XML 21 R11.htm IDEA: XBRL DOCUMENT v3.25.1
Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contracts with Customers Contracts with Customers
During the three months ended March 31, 2025, one customer comprised 10.5% of our total net revenue. During the three months ended March 31, 2024, no customers exceeded 10% of net revenue.
Warrant Agreement with a Customer — On January 28, 2025, the Company entered into an equity agreement with a customer for the grant of non-voting common stock warrants that vest based on aggregate payments received on the sale of goods and services. In accordance with ASC 606, the Company considers the fair value of the warrants as consideration paid to the customer, which is recorded as a reduction of revenue ratably over the term of the agreement based on sales under the agreement. On January 28, 2025 the Company recorded an asset of $6.0 million related to warrants that immediately vested under the agreement, of which $5.5 million was recorded in Other assets on the Unaudited Condensed Consolidated Balance Sheets. The Company recognized reductions to revenue of $0.1 million from the warrant asset balance during the three months ended March 31, 2025 under this agreement. See additional discussion in Note 17.
Automation Product Sales Deferred revenue and Contract balances — Deferred revenue primarily represents contractual amounts received from customers that exceed revenue recognized for automation product sales. Our enforceable contractual obligations related to automation product sales have durations of less than one year and are included in current liabilities on the Unaudited Condensed Consolidated Balance Sheets, as it is expected to be recognized within twelve months. The following table presents our contract assets and contract liabilities related to automation product sales:
March 31, 2025December 31, 2024
Contract Assets$2.3 $2.1 
Contract Liabilities$3.3 $3.4