v3.26.1
Revenue Recognition
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Revenue Recognition [Abstract]    
Revenue Recognition

3. Revenue Recognition

The Company’s revenue from contracts with customers by type of contract are summarized as follows (in thousands):

 

Six Months Ended
June 30,
   

2026

  

2025

Fixed price

  

$

1,393

  

$

1,405

Cost-reimbursable

  

 

400

  

 

45

Total revenue from customers

  

$

1,793

  

$

1,450

The following table summarizes the timing of revenue recognition from contracts with customers (in thousands):

 

Six Months Ended
June 30,
   

2026

  

2025

Revenue recognized at a point in time

  

$

1,157

  

$

1,092

Revenue recognized over time

  

 

636

  

 

358

Total revenue from customers

  

$

1,793

  

$

1,450

Contract Balances from Contracts with Customers

As of June 30, 2026 and December 31, 2025, the Company recognized $0.3 million and $0.1 million of contract assets, respectively. The contract asset is reclassified to accounts receivable when the customer is invoiced based on the contractual billing schedule.

Contract liabilities represent the dollar value of funded orders for work which has been invoiced or paid for and has not been performed. Contract liabilities activities are summarized as follows (in thousands):

 

As of
June 30,
2026

  

As of
June 30,
2025

Balance at beginning of period

  

$

—

  

$

579

 

Recognition of revenue

  

 

—

  

 

—

 

Deferral of revenue

  

 

349

  

 

(59

)

Balance at end of period

  

$

349

  

$

520

 

As of June 30, 2026, the Company had $0.3 million of deferred revenue recorded as a contract liability on its condensed consolidated balance sheet. As of December 31, 2025, the Company had no deferred revenue recorded on its condensed consolidated balance sheet.

4. Revenue Recognition

The Company’s revenue from contracts with customers, excluding grant revenues, by type of contracts are summarized as follows (in thousands):

 

Year Ended December 31,
   

2025

  

2024

Fixed price

  

$

3,699

  

$

645

Cost-reimbursable

  

 

458

  

 

155

Total revenue from customers

  

$

4,157

  

$

800

The following table summarizes the timing of revenue recognition from contracts with customers (in thousands):

 

Year Ended December 31,
   

2025

  

2024

Revenue recognized at a point in time

  

$

2,607

  

$

431

Revenue recognized over time

  

 

1,550

  

 

369

Total revenue from customers

  

$

4,157

  

$

800

Contract Balances from Contracts with Customers

As of December 31, 2025 and 2024, the Company recognized $0.1 million and $21 thousand of contract assets, respectively. The contract asset is reclassified to accounts receivable when the customer is invoiced based on the contractual billing schedule.

Contract liabilities represents the dollar value of funded orders for work which has been invoiced or paid for and has not been performed. Contract liabilities activities are summarized as follows (in thousands):

 

As of December 31,
   

2025

  

2024

Balance at beginning of period

  

$

579

 

  

$

17

 

Recognition of revenue

  

 

(579

)

  

 

(17

)

Deferral of revenue

  

 

—

 

  

 

579

 

Balance at end of period

  

$

—

 

  

$

579

 

As of December 31, 2025, the Company had no deferred revenue recorded on its consolidated balances sheet. As of December 31, 2024 the Company had $0.6 million of deferred revenue recorded as a contract liability on its consolidated balance sheet, which was recognized in full during the year ended December 31, 2025.