v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See “Note (17) Segment and Geographic Area Information” for information about revenue by operating segment and geographic region.
Three Months Ended
March 31,
(in thousands)20262025
Revenue by customer type:
End user$28,320 $22,436 
OEM/Integrator5,566 4,201 
$33,886 $26,637 

Three Months Ended
March 31,
(in thousands)20262025
Revenue by product type:
Thermal test$6,766 $4,393 
Thermal process5,625 5,281 
Semiconductor test5,507 4,734 
Video imaging2,058 2,057 
Flying probe and in-circuit testers2,047 1,856 
Alfamation™ products
7,120 4,149 
Service/other4,763 4,167 
$33,886 — $26,637 
Three Months Ended
March 31,
(in thousands)20262025
Revenue by market:
Semi$10,507 $8,995 
Auto/EV7,487 5,959 
Defense/Aerospace5,822 2,828 
Industrial3,242 3,021 
Life Sciences3,572 1,688 
Safety/Security1,112 564 
Other2,144 3,582 
$33,886 $26,637 
Major Customers
During the three months ended March 31, 2026, two customers exceeded 10% of our consolidated revenue. Customer “A” accounted for 14% and Customer “B” accounted for 10%. During the three months ended March 31, 2025, Customer “B” was the only customer exceeding 10%, with 13%, of our consolidated revenue. These revenues in the periods presented were generated by our Electronic Test segment.
Contract Liabilities
As of March 31, 2026, and December 31, 2025, we had total contract liabilities of $7.6 million and $7.4 million, respectively. Our contract liabilities consist of our customer deposits and deferred revenue as well as deferred revenue net of current portion on our Consolidated Balance Sheets. For the three months ended March 31, 2026, the amount recognized as revenue from the contract liabilities balance as of December 31, 2025, was $3.2 million, while for the three months ended March 31, 2025, the amount recognized as revenue from the contract liabilities balance as of December 31, 2024, was $3.0 million.
Allowance for Credit Losses
Activity related to our allowance for credit losses was as follows:
Three Months Ended
March 31,
(in thousands)20262025
Beginning balance$375 $423 
Credit loss expense, net of release of unused allowance(20)(14)
Write-offs(12)— 
Foreign currency translation impact(2)2 
Ending balance$341 $411