Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue

Schedule of revenue by discipline

	Three months ended
	March 31,
	2025		2024
	(in thousands)
Systems	$	137,609	$	195,432
Aftermarket		54,954		56,940
Total Revenue	$	192,563	$	252,372

Schedule of revenue by geographic markets

	Three months ended
	March 31,
	2025		2024
	(in thousands)
North America	$	40,525	$	45,503
Asia Pacific		134,426		188,217
Europe		17,612		18,652
Total Revenue	$	192,563	$	252,372

Schedule of Contract liabilities

	March 31,		December 31,
	2025		2024
	(in thousands)
Contract liabilities	$	139,324	$	138,174

Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.

	Three months ended
	March 31,
	2025		2024
	(in thousands)
Balance, beginning of the period	$	138,174	$	210,885
Deferral of revenue*		26,359		42,974
Recognition of deferred revenue		(25,209)		(45,441)
Balance, end of the period	$	139,324	$	208,418

* Amount includes a reclassification of $8.0 million of a refund liability included within other current liabilities as of December 31, 2024 to deferred revenue for the three months ended March 31, 2025.