Revenue
The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The Company provides quality, quick-turn prototyping and on-demand manufacturing services. As a result, the majority of revenue recognized in a reporting period is based on completed, invoiced contracts.
The Company manufactures parts that have no alternative use to the Company since the parts are custom made to specific customer orders, and the Company believes there is a legally enforceable right to payment for performance completed to date on these manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The value of unbilled receivables related to the performance on manufactured parts not yet completed as of December 31, 2025 and 2024 was $12.1 million and $10.1 million, respectively, recorded within accounts receivable, net of allowance for credit losses. The value of unsatisfied performance obligations for contracts with an original expected length of one year or less as of December 31, 2025 and 2024 was $9.6 million and $8.7 million, respectively, recorded within accrued liabilities.
Revenue by geographic region for the years ended December 31, 2025, 2024 and 2023 was as follows:
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| Year Ended December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| Revenue: | | | | | |
| United States | $ | 432,326 | | | $ | 396,192 | | | $ | 396,821 | |
| Europe | 100,801 | | | 104,698 | | | 107,056 | |
| Total revenue | $ | 533,127 | | | $ | 500,890 | | | $ | 503,877 | |
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Revenue by product line for the years ended December 31, 2025, 2024 and 2023 was as follows:
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| Year Ended December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| Revenue: | | | | | |
| Injection Molding | $ | 191,521 | | | $ | 194,215 | | | $ | 203,941 | |
| CNC Machining | 243,327 | | | 206,887 | | | 198,222 | |
| 3D Printing | 80,298 | | | 83,767 | | | 84,291 | |
| Sheet Metal | 17,160 | | | 15,265 | | | 16,540 | |
| Other Revenue | 821 | | | 756 | | | 883 | |
| Total revenue | $ | 533,127 | | | $ | 500,890 | | | $ | 503,877 | |
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The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within marketing and sales expenses.
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.