Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 3. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
United States	$	5,743	$	4,367	$	17,112	$	12,434
South Korea		9		74		34		2,170
Europe		934		805		4,455		3,380
Asia (excluding South Korea)		1,104		932		2,940		2,483
Other		481		98		674		373
Total1	$	8,271	$	6,276	$	25,215	$	20,840

1.The table above does not include lease revenue of $1,524 and $1,472 for the three months ended September 30, 2023 and 2022, respectively, and $4,844 and $4,286 for the nine months ended September 30, 2023 and 2022, respectively. Substantially all lease revenue originates from the United States. Refer to Note 5, Leases.

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers:

	Classification	As of September 30, 2023		As of December 31, 2022
Accounts receivable, current	Accounts receivable, net	$	3,848	$	6,040
Notes receivable, current	Notes receivable, net	$	264	$	200
Notes receivable, long-term	Notes and other receivables, long-term, net	$	1,131	$	442
Contract asset, current	Prepaid and other current assets	$	888	$	332
Deferred revenue, current	Deferred revenue	$	1,064	$	768
Deferred revenue, non-current	Other long-term liabilities	$	331	$	17
Contract liability, long-term	Other long-term liabilities	$	223	$	150

Accounts Receivables, Net – Accounts receivables, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information.

The following table summarizes the activity in the allowance for accounts receivable:

	Amount
Accounts receivable, allowance for credit losses as of    December 31, 2022	$	56
Provision for credit losses		(20	)
Write-offs		—
Accounts receivable, allowance for credit losses as of    September 30, 2023	$	36
Accounts receivable, allowance for credit losses as of    December 31, 2021	$	47
Provision for credit losses		1
Write-offs		(17	)
Accounts receivable, allowance for credit losses as of    September 30, 2022	$	31

Notes Receivables, Net – Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 6.8% to 8.1%. The Company recorded interest income on notes receivable during the three months ended September 30, 2023 and 2022 of $19 and $3, respectively, and during the nine months ended September 30, 2023 and 2022 of $51 and $11, respectively, in other income, net in the statement of operations.

The following table summarizes the activity in the allowance for notes receivable:

	Amount
Notes receivable, allowance for credit losses as of    December 31, 2022	$	13
Provision for credit losses		15
Write-offs		—
Notes receivable, allowance for credit losses as of    September 30, 2023	$	28
Notes receivable, allowance for credit losses as of    December 31, 2021	$	63
Provision for credit losses		(1	)
Write-offs		(59	)
Notes receivable, allowance for credit losses as of    September 30, 2022	$	3

Contract Assets – The Company's contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing has not yet occurred. The Company classifies contract assets in Prepaid and other current assets in the Company's condensed balance sheets.

The following table provides information about contract assets from contracts with customers:

	Amount
Contract assets as of December 31, 2022	$	332
Contract assets recognized		1,052
Payments received		(350	)
Write-off due to contract modification		(146	)
Contract assets as of September 30, 2023	$	888

Contract Liabilities – The Company’s contract liabilities represent services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies contract liabilities as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of contract liabilities is included in other long-term liabilities in the Company’s condensed balance sheets.

The following table provides information about contract liabilities from contracts with customers:

	Amount
Contract liabilities as of December 31, 2022	$	935
Billings not yet recognized as revenue		1,497
Beginning contract liabilities recognized as revenue		(814	)
Contract liabilities as of September 30, 2023	$	1,618
Contract liabilities as of December 31, 2021	$	970
Billings not yet recognized as revenue		674
Beginning contract liabilities recognized as revenue		(814	)
Contract liabilities as of September 30, 2022	$	830

Transaction Price Allocated to Future Performance Obligations

At September 30, 2023, the revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $18,525. The Company expects to satisfy its remaining performance obligations by December 31, 2029, with $1,953 to be satisfied by December 31, 2023, $5,725 to be satisfied by December 31, 2024, $4,525 to be satisfied by December 31, 2025, $3,008 to be satisfied by December 31, 2026, $2,167 to be satisfied by December 31, 2027, $1,026 to be satisfied by December 31, 2028, and $118 to be satisfied thereafter. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed.