Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition

Revenue Recognition

(12) Revenue Recognition

The following tables depict the disaggregation of revenue according to the type of good or service and timing of transfer of goods or services for the three and six months ended June 30, 2024 and 2023, respectively (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Collaborative research, professional services and materials, and sales of quantum computers	$	3,081	$	2,484	$	5,918	$	4,294
Access to quantum computing systems		5		843		220		1,233
	$	3,086	$	3,327	$	6,138	$	5,527

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue recognized at a point in time	$	523	$	336	$	523	$	336
Revenue recognized over time		2,563		2,991		5,615		5,191
	$	3,086	$	3,327	$	6,138	$	5,527

Selected condensed consolidated balance sheet line items that reflect accounts receivable, contract assets and liabilities as of June 30, 2024 and December 31, 2023 were as follows (in thousands):

	June 30,2024		December 31, 2023		December 31, 2022
Trade receivables	$	3,178	$	2,650	$	6,143
Unbilled receivables	$	2,054	$	2,379	$	92
Deferred revenue	$	(836)	$	(343)	$	(961)

Changes in deferred revenue from contracts with customers were as follows:

	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	(343)	$	(961)
Deferral of revenue		(712)		(1,216)
Recognition of deferred revenue		219		1,344
Total deferred revenue at end of period	$	(836)	$	(833)

Amounts recognized as revenue from beginning contract liabilities during the three and six months ended June 30, 2024 was an immaterial amount and $0.2 million, respectively. Amounts recognized as revenue from beginning contract liabilities during the three and six months ended June 30, 2023 totaled $0.1 million and $0.5 million, respectively. Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $5.4 million. The Company expects to recognize estimated revenues related to performance obligations that are unsatisfied (or partially satisfied) during the next twelve months.

The Company has not identified any costs that are incremental to the acquisition of customer contracts that would be capitalized as deferred costs on the balance sheet in accordance with ASC 340-40. Accordingly, the Company does not have any capitalized contract fulfillment costs as of June 30, 2024 or December 31, 2023, respectively.