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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 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 EndedSix Months Ended
June 30,June 30,
(in thousands)2025202420252024
Revenue by customer type:
End user$23,192 $27,496 $45,628 $48,926 
OEM/Integrator4,938 6,495 9,139 14,889 
$28,130 $33,991 $54,767 $63,815 
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2025202420252024
Revenue by product type:
Thermal test$4,839 $4,228 $9,232 $7,927 
Thermal process5,547 9,843 10,828 20,798 
Semiconductor test5,926 4,014 10,660 10,296 
Video imaging2,289 1,685 4,346 3,804 
Flying probe and in-circuit testers1,204 1,031 3,060 3,775 
Alfamation™ products
4,629 9,719 8,778 11,098 
Service/other3,696 3,471 7,863 6,117 
$28,130 — $33,991 $54,767 $63,815 

Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2025202420252024
Revenue by market:
Semi$10,192 $10,124 $19,187 $25,091 
Auto/EV5,862 10,735 11,821 14,693 
Defense/Aerospace3,578 3,682 6,406 6,921 
Industrial3,786 3,415 6,807 7,602 
Life Sciences1,386 2,194 3,074 2,847 
Safety/Security898 792 1,462 1,333 
Other2,428 3,049 6,010 5,328 
$28,130 $33,991 $54,767 $63,815 
Major Customers
During the three and six months ended June 30, 2025, one customer (Customer “A”) accounted for 11% and 12%, respectively, of our consolidated revenue. During the three months ended June 30, 2024, one customer (Customer “B”) accounted for 17% of our consolidated revenue, while during the six months ended June 30, 2024, Customer “A” accounted for 11% of our consolidated revenue. These revenues in the periods presented were generated by our Electronic Test segment.
Contract Liabilities
As of June 30, 2025, and December 31, 2024, we had total contract liabilities of $7.0 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 June 30, 2025, the amount recognized as revenue from the contract liabilities balance as of March 31, 2025, was $2.4 million, while for the three months ended June 30, 2024, the amount recognized as revenue from the contract liabilities balance as of March 31, 2024, was $1.5 million. For the six months ended June 30, 2025, the amount recognized as revenue from the contract liabilities balance as of December 31, 2024, was $3.1 million, while for the six months ended June 30, 2024, the amount recognized as revenue from the contract liabilities balance as of December 31, 2023, was $3.1 million.
Allowance for Credit Losses
Activity related to our allowance for credit losses was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2025202420252024
Beginning balance$411 $426 $423 $474 
Credit loss expense, net of release of unused allowance60 1 46 1 
Write-offs(12)— (12)(48)
Foreign currency translation impact5 (11)7 (11)
Ending balance$464 $416 $464 $416