Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Contracts with Customers

Contracts with Customers

During the three months ended March 31, 2026 and 2025, one customer comprised 10.4% and 10.5%, respectively, of our total net revenue. We have forms of variable consideration present in our contracts with customers, including rebates on volume and other discounts. Charges for rebates and other allowances were approximately 11% of net revenue in each of the three months ended March 31, 2026 and 2025.

Warrant Agreements with Customers — On January 28, 2025 and August 22, 2025, the Company entered into separate equity agreements with two of our customers for the grant of non-voting common stock warrants that vest based on

aggregate payments received on the sale of certain goods and services. The grant date fair value of the warrants is accounted for as consideration paid to the customers, which is recorded as a reduction of revenue ratably over the term of the agreements based on sales to the customers. The Company recorded assets of $6.0 million on January 28, 2025 and $5.7 million on August 22, 2025 related to warrants that immediately vested under the agreements. The warrant-related assets are recognized as a reduction of revenue over the term of the related contract. As of March 31, 2026 and December 31, 2025, $1.0 million and $0.9 million, respectively, was included in Prepaid expenses and other current assets and $10.1 million and $10.4 million, respectively, was included in Other assets on the Unaudited Condensed Consolidated Balance Sheets related to these warrants. The Company recognized a reduction to revenue of $0.2 million and $0.1 million from the warrant asset balances during the three months ended March 31, 2026 and 2025, respectively, under these agreements. See additional discussion in Note 17.

Automation Product Sales Deferred revenue and Contract balances — Deferred revenue primarily represents contractual amounts received from customers that exceed revenue recognized for automation product sales. Our enforceable contractual obligations related to automation product sales have durations of less than one year and are included in current liabilities on the Unaudited Condensed Consolidated Balance Sheets, as it is expected to be recognized within twelve months. The following table presents our contract assets and contract liabilities related to automation product sales:

	March 31, 2026		December 31, 2025
Contract Assets	$	3.5	$	4.4
Contract Liabilities	$	13.1	$	14.0