in thousands)

2025

Contract liabilities:

​

​

Balance at December 31

$

—

Additions

​

8,442

Revenue recognized

​

(5,749)

Foreign exchange adjustments

​

(24)

Balance at December 31

$

2,669