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Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenues [Abstract]  
Revenue Recognition
5.
Revenue Recognition

Geographic Net Revenue

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:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 (in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

EMEA(1)

 

$

21,569

 

 

$

8,639

 

 

$

51,380

 

 

$

21,426

 

Americas(2)

 

 

7,961

 

 

 

2,940

 

 

 

17,275

 

 

 

8,512

 

APAC

 

 

1,083

 

 

 

2,658

 

 

 

4,852

 

 

 

6,802

 

Total net revenue

 

$

30,613

 

 

$

14,237

 

 

$

73,507

 

 

$

36,740

 
(1)
Our net revenues generated from the Czech Republic, Germany, Italy and the United Kingdom represented 18.9%, 15.5%, 13.1% and 12.7% of our total net revenue for the three months ended September 30, 2025, respectively. Our net revenues generated from Germany, the Czech Republic, the United Kingdom, and Italy represented 17.7%, 17.3%, 12.1%, and 11.8% of our total net revenue for the nine months ended September 30, 2025, respectively.
(2)
Our net revenues generated from the United States represented 23.0% and 20.9% of our total net revenue for the three and nine months ended September 30, 2025, respectively.

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:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 (in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance at the beginning of the period

 

$

1,622

 

 

$

979

 

 

$

1,169

 

 

$

801

 

Deferral of revenue

 

 

4,240

 

 

 

1,732

 

 

 

13,149

 

 

 

6,347

 

Recognition of unearned revenue

 

 

(3,965

)

 

 

(1,481

)

 

 

(12,421

)

 

 

(5,918

)

Balance at the end of the period

 

$

1,897

 

 

$

1,230

 

 

$

1,897

 

 

$

1,230

 

 

As of September 30, 2025, the Company expects to recognize $1.9 million from remaining performance obligations over a weighted average term of 3.3 years. The Company recognized approximately $0.4 million and $1.0 million in revenue that was included in the beginning contract liabilities balance during the three and nine months ended September 30, 2025, respectively. The Company recognized approximately $0.1 million and $0.6 million in revenue that was included in the beginning contract liabilities balance during the three and nine months ended September 30, 2024, respectively.

Product Warranty

The Company estimates the cost of its warranty obligations based on several key estimates: the warranty period (which vary from 5 to 25 years depending on the product), its historical experience of known product failure rates, use of materials to repair or replace defective products and parts, and service delivery costs incurred in correcting product failures. In addition, from time to time, specific

warranty accruals may be made if unforeseen technical problems arise. Should the actual experience relative to these factors differ from the estimates, the Company may be required to record additional warranty reserves. Product warranty costs are recorded as expense to cost of revenue based on customer history, historical information and current trends.

The following table summarizes the changes in product warranty liability:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 (in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance at the beginning of the period

 

$

8,127

 

 

$

5,777

 

 

$

5,798

 

 

$

5,632

 

Provision for warranty issued during period

 

 

971

 

 

 

264

 

 

 

2,320

 

 

 

952

 

Changes in estimate

 

 

(596

)

 

 

(233

)

 

 

644

 

 

 

(607

)

Settlements

 

 

(168

)

 

 

(101

)

 

 

(428

)

 

 

(270

)

Balance at the end of the period

 

$

8,334

 

 

$

5,707

 

 

$

8,334

 

 

$

5,707