Revenue Recognition |
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| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from contract with customer | 2. Revenue Recognition The Company recognizes revenue at a point in time or over time consistent with how it satisfies its performance obligations and transfers control to its customers. Revenue from $0.9 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from over-time contracts was $8.6 million and $7.3 million for the three months ended March 31, 2026 and 2025, respectively. point-in-time A receivable is recorded when the Company has an unconditional right to receive payment based on the satisfaction of performance obligations. Amounts for which the Company’s right to consideration is conditional upon factors other than the passage of time are recorded as contract assets. The balance of accounts receivable was $6.9 million and $9.5 million as of March 31, 2026 and December 31, 2025, respectively as shown on the condensed consolidated balance sheet. A reconciliation of the beginning and ending balances of contract assets, unbilled receivables and contract liabilities for the period is shown in the table below (in thousands):
The Company expects to recognize revenue of $17.2 million, $2.2 million, and $0.1 million from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts in the years ending December 31, 2026, December 31, 2027, and thereafter, respectively. The increase in contract assets, unbilled receivables and contract liabilities from 2025 to 2026 were primarily driven by the timing of revenue recognition, customer billings and advance payments associated with the increased revenue activity during the year. Disaggregated Revenue Revenue from government customers comprised 85% and 84% of total revenue for the three months ended March 31, 2026 and 2025, respectively. The Company’s revenues disaggregated by customer location is as follows (in thousands):
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