| REVENUE |
REVENUE Contract Assets and Liabilities The tables below disclose changes in contract assets and liabilities for the six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | Contract Assets | June 30,
2026 | | June 30,
2025 | | Contract assets, beginning of period | $ | 82,342 | | | $ | 24,145 | | | Reclassification of contract assets to receivables, as the result of rights to consideration becoming unconditional | (64,996) | | | (12,989) | | | Contract assets recognized, net of reclassification to receivables | 75,522 | | | 19,346 | | | Contract assets, end of period | $ | 92,868 | | | $ | 30,502 | | | | | | | Contract Liabilities | | | | | Contract liabilities, beginning of period | $ | 19,856 | | | $ | 20,044 | | | Reclassification of contract liabilities to revenue, as the result of performance obligations satisfied | (8,137) | | | (4,661) | | | Cash received in advance and not recognized in revenue | 15,072 | | | 5,078 | | | Contract liabilities, end of period | $ | 26,791 | | | $ | 20,461 | |
The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the North America and Europe and Rest of the World (“ROW”) segments are $1,059,016 and $219,933 respectively, with substantially all revenue expected to be recognized within one year as of June 30, 2026.
For performance obligations that are satisfied over time, revenue is expected to be recognized over the period to complete the contract. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on constraining estimates of variable consideration. In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments. | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | | New Business | | After Sales | | Total | | Primary geographical markets | | | | | | | North America | $ | 323,151 | | | $ | 33,112 | | | $ | 356,263 | | | Europe and ROW | 110,348 | | | 29,797 | | | 140,145 | | | Total Sales | $ | 433,499 | | | $ | 62,909 | | | $ | 496,408 | | | | | | | | | Timing of revenue recognition | | | | | | | Products transferred at a point in time | $ | 200,454 | | | $ | 56,429 | | | $ | 256,883 | | | Products and services transferred over time | 233,045 | | | 6,480 | | | 239,525 | | | Total Sales | $ | 433,499 | | | $ | 62,909 | | | $ | 496,408 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | New Business | | After Sales | | Total | | Primary geographical markets | | | | | | | North America | $ | 134,876 | | | $ | 11,368 | | | $ | 146,244 | | | Europe and ROW | 103,254 | | | 28,245 | | | 131,499 | | | Total Sales | $ | 238,130 | | | $ | 39,613 | | | $ | 277,743 | | | | | | | | | Timing of revenue recognition | | | | | | | Products transferred at a point in time | $ | 174,672 | | | $ | 32,521 | | | $ | 207,193 | | | Products and services transferred over time | 63,458 | | | 7,092 | | | 70,550 | | | Total Sales | $ | 238,130 | | | $ | 39,613 | | | $ | 277,743 | |
| | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2026 | | New Business | | After Sales | | Total | | Primary geographical markets | | | | | | | North America | $ | 623,827 | | | $ | 69,758 | | | $ | 693,585 | | | Europe and ROW | 191,342 | | | 67,026 | | | 258,368 | | | Total Sales | $ | 815,169 | | | $ | 136,784 | | | $ | 951,953 | | | | | | | | | Timing of revenue recognition | | | | | | | Products transferred at a point in time | $ | 367,679 | | | $ | 125,149 | | | $ | 492,828 | | | Products and services transferred over time | 447,490 | | | 11,635 | | | 459,125 | | | Total Sales | $ | 815,169 | | | $ | 136,784 | | | $ | 951,953 | |
| | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2025 | | New Business | | After Sales | | Total | | Primary geographical markets | | | | | | | North America | $ | 265,132 | | | $ | 28,403 | | | $ | 293,535 | | | Europe and ROW | 175,906 | | | 57,488 | | | 233,394 | | | Total Sales | $ | 441,038 | | | $ | 85,891 | | | $ | 526,929 | | | | | | | | | Timing of revenue recognition | | | | | | | Products transferred at a point in time | $ | 316,041 | | | $ | 73,244 | | | $ | 389,285 | | | Products and services transferred over time | 124,997 | | | 12,647 | | | 137,644 | | | Total Sales | $ | 441,038 | | | $ | 85,891 | | | $ | 526,929 | |
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