Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

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REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2024
REVENUE RECOGNITION  
REVENUE RECOGNITION

3. REVENUE RECOGNITION

Contract Balances

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The Company’s deferred revenue balance was $11.7 million and $15.4 million as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, the Company recognized $2.3 million and $6.0 million of existing deferred revenue from 2023. During the three and six months ended June 30, 2023, the Company recognized $0.4 and $3.8 million of existing deferred revenue from 2022. The deferred revenue consists of billed post-installation customer support and maintenance, cloud-based software licenses that are recognized ratably over the term of the agreement, and contracts that have outstanding performance obligations or contracts that have acceptance terms that have not yet been fulfilled.

Contract assets were not material as of June 30, 2024 and December 31, 2023.

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Remaining Performance Obligations

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At June 30, 2024, the Company had $11.7 million of remaining performance obligations, of which approximately $9.9 million is expected to be fulfilled over the next 12 months, notwithstanding uncertainty related to customer site readiness and unanticipated economic events, which could have an adverse effect on the timing of delivery and installation of products and/or services to

customers. In addition, the Company also had customer deposits of $4.6 million and $9.3 million at June 30, 2024 and 2023, respectively.