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Note 5 - Revenue from Contracts with Customers 1
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Notes to Financial Statements    
Revenue from Contract with Customer [Text Block]

5. Revenue from Contracts with Customers

 

As described below, during the three months ended September 30, 2023 and 2022, the Company recognized revenue of $1.2 million and $2.2 million, respectively, and during the nine months ended September 30, 2023 and 2022, the Company recognized revenue of $4.4 million and $4.5 million, respectively.

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 

Revenue by timing

                

Over time

 $413  $—  $1,236  $1,524 

Point-in time

  783   2,158   3,144   3,022 

Total revenue

 $1,196  $2,158  $4,380  $4,546 

 

Information about the Company’s revenue by geography is as follows:

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 

Revenue by geography (1) (2)

                

Asia Pacific

 $82  $232  $351  $1,946 

Europe

  513   43   1,506   80 

North America

  588   1,817   2,467   2,435 

South America

  13   66   56   85 

Total revenue

 $1,196  $2,158  $4,380  $4,546 

 

(1)

Revenue by geography is based on the geographical location of the customer.

(2)Certain comparative figures have been reclassified to conform to the current year presentation.

 

Contract liabilities and Remaining Performance Obligations

 

Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant satellite imagery or related service. Amounts included in Contract liabilities are as follows:

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

Non-current

 $1,000  $1,000 

Current

  3,286   1,941 

Total

 $4,286  $2,941 

 

During the nine months ended September 30, 2023, we recognized revenue of $1.5 million that was included as a Contract liability as of December 31, 2022. During the nine months ended September 30, 2022, we recognized revenue of $0.9 million that was included as a Contract liability as of December 31, 2021.

 

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of September 30, 2023 related to non-cancellable contracts longer than 12-months in duration that is expected to be recognized over future periods.

 

  

Within 1 Year

  

Years 2

  

Years 3

  

Thereafter

 

Remaining performance obligations

 $6,852  $5,648  $5,005  $1,000 

 

 

5. Revenue from Contracts with Customers

 

During the year ended December 31, 2022, we recognized revenue of $6.0 million, of which $1.6 million was recognized over time and $4.4 million was recognized at a point-in-time. During the year ended December 31, 2021, we recognized revenue of $4.2 million, of which $3.8 million was recognized over time and $0.4 million was recognized at a point-in-time. We did not recognize any revenue in 2020.

 

Information about our revenue by geography is as follows:

 

  

Year Ended December 31,

 
  

2022

  

2021

 

Revenue by geography (1)

        

Asia Pacific

 $1,531  $3,988 

North America

  3,438   201 

Other

  1,043   58 

Total revenue

 $6,012  $4,247 

 

(1)

Revenue by geography is based on the geographical location of the customer.

 

Two customers each accounted for more than 10% of our revenue totaling $4.8 million for the year ended December 31, 2022. One customer accounted for more than 10% of our revenue totaling $3.9 million for the year ended December 31, 2021.

 

Contract Liabilities and Remaining Performance Obligations

 

Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant satellite imagery or related service. Amounts included in Contract liabilities are as follows:

 

  

December 31,

 
  

2022

  

2021

 

Non-current

 $1,000  $1,000 

Current

  1,941   935 

Total

 $2,941  $1,935 

 

During the year ended December 31, 2022, we recognized revenue of $0.9 million that was included as a Contract liability as of December 31, 2021. During the year ended December 31, 2021, we recognized revenue of $0.5 million that was included as a Contract liability as of December 31, 2020.

 

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of December 31, 2022 related to non-cancellable contracts longer than 12 months in duration that is expected to be recognized over future periods.

 

  

Within 1 Year

  

Years 1-2

  

Years 2-3

  

Thereafter

 

Remaining performance obligations

 $6,422  $11,296  $3,860  $—