v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The following table provides information about disaggregated revenue from contracts with customers by geographic regions. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China).
Disaggregated information is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Primary geographical markets:
APAC$6,580 $4,966 $8,116 $12,224 
Americas6,352 1,046 8,440 8,289 
EMEA2,396 1,967 6,315 4,539 
Total revenues$15,328 $7,979 $22,871 $25,052 
Contract Balances
The following table presents balances of unbilled receivables, contract assets, and contract liabilities (in thousands):
June 30, 2025December 31, 2024
Unbilled receivables$3,315 $3,208 
Contract assets$1,279 $4,375 
Contract liabilities: deferred revenue$200 $450 
We had no asset impairment charges related to financial assets in the three and six months ended June 30, 2025 and 2024.
The increase in unbilled receivables was primarily due to the timing of billings. The decrease in contract assets was primarily due to decreases in product revenue from contracts subject to over time revenue recognition. The decrease in deferred revenue was primarily due to the timing of recognition of revenue.
As of June 30, 2025, we have $3.0 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.3 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. As of December 31, 2024, we had $2.8 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.5 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets.
We recognized the following revenues (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Revenue recognized in the period for:2025202420252024
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied$140 $129 $250 $500 
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods(400)(695)(13)(543)
Revenue recognized on performance obligations previously completed upon the customer achieving a milestone
4,700 — 4,700 — 
Performance obligations satisfied from new activities in the period - contract revenue10,888 8,545 17,934 25,095 
Total revenues$15,328 $7,979 $22,871 $25,052 
Performance Obligations
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of June 30, 2025.
The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of June 30, 2025 (in thousands):
Remainder of 2025
20262027
2028 and Thereafter
Total
Product revenue$100 $100 $— $— $200