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REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See “Note (18) Segment Information” for information about revenue by operating segment and geographic region.
Three Months Ended March 31,
(in thousands)20252024
Revenue by customer type:
End user$22,436 $21,430 
OEM/Integrator4,201 8,394 
$26,637 $29,824 
Three Months Ended March 31,
(in thousands)20252024
Revenue by product type:
Thermal test$4,393 $3,699 
Thermal process5,281 10,955 
Semiconductor test4,734 6,282 
Video imaging2,057 2,119 
Flying probe and in-circuit testers1,856 2,744 
Alfamation™ products
4,149 1,379 
Service/other4,167 2,646 
$26,637 — $29,824 

Three Months Ended March 31,
(in thousands)20252024
Revenue by market:
Semi$8,995 $14,967 
Auto/EV5,959 3,958 
Defense/Aerospace2,828 3,239 
Industrial3,021 4,187 
Life Sciences1,688 653 
Safety/Security564 541 
Other3,582 2,279 
$26,637 $29,824 
Major Customers
During the three months ended March 31, 2025, one customer accounted for 13% of our consolidated revenue. This revenue was primarily generated by our Electronic Test segment. During the three months ended March 31, 2024, this same customer accounted for 15% of our consolidated revenue.
Contract Liabilities
As of March 31, 2025, and December 31, 2024, we had total contract liabilities of $6.3 million and $6.4 million, respectively. Our contract liabilities consist of our customer deposits and deferred revenue as well as deferred revenue net of current portion on our consolidated balance sheets. For the three months ended March 31, 2025, the amount recognized as revenue from the contract liabilities balance as of December 31, 2024, was $3.0 million, while for the three months ended March 31, 2024, the amount recognized as revenue from the contract liabilities balance as of December 31, 2023, was $2.5 million.
Allowance for Credit Losses
Activity related to our allowance for credit losses was as follows:
Three Months Ended March 31,
(in thousands)20252024
Beginning balance$423 $474 
Credit loss expense, net of release of unused allowance(14)— 
Write-offs— (48)
Foreign currency translation impact2 — 
Ending balance$411 $426