Revenue

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
United States	$	8,688	$	12,431
Greater China	22,293		19,242
South Korea	4,613		2,176
Europe	9,253		3,797
Rest of North America	1,781		1,782
Rest of Asia Pacific	5,238		456
South America	487		568
Total	$	52,353	$	40,452

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 condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023:

	Balance Sheet Classification	March 31, 2024		December 31, 2023
Unbilled revenue	Prepaid expenses and other current assets	$	11,662	$	8,506
Contract liabilities	Accrued expenses and other current liabilities	$	2,878	$	2,473

During the three months ended March 31, 2024 and 2023, the Company recognized $567 and $838, 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 condensed consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of March 31, 2024, the amount of performance obligations that have not been recognized as revenue was $7,010, of which approximately 100% is expected to be recognized as revenue over the next twelve months. 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, two of our customers accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2023, and no customers accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2024:

	Three Months Ended March 31,
	2024		2023
Customer A	8.9	%	15.8	%
Customer B	9.5	%	11.9	%

The loss of these customers would have a material impact on the Company’s condensed consolidated financial results.

One large customer represented 11% of accounts receivable as of March 31, 2024. The one largest customer represented 19% of accounts receivable as of December 31, 2023. No other individual customer represented more than 10% of accounts receivable at either March 31, 2024 or December 31, 2023.