Revenue (Tables) |
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue |
The following table disaggregates revenue by type for the three months ended March 31, 2025 and 2024:
(1) Engineering services includes $9.7 million and $2.0 million of product revenue for the three months ended March 31, 2025 and 2024, respectively.
The approximate revenue based on geographic location of end customers was as follows for the three months ended March 31, 2025 and 2024:
(1) For the three months ended March 31, 2024, Middle East revenue included $2.5 million of revenue from Country A; the amount of revenue from Country A for the three months ended March 31, 2025 was not individually significant to the Company. The remaining Middle East countries were not individually significant to the Company.
(2) For the three months ended March 31, 2025, Asia Pacific revenue included $9.0 million of revenue from Country B; the amount of revenue from Country B for the three months ended March 31, 2024 was not individually significant to the Company. For the three months ended March 31, 2025 and 2024, Asia Pacific revenue included $4.5 million and $3.9 million, respectively, of revenue from Country C. The remaining Asia Pacific countries were not individually significant to the Company.
Backlog
Backlog represents the future sales the Company expects to recognize on firm orders it receives and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The
Company's backlog excludes unexercised contract options. As of March 31, 2025, the Company had $366.1 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $61.1 million, $63.9 million, and $241.1 million in the nine months ended December 31, 2025, fiscal year 2026, and thereafter, respectively.
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| Schedules of Concentration of Risk, by Risk Factor |
Revenue from categories of end customers for the three months ended March 31, 2025 and 2024 was as follows:
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