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Revenue Recognition | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers by g eographic regions. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China). Disaggregated information is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Primary geographical markets: |  |  |  |  |  |  |
APAC | $ | 6,580 |  |  | $ | 4,966 |  |  | $ | 8,116 |  |  | $ | 12,224 |
Americas | 6,352 |  |  | 1,046 |  |  | 8,440 |  |  | 8,289 |
EMEA | 2,396 |  |  | 1,967 |  |  | 6,315 |  |  | 4,539 |
Total revenues | $ | 15,328 |  |  | $ | 7,979 |  |  | $ | 22,871 |  |  | $ | 25,052 |
Contract Balances The following table presents balances of unbilled receivables, contract assets, and contract liabilities (in thousands):
| June 30, 2025 |  | December 31, 2024
Unbilled receivables | $ | 3,315 |  |  | $ | 3,208 |
Contract assets | $ | 1,279 |  |  | $ | 4,375 |
Contract liabilities: deferred revenue | $ | 200 |  |  | $ | 450 |
We had no asset impairment charges related to financial assets in the three and six months ended June 30, 2025 and 2024. The increase in unbilled receivables was primarily due to the timing of billings. The decrease in contract assets was primarily due to decreases in product revenue from contracts subject to over time revenue recognition. The decrease in deferred revenue was primarily due to the timing of recognition of revenue. As of June 30, 2025, we have $3.0 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.3 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. As of December 31, 2024, we had $2.8 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.5 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. We recognized the following revenues (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
Revenue recognized in the period for: | 2025 |  | 2024 |  | 2025 |  | 2024
Amounts included in contract liabilities at the beginning of the period: |  |  |  |  |  |  |
Performance obligations satisfied | $ | 140 |  |  | $ | 129 |  |  | $ | 250 |  |  | $ | 500 |
Changes in the period: |  |  |  |  |  |  |
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods | (400) |  |  | (695) |  |  | (13) |  |  | (543) |
Revenue recognized on performance obligations previously completed upon the customer achieving a milestone | 4,700 |  |  | — |  |  | 4,700 |  |  | — |
Performance obligations satisfied from new activities in the period - contract revenue | 10,888 |  |  | 8,545 |  |  | 17,934 |  |  | 25,095 |
Total revenues | $ | 15,328 |  |  | $ | 7,979 |  |  | $ | 22,871 |  |  | $ | 25,052 |
Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of June 30, 2025. The balances in the table below a re partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of June 30, 2025 (in thousands):
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 and Thereafter |  |  |  | Total
Product revenue | $ | 100 |  |  | $ | 100 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 200 |

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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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