Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

Contract Balances

For the three and six months ended June 30, 2024, the Company recognized $3.0 million and 6.5 million from the deferred revenue account balances as of March 31, 2024 and December 31, 2023, respectively. For the three and six months ended June 30, 2023, the Company recognized $2.5 million and $4.3 million from the deferred revenue account balance as of March 31, 2023 and December 31, 2022. respectively.

Deferred revenue is expected to be recognized when the Company provides hardware maintenance services or contractual performance obligations for which the customer has already provided payment with $5.8 million expected to be recognized in the remainder of 2024, $5.3 million expected to be recognized in 2025, $2.3 million expected to be recognized in 2026, and $0.8 million thereafter.

Disaggregation of Revenue

The following table disaggregates the Company’s revenue based on the nature of the products and services:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Hardware

 

$

12,650

 

 

$

16,506

 

 

$

23,924

 

 

$

31,701

 

Consumables

 

 

5,914

 

 

 

6,482

 

 

 

12,318

 

 

 

12,937

 

Services

 

 

3,124

 

 

 

2,461

 

 

 

5,993

 

 

 

4,901

 

Total Revenue

 

$

21,688

 

 

$

25,449

 

 

$

42,235

 

 

$

49,539