REVENUES |
9 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Revenue from Contract with Customer [Abstract] | |
| REVENUES | REVENUES Revenue is primarily generated from the sale of hardware as well as the related implied post contract services (“PCS”). Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products and PCS to our customers. Transfer of control to the customer for products generally occurs at the point in time when products have been shipped to our customer as this represents the point in time when the customer has a present obligation to pay and physical possession including title and risk of loss have been transferred to the customer. Revenue for PCS is recognized ratably over time over the estimated period for which implied PCS services will be delivered. Disaggregation of Revenue See Note 12, "Segment Information, Revenues by Geography and Significant Customers" for disaggregation of revenue by product category and geography. Contract Balances The timing of revenue recognition, billing and cash collections results in billed accounts receivable, deferred revenue primarily attributable to PCS and customer deposits on the consolidated balance sheets. Accounts receivable are recognized in the period the Company’s right to the consideration is unconditional. Our contract liabilities consist of advance payments (customer deposits) as well as billing in excess of revenue recognized primarily related to deferred revenue. We classify customer deposits as a current liability, and deferred revenue as a current or non-current liability based on the timing of when we expect to fulfill these remaining performance obligations. The current portion of deferred revenue is included in other current liabilities and the non-current portion is included in other long-term liabilities in our consolidated balance sheets. As of March 31, 2025 and June 30, 2024, the Company’s customer deposits were $1.4 million and $1.3 million, respectively. As of March 31, 2025, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $30.2 million and $22.1 million, respectively. As of June 30, 2024, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $20.3 million and $13.4 million, respectively. We expect the majority of our deferred revenue to convert to revenue in two years. For the three and nine months ended March 31, 2025 we recognized revenues amounting to $4.3 million and $16.6 million, respectively, from the deferred revenue balance as of June 30, 2024. For the three and nine months ended March 31, 2024, we recognized revenues amounting to $3.7 million and $14.7 million, respectively, from the deferred revenue balance as of June 30, 2023.
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