Celularity Inc Revenue Disclosure
17. Revenue
The following table provides information about disaggregated revenue by product and services:
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Product sales, net | $ | 13,175 | $ | 35,336 | ||||
| Services | 5,432 | 5,140 | ||||||
| License, royalty and other | 7,943 | 13,744 | ||||||
| Total revenues | $ | 26,550 | $ | 54,220 | ||||
The following table provides changes in deferred revenue from contract liabilities:
| 2025 | 2024 | |||||||
| Balance at January 1 | $ | 6,255 | $ | 6,020 | ||||
| Deferral of revenue (1)(3) | 8,193 | 5,731 | ||||||
| Recognition of unearned revenue (2) | (6,394 | ) | (5,496 | ) | ||||
| Balance at December 31 | $ | 8,054 | $ | 6,255 | ||||
| (1) | Deferral of revenue includes $2,492 in 2025 resulting from payments received in advance of performance under the biobanking services storage contracts that are recognized as revenue under the contract as performance is completed. | |
| (2) | Recognition of unearned revenue for the year ended December 31, 2025 includes $3,492 that was included in the beginning deferred revenue balance at January 1, 2025. | |
| (3) | Deferral of revenue includes $2,890 in 2025 resulting from product purchase credits issued to Defeye as consideration for Defeye’s Series Seed – 2 Preferred Stock (Note 22). |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 30, 2026 | Showing above |
| 2024 | May 8, 2025 | |
| 2023 | Jul 30, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 31, 2022 | |
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.