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

Note 11 – Revenue

The Company has one operating and reportable segment, which generates revenue via industrial manufacturing solutions of multi-disciplinary technology - combining hardware, software, and materials science.

Revenue per geographical location is as follows:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Americas

 

$

10,267

 

 

$

10,991

 

 

$

22,523

 

 

$

15,747

 

 

APAC

 

 

7,300

 

 

 

3,199

 

 

 

11,995

 

 

 

4,689

 

 

EMEA

 

 

11,396

 

 

 

11,647

 

 

 

24,170

 

 

 

19,802

 

 

Total revenue

 

$

28,963

 

 

$

25,837

 

 

$

58,688

 

 

$

40,238

 

 

 

The following table disaggregates the Company's revenue by the timing of transfer of products or services:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Services transferred over time

 

$

3,402

 

 

$

3,625

 

 

$

8,495

 

 

$

5,012

 

 

Goods transferred at a point in time

 

 

25,561

 

 

 

22,212

 

 

 

50,193

 

 

 

35,226

 

 

Total revenue

 

$

28,963

 

 

$

25,837

 

 

$

58,688

 

 

$

40,238

 

 

 

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company has a right to bill when products are shipped, which is often the point in time revenue is recognized. As a result, the Company will have accounts receivable for billings and also deferred revenue for the portion of billings in advance of service in its hardware maintenance agreements.


For the three and six months ended June 30, 2026, the Company recognized $2.4 million and $6.1 million from the deferred revenue account balance as of December 31, 2025, respectively. For the three and six months ended June 30, 2025, the Company recognized $0.6 million and $1.6 million from the deferred revenue account balance as of December 31, 2024, respectively. During the second quarter of 2026, $1.2 million of deferred revenue was written off related to the AME asset sale.

Deferred revenue is expected to be recognized when the Company provides hardware maintenance services or contractual performance obligations for which the customer has already provided payment with $8.3 million expected to be recognized in the remainder of 2026, $3.2 million expected to be recognized in 2027, $1.3 million expected to be recognized in 2028, and $0.5 million thereafter.