v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
11.
Revenue

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by geographic region, as the Company’s management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following tables present revenue disaggregated by geography of the shipping location for the three and six months ended June 30, 2026 and 2025:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

4,800

 

 

$

7,676

 

 

$

10,889

 

 

$

16,747

 

Greater China

 

 

37,265

 

 

 

22,983

 

 

 

69,504

 

 

 

41,747

 

Europe

 

 

11,544

 

 

 

2,762

 

 

 

21,824

 

 

 

7,971

 

South Korea

 

 

3,854

 

 

 

12,885

 

 

 

6,944

 

 

 

23,784

 

Rest of Asia Pacific

 

 

4,595

 

 

 

867

 

 

 

7,238

 

 

 

1,995

 

Rest of North America

 

 

1,909

 

 

 

4,074

 

 

 

2,995

 

 

 

12,366

 

South America

 

 

42

 

 

 

387

 

 

 

72

 

 

 

1,101

 

Total

 

$

64,009

 

 

$

51,634

 

 

$

119,466

 

 

$

105,711

 

 

Contract Balances

Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed.

The following table presents the assets and liabilities associated with the engineering services contracts recorded on the condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025:

 

 

Balance Sheet Classification

 

June 30,
2026

 

 

December 31,
2025

 

Unbilled revenue

 

Prepaid expenses and other current assets

 

$

6,189

 

 

$

4,814

 

Contract liabilities

 

Accrued expenses and other current liabilities

 

$

4,011

 

 

$

4,601

 

 

During the three months ended June 30, 2026 and 2025, the Company recognized $591 and $218, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. During the six months ended June 30, 2026 and 2025, the Company recognized $2,350 and $1,617, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates over time due to changes in the timing of payments received from customers and revenue recognized for services provided.

Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the condensed consolidated balance sheet that will be recognized as revenue and unbilled amounts that will be billed per contractual billing schedules in the future. As of June 30, 2026, the amount of performance obligations that have not been recognized as revenue was $1,991, of which approximately 100% is expected to be recognized as revenue over the next 12 months. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized.

Concentrations

One customer accounted for 10% and 12% of the Company’s total revenue for the three and six months ended June 30, 2026, respectively. No customers accounted for more than 10% of the Company’s total revenue for the three and six months ended June 30, 2025

There were no customers that represented more than 10% of accounts receivable at June 30, 2026 and December 31, 2025, respectively.