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REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See “Note (18) Segment and Geographic Area Information” for information about revenue by operating segment and geographic region.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by customer type: |  |  |  |  |  |  |  |
End user |  | $ | 21,644 |  |  | $ | 25,787 |  |  | $ | 67,272 |  |  | $ | 74,713 |
OEM/Integrator |  | 4,592 |  |  | 4,485 |  |  | 13,731 |  |  | 19,374 |
|  | $ | 26,236 |  |  | $ | 30,272 |  |  | $ | 81,003 |  |  | $ | 94,087 |
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by product type: |  |  |  |  |  |  |  |
Thermal test |  | $ | 4,818 |  |  | $ | 4,602 |  |  | $ | 14,050 |  |  | $ | 12,529 |
Thermal process |  | 5,038 |  |  | 6,362 |  |  | 15,866 |  |  | 27,160 |
Semiconductor test |  | 5,167 |  |  | 7,169 |  |  | 15,827 |  |  | 17,465 |
Video imaging |  | 1,898 |  |  | 1,906 |  |  | 6,244 |  |  | 5,710 |
Flying probe and in-circuit testers |  | 1,484 |  |  | 1,100 |  |  | 4,544 |  |  | 4,875 |
Alfamation™ products |  | 3,385 |  |  | 4,173 |  |  | 12,163 |  |  | 15,271 |
Service/other |  | 4,446 |  |  | 4,960 |  |  | 12,309 |  |  | 11,077 |
|  | $ | 26,236 |  | — |  | $ | 30,272 |  |  | $ | 81,003 |  |  | $ | 94,087 |
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by market: |  |  |  |  |  |  |  |
Semi |  | $ | 9,842 |  |  | $ | 11,410 |  |  | $ | 29,029 |  |  | $ | 36,501 |
Auto/EV |  | 4,964 |  |  | 6,250 |  |  | 16,785 |  |  | 20,943 |
Defense/Aerospace |  | 2,313 |  |  | 3,239 |  |  | 8,719 |  |  | 10,160 |
Industrial |  | 3,658 |  |  | 3,534 |  |  | 10,465 |  |  | 11,136 |
Life Sciences |  | 1,930 |  |  | 1,322 |  |  | 5,004 |  |  | 4,169 |
Safety/Security |  | 927 |  |  | 666 |  |  | 2,389 |  |  | 1,999 |
Other |  | 2,602 |  |  | 3,851 |  |  | 8,612 |  |  | 9,179 |
|  | $ | 26,236 |  |  | $ | 30,272 |  |  | $ | 81,003 |  |  | $ | 94,087 |
Major Customers During the three and nine months ended September 30, 2025, one customer accounted for 11% and 12%, respectively, of our consolidated revenue. During the three and nine months ended September 30, 2024, this same customer accounted for 18% and 13%, respectively, of our consolidated revenue. These revenues in the periods presented were generated by our Electronic Test segment. Contract Liabilities As of September 30, 2025, and December 31, 2024, we had total contract liabilities of $7.7 million and $6.4 million, respectively. Our contract liabilities consist of our customer deposits and deferred revenue as well as deferred revenue net of current portion on our Consolidated Balance Sheets. For the three months ended September 30, 2025, the amount recognized as revenue from the contract liabilities balance as of June 30, 2025, was $2.2 million, while for the three months ended September 30, 2024, the amount recognized as revenue from the contract liabilities balance as of June 30, 2024, was $1.8 million. For the nine months ended September 30, 2025, the amount recognized as revenue from the contract liabilities balance as of December 31, 2024, was $3.6 million, while for the nine months ended September 30, 2024, the amount recognized as revenue from the contract liabilities balance as of December 31, 2023, was $4.2 million. Allowance for Credit Losses Activity related to our allowance for credit losses was as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance |  | $ | 464 |  |  | $ | 416 |  |  | $ | 423 |  |  | $ | 474 |
Credit loss expense, net of release of unused allowance |  | 2 |  |  | — |  |  | 48 |  |  | 1 |
Write-offs |  | (67) |  |  | — |  |  | (79) |  |  | (48) |
Foreign currency translation impact |  | (4) |  |  | 3 |  |  | 3 |  |  | (8) |
Ending balance |  | $ | 395 |  |  | $ | 419 |  |  | $ | 395 |  |  | $ | 419 |

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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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