v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregated Revenue
The following table presents disaggregated revenue in the following categories (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Contract Types:
Licensing$1,050 $8,541 $2,101 $9,121 
Engineering and other services1,893 5,122 3,695 9,578 
Biorefining revenue$2,943 $13,663 $5,796 $18,699 
Joint development agreements1,313 1,333 2,363 4,205 
Contract research1,010 1,441 2,386 2,914 
Joint development and contract research revenue$2,323 $2,774 $4,749 $7,119 
CarbonSmart product3,818 938 8,022 1,801 
Total Revenue
$9,084 $17,375 $18,567 $27,619 
The following table presents revenue from partners in collaborative arrangements and from grant contributions which are included in the table above as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue from partners in collaborative agreements included in the Joint development agreements above
$1,313 $1,329 $2,363 $3,552 
Revenue from grant contributions included in Engineering and other services above
(5)2,997 50 4,153 

Revenue by Geographic Location
The following table presents disaggregation of the Company’s revenues by customer location for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
North America$2,649 $11,131 $5,614 $15,589 
Europe, Middle East, Africa (EMEA)1,954 5,014 4,464 9,594 
Asia4,481 826 8,489 2,032 
Australia— 404 — 404 
Total Revenue
$9,084 $17,375 $18,567 $27,619 
Contract balances
The following table provides changes in contract assets and liabilities (in thousands):
Current Contract AssetsCurrent Contract LiabilitiesNon-current Contract Liabilities
Balance as of December 31, 2024$18,975 $6,168 $5,233 
Additions to unbilled accounts receivable7,960 — — 
Increases due to consideration received— 2,238 — 
Unbilled accounts receivable recognized in trade receivables(19,190)— — 
Increase on revaluation on currency271 — 656 
Reclassification from long-term to short-term— 2 (2)
Reclassification to revenue because of performance obligations satisfied— (4,861)— 
Balance as of June 30, 2025$8,016 $3,547 $5,887 
The decrease in contract assets was mostly due to billing certain customers and government entities for engineering and other services that were previously recorded as contract assets. As of June 30, 2025 and December 31, 2024, the Company had $7,079 and $9,456, respectively, of billed accounts receivable, net of allowance.
The decrease in current contract liabilities was primarily due to the reclassification due to the satisfaction of performance obligations, while the increase in non-current contract liabilities was primarily due to revaluation of foreign exchange currency.
Remaining performance obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, including unearned revenue to be recognized in future periods. Transaction price allocated to remaining performance obligations is influenced by factors such as project size, duration, contract modifications, and customer-specific acceptance rights. As of June 30, 2025, the Company had approximately $19,198 in contracted revenue remaining to be recognized, of which $12,135 is expected to be recognized in the next twelve months.