Revenue

12 Months Ended

Dec. 31, 2024

Revenue

Revenue

3. Revenue

Revenue is principally from the sale of instruments, processing assemblies (“PAs”) and consumables, and extended warranties and from our license agreements, which also include customer-specific milestone payments. In some arrangements, product and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis.

Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments, PAs and consumables is generally recognized at the time of shipment to the customer, provided no significant vendor obligations remain and collectability is reasonably assured. Revenue from licenses is recognized ratably over the license term and when specific milestones are achieved by a customer. Licensing

fee revenue is recognized ratably over the license period as a single performance obligation accounted for as a short-term lease under ASC 842, Leases. Revenue from fees for research services is recognized when services have been provided.

Disaggregated revenue for the year ended December 31, 2024 was as follows:

	Year ended December 31, 2024
	Revenue from		Revenue
	Contracts with		from Lease		Total
	Customers		Elements		Revenue
Product sales	$	21,089	$	—	$	21,089
Licenses		—		16,412		16,412
Other		1,126		—		1,126
Total	$	22,215	$	16,412	$	38,627

Disaggregated revenue for the year ended December 31, 2023 was as follows:

	Year ended December 31, 2023
	Revenue from		Revenue
	Contracts with		from Lease		Total
	Customers		Elements		Revenue
Product sales	$	18,600	$	—	$	18,600
Licenses		—		21,791		21,791
Other		897		—		897
Total	$	19,497	$	21,791	$	41,288

Additional Disclosures Relating to Revenue from Contracts with Customers

Changes in deferred revenue for the years ended December 31, 2024 and 2023 were as follows:

	Year Ended December 31,
	2024		2023
Balance at January 1	$	5,352	$	7,036
Revenue recognized in the current period from amounts included in the beginning balance		(4,993)		(6,507)
Current period deferrals, net of amounts recognized in the current period		5,166		4,823
Balance at December 31	$	5,525	$	5,352

Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year was $360 at December 31, 2024, of which the Company expects to recognize $86 in 2025, $86 in 2026, $34 in 2027, and $154 thereafter.

In the years ended December 31, 2024 and 2023, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfil contracts.