Revenues
Disaggregated Revenue
The following table presents disaggregated revenue in the following categories (in thousands):
 Years Ended December 31,
20252024
Contract Types:
Licensing$19,843 $11,297 
Engineering and other services16,186 19,761 
Biorefining revenue$36,029 $31,058 
Joint development agreements2,425 6,226 
Contract research2,766 4,365 
Joint development and contract research revenue$5,191 $10,591 
CarbonSmart product14,625 7,943 
Total Revenue
$55,845 $49,592 
The following table presents revenue from partners in collaborative arrangements and from grant contributions which are included in the table above as follows (in thousands):
 Years Ended December 31,
20252024
Revenue from partners in collaborative agreements included in the Joint development agreements above
$2,425 $5,573 
Revenue from grant contributions included in Engineering and other services above
5,766 6,403 
Revenue by Geographic Location
The following table presents disaggregation of the Company’s revenues by customer location for the years ended December 31, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
North America$24,682 $23,587 
Europe, Middle East, Africa (EMEA)14,644 16,260 
Asia16,519 8,862 
Australia— 883 
Total Revenue
$55,845 $49,592 
Contract balances
The following table provides changes in contract assets and liabilities (in thousands):
Current Contract AssetsCurrent Contract LiabilitiesNon-current Contract Liabilities
Balance as of December 31, 2024$18,975 $6,168 $5,233 
Additions to unbilled accounts receivable21,204 — — 
Increases due to consideration received— 6,692 — 
Unbilled accounts receivable recognized in trade receivables(32,001)— — 
Allowance on doubtful contract assets(1,864)
Increase on revaluation on currency227 665 
Reclassification from long-term to short-term— (2)
Reclassification to revenue because of performance obligations satisfied— (12,441)— 
Balance as of December 31, 2025$6,541 $423 $5,896 
The decrease in contract assets was mostly due to billing certain customers and government entities for engineering and other services that were previously recorded as contract assets. As of December 31, 2025 and December 31, 2024, the Company had $9,527 and $9,456, respectively, of billed accounts receivable, net of allowance.
The decrease in current contract liabilities was primarily due to the reclassification due to the satisfaction of performance obligations, while the increase in non-current contract liabilities was primarily due to revaluation of foreign exchange currency.
Remaining performance obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, including unearned revenue to be recognized in future periods. Transaction price allocated to remaining performance obligations is influenced by factors such as project size, duration, contract modifications, and customer-specific acceptance rights. As of December 31, 2025, the Company had approximately $42,727 in contracted revenue remaining to be recognized, of which $14,779 is expected to be recognized in the next  twelve months.
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Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Apr 15, 2025
2023Feb 29, 2024

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.