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Revenue and Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue and Contracts with Customers [Abstract]  
Revenue and Contracts with Customers

3. Revenue and Contracts with Customers

 

Contract Balances

 

Timing differences between revenue recognized, billings, and customer payments result in contract assets and contract liabilities. Contract assets represent revenue recognized in excess of amounts billed to customers. Contract liabilities represent payments received from customers in advance of satisfying the related performance obligations.

 

The Company’s contract balances consist primarily of accounts receivable and deferred revenue (contract liabilities). Accounts receivable represents the Company’s unconditional rights to consideration for goods and services transferred to customers. Contract liabilities represent amounts billed or collected in advance of satisfying performance obligations and are recognized as revenue as the related performance obligations are satisfied. As of December 31, 2025 and 2024, deferred revenue related to tugger sales totaled $1,658,015 and $769,180, respectively.

 

Revenue Recognized from Prior Period Contract Liabilities

 

During the years ended December 31, 2025 and 2024, the Company recognized revenue of $128,387 and $1,500, respectively, that was included in deferred revenue at the beginning of each respective period. The Company did not recognize material revenue during the periods presented from performance obligations satisfied (or partially satisfied) in prior periods other than amounts previously included in deferred revenue.

 

Remaining Performance Obligations

 

As of December 31, 2025, the remaining performance obligations on existing contracts are $1,658,015, approximately 25% of which is expected to be recognized in 2026, 36% in 2027, 28% in 2028, and the remainder thereafter. This amount corresponds to the Company’s contract liability balance as of December 31, 2025, as all remaining obligations relate to the passage of time on active contracts.

 

For the years ended December 31, 2025 and 2024, revenue was $218,976 and $368,138, respectively.