v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 8. Revenue

The following table represents a disaggregation of revenue by timing of revenue:

 

Three Months Ended

 

 

March 31,

 

 

March 29,

 

 

2026

 

 

2025

 

 

(in thousands)

 

Point-in-time

$

271,579

 

 

$

249,279

 

Over-time

 

20,370

 

 

 

17,328

 

Total revenue

$

291,949

 

 

$

266,607

 

The following table lists the different sources of revenue:

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 29,

 

 

 

2026

 

 

2025

 

 

 

(in thousands, except for percentages)

 

Systems and software

 

$

247,157

 

 

 

84.7

 %

 

$

231,150

 

 

 

86.7

 %

Parts

 

 

26,550

 

 

 

9.1

 %

 

 

18,176

 

 

 

6.8

 %

Services

 

 

18,242

 

 

 

6.2

 %

 

 

17,281

 

 

 

6.5

 %

Total revenue

 

$

291,949

 

 

 

100.0

 %

 

$

266,607

 

 

 

100.0

 %

See Note 12 for additional discussion of the Company’s disaggregated revenue by geography.

Contract Assets and Contract Liabilities

Contract assets consist of amounts we have not invoiced but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). The contract assets amounts are recorded in “Accounts receivable” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 the Company had no contract assets, and as of January 3, 2026, the Company had contract assets of $3.5 million.

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation. For contracts that have a duration of one year or less, these amounts are recorded as “Deferred revenue” in the Condensed Consolidated Balance Sheets. For contracts with a duration longer than one year, deferred revenue is recorded in “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and January 3, 2026, the Company carried a long-term deferred revenue balance of $8.3 million and $6.3 million, respectively, within “Other non-current liabilities” in the Condensed Consolidated Balance Sheets.

Changes in deferred revenue were as follows:

 

Three Months Ended

 

March 31,

 

 

March 29,

 

2026

 

 

2025

 

 

(in thousands)

 

Balance, beginning of the period

$

38,031

 

 

$

37,836

 

Deferral of revenue

 

16,554

 

 

 

28,982

 

Recognition of current year deferred revenue

 

(1,021

)

 

 

(8,987

)

Recognition of prior period deferred revenue

 

(13,831

)

 

 

(14,232

)

Balance, end of the period

$

39,733

 

 

$

43,599