Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregated Revenue

The following table presents disaggregated revenue in the following categories:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Contract Types:
Licensing	$	815	$	540	$	1,369	$	1,080
Engineering and other services	8,878		5,367		14,678		9,675
Biorefining revenue	$	9,693	$	5,907	$	16,047	$	10,755
Joint development agreements	1,080		1,420		3,116		2,447
Contract research	1,137		1,543		2,393		2,785
Joint development and contract research revenue	$	2,217	$	2,963	$	5,509	$	5,232
CarbonSmart (tangible product)	1,007		982		1,007		1,722
Total Revenue	$	12,917	$	9,852	$	22,563	$	17,709

The following table presents revenue from partners in collaborative arrangements, which is included in the table above within Joint development agreements.

	Three Months Ended June 30,			Six Months Ended June 30,
	2023	2022		2023	2022
Revenue from partners in collaborative agreements	462	$	973	1,550	973

The following table presents revenue from related parties, which is included in the table above within both Licensing and Engineering and other services.

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Revenue from related parties, included within Licensing	815	540	1,369	1,080
Revenue from related parties, included within Engineering and other services	261	218	680	332

The following table presents disaggregation of the Company’s revenues by customer location for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
North America	$	2,314	$	3,910	$	6,547	$	7,949
Europe, Middle East, Africa (EMEA)	9,646		3,784		14,356		6,607
Asia	418		1,853		468		2,263
Australia	539		305		1,192		890
Total Revenue	$	12,917	$	9,852	$	22,563	$	17,709

Contract balances

The following table provides changes in contract assets and liabilities (in thousands):

	Current Contract Assets		Current Contract Liabilities		Non-current Contract Liabilities
Balance as of January 1, 2023	$	18,000	$	3,101	$	10,760
Additions to unbilled accounts receivable	23,684		—		—
Increases due to cash received	—		515		—
Unbilled accounts receivable recognized in trade receivables	(20,016)		—		—
Increase on revaluation on currency	108		—		64
Reclassification from long-term to short-term	—		1,344		(1,344)
Reclassification to revenue as a result of performance obligations satisfied	—		(2,008)		—
Balance as of June 30, 2023	$	21,776	$	2,952	$	9,480

The increase in contract assets was mostly due to unbilled accounts receivable resulting from revenue recorded under contracts with customers where the Company performed engineering and other services, while the decrease in contract liabilities was primarily due to the recognition of revenue during the period related to advance payments previously received by the Company for engineering and other services contracts with customers. As of June 30, 2023 and December 31, 2022 the Company had $7,766 and $11,695, respectively, of billed accounts receivable, net of allowance.

The contract liability balance comprises unconditional payments received from the Company’s customers prior to the satisfaction of the related performance obligations. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. The Company expects to recognize the amounts classified as current contract liabilities in revenue within one year or less and those classified as non-current within two to three years.

Remaining performance obligations

Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue that will be recognized as revenue in future periods. Transaction price allocated to remaining performance obligations is influenced by several factors, including the length of the contract term compared to the research term and the existence of customer specific acceptance rights.

Remaining performance obligations consisted of the following (in thousands):

	As of
	June 30, 2023		December 31, 2022
Current	$	2,952	$	3,101
Non-current	9,480		10,760
Total	$	12,432	$	13,861