Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

The following table provides information about disaggregated revenue from contracts with customers by geographic regions. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China).

Disaggregated information is as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Primary geographical markets:
APAC	$	7,257	$	7,309
Americas	7,244		2,584
EMEA	2,572		3,089
Total revenues	$	17,073	$	12,982

Contract Balances

The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):

	March 31, 2024		December 31, 2023
Contract assets	$	2,571	$	815
Unbilled receivables	6,372		9,904
Contract liabilities: deferred revenue	$	10,490	$	10,761

We had no asset impairment charges related to financial assets in the three months ended March 31, 2024 and 2023.

The increase in contract assets was primarily due to increases in product revenue from contracts subject to over time revenue recognition. The decrease in unbilled receivables was primarily due to the timing of billings. The decrease in deferred revenue was primarily due to the timing of recognition of revenue.

As of March 31, 2024, we have $5.5 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.9 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. As of December 31, 2023, we had $9.1 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.8 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets.

We recognized the following revenues (in thousands):

	Three Months Ended March 31,
Revenue recognized in the period for:	2024		2023
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$	371	$	1,602
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	189		(216)
Performance obligations satisfied from new activities in the period - contract revenue	16,513		11,596
Total revenues	$	17,073	$	12,982

Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2024.

The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2024 (in thousands):

	Remainder of 2024		2025		2026		2027 and Thereafter		Total
Product revenue	$	9,850	$	140	$	140	$	360	$	10,490