REVENUE RECOGNITION
The following table presents the Company’s revenues disaggregated by revenue source for the year ended December 31, 2023, the three months ended March 31, 2024, and the years ended March 31, 2025 and 2026 (in thousands):

Year Ended
December 31,
Three Months Ended
March 31,
Year Ended March 31,
2023202420252026
Products$49,741 $12,080 $85,584 $83,975 
Services83,995 21,660 276,931 359,802 
$133,736 $33,740 $362,515 $443,777 
The balances of contract assets and contract liabilities from contracts with customers are as follows as of March 31, 2025 and 2026 (in thousands):

March 31,
20252026
Contract Assets:
Deferred contract cost (1)
$11,894 $12,431 
Deferred costs - current$$— 
Contract Liabilities:
Deferred revenue – services (2)
$21,466 $23,337 
Deferred revenue – products (2)
1,106 827 
22,572 24,164 
Less: Deferred revenue – current(17,375)(20,159)
Deferred revenue – long term$5,197 $4,005 
(1) Deferred Contract costs are included in Other assets on the consolidated balance sheet.
(2) The Company records deferred revenues when cash payments are received or due in advance of the Company’s performance. For the year ended December 31, 2023, the three months ended March 31, 2024, and the years ended March 31, 2025 and 2026, the Company recognized revenue of $6,046, $1,975, $4,666 and $22,203, respectively, which was included in the deferred revenue balance at the beginning of each reporting period. The Company expects to recognize as revenue through year 2030, when it transfers those goods and services and, therefore, satisfies its performance obligation to the customers.
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Historical Timeline

Fiscal YearFiled
2026Jun 15, 2026Showing above
2025Jun 26, 2025
2023May 9, 2024
2022Mar 31, 2023
2021Mar 16, 2022
2020Mar 22, 2021
2019Apr 8, 2020

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.