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| Revenue | Note 11. Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers by the nature of products and services provided:
As of June 30, 2026, the unrecognized committed amount of the Ginkgo/Bioworks contract is $6,880. Contract Costs The Company has no contract costs related to the periods presented. Contract Liabilities Contract liabilities are classified as deferred revenue in the unaudited condensed consolidated balance sheets. The activity in deferred revenue for the six months ended June 30, 2026 and for the year ended December 31, 2025, was as follows:
Of the $1,126 outstanding as of December 31, 2025, $120 and $551 have been recognized as revenue for the three and six months ended June 30, 2026, respectively. The Company has elected not to include in unfulfilled performance obligations for contracts in which the amount of revenue it recognizes is equal to the amount which the Company has a right to invoice. No revenue was recognized in the reporting period from performance obligations satisfied in previous periods. The Company applies the right-to-invoice practical expedient for its Priority Pass revenue stream and recognizes revenue in the amount it is entitled to invoice when that amount corresponds directly with the value of the performance to date. For the Company’s XpresTest business unit, there are no portions of unfulfilled performance obligations, because the Company’s efforts towards satisfying each of the performance obligations are expended evenly throughout the period of performance. Naples Wax Center offers prepaid wax packages that are either unlimited for one year or a set number of services. When the packages are purchased, the sales are recorded as deferred revenue, which was $708 and $837 as of June 30, 2026 and December 31, 2025, respectively. As services related to prepaid packages are used, revenue is recognized. Contract Assets Contract assets are classified as other assets in the unaudited condensed consolidated balance sheets. The activity in other assets as of June 30, 2026 and December 31, 2025, was as follows:
Contract assets represent the Company’s right to consideration for performance completed under customer contracts but not yet billable under the contractual terms. The increase over the six months ended June 30, 2026 was primarily driven by timing difference between revenue recognition and customer billing milestones. Contract assets are reclassified to accounts receivable when the Company’s right to payment becomes unconditional. |
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