v3.26.1
Contract Assets and Contract Liabilities
3 Months Ended
Mar. 31, 2026
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Contract Liabilities

6. Contract Assets and Contract Liabilities

 

Contract assets included within prepaid expenses and other current assets in the condensed consolidated balance sheets are as follows (in thousands):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Contract assets

 

$

6,411

 

 

$

8,585

 

 

The non-current contract liabilities balance is included in other long-term liabilities on the condensed consolidated balance sheets. The Company’s contract liabilities are as follows (in thousands):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Contract liabilities

 

$

12,277

 

 

$

12,620

 

Less: Non-current portion of contract liabilities

 

 

1,811

 

 

 

2,181

 

Current portion of contract liabilities

 

$

10,466

 

 

$

10,439

 

The Company recognized $4.3 million of revenue from the opening contract liabilities balance for the three months ended March 31, 2026.