v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue Recognition  
Revenue Recognition

(10)

Revenue Recognition

The following tables depict the disaggregation of revenue according to the type of good or service and timing of transfer of goods or services for the three and six months ended June 30, 2026 and June 30, 2025 (in thousands):

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Three Months Ended June 30,

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Six Months Ended June 30,

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  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

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Collaborative research and professional services

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$

952

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$

1,711

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$

2,251

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$

3,043

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Sales of quantum computers and quantum components

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​

4,098

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​

—

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​

7,144

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​

—

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Access to quantum computing systems

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​

88

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​

90

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​

143

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​

230

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​

​

$

5,138

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$

1,801

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$

9,538

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$

3,273

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​

​

​

​

​

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Three Months Ended June 30,

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Six Months Ended June 30,

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  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Revenue recognized at a point in time

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$

4,098

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$

—

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$

7,144

​

$

—

Revenue recognized over time

 

 

1,040

​

 

1,801

​

 

2,394

 

 

3,273

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​

$

5,138

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$

1,801

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$

9,538

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$

3,273

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Selected condensed consolidated balance sheet line items that reflect accounts receivable, contract assets and liabilities as of June 30, 2026, December 31, 2025 and December 31, 2024 were as follows (in thousands):

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June 30, 2026

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Trade receivables

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$

3,374

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$

1,204

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$

1,498

Unbilled receivables

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$

491

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$

1,347

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$

929

Current portion of deferred revenue

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$

(3,316)

​

$

(847)

​

$

(113)

Deferred revenue, less current portion

​

$

(698)

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$

(698)

​

$

(698)

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Changes in deferred revenue from contracts with customers were as follows:

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Six Months Ended June 30,

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  ​ ​ ​

2026

  ​ ​ ​

2025

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Balance at beginning of period

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$

(1,545)

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$

(811)

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Deferral of revenue

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​

(3,446)

​

​

(110)

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Recognition of deferred revenue

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​

977

​

​

105

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Total deferred revenue at end of period

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$

(4,014)

​

$

(816)

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Current portion of deferred revenue

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$

(3,316)

​

$

(118)

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Deferred revenue, less current portion

​

$

(698)

​

$

(698)

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Amounts recognized as revenue from beginning contract liabilities during the three and six months ended June 30, 2026 were $1.0 million and $0.8 million, respectively. Amounts recognized as revenue from beginning contract liabilities during the three and six months ended June 30, 2025 were an immaterial amount and $0.1 million, respectively. Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2.7 million. The Company expects to recognize estimated revenues related to performance obligations that are unsatisfied (or partially satisfied) during the next twelve months, except for remaining performance obligations totaling $1.1 million.

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The Company has not identified any costs that are incremental to the acquisition of customer contracts that would be capitalized as deferred costs on the balance sheet. Accordingly, the Company does not have any capitalized contract fulfillment costs as of June 30, 2026 or December 31, 2025.