Revenue and Deferred Revenue |
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Mar. 31, 2026 |
Dec. 31, 2025 |
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| Revenue and Deferred Revenue | Note 3. Revenue and Deferred Revenue The following table provides the Company’s revenues disaggregated by revenue stream (in thousands):
Remaining performance obligations represent the transaction price of Company orders for which work has not been performed as of the end of a fiscal period and for contracts with substantive termination penalties. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $38.1 million (which represents the amount of the Company’s backlog). $7.6 million of the backlog relates to the network design and installation performance obligations and $30.5 million relates to internet network services and hardware and internet services performance obligations. Additionally, $3.7 million of the Company’s backlog relates to jobs that are contracted but not yet started as of March 31, 2026. The Company estimates that approximately $13.7 million of the remaining performance obligations as of will be completed and recognized as revenue during 2026, with the recognized . Changes in the Company’s current deferred revenue balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Deferred revenue balances primarily consist of customer deposits and billings in excess of revenue, for which the Company has a contractual right to bill, related to the Company’s network design and installation performance obligations. As of March 31, 2026, the Company’s deferred revenue balance of $4.1 million was classified as $3.8 million in current liabilities and $0.3 million in non-current liabilities in the accompanying unaudited condensed balance sheets. The non-current portion represents the value of operating expense buydown commitments with remaining performance periods extending beyond twelve months. As of December 31, 2025, the Company’s deferred revenue balance of $3.2 million was classified as $2.9 million in current liabilities and $0.3 million in non-current liabilities. Changes in the Company’s network financing receivable balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
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Note 3. Revenue and Deferred Revenue The following table provides the Company’s revenue disaggregated by revenue stream (in thousands):
Remaining performance obligations represent the transaction price of Company orders for which work has not been performed as of the end of a fiscal period and for contracts with substantive termination penalties. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $34.0 million (which represents the amount of the Company’s backlog). $8.2 million of the backlog relates to the network design and installation performance obligations and $25.8 million relates to internet network services and hardware and internet services performance obligations. Additionally, $3.6 million of the Company’s backlog relates to jobs that are contracted but not yet started as of December 31, 2025. The Company estimates that approximately $13.4 million of the remaining performance obligations as of will be completed and recognized as revenue during 2026, with the recognized . Changes in the Company’s deferred revenue balance for the years ended December 31, 2025 and 2024, respectively, were as follows (in thousands):
Deferred revenue balances primarily consist of customer deposits and billings in excess of revenue related to the Company’s network design and installation performance obligations. As of December 31, 2025, the Company’s deferred revenue balance of $3.2 million was classified as $2.9 million in current liabilities and $0.3 million in non-current liabilities in the accompanying consolidated balance sheets. The non-current portion represents the value of operating expense buydown commitments with remaining performance periods extending beyond twelve months. As of December 31, 2024, all of the Company’s deferred revenue balances were reported as current liabilities. Changes in the Company’s network financing receivable balance for the years ended December 31, 2025 and 2024 were as follows (in thousands):
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