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Revenues | 3 Months Ended
--- | ---
Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Disaggregated Revenue The following table presents disaggregated revenue in the following categories (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Contract Types: |  |  |  |  |  |  |
Licensing | $ | 580 |  |  | $ | 553 |  |  |  |  |
Engineering and other services | 4,456 |  |  | 5,801 |  |  |  |  |
Biorefining revenue | $ | 5,036 |  |  | $ | 6,354 |  |  |  |  |
Joint development agreements | 2,872 |  |  | 2,036 |  |  |  |  |
Contract research | 1,473 |  |  | 1,256 |  |  |  |  |
Joint development and contract research revenue | $ | 4,345 |  |  | $ | 3,292 |  |  |  |  |
CarbonSmart product | 863 |  |  | — |  |  |  |  |
Total Revenue | $ | 10,244 |  |  | $ | 9,646 |  |  |  |  |
The following table presents revenue from partners in collaborative arrangements and from grant contributions which are included in the table above as follows (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Revenue from partners in collaborative agreements included in the Joint development agreements above | 2,223 |  |  | $ | 1,088 |  |  |  |  |
Revenue from grant contributions included in Engineering and other services above | 1,156 |  |  | 3,067 |  |  |  |  |
The following table presents disaggregation of the Company’s revenues by customer location for the three months ended March 31, 2024 and 2023 (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
North America | $ | 4,458 |  |  | $ | 4,232 |  |  |  |  |
Europe, Middle East, Africa (EMEA) | 4,580 |  |  | 4,711 |  |  |  |  |
Asia | 1,206 |  |  | 50 |  |  |  |  |
Australia | — |  |  | 653 |  |  |  |  |
Total Revenue | $ | 10,244 |  |  | $ | 9,646 |  |  |  |  |
Contract balances The following table provides changes in contract assets and liabilities (in thousands):
| Current Contract Assets |  | Current Contract Liabilities |  | Non-current Contract Liabilities
Balance as of December 31, 2023 | $ | 28,238 |  |  | $ | 3,198 |  |  | $ | 8,233 |
Additions to unbilled accounts receivable | 10,120 |  |  | — |  |  | — |
Increases due to cash received | — |  |  | 3,208 |  |  | — |
Unbilled accounts receivable recognized in trade receivables | (9,091) |  |  | — |  |  | — |
Decrease on revaluation on currency | (108) |  |  | (1) |  |  | (123) |
Reclassification from long-term to short-term | — |  |  | 672 |  |  | (672) |
Reclassification to revenue as a result of performance obligations satisfied | — |  |  | (3,263) |  |  | — |
Balance as of March 31, 2024 | $ | 29,159 |  |  | $ | 3,814 |  |  | $ | 7,438 |
The increase in contract assets was mostly due to unbilled accounts receivable resulting from revenue recorded under contracts with customers and grants where the Company performed engineering and other services, and primarily relates to contracts with government entities. The decrease in contract liabilities was primarily due to the recognition of revenue during the period related to advance payments previously received by the Company for engineering and other services contracts with customers. As of March 31, 2024 and December 31, 2023 the Company had $10,689 and $11,157, respectively, of billed accounts receivable, net of allowance. The contract liability balance comprises unconditional payments received from the Company’s customers prior to the satisfaction of the related performance obligations. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. The Company expects to recognize the amounts classified as current contract liabilities in revenue within one year or less and those classified as non-current within two to three years. Remaining performance obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue that will be recognized as revenue in future periods. Transaction price allocated to remaining performance obligations is influenced by several factors, including the length of the contract term compared to the research term and the existence of customer specific acceptance rights. Remaining performance obligations consisted of the following (in thousands):
| As of
| March 31, 2024 |  | December 31, 2023
Current | $ | 3,814 |  |  | $ | 3,198 |
Non-current | 7,438 |  | 8,233
Total | $ | 11,252 |  |  | $ | 11,431 |

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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 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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