HARVARD BIOSCIENCE INC Revenue Disclosure

3.

Revenues

 

The following table represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2025, and 2024.

 

Revenues by type were as follows:

 

		Year Ended December 31,
(in thousands)		2025				2024
Instruments, equipment, software and accessories		$	78,260			$	86,964
Service, maintenance and warranty contracts			8,290				7,171
Total revenues		$	86,550			$	94,135

 

 

Revenues recognition timing was as follows:

 

		Year Ended December 31,
(in thousands)		2025				2024
Goods and services transferred at a point in time		$	82,339			$	90,420
Goods and services transferred over time			4,211				3,715
Total revenues		$	86,550			$	94,135

 

Revenues by geographic destination were as follows:

 

		Year Ended December 31,
(in thousands)		2025				2024
Americas
United States		$	38,966			$	41,738
Americas - Other			3,227				3,596
Europe, Middle East and Africa			26,710				28,405
Asia
China			10,969				13,297
Asia - Other			6,678				7,099
		$	86,550			$	94,135

 

Contract Liabilities

 

The following table provides a summary of contract liabilities as of the periods indicated:

 

		December 31,
(in thousands)		2025				2024				Change				Percentage
Deferred revenue
Service, maintenance and warranty contracts		$	1,934			$	1,560			$	374				24	%
Installation and training			711				806				(95	)			-12	%
Customer advances			802				1,440				(638	)			-44	%
Total short-term contract liabilities			3,447				3,806				(359	)			-9	%
Long-term service, maintenance and warranty contracts			198				-				198				100	%
Total contract liabilities		$	3,645			$	3,806			$	(161	)			-4	%

 

The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of December 31, 2025:

 

		Remaining Performance Obligations
(in thousands)		2026				2027				2028				2029				2030				Thereafter				Total
Service, maintenance and warranty contracts		$	1,900			$	183			$	34			$	13			$	2			$	-			$	2,132

 

Changes in the Company’s contract liabilities are primarily due to the timing of receipt of payments under service, maintenance and warranty contracts and lower revenue volumes. During the years ended December 31, 2025, and 2024, the Company recognized revenue of $3.4 million and $3.4 million from contract liabilities that existed at December 31, 2024 and 2023, respectively.

 

Provision for Expected Credit Losses on Receivables

 

		Year Ended December 31,
(in thousands)		2025				2024
Balance, beginning of period		$	215			$	160
Provision for expected credit losses			16				60
Charge-offs and other			(24	)			(5	)
Balance, end of period		$	207			$	215

 

Concentrations

 

No customer accounted for more than 10% of revenue for the years ended December 31, 2025, and 2024, or for more than 10% of net accounts receivable at December 31, 2025 and 2024.

 

Warranties

 

Warranty activity was as follows:

 

		Year Ended December 31,
(in thousands)		2025				2024
Balance, beginning of period		$	318			$	336
Provision for warranties			106				317
Warranty claims			(210	)			(335	)
Balance, end of period		$	214			$	318