v3.26.1
Revenue Recognition
 6 Months Ended
Jul. 03, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
In general, the Company recognizes revenue at the point in time control transfers to its customer based on predetermined shipping terms. Revenue is recognized over time under certain contracts for highly customized products that have no alternative use and in which the contract specifies the Company has enforceable right to payment for its costs, plus a reasonable margin. For products recognized over time, the transfer of control is measured using the input method, which measures progress toward completion as costs are incurred based upon estimates of costs to complete such contracts. Losses on contracts are fully recognized in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known.
Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by timing and by geographic location for the three and six months ended July 3, 2026 and June 30, 2025 (in thousands):
Three Months Ended July 3, 2026Six Months Ended July 3, 2026
United StatesEuropeTotalUnited StatesEuropeTotal
Revenue:
Revenue – Point in time$47,388 $849 $48,237 $84,061 $1,633 $85,694 
Revenue – Over time18,164 — 18,164 36,714 — 36,714 
Total revenue$65,552 $849 $66,401 $120,775 $1,633 $122,408 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
United StatesEuropeTotalUnited StatesEuropeTotal
Revenue:
Revenue – Point in time$38,603 $842 $39,445 $77,521 $1,195 $78,716 
Revenue – Over time9,685 — 9,685 16,801 — 16,801 
Total revenue$48,288 $842 $49,130 $94,322 $1,195 $95,517 
Contract Balances from Contracts with Customers
The Company records contract assets or contract liabilities on a contract-by-contract basis. The Company’s accounts receivable, contract assets and contract liabilities are summarized below (in thousands):
July 3,
2026		December 31,
2025		December 31,
2024
Accounts receivable, net$34,483 $28,904 $32,759 
Unbilled revenue$564 $2,621 $1,349 
Deferred revenue$21,416 $14,853 $10,085 
The increase in deferred revenue during the six months ended July 3, 2026 reflects the impact of billings in excess of revenue recognized in the period. The decrease in unbilled revenue for the six months ended July 3, 2026 reflects the net effect of revenue recognized in excess of billings during the period.
During the six months ended July 3, 2026 and June 30, 2025, the Company recognized revenue of approximately $4.8 million and $6.3 million that was included in the contract liabilities as of December 31, 2025 and December 31, 2024, respectively. During the three months ended July 3, 2026 and June 30, 2025, the Company recognized revenue of approximately $7.0 million and $5.0 million that was included in the contract liabilities as of April 3, 2026 and March 31, 2025, respectively. There was no revenue recognized during the three and six months ended July 3, 2026 and June 30, 2025 for performance obligations satisfied in prior periods.
The Company did not recognize impairment losses on its contract assets during the three and six months ended July 3, 2026 or June 30, 2025.