v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended March 31, 2025 and 2024, based on the disaggregation criteria described above were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Revenue by primary geographical market:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

3,157

 

 

 

94

%

 

$

1,674

 

 

 

79

%

EMEA

 

 

52

 

 

 

2

%

 

 

229

 

 

 

11

%

Asia

 

 

159

 

 

 

5

%

 

 

204

 

 

 

10

%

Total

 

$

3,368

 

 

 

100

%

 

$

2,107

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

2,481

 

 

 

74

%

 

$

1,714

 

 

 

81

%

Recognized over time

 

 

887

 

 

 

26

%

 

 

393

 

 

 

19

%

Total

 

$

3,368

 

 

 

100

%

 

$

2,107

 

 

 

100

%

 

The revenue recognized at a point in time was related to product revenue and revenue recognized over time was from non-recurring engineering services.

For the three months ended March 31, 2025, two customers accounted for 59% and 19% of the Company’s revenue, respectively. For the three months ended March 31, 2024, two customers accounted for 39% and 36% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of March 31, 2025 and December 31, 2024, the Company had contract assets of $0.1 million recognized in other current assets. As of March 31, 2025, and December 31, 2024, the Company had contract liabilities of $1.1 million and $4.0 million, respectively, included in other current liabilities.

 

Remaining Performance Obligations

As of March 31, 2025, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $47.3 million, of which approximately 15% is expected to be recognized as revenue over the next 12 months, and the remainder thereafter. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates.