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REVENUES | 9 Months Ended
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Sep. 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 $0.2 million and $0.3 million as of September 30, 2025 and December 31, 2024, respectively, and are included in Accounts receivable, net 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 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) | September 30, 2025 |  | December 31, 2024
Deferred revenue, current and customer deposits | $ | 27,781 |  |  | $ | 32,010 |
Deferred revenue, noncurrent | 3,989 |  |  | 2,259 |
Total contract liabilities | $ | 31,770 |  |  | $ | 34,269 |
During the three and nine months ended September 30, 2025, the Company recognized $5.1 million and $30.2 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 September 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 $0.8 million and $7.2 million in product revenue, and $2.3 million and $6.1 million in product cost of sales, related to collaborative arrangements during the three and nine months ended September 30, 2025, respectively. For the three months ended September 30, 2025, product revenue was lower than the associated cost of sales due to a revision of the transaction price for a specific collaborative agreement, which negatively impacted contract profitability. For the three and nine months ended September 30, 2024, the Company recognized $2.0 million and $5.8 million in product revenue and $1.4 million and $4.8 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 September 30, 2025, the Company had $6.7 million of remaining performance obligations, primarily related to maintenance and service contracts, post-sale support and extended warranties. We expect approximately 96% 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, disaggregated by the geographic region in which a sale originated, was as follows:
| Three Months Ended |  | Nine Months Ended
(in thousands) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Americas | $ | 52,239 |  |  | $ | 66,500 |  |  | $ | 159,491 |  |  | $ | 193,285 |
EMEA | 32,592 |  |  | 36,864 |  |  | 99,167 |  |  | 108,300 |
APAC | 6,418 |  |  | 9,576 |  |  | 21,969 |  |  | 27,512 |
Total | $ | 91,249 |  |  | $ | 112,940 |  |  | $ | 280,627 |  |  | $ | 329,097 |
| Three Months Ended |  | Nine Months Ended
(in thousands) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
United States (included within Americas) | $ | 51,855 |  |  | $ | 65,471 |  |  | $ | 157,386 |  |  | $ | 190,796 |
Germany (included within EMEA) | 13,377 |  |  | 17,808 |  |  | 43,239 |  |  | 49,353 |
For the three and nine months ended September 30, 2025, one customer accounted for 11.2% and 10.9% of our consolidated revenue, respectively. For the three and nine months ended September 30, 2024, one customer accounted for 19.9% and 17.4% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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