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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
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 EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Revenue by customer type:
End user$21,644 $25,787 $67,272 $74,713 
OEM/Integrator4,592 4,485 13,731 19,374 
$26,236 $30,272 $81,003 $94,087 
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Revenue by product type:
Thermal test$4,818 $4,602 $14,050 $12,529 
Thermal process5,038 6,362 15,866 27,160 
Semiconductor test5,167 7,169 15,827 17,465 
Video imaging1,898 1,906 6,244 5,710 
Flying probe and in-circuit testers1,484 1,100 4,544 4,875 
Alfamation™ products
3,385 4,173 12,163 15,271 
Service/other4,446 4,960 12,309 11,077 
$26,236 — $30,272 $81,003 $94,087 

Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Revenue by market:
Semi$9,842 $11,410 $29,029 $36,501 
Auto/EV4,964 6,250 16,785 20,943 
Defense/Aerospace2,313 3,239 8,719 10,160 
Industrial3,658 3,534 10,465 11,136 
Life Sciences1,930 1,322 5,004 4,169 
Safety/Security927 666 2,389 1,999 
Other2,602 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 EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Beginning balance$464 $416 $423 $474 
Credit loss expense, net of release of unused allowance2 — 48 1 
Write-offs(67)— (79)(48)
Foreign currency translation impact(4)3 3 (8)
Ending balance$395 $419 $395 $419