v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenues by major geographic regions in which the Company's customers are located are as follows (in thousands, except percentages):
Geographic regionsThree Months Ended March 31,
20262025
Amount
%
Amount
%
China$14,877 25 %$44,126 38 %
Other Asia & Pacific countries2,265 4 %5,925 5 %
Asia & Pacific17,142 29 %50,051 43 %
Italy31,313 52 %36,587 31 %
France11,680 19 %18,363 16 %
Other European countries243 — %5,100 5 %
Europe43,236 71 %60,050 52 %
United States234 — %6,390 5 %
Total$60,612 100 %$116,491 100 %
Contract Balances
Contract balances include accounts receivable and advances from customers. Accounts receivable represent cash not received from customers and are recorded when the rights to consideration are unconditional. The allowance for credit losses reflects the best estimate of probable losses inherent to the accounts receivable balance (see Note 2). Contract liabilities, recorded in advance from customers in the consolidated balance sheets, represent payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period.
The following table reflects the changes in our contract liabilities (in thousands):
Three Months Ended March 31,
20262025
Balance at beginning of the period$5,605 $43,678 
Cash received but not yet recognized in revenue3,788 3,625 
Revenue recognized from prior period deferral(2,808)(3,163)
Exchange difference78 64 
Balance at end of the period$6,663 $44,204 
As of March 31, 2026, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied was $6.7 million. Of this amount, we expect to recognize $3.4 million over the next 12 months and the remainder over the remaining performance obligation period.