REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

21.REVENUE RECOGNITION:

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer.

For each of the years ended December 31, 2024, 2023 and 2022, the Company recorded 98%, 97% and 97%, respectively, of its revenue from OLED related sales and 2%, 3% and 3%, respectively, from the providing of services through Adesis.

Contract Balances

The following table provides information about assets and liabilities associated with the Company's contracts from customers (in thousands):

	As of December 31, 2024
Accounts receivable	$	113,648
Short-term unbilled receivables		30,473
Short-term contract assets		2,932
Long-term unbilled receivables		24,943
Long-term contract assets		6,528
Short-term deferred revenue		33,074
Long-term deferred revenue		537

Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. Contract assets represent consideration related to the renewal of customer contracts which is recognized over the contract term based on material units sold. The deferred revenue balance as of December 31, 2024 will be recognized as materials are shipped to customers over the remaining contract periods. As of December 31, 2024, the Company had $19.5 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days.

Significant changes in the assets and liabilities balances associated with the Company's contracts from customers for the years ended December 31, 2024 and 2023, are as follows (in thousands):

	Year Ended December 31, 2024
	Assets			Liabilities
Balance at December 31, 2023	$	42,134		$	(59,719	)
Revenue recognized that was previously included in deferred revenue, net		—			98,223
Increases due to cash received		—			(82,928	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price, net		—			10,813
Unbilled receivables recorded, net		165,781			—
Contract assets recorded, net		(2,516	)		—
Transferred to receivables from unbilled receivables		(140,523	)
Net change		22,742			26,108
Balance at December 31, 2024	$	64,876		$	(33,611	)
	Year Ended December 31, 2023
	Assets			Liabilities
Balance at December 31, 2022	$	38,457		$	(63,878	)
Revenue recognized that was previously included in deferred revenue, net		—			195,703
Increases due to cash received		—			(202,100	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price, net		—			10,556
Unbilled receivables recorded, net		41,659			—
Contract assets recorded, net		(2,407	)		—
Transferred to receivables from unbilled receivables		(35,575	)
Net change		3,677			4,159
Balance at December 31, 2023	$	42,134		$	(59,719	)

The cumulative catch-up adjustment arising from changes in estimates of transaction price, net was $10.8 million for the year ended December 31, 2024 as compared to $10.6 million for the year ended December 31, 2023. These adjustments resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts.