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Net Revenue
 12 Months Ended
Dec. 31, 2024
Revenues [Abstract]  
Net Revenue
7.
Net Revenue

Geographic Revenues

The Company sells its products in the Americas (North and South America), EMEA (Europe, Middle East, and Africa), and APAC (Asia-Pacific) regions.

The following table summarizes net revenue by major geographic region, based on customers’ location (in millions):

 

 

 

Year Ended December 31,

 

 (in thousands)

 

2024

 

 

2023

 

EMEA(1)

 

$

32,593

 

 

$

109,301

 

Americas(2)

 

 

13,132

 

 

 

25,171

 

APAC

 

 

8,289

 

 

 

10,761

 

Total net revenue

 

$

54,014

 

 

$

145,233

 
(1)
Our net revenues generated from Germany and the Czech Republic represented 16.3% and 11.8% of our total net revenue for the year ended December 31, 2024, respectively.
(2)
Our net revenues generated from the United States represented 20.7% of our total net revenue for the year ended December 31, 2024.

Deferred Revenue

Deferred revenue or contract liabilities consists of payments received from customers in advance of revenue recognition for the Company’s products and service. The current portion of deferred revenue represents the unearned revenue that will be earned within 12 months of the balance sheet date. Correspondingly, noncurrent deferred revenue represents the unearned revenue that will be earned after 12 months from the balance sheet date.

The following table summarizes the changes in deferred revenue:

 

 

Year Ended December 31,

 

 (in thousands)

 

2024

 

 

2023

 

Balance at the beginning of the period

 

$

801

 

 

$

1,122

 

Deferral of revenue

 

 

7,585

 

 

 

30,370

 

Recognition of unearned revenue

 

 

(7,217

)

 

 

(30,691

)

Balance at the end of the period

 

$

1,169

 

 

$

801

 
As of December 31, 2024, the Company expects to recognize $1.1 million from remaining performance obligations over a weighted-average term of 3.6 years. The Company recognized approximately $1.0 million and $0.9 million in revenue that was included in the beginning deferred revenue balance during the years ended December 31, 2024, and 2023, respectively.