Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended June 30, 2024 and 2023, based on the disaggregation criteria described above were as follows (in thousands):

	Three Months Ended June 30,
	2024					2023
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	1,951		97	%	$	288		39	%
Europe		40		2	%		157		21	%
Asia		21		1	%		298		40	%
Total	$	2,012		100	%	$	743		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	1,394		69	%	$	510		69	%
Recognized over time		618		31	%		233		31	%
Total	$	2,012		100	%	$	743		100	%

Total revenue for the six months ended June 30, 2024 and 2023, based on the disaggregation criteria described above are as follows (in thousands):

	Six Months Ended June 30,
	2024					2023
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	3,625		88	%	$	1,019		54	%
Europe		269		7	%		401		21	%
Asia		225		5	%		471		25	%
Total	$	4,119		100	%	$	1,891		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	3,108		75	%	$	1,457		77	%
Recognized over time		1,011		25	%		434		23	%
Total	$	4,119		100	%	$	1,891		100	%

The point in time revenue was primarily related to the product revenue and over time revenue was from non-recurring engineering services.

For the three months ended June 30, 2024, two customers accounted for 46% and 43% of the Company’s revenue, respectively. For the three months ended June 30, 2023, two customers accounted for 23% each of the Company’s revenue.

For the six months ended June 30, 2024, two customers accounted for 41% 40% of the Company’s revenue, respectively. For the six months ended June 30, 2023, three customers accounted for 21%, 14%, and 13% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of June 30, 2024, and December 31, 2023, the Company had contract assets of $0 and $0.1 million, respectively, recognized in other current assets. As of June 30, 2024, and December 31, 2023, the Company had contract liabilities of $3.9 million and $2.1 million, respectively, included in other current liabilities.