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| Revenue | 13. Revenue Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by geographic region, as the Company’s management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables present revenue disaggregated by geography of the shipping location for the three months ended March 31, 2026 and 2025:
Contract Balances Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed. The following table presents the assets and liabilities associated with the engineering services contracts recorded on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025:
During the three months ended March 31, 2026 and 2025, the Company recognized $1,759 and $1,399, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates over time due to changes in the timing of payments received from customers and revenue recognized for services provided. Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the condensed consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of March 31, 2026, the amount of performance obligations that have not been recognized as revenue was $3,406, of which approximately 100% is expected to be recognized as revenue over the next 12 months. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized. Concentrations One customer accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2026. No customers accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2025. Two customers represented 11% and 10% of accounts receivable at March 31, 2026, respectively. No other individual customer represented more than 10% of accounts receivable at March 31, 2026 and December 31, 2025. |
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