Revenue

3 Months Ended

Mar. 31, 2025

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 shipping location for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
United States	$	9,071	$	8,688
Greater China	18,764		22,293
South Korea	5,209		4,613
Europe	10,899		9,253
Rest of North America	1,128		1,781
Rest of Asia Pacific	8,292		5,238
South America	714		487
Total	$	54,077	$	52,353

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, 2025 and December 31, 2024:

	Balance Sheet Classification	March 31, 2025		December 31, 2024
Unbilled revenue	Prepaid expenses and other current assets	$	9,744	$	9,154
Contract liabilities	Accrued expenses and other current liabilities	$	3,127	$	2,735

During the three months ended March 31, 2025 and 2024, the Company recognized $1,399 and $567, 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, 2025, the amount of performance obligations that have not been recognized as revenue was $3,021, of which approximately 100% is expected to be recognized as revenue over the next 12 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

No customers accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2025 or March 31, 2024.

One large customer represented 11% of accounts receivable at December 31, 2024. No individual customer represented more than 10% of accounts receivable at March 31, 2025.