Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2
Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

Note 5. Revenue

Contract Balances

For the three and six months ended June 30, 2022, the Company recognized $2.5 million and $3.9 million of revenue, respectively, from the deferred revenue account balances as of March 31, 2022 and December 31, 2021. For the three and six months ended June 30, 2021, the Company recognized $1.6 million and $3.6 million of revenue, respectively, from the deferred revenue account balance as of March 31, 2021 and December 31, 2020.

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 $3.7 million expected to be recognized in the remainder of 2022, $3.6 million expected to be recognized in 2023, $2.0 million expected to be recognized in 2024, and $0.6 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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Hardware

 

$

16,011

 

 

$

14,331

 

 

$

30,527

 

 

$

28,569

 

Consumables

 

 

5,889

 

 

 

4,780

 

 

 

11,345

 

 

 

9,397

 

Services

 

 

2,327

 

 

 

1,308

 

 

 

4,214

 

 

 

2,573

 

Total Revenue

 

$

24,227

 

 

$

20,419

 

 

$

46,086

 

 

$

40,539