v3.26.1
Revenue and Accounts Receivable
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Accounts Receivable
Note 3. Revenue and Accounts Receivable

Revenue

The following table sets forth the Company’s revenue disaggregated by geographical location, determined by reference to the customer’s shipping location for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
(Amounts in thousands, except for percentages)2026%2025%
United States$2,597 94.9%$— —%
China— —%960 95.3%
Other141 5.1%47 4.7%
Total revenue$2,738 $1,007 
The following table sets forth the Company’s revenue disaggregated based on the method of revenue recognition for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
(Amounts in thousands)20262025
Revenue recognized at a point in time$2,727 $1,007 
Revenue recognized over time11 — 
Total revenue$2,738 $1,007 

Customer concentrations in revenue

The following table sets forth a summary of the Company’s revenue concentration by customer for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
(Amounts in thousands, except for percentages)2026%2025%
Customer A (1)
$2,597 94.9%$— —%
Customer B— —%960 95.3%
Others (2)
141 5.1%47 4.7%
Total revenue$2,738 $1,007 

(1) Customer A is a related party.
(2) Each of the customers within “Others” comprised less than 10% of revenue each.

Constrained revenue and variable consideration

During each of the three months ended March 31, 2026 and 2025, the Company had no revenue that was subject to constraint or variable consideration.

Other revenue-related matters

There were no contract assets (unbilled receivables) and no material contract liabilities (deferred revenue) as of March 31, 2026 and December 31, 2025. The Company did not have any outstanding or unsatisfied performance obligations as of March 31, 2026 and December 31, 2025. The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of March 31, 2026 and December 31, 2025.

Accounts Receivable, net

Normal credit terms for the Company’s accounts receivable are generally up to net 30 days, although credit terms for a customer sale that occurred in the fourth quarter of 2025 included credit terms up to 90 days. As of March 31, 2026, the Company’s accounts receivable were 47% current, 0% over 60 days past due, and 53% over 90 days past due under the credit terms of the applicable customer receivable.

The Company had no accounts receivable due from related parties as of March 31, 2026.
The balances and activity within the Company’s provision for credit losses as of and for the three months ended March 31, 2026 and as of and for the year ended December 31, 2025 are set forth as follows:

(Amounts in thousands)
Balance, January 1, 2025$420 
Additions to provision for credit losses523 
Additions to provision for credit losses - related party34 
Write-off activity(420)
Balance, December 31, 2025557 
Reversal of provision due to collection of full balance(34)
Additions to provision for credit losses1,907 
Balance, March 31, 2026$2,430 

Customer concentration of accounts receivable

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of March 31, 2026 (1):

(Amounts in thousands, except for percentages)$%
Customer C (2)
$8,844 46.2%
Customer D (2)
9,021 47.1%
Others (3)
1,292 6.7%
Total accounts receivable19,157 
Less: provision for credit losses:(2,430)
Accounts receivable, net$16,727 

(1) There were no accounts receivable due from related parties as of March 31, 2026.
(2) The geographic concentration of these accounts receivable is in China.
(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of December 31, 2025:

(Amounts in thousands, except for percentages)$%
Customer C (1)
$8,844 23.7 %
Customer D (1) (2)
23,750 63.8 %
Others (3) (4)
4,656 12.5 %
Total accounts receivable, including due from related party$37,250 
Less: provision for credit losses:(557)
Accounts receivable, net, including due from related party$36,693 

(1) The geographic concentration of these accounts receivable is from customers located in China.
(2) Subsequent to December 31, 2025, and as of May 14, 2026, the Company had received payments of $16.9 million from this customer.
(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.
(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.