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REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregated Revenue
The following table presents the Company’s revenue, disaggregated by source (in thousands):
Three Months Ended March 31,
20242023
Product revenue$2,632 $366 
Service revenue18 6 
Other revenue88 — 
Total revenue$2,738 $372 
The majority of the Company’s revenue is derived from product sales of energy storage systems. During 2024 other revenue included engineering services the Company performed in support of a customer project site and customer reimbursements for freight, travel, and other expenses.
Contract Balances
Contract assets relate to unbilled amounts resulting from contract arrangements in which the related revenue recognition performance obligations have been satisfied, however invoicing to the customer has not yet occurred. Deferred revenue (or contract liabilities) relates to consideration received from customers in advance of the Company satisfying the revenue recognition performance obligations under the related contractual arrangements. Contract balances are reported in a net contract asset or deferred revenue liability position on a contract-by-contract basis at the end of each reporting period. Contract assets are included in prepaid expenses and other current assets and deferred revenue is presented separately on the condensed consolidated balance sheets.
The following table provides information about contract assets and deferred revenue from contracts with customers (in thousands):
March 31, 2024December 31, 2023
Contract assets$149 $253 
Deferred revenue19,955 20,781 
Contract assets decreased by $104 thousand during the three months ended March 31, 2024 due to invoicing on contracts for which revenue has previously been recognized. Deferred revenue decreased by $0.8 million during the three months ended March 31, 2024 reflecting $0.1 million in customer advance payments offset by the recognition of $0.9 million of revenue that was included in the deferred revenue balance at the beginning of the period.
Deferred revenue of $5.6 million is expected to be recognized within the next 12 months and non-current deferred revenue of $14.4 million is expected to be recognized thereafter.