REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2025

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 the three months ended June 30, 2025 and 2024, the Company recorded 96% and 98%, respectively, of its revenue from OLED related sales and 4% and 2%, respectively, from the providing of services through Adesis. For the six months ended June 30, 2025 and 2024, the Company recorded 96% and 98%, respectively, of its revenue from OLED related sales and 4% and 2%, respectively, from the providing of services through Adesis.

Contract Balances

The following table provides information about assets and liabilities associated with our contracts from customers (in thousands):

	As of June 30, 2025
Accounts receivable	$	147,043
Short-term unbilled receivables		37,073
Long-term unbilled receivables		31,171
Short-term contract assets		3,180
Long-term contract assets		5,242
Short-term deferred revenue		36,005
Long-term deferred revenue		2,224

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 June 30, 2025 will be recognized as materials are shipped to customers over the remaining contract periods. As of June 30, 2025, the Company had $29.9 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 unbilled receivables, contract assets and deferred revenue balances associated with the Company's contracts from customers for the six months ended June 30, 2025 and 2024 are as follows (in thousands):

	Six Months Ended June 30, 2025
	Assets			Liabilities
Balance at December 31, 2024	$	64,876		$	(33,611	)
Revenue recognized that was previously included in deferred revenue, net		—			55,923
Increases due to cash received		—			(63,183	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price, net		—			2,642
Unbilled receivables recorded, net		89,409			—
Contract assets recorded, net		(1,038	)		—
Transferred to receivables from unbilled receivables		(76,581	)		—
Net change		11,790			(4,618	)
Balance at June 30, 2025	$	76,666		$	(38,229	)

	Six Months Ended June 30, 2024
	Assets			Liabilities
Balance at December 31, 2023	$	42,134		$	(59,719	)
Revenue recognized that was previously included in deferred revenue, net		—			71,402
Increases due to cash received		—			(82,928	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price, net		—			729
Unbilled receivables recorded, net		53,816			—
Contract assets recorded, net		(1,078	)		—
Transferred to receivables from unbilled receivables		(32,723	)		—
Net change		20,015			(10,797	)
Balance at June 30, 2024	$	62,149		$	(70,516	)

The cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase of $2.6 million for the six months ended June 30, 2025 as compared to an increase of $729,000 for the six months ended June 30, 2024. For the six months ended June 30, 2025, the adjustment 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.