v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See “Note (17) Segment and Geographic Area Information” for information about revenue by operating segment and geographic region.
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Revenue by customer type:
End user$31,384 $23,192 $59,704 $45,628 
OEM/Integrator3,929 4,938 9,495 9,139 
$35,313 $28,130 $69,199 $54,767 

Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Revenue by product type:
Thermal test$4,364 $4,839 $11,130 $9,232 
Thermal process4,763 5,547 10,388 10,828 
Semiconductor test5,186 5,926 10,693 10,660 
Video imaging2,137 2,289 4,195 4,346 
Flying probe and in-circuit testers2,304 1,204 4,351 3,060 
Alfamation™ products
11,745 4,629 18,865 8,778 
Service/other4,814 3,696 9,577 7,863 
$35,313 — $28,130 $69,199 $54,767 

Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Revenue by market:
Semi$9,058 $10,192 $19,565 $19,187 
Auto/EV13,440 5,862 20,927 11,821 
Defense/Aerospace3,765 3,578 9,587 6,406 
Industrial4,356 3,786 7,598 6,807 
Life Sciences2,002 1,386 5,574 3,074 
Safety/Security770 898 1,882 1,462 
Other1,922 2,428 4,066 6,010 
$35,313 $28,130 $69,199 $54,767 
Major Customers
During the three and six months ended June 30, 2026, one customer (“Customer A”) exceeded 10% of our consolidated revenue. Customer A accounted for 24% and 19% of our consolidated revenue for the three and six months ended June 30, 2026, respectively. During the three and six months ended June 30, 2025, one customer (“Customer B”) exceeded 10% of our consolidated revenue. Customer B accounted for 11% and 12% of our consolidated revenue for the three and six months ended June 30, 2025, respectively. These revenues in the periods presented were generated by our Electronic Test segment.
Contract Liabilities
As of June 30, 2026, and December 31, 2025, we had total contract liabilities of $5.9 million and $7.4 million, respectively. Our contract liabilities consist of our customer deposits and deferred revenue as well as deferred revenue net of current portion on our Consolidated Balance Sheets. For the three months ended June 30, 2026, the amount recognized as revenue from the contract liabilities balance as of March 31, 2026, was $2.9 million, while for the three months ended June 30, 2025, the amount recognized as revenue from the contract liabilities balance as of March 31, 2025, was $2.4 million. For the six months ended June 30, 2026, the amount recognized as revenue from the contract liabilities balance as of December 31, 2025, was $4.3 million, while for the six months ended June 30, 2025, the amount recognized as revenue from the contract liabilities balance as of December 31, 2024, was $3.1 million.
Allowance for Credit Losses
Activity related to our allowance for credit losses was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Beginning balance$341 $411 $375 $423 
Credit loss expense, net of release of unused allowance— 60 (20)46 
Write-offs— (12)(12)(12)
Foreign currency translation impact(3)5 (5)7 
Ending balance$338 $464 $338 $464