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

Revenues

v3.25.3
Revenues
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(U.S. $ in thousands) (U.S. $ in thousands)
Americas*
Systems $ 18,149  $ 17,844  $ 52,997  $ 49,891 
Consumables 34,175  34,378  101,303  106,102 
Service 31,313  34,869  94,432  101,394 
Total Americas 83,637  87,091  248,732  257,387 
EMEA
Systems 9,573  10,467  28,907  29,990 
Consumables 18,941  19,204  58,727  60,319 
Service 7,925  7,393  22,806  22,281 
Total EMEA 36,439  37,064  110,440  112,590 
Asia Pacific
Systems 4,314  3,411  11,894  13,705 
Consumables 8,909  8,788  28,819  26,875 
Service 3,671  3,654  11,217  11,542 
Total Asia Pacific 16,894  15,853  51,930  52,122 
Total Revenues $ 136,970  $ 140,008  $ 411,102  $ 422,099 
*Revenues in the United States for the three months ended September 30, 2025 and 2024 amounted to $80.2 million and $81.0 million, respectively, and are included under the Americas region in the above table. Revenues in the United States for the nine months ended September 30, 2025 and 2024 amounted to $237.4 million and $239.9 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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(U.S. $ in thousands) (U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 94,061  $ 94,092  $ 282,647  $ 286,882 
Services 11,501  12,991  36,246  39,610 
Total revenues recognized in point in time 105,562  107,083  318,893  326,492 
Revenues recognized over time from:
Services 31,408  32,925  92,209  95,607 
Total revenues recognized over time 31,408  32,925  92,209  95,607 
Total Revenues $ 136,970  $ 140,008  $ 411,102  $ 422,099 
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 September 30, 2025 or 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 September 30, 2025 and December 31, 2024 was as follows:
September 30, 2025 December 31, 2024
(U.S. $ in thousands)
Deferred revenue * $ 67,330  $ 65,404 
*Includes $18.8 million and $19.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.
Revenue recognized in 2025 that was included in deferred revenue balance as of December 31, 2024 was $9.6 million and $37.6 million for the three and nine months ended September 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 September 30, 2025, the total RPO amounted to $89.1 million. The Company expects to recognize $57.8 million of this RPO during the next 12 months, $15.9 million over the subsequent 12 months and the remaining $15.4 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 September 30, 2025 and December 31, 2024, the deferred commissions amounted to $9.3 million and $10.3 million, respectively.