v3.25.2
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2025
Revenue Recognition  
Summary of disaggregation of revenue according to the type of good or service and timing of transfer of goods or services

The following tables depict the disaggregation of revenue according to the type of good or service and timing of transfer of goods or services for the three and six months ended June 30, 2025 and June 30, 2024 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Collaborative research and professional services

$

1,711

$

3,081

$

3,043

$

5,918

Access to quantum computing systems

90

5

230

220

$

1,801

$

3,086

$

3,273

$

6,138

    

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Revenue recognized at a point in time

$

$

523

$

$

523

Revenue recognized over time

 

 

1,801

 

2,563

 

3,273

 

 

5,615

$

1,801

$

3,086

$

3,273

$

6,138

Summary of accounts receivable, contract assets and liabilities

Selected condensed consolidated balance sheet line items that reflect accounts receivable, contract assets and liabilities as of June 30, 2025, December 31, 2024 and December 31, 2023 were as follows (in thousands):

    

June 30, 2025

    

December 31, 2024

    

December 31, 2023

Trade receivables

$

342

$

1,498

$

2,650

Unbilled receivables

$

1,411

$

929

$

2,379

Current portion of deferred revenue

$

(118)

$

(113)

$

(343)

Deferred revenue, less current portion

$

(698)

$

(698)

$

Summary of changes in deferred revenue from contracts with customers

Six Months Ended June 30,

    

2025

    

2024

Balance at beginning of period

$

(811)

$

(343)

Deferral of revenue

(110)

(712)

Recognition of deferred revenue

105

219

Total deferred revenue at end of period

$

(816)

$

(836)

Current portion of deferred revenue

$

(118)

$

(836)

Deferred revenue, less current portion

$

(698)

$