Quarterly report pursuant to Section 13 or 15(d)

Revenue

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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

Contract Balances

For the three months ended March 31, 2024, the Company recognized $2.6 million from the deferred revenue account balances as of December 31, 2023. For the three months ended March 31, 2023, the Company recognized $2.3 million the deferred revenue account balance as of December 31, 2022.

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 $8.2 million expected to be recognized in the remainder of 2024, $4.4 million expected to be recognized in 2025, $1.9 million expected to be recognized in 2026, 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 March 31,

 

(in thousands)

 

2024

 

 

2023

 

Hardware

 

$

11,274

 

 

$

15,195

 

Consumables

 

 

6,404

 

 

 

6,455

 

Services

 

 

2,869

 

 

 

2,440

 

Total Revenue

 

$

20,547

 

 

$

24,090