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REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenues by major geographic regions in which the Company's customers are located are as follows (in thousands, except percentages):
Geographic regionsThree Months Ended June 30,
20262025
Amount
%
Amount
%
China$33,332 38 %$34,843 38 %
Other Asia & Pacific countries3,274 3 %12,815 14 %
Asia & Pacific36,606 41 %47,658 52 %
Italy39,807 46 %16,088 18 %
France11,817 14 %9,339 10 %
Other European countries765 1 %13,458 15 %
Europe52,389 61 %38,885 43 %
United States (1)
(1,733)(2)%4,796 5 %
Total$87,262 100 %$91,339 100 %
Geographic regionsSix Months Ended June 30,
20262025
Amount%Amount%
China$48,209 33 %$78,969 38 %
Other Asia & Pacific countries5,539 3 %18,740 9 %
Asia & Pacific53,748 36 %97,709 47 %
Italy71,120 48 %52,675 25 %
France23,497 16 %27,702 13 %
Other European countries1,008 1 %18,558 10 %
Europe95,625 65 %98,935 48 %
United States (1)
(1,499)(1)%11,186 5 %
Total$147,874 100 %$207,830 100 %
(1) The Company issued $2.7 million in tariff refunds to a customer in May 2026, which was recognized as a reduction of revenue for the three and six months ended June 30, 2026. Before the revenue reduction, a total of $931 thousand and $1.2 million revenue, respectively, was realized in the United States for the three months and six months ended June 30, 2026.
Contract Balances
Contract balances include accounts receivable and advances from customers. Accounts receivable represent cash not received from customers and are recorded when the rights to consideration are unconditional. The allowance for credit losses reflects the best estimate of probable losses inherent to the accounts receivable balance (see Note 2). Contract liabilities, recorded in advance from customers in the consolidated balance sheets, represent payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period.
The following table reflects the changes in the Company's contract liabilities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of the period$6,663 $44,204 $5,605 $43,678 
Cash received4,151 2,291 7,939 5,916 
Revenue recognized(5,924)(5,032)(8,732)(8,195)
Exchange difference101 79 179 143 
Balance at end of the period$4,991 $41,542 $4,991 $41,542 
As of June 30, 2026, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied was $5.0 million. Of this amount, the Company expects to recognize $2.3 million over the next 12 months and the remainder over the remaining performance obligation period.