v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenues
The tables below present disaggregated revenues from contracts with customer by customer location, industries and contract-types. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of its revenues
and cash flows are affected by industry, market and other economic factors. The Company has a single reportable segment for the three and six months ended June 30, 2025 and 2024.
The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon location of the customer served irrespective of the location billed, or the location of the delivery center performing the work. Substantially all of the revenue in our North America region relates to operations in the United States.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Customer Location(in thousands)
North America$71,086 $69,339 $143,770 $133,079 
Europe20,855 11,606 39,818 25,008 
Other9,154 2,092 17,922 4,767 
Total Revenues$101,095 $83,037 $201,510 $162,854 
The following table shows the disaggregation of the Company’s revenues by main vertical markets:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Vertical(in thousands)
Retail$29,557 $26,779 $61,078 $51,408 
Finance25,386 12,566 50,414 22,809 
Technology, Media and Telecom25,188 23,228 48,790 47,261 
CPG/Manufacturing(1)
10,604 9,843 21,375 19,402 
Healthcare and Pharma
2,556 3,158 4,961 6,167 
Other7,804 7,463 14,892 15,807 
Total Revenues$101,095 $83,037 $201,510 $162,854 
__________________________
(1)CPG stands for Consumer Packaged Goods.
The following table shows the disaggregation of the Company’s revenues by contract types:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Contract Type(in thousands)
Time-and-material$93,827 $78,206 $186,245 $153,026 
Fixed-fee6,683 4,246 14,045 8,658 
Other revenues585 585 1,220 1,170 
Total Revenues$101,095 $83,037 $201,510 $162,854 
Contract balances
A contract asset is a right to consideration that is conditional upon factors other than the passage of time. A contract liability, or deferred revenue, consists of advance payments and billings in excess of revenues recognized.
The Company’s contract balances as of the below dates were as follows:
As of
June 30,
2025		December 31, 2024December 31, 2023
(in thousands)
Trade receivable, net:
Billed receivable
$71,916 $64,754 $49,824 
Unbilled receivable
$5,811 $4,617 $3,735 
Contract liabilities in Accrued expenses and other current liabilities
$753 $2,690 $577 
As of June 30, 2025, December 31, 2024 and 2023 the Company did not have contract assets recorded in its unaudited condensed consolidated balance sheets.
During the three and six months ended June 30, 2025, the Company recognized $0.7 million and $2.3 million of revenues, respectively, that were included in Accrued expenses and other current liabilities at December 31, 2024. During the three and six months ended June 30, 2024, the Company recognized $0.1 million and $0.4 million of revenues, respectively, that were included in Accrued expenses and other current liabilities at December 31, 2023.
Remaining performance obligations
As of June 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations was $1.3 million. Our remaining performance obligations represent commitments for future services for which work has not been performed and revenues are to be recorded in future periods. The Company expects to recognize all of its remaining performance obligations as revenues during the remaining 6 months of fiscal year 2025. Remaining performance obligations include amounts that will be invoiced in future periods and excludes the contracts that meet at least one of the following criteria under ASC Topic 606 “Revenue from Contracts with Customers”:
1)contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty,
2)contracts for which the Company recognizes revenues based on the right to invoice for services performed,
3)variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met, or
4)variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Many of the Company’s contracts met one or more of these exemptions as of June 30, 2025.
Customer concentration
The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Customer 115.1 %16.7 %14.7 %16.7 %
The following table shows the number of customers exceeding 10% of the Company’s billed and unbilled receivable balances:
As of
June 30,
2025		December 31,
2024
Billed receivable
11
Unbilled receivable21
Transactions with related parties
During the three and six months ended June 30, 2025 and 2024, the Company conducted transactions with a number of companies affiliated with the members of the Company’s Board of Directors. As a result, during the three and six months ended June 30, 2025, the Company recorded revenues from related parties of $7.5 million and $14.2 million, respectively. During the same periods of 2024, the Company recorded revenues from related parties of $4.5 million and $7.3 million, respectively. As of June 30, 2025 and December 31, 2024, billed receivables from related parties were $5.1 million and $3.8 million, respectively. Unbilled receivables from related parties as of both June 30, 2025 and December 31, 2024 were $0.1 million.