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

Note 3. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three and six months ended June 30, 2026 and 2025:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

10,398

 

 

$

7,751

 

 

$

18,932

 

 

$

14,450

 

Asia

 

 

1,953

 

 

 

2,050

 

 

 

3,215

 

 

 

5,313

 

Europe

 

 

2,310

 

 

 

2,413

 

 

 

4,194

 

 

 

4,659

 

Other

 

 

62

 

 

 

76

 

 

 

129

 

 

 

143

 

Total1

 

$

14,723

 

 

$

12,290

 

 

$

26,470

 

 

$

24,565

 

 

1 The table above does not include lease revenue of $1,772 and $1,645 for the three months ended June 30, 2026 and 2025, respectively, and $3,453 and $3,529 for the six months ended June 30, 2026 and 2025, respectively. Substantially all lease revenue originates from the United States. Refer to Note 6, Leases.

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers:

 

 

Classification

 

As of
June 30, 2026

 

 

As of
December 31, 2025

 

Accounts receivable, current

 

Accounts receivable, net

 

$

6,170

 

 

$

6,377

 

Notes receivable, current

 

Notes receivable, net

 

$

501

 

 

$

295

 

Notes receivable, long-term

 

Notes and other receivables, long-term, net

 

$

582

 

 

$

731

 

Contract liability, current

 

Deferred revenue

 

$

459

 

 

$

479

 

Deferred revenue, current

 

Deferred revenue

 

$

2,468

 

 

$

2,595

 

Deferred revenue, non-current

 

Other long-term liabilities

 

$

873

 

 

$

910

 

 

Accounts Receivable, Net – Accounts receivable, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information.

The following table summarizes the activity in the allowance for credit losses:

 

 

Amount

 

Accounts receivable, allowance for credit losses as of
   December 31, 2025

 

$

62

 

Change in provision for credit losses

 

 

17

 

Write-offs

 

 

—

 

Accounts receivable, allowance for credit losses as of
   June 30, 2026

 

$

79

 

 

 

 

 

Accounts receivable, allowance for credit losses as of
   December 31, 2024

 

$

105

 

Change in provision for credit losses

 

 

(57

)

Write-offs

 

 

—

 

Accounts receivable, allowance for credit losses as of
   June 30, 2025

 

$

48

 

 

Notes Receivable, Net – Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 6.0% to 8.0%. The Company recorded interest income on notes receivable during the three months ended June 30, 2026 and 2025 of $17 and $22, respectively, and during the six months ended June 30, 2026 and 2025 of $36 and $48, respectively, in other income, net in the statement of operations.

The following table summarizes the activity in the allowance for notes receivable:

 

 

Amount

 

Notes receivable, allowance for credit losses as of
   December 31, 2025

 

$

21

 

Change in provision for credit losses

 

 

1

 

Write-offs

 

 

—

 

Notes receivable, allowance for credit losses as of
   June 30, 2026

 

$

22

 

 

 

 

 

Notes receivable, allowance for credit losses as of
   December 31, 2024

 

$

31

 

Change in provision for credit losses

 

 

(7

)

Write-offs

 

 

—

 

Notes receivable, allowance for credit losses as of
   June 30, 2025

 

$

24

 

Contract Assets – The Company's contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing has not yet occurred. The Company classifies contract assets in prepaid and other current assets in the Company's condensed balance sheets.

The Company did not have a contract assets balance at June 30, 2026 and December 31, 2025. The following table provides information about contract assets from contracts with customers:

 

 

Amount

 

Contract assets as of December 31, 2024

 

$

236

 

Contract assets recognized

 

 

307

 

Payments received

 

 

(393

)

Write-off due to contract modification

 

 

(112

)

Contract assets as of June 30, 2025

 

$

38

 

Deferred Revenue and Contract Liabilities – The Company’s deferred revenue and contract liabilities represent services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies deferred revenue and contract liabilities as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of deferred revenue and contract liabilities is included in other long-term liabilities in the Company’s condensed balance sheets.

The following table provides information about deferred revenue and contract liabilities from contracts with customers:

 

 

Amount

 

Deferred revenue and contract liabilities as of December 31, 2025

 

$

3,984

 

Billings not yet recognized as revenue

 

 

833

 

Beginning deferred revenue and contract liabilities recognized as revenue

 

 

(1,017

)

Deferred revenue and contract liabilities as of June 30, 2026

 

$

3,800

 

 

 

 

 

Deferred revenue and contract liabilities as of December 31, 2024

 

$

2,373

 

Billings not yet recognized as revenue

 

 

1,982

 

Beginning deferred revenue and contract liabilities recognized as revenue

 

 

(1,289

)

Deferred revenue and contract liabilities as of June 30, 2025

 

$

3,066

 

Transaction Price Allocated to Future Performance Obligations

At June 30, 2026, the revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $45,781. The Company expects to satisfy its remaining performance obligations by December 31, 2031, with $9,842 to be satisfied by December 31, 2026, $13,858 to be satisfied by December 31, 2027, $10,783 to be satisfied by December 31, 2028, $7,568 to be satisfied by December 31, 2029, $3,152 to be satisfied by December 31, 2030, and $578 to be satisfied by December 31, 2031. The Company does not disclose the value of unsatisfied

performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed.