v3.26.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Geographic Areas
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 with Customer, Contract Asset, Contract Liability, and Receivable
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