Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by geographic region, as the Company’s management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following tables present revenue disaggregated by geography of the customer’s shipping location for the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
	2023		2022		2021
United States	$	53,558	$	39,915	$	11,313
Greater China	101,323		43,969		25,973
Europe	36,042		16,713		4,928
South Korea	18,768		3,728		1,006
Rest of North America	8,475		4,788		3,798
Rest of Asia Pacific	2,949		204		—
South America	2,054		1,480		1,394
Total	$	223,169	$	110,797	$	48,412

Contract Balances

Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed.

The following table presents the assets and liabilities associated with the engineering services contracts recorded on the consolidated balance sheet as of December 31, 2023 and 2022:

		December 31,
	Balance Sheet Classification	2023		2022
Unbilled revenue	Prepaid expenses and other current assets	$	8,506	$	3,623
Contract liabilities	Accrued expenses and other current liabilities	$	2,473	$	1,739

During the year ended December 31, 2023, 2022 and 2021, the Company recognized $1,734, $1,253, and $1,665, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates over time due to changes in the timing of payments received from customers and revenue recognized for services provided.

Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2023, the amount of performance obligations that have not been recognized as revenue was $10,471, of which approximately 99% is expected to be recognized as revenue over the next twelve months and the remainder thereafter. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized.

Concentrations

As identified below, some of our customers accounted for more than 10% of the Company’s total revenue for the years ended December 31, 2023, 2022 and 2021:

	December 31,
	2023		2022		2021
Customer A	14.8	%	36.9	%	39.0	%

The loss of this customer would have a material impact on the Company’s consolidated financial results.

The largest customer represented 19% and 38% of accounts receivable as of December 31, 2023 and 2022, respectively. No other individual customer represented more than 10% of accounts receivable at either December 31, 2023 or 2022