Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

Contract Balances

For the three and nine months ended September 30, 2024, the Company recognized $2.9 million and $8.6 million from the deferred revenue account balances as of June 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2023, the Company recognized $2.6 million and $6.0 million from the deferred revenue account balance as of June 30, 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 $3.1 million expected to be recognized in the remainder of 2024, $6.3 million expected to be recognized in 2025, $2.6 million expected to be recognized in 2026, and $1.0 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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Hardware

 

$

11,591

 

 

$

12,154

 

 

$

35,515

 

 

$

43,855

 

Consumables

 

 

5,770

 

 

 

5,162

 

 

 

18,088

 

 

 

18,099

 

Services

 

 

3,123

 

 

 

2,759

 

 

 

9,116

 

 

 

7,660

 

Total Revenue

 

$

20,484

 

 

$

20,075

 

 

$

62,719

 

 

$

69,614