v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregated Revenue
The following table presents disaggregated revenue in the following categories (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contract Types:
Licensing$595 $1,050 $1,190 $2,101 
Engineering and other services3,271 1,893 9,657 3,695 
Biorefining revenue$3,866 $2,943 $10,847 $5,796 
Joint development agreements275 1,313 275 2,363 
Contract research1,031 1,010 2,020 2,386 
Joint development and contract research revenue$1,306 $2,323 $2,295 $4,749 
CarbonSmart product3,842 3,818 7,892 8,022 
Total Revenue
$9,014 $9,084 $21,034 $18,567 

The following table presents revenue from partners in collaborative arrangements and from grant contributions which are included in the table above as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue from partners in collaborative agreements included in the Joint development agreements above
$275 $1,313 $275 $2,363 
Revenue from grant contributions included in Engineering and other services above
— (5)2,815 50 

Revenue by Geographic Location
The following table presents disaggregation of the Company’s revenues by customer location for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
North America$1,697 $2,649 $4,282 $5,614 
Europe, Middle East, Africa (EMEA)2,460 1,954 7,478 4,464 
Asia4,857 4,481 9,274 8,489 
Total Revenue
$9,014 $9,084 $21,034 $18,567 
Contract balances
The following table provides changes in contract assets and liabilities (in thousands):
Current Contract AssetsCurrent Contract LiabilitiesNon-current Contract Liabilities
Balance as of December 31, 2025$6,541 $423 $5,896 
Additions to unbilled accounts receivable17,728 — — 
Increases due to consideration received— 7,731 — 
Increase due to pre-billing— 57 — 
Unbilled accounts receivable recognized in trade receivables(21,603)— — 
Allowance on doubtful contract assets(64)
Increase on revaluation on currency(77)1 (171)
Reclassification to revenue because of performance obligations satisfied— (2,359)— 
Balance as of June 30, 2026$2,525 $5,853 $5,725 
The decrease in contract assets was due to billed services during the quarter exceeding unbilled services previously recorded as contract assets. As of June 30, 2026 and December 31, 2025, the Company had $9,612 and $9,527, respectively, of billed accounts receivable, net of allowance.
The increase in current contract liabilities was primarily due to advance payments and billings during the quarter.
Remaining performance obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, including unearned revenue to be recognized in future periods. Transaction price allocated to remaining performance obligations is influenced by factors such as project size, duration, contract modifications, and customer-specific acceptance rights. As of June 30, 2026, the Company had approximately $46,553 in contracted revenue remaining to be recognized, of which $21,292 is expected to be recognized in the next  twelve months.