v3.26.1
Revenue and Related Matters
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Related Matters
Note 5. Revenue and Related Matters
Revenue from Contracts with Customers
The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of novel therapies and diagnostics for a variety of neurologic, oncologic, cardiovascular, and infectious disease, and through the identification and measurement of other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.
Disaggregated Revenue
When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following tables disaggregate the Company’s revenue by geography, based on the location products and services are consumed, and revenue type (in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
North AmericaEMEAAsia PacificTotalNorth AmericaEMEAAsia PacificTotal
Product revenue:
Instruments$1,761 $953 $1,383 $4,097 $813 $362 $1,448 $2,623 
Consumable and other products 11,745 7,074 2,563 21,382 10,918 4,849 2,349 18,116 
Total$13,506 $8,027 $3,946 $25,479 $11,731 $5,211 $3,797 $20,739 
Service and other revenue:
Research services$3,861 $245 $247 $4,353 $5,006 $329 $266 $5,601 
Service-type warranties1,669 956 282 2,907 1,509 893 192 2,594 
Other 1,913 1,088 115 3,116 422 202 4 628 
Total$7,443 $2,289 $644 $10,376 $6,937 $1,424 $462 $8,823 
Collaboration and license revenue:$560 $— $— $560 $771 $— $— $771 
Total$560 $— $— $560 $771 $— $— $771 
The following table disaggregates the Company’s revenue by technology type (in thousands):
Three Months Ended March 31,
20262025
Product revenue:
Simoa$16,804 $20,739 
Spatial Biology8,675 — 
Total product revenue$25,479 $20,739 
Service and other revenue:
Simoa$6,678 $8,823 
Spatial Biology3,698 — 
Total service and other revenue$10,376 $8,823 
All of the Company's collaboration and license revenue was generated by Simoa technology.
For the three months ended March 31, 2026 and 2025, no customer accounted for more than 10% of the Company’s total revenues. As of March 31, 2026 and December 31, 2025, no customer accounted for more than 10% of the Company’s gross accounts receivable.
Contract Assets
There were no contract assets as of March 31, 2026 or December 31, 2025.
Deferred Revenue
During the three months ended March 31, 2026 and 2025, the Company recognized $3.5 million and $2.5 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Additionally, as a result of the termination of the Development Agreement, the Company recognized $7.9 million of deferred revenue in other income, net during the three months ended March 31, 2026 (refer to Note 3 - Acquisitions).
Remaining Performance Obligations
As of March 31, 2026, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $18.0 million. Of this amount, $15.2 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The remaining $2.8 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services.