Report of foreign issuer [Rules 13a-16 and 15d-16]

Revenues

v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
Revenues
Note 4. Revenues
Disaggregation of Revenues
The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(U.S. $ in thousands) (U.S. $ in thousands)
Americas*
Systems $ 18,307  $ 14,054  $ 34,848  $ 32,047 
Consumables 32,947  36,182  67,128  71,724 
Service 32,413  33,252  63,119  66,525 
Total Americas 83,667  83,488  165,095  170,296 
EMEA
Systems 9,312  9,800  19,334  19,523 
Consumables 20,726  19,945  39,786  41,115 
Service 7,268  7,308  14,881  14,888 
Total EMEA 37,306  37,053  74,001  75,526 
Asia Pacific
Systems 2,971  5,125  7,580  10,294 
Consumables 10,528  8,488  19,910  18,087 
Service 3,614  3,887  7,546  7,888 
Total Asia Pacific 17,113  17,500  35,036  36,269 
Total Revenues $ 138,086  $ 138,041  $ 274,132  $ 282,091 
*Revenues in the United States for the three months ended June 30, 2025 and 2024 amounted to $80.4 million and $77.2 million, respectively, and are included under the Americas region in the above table. Revenues in the United States for the six months ended June 30, 2025 and 2024 amounted to $157.2 million and $158.9 million, respectively, and are included under the Americas region in the above table.
The following table presents the Company’s revenues disaggregated based on the timing of revenue recognition (at a specific point in time or over the course of time) for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(U.S. $ in thousands) (U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 94,791  $ 93,594  $ 188,586  $ 192,790 
Services 12,130  12,847  24,745  26,619 
Total revenues recognized in point in time 106,921  106,441  213,331  219,409 
Revenues recognized over time from:
Services 31,165  31,600  60,801  62,682 
Total revenues recognized over time 31,165  31,600  60,801  62,682 
Total Revenues $ 138,086  $ 138,041  $ 274,132  $ 282,091 
Contract Assets and Contract Liabilities
Contract assets are recorded when the Company's right to consideration is conditioned on constraints other than the passage of time. The Company had no material contract assets as of June 30, 2025 and December 31, 2024.
Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenue. The Company's deferred revenue as of June 30, 2025 and December 31, 2024 was as follows:
June 30, 2025 December 31, 2024
(U.S. $ in thousands)
Deferred revenue * $ 71,557  $ 65,404 
*Includes $19.8 million and $19.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.
Revenue recognized in 2025 that was included in deferred revenue balance as of December 31, 2024 was $12.3 million and $28.0 million for the three and six months ended June 30, 2025, respectively.
Remaining Performance Obligations
Remaining Performance Obligations (“RPO“) represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2025, the total RPO amounted to $95.1 million. The Company expects to recognize $63.7 million of this RPO during the next 12 months, $15.0 million over the subsequent 12 months and the remaining $16.4 million thereafter.
Incremental Costs of Obtaining a Contract
Sales commissions earned mainly by the Company’s sales agents are considered incremental costs of obtaining a contract with a customer, as the Company expects the benefit of those commissions to be longer than one year. The majority of the sales commissions are not subject to capitalization, as the commission expense is recognized as the related revenue is recognized. Sales commissions for initial contracts related to the service type warranty are deferred and then amortized on a straight-line basis over the expected customer relationship period if the Company expects to recover those costs. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. As of June 30, 2025 and December 31, 2024, the deferred commissions amounted to $9.7 million and $10.3 million, respectively.