v3.26.1
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 11 – Revenue

The Company has one operating and reportable segment, which generates revenue via industrial manufacturing solutions of multi-disciplinary technology - combining hardware, software, and materials science.

Revenue per geographical location is as follows:

 

 

For the year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Americas

 

$

44,954

 

 

$

21,010

 

 

$

22,340

 

APAC

 

 

16,743

 

 

 

3,393

 

 

 

2,947

 

EMEA

 

 

40,740

 

 

 

33,372

 

 

 

31,027

 

Total revenue

 

$

102,437

 

 

$

57,775

 

 

$

56,314

 

 

The following table disaggregates the Company's revenue by the timing of transfer of products or services:

 

 

For the year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Services transferred over time

 

$

22,052

 

 

$

12,218

 

 

$

9,083

 

Goods transferred at a point in time

 

 

80,385

 

 

 

45,557

 

 

 

47,231

 

Total revenue

 

$

102,437

 

 

$

57,775

 

 

$

56,314

 

 

The table below provides information regarding receivables and contract liabilities deriving from contracts with customers:

 

 

For the year ended December 31,

 

 

2025

 

 

2024

 

Trade receivables

 

 

26,047

 

 

 

9,141

 

Deferred revenue

 

 

11,873

 

 

 

3,523

 

Long-term deferred revenue

 

 

3,617

 

 

 

—

 

 

The increase in trade receivables and current and long-term contract liabilities in 2025 is primarily due to the acquisition of Markforged.

 

Contract balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company has a right to bill when products are shipped, which is often the point in time revenue is recognized. As a result, the Company will have accounts receivable for billings and also deferred revenue for the portion of billings in advance of service in its hardware maintenance agreements.

 

The Company recognized $3.5 million of revenue in 2025 from deferred revenue as of December 31, 2024. The Company recognized $3.9 million of revenue in 2024 from deferred revenue as of December 31, 2023.

 

Deferred revenue is expected to be recognized when the Company provides hardware maintenance services or contractual performance obligations for which the customer has already provided payment with $11.9 million to be recognized in 2026, $2.5 million in 2027, $0.9 million in 2028, and $0.2 million thereafter. These deferred revenues are included within other long-term liabilities on the consolidated balance sheets.