Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Revenues

v3.25.4
Revenues
 12 Months Ended
Dec. 31, 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’ location) and revenue type for the years ended December 31, 2025, 2024 and 2023:
Year Ended December, 31
2025 2024 2023
(U.S. $ in thousands)
Americas
Systems $ 71,527  $ 72,654  $ 108,998 
Consumables 131,962  136,243  132,820 
Services 125,246  132,840  147,952 
Total Americas 328,735  341,737  389,770 
 
EMEA
Systems 43,429  48,642  51,617 
Consumables 79,309  79,794  75,468 
Services 30,488  30,029  28,857 
Total EMEA 153,226  158,465  155,942 
 
Asia Pacific
Systems 16,656  18,980  27,031 
Consumables 37,386  35,604  37,807 
Services 15,099  17,672  17,048 
Total Asia Pacific 69,141  72,256  81,886 
 
Total Revenues $ 551,102  $ 572,458  $ 627,598 
The following table presents the Company’s revenues disaggregated based on the timing of revenues recognition (at a specific point in time or over the course of time) for the years ended December 31, 2025, 2024 and 2023:
Year Ended December, 31
2025 2024 2023
(U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 380,269  $ 391,917  $ 433,741 
Services 49,829  51,484  54,362 
Total revenues recognized in point in time 430,098  443,401  488,103 
 
Revenues recognized over time from:
Services 121,004  129,057  139,495 
Total revenues recognized over time 121,004  129,057  139,495 
 
Total Revenues $ 551,102  $ 572,458  $ 627,598 
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 December 31, 2025 and 2024.
Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of December 31, 2025 and 2024 were as follows:
December 31,
2025 2024
(U.S. $ in thousands)
Deferred revenues (*) $ 66,897  $ 65,404 
*Includes $19.1 million and $19.1 million under long-term deferred revenues in the Company's consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively.
Revenue recognized in 2025 and 2024 that was included in deferred revenues balance as of January 1, 2025 and 2024 was $44.3 million and $50.2 million, respectively.
Remaining Performance Obligations
Remaining Performance Obligations (“RPO”) represents 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 December 31, 2025 and 2024 the total RPO amounted to $90.3 million and $90.2 million, respectively. The Company expects to recognize $60.1 million of this RPO during the next 12 months, $15.3 million over the subsequent 12 months and the remaining $14.9 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 (generally 5 years) if the Company expects to recover those costs. The Company determined the period of benefit by taking into consideration customer contracts including renewals, the technology and other factors. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2025 and 2024, the deferred commission amounted to $8.8 million and $10.3 million, respectively and presented under Other current assets and Other non-current assets.