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Concentrations
6 Months Ended
Jun. 30, 2022
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 13—CONCENTRATIONS

Revenue from the Company’s products are as follows (dollars in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Laser systems

 

$

7,987

 

 

 

65.3

%

 

$

5,720

 

 

 

62.6

%

 

$

14,322

 

 

 

63.9

%

 

$

10,540

 

 

 

61.1

%

Consumables and other

 

 

3,038

 

 

 

24.8

%

 

 

2,358

 

 

 

25.8

%

 

 

5,748

 

 

 

25.7

%

 

 

4,595

 

 

 

26.6

%

Services

 

 

1,210

 

 

 

9.9

%

 

 

1,056

 

 

 

11.6

%

 

 

2,331

 

 

 

10.4

%

 

 

2,115

 

 

 

12.3

%

Total net revenue

 

$

12,235

 

 

 

100.0

%

 

$

9,134

 

 

 

100.0

%

 

$

22,401

 

 

 

100.0

%

 

$

17,250

 

 

 

100.0

%

 

No individual customer represented more than 10% of the Company’s revenue for the three and six months ended June 30, 2022 or 2021.

The Company maintains its cash and cash equivalents in money market investment accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit.

As of June 30, 2022 accounts receivable from one customer totaled approximately 12% of total gross accounts receivable. The entire balance is either current or outstanding for less than 30 days. No individual customer represented more than 10% of the Company’s accounts receivable at December 31, 2021.

The Company currently purchases certain key components of its products from single suppliers. Although there are a limited number of manufacturers of these key components, management believes that other suppliers could provide similar key components on comparable terms. A change in suppliers, however, could cause delays in manufacturing and a possible loss of sales, which could adversely affect the Company’s business, results of operations and financial condition.