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Balance Sheet Details
 3 Months Ended
Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Balance sheet detail as of March 31, 2024, and December 31, 2023 is as follows (in thousands):
Inventories
March 31, 2024December 31, 2023
Raw materials$14,781 $18,133 
Finished goods17,026 14,980 
Total inventories$31,807 $33,113 
Inventories are stated at the lower of cost or net realizable value, with cost being computed based on an adjusted standard basis, which approximates actual cost on an average or first-in, first-out basis.
The Company recorded an inventory write-down recovery of $3.8 million for the three months ended March 31, 2024. The Company recorded a provision for inventory write-down of $0.8 million for the three months ended March 31, 2023.
Property, plant and equipment
March 31, 2024December 31, 2023
Machinery and equipment$3,910 $3,903 
Leasehold improvements1,317 1,321 
Computers and software1,315 1,302 
Furniture and fixtures1,642 1,656 
Construction in progress and other56 13 
8,240 8,195 
Less: accumulated depreciation and amortization(5,439)(5,087)
Total property, plant and equipment, net$2,801 $3,108 
Depreciation expense associated with property, plant and equipment for the three months ended March 31, 2024 and March 31, 2023 was $0.4 million and $0.9 million, respectively.
Warranties
The Company accrues warranty costs based on historical trends for the expected material and labor costs to provide warranty services. The Company's standard warranty period is one year from the date of shipment with the ability for customers to purchase an extended warranty of up to five years from the date of shipment. The following table summarizes the activity related to the product warranty liability:
Three Months Ended March 31,
20242023
Balance at beginning of period$1,148 $1,401 
Charged to cost of revenue(614)(42)
Foreign currency exchange impact(5)10 
Balance at end of period$529 $1,369 
Contract Balances
The Company records contract assets when it has a right to consideration and records accounts receivable when it has an unconditional right to consideration. Contract liabilities consist of cash payments received (or unconditional rights to receive cash) in advance of fulfilling performance obligations. The majority of the Company's performance obligations in its contracts with customers relate to contracts with a duration of less than one year.
The opening and closing balances of current and long-term contract assets and contract liabilities related to contracts with customers are as follows:
Contract
assets 		Contract
liabilities
December 31, 2023$825 $17,779 
March 31, 2024$756 $16,846 
The decrease in contract liabilities during the three months ended March 31, 2024, was primarily due to the revenue recognition criteria being met for previously deferred revenue, partially offset by invoiced amounts that did not yet meet the revenue recognition criteria. The amount of revenue recognized in the three months ended March 31, 2024, and 2023 that was included in the prior period contract liability balance was $4.9 million and $7.5 million, respectively. This revenue consists of services provided to customers who had been invoiced prior to the current period. We expect to recognize approximately 88% of outstanding contract liabilities as revenue over the next 12 months and the remainder thereafter.
The balance of contract cost deferred as of March 31, 2024, and December 31, 2023 was $1.1 million and $1.0 million, respectively. During the three months ended March 31, 2024, the Company recorded $0.1 million in amortization related to contract cost deferred as of December 31, 2023. During the three months ended March 31, 2023, the Company recorded $0.4 million in amortization related to contract cost deferred as of December 31, 2023.