v3.25.2
Revenue
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

13. REVENUE

Disaggregated Revenue

The Company's revenues disaggregated by revenue source is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Quantum computing and networking hardware

 

$

14,066

 

 

$

7,338

 

 

$

17,130

 

 

$

10,956

 

Platform, consulting and support services

 

 

6,628

 

 

 

4,043

 

 

 

11,130

 

 

 

8,007

 

Total revenue

 

$

20,694

 

 

$

11,381

 

 

$

28,260

 

 

$

18,963

 

 

The Company's revenues disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

15,990

 

 

$

10,953

 

 

$

21,279

 

 

$

18,015

 

International

 

 

4,704

 

 

 

428

 

 

 

6,981

 

 

 

948

 

Total revenue

 

$

20,694

 

 

$

11,381

 

 

$

28,260

 

 

$

18,963

 

Remaining Performance Obligations

As of June 30, 2025, approximately $122.3 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 50% of the remaining performance obligations to be recognized as revenue within the next twelve months.

Unearned Revenue

The following table summarizes the changes in unearned revenue for the six months ended June 30, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(8,514

)

New deferrals, net

 

 

17,332

 

Balance as of June 30, 2025

 

$

19,496