v3.26.1
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Product or Service and Timing of Transfer of Goods or Services
The following table depicts the disaggregation of revenue by products or services (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Specialized quantum computing hardware$— $— $— $16,526 
Cloud platform, research and support services7,966 2,119 13,268 4,970 
Prioritization incentive payment— $(11)(65)$(303)
Lease income32 — 32 — 
Total revenue—net$7,998 $2,108 $13,235 $21,193 
The following table depicts the disaggregation of revenue by timing of transfer of goods or services (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue recognized at a point in time$135 $— $135 $16,526 
Revenue recognized over time7,863 2,108 13,100 4,667 
$7,998 $2,108 $13,235 $21,193 
Summary of Contract Liability Balances and Accounts Receivable and Contract Asset Balances
The following table summarizes the Company’s contract liability balances (in thousands):
June 30,
20262025
Contract liabilities—January 1$6,608 $1,401 
  Additions4,294 390 
  Revenue recognized(5,323)(771)
Contract liabilities—June 30$5,579 $1,020 
The following table summarizes the Company's accounts receivable and contract asset balances (in thousands):
June 30,December 31,December 31,
202620252024
Trade receivables
2,531 3,303 1,758 
Contract assets
817 1,765 2,964 
Accounts receivable$3,348 $5,068 $4,722