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REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 2 - REVENUES

Contract Assets
In certain circumstances, contract assets are recorded to include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customers, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $0.5 million and $0.3 million as of June 30, 2025 and December 31, 2024, respectively, and are included in Prepaid expenses and other current assets on the accompanying Condensed Consolidated Balance Sheets.

Contract Liabilities
Our contract liabilities consist of deferred revenue generally related to maintenance and service contracts, post-sale support and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued and other liabilities and the non-current portion of deferred revenue is recorded within Other liabilities on our Condensed Consolidated Balance Sheets.
Our contract liabilities consisted of the following:
(in thousands)June 30, 2025December 31, 2024
Deferred revenue, current and customer deposits$39,394 $32,010 
Deferred revenue, noncurrent3,652 2,259 
Total contract liabilities$43,046 $34,269 
During the three and six months ended June 30, 2025, the Company recognized $11.1 million and $25.1 million, respectively, of revenue related to the Company's contract liabilities at December 31, 2024. The change in contract liabilities from December 31, 2024 to June 30, 2025 was primarily due to the timing of cash receipts and sales of extended service contracts.
Collaborative Arrangements
The Company enters into collaborative arrangements with customers that provide for cost reimbursement of certain expenses and potential milestone payments.
The Company recognized $3.6 million and $6.4 million in product revenue, and $1.3 million and $3.8 million in product cost of sales, related to collaborative arrangements during the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2024, the Company recognized $1.8 million and $3.8 million in product revenue and $1.3 million and $3.4 million in product cost of sales, respectively, related to collaborative arrangements.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied as of the end of the period. As of June 30, 2025, the Company had $6.4 million of remaining performance obligations, primarily related to maintenance and service contracts, post-sale support and extended warranties. We expect approximately 90% to be recognized as revenue within the next two years, and the remaining thereafter. We have excluded performance obligations with an original expected duration of one year or less.
Revenue Concentration
Revenue, by the geographic region in which a sale originated, was as follows:
Three Months Ended Six Months Ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Americas
$55,317 $66,179 $107,252 $126,784 
EMEA
33,140 37,537 66,575 71,437 
APAC6,381 9,536 15,551 17,936 
Total$94,838 $113,252 $189,378 $216,157 

Three Months Ended Six Months Ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
United States (included within Americas)
$54,632 $65,432 $105,531 $125,325 
Germany (included within EMEA)
12,879 17,303 29,862 31,545 
For the three and six months ended June 30, 2025 one customer accounted for 9.7% and 10.8% of our consolidated revenue, respectively. For the three and six months ended June 30, 2024, one customer accounted for 16.0% and 16.1% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer.