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

Revenues

v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
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 three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(U.S. $ in thousands) (U.S. $ in thousands)
Americas*
Systems $ 16,738  $ 18,307  $ 31,087  $ 34,848 
Consumables 34,334  32,947  65,559  67,128 
Services 33,275  32,413  65,867  63,119 
Total Americas 84,347  83,667  162,513  165,095 
EMEA
Systems 6,524  9,312  17,788  19,334 
Consumables 21,390  20,726  41,472  39,786 
Services 7,494  7,268  14,996  14,881 
Total EMEA 35,408  37,306  74,256  74,001 
Asia Pacific
Systems 3,135  2,971  6,308  7,580 
Consumables 10,617  10,528  19,278  19,910 
Services 4,099  3,614  7,948  7,546 
Total Asia Pacific 17,851  17,113  33,534  35,036 
Total Revenues $ 137,606  $ 138,086  $ 270,303  $ 274,132 
*Revenues in the United States for the three months ended June 30, 2026 and 2025 amounted to $80.9 million and $80.4 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, 2026 and 2025 amounted to $155.9 million and $157.2 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 revenues recognition (at a specific point in time or over the course of time) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(U.S. $ in thousands) (U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 92,738  $ 94,791  $ 181,492  $ 188,586 
Services 12,436  12,130  24,272  24,745 
Total revenues recognized in point in time 105,174  106,921  205,764  213,331 
Revenues recognized over time from:
Services 32,432  31,165  64,539  60,801 
Total revenues recognized over time 32,432  31,165  64,539  60,801 
Total Revenues $ 137,606  $ 138,086  $ 270,303  $ 274,132 
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, 2026 and December 31, 2025.
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 June 30, 2026 and December 31, 2025 were as follows:
June 30, 2026 December 31, 2025
(U.S. $ in thousands)
Deferred revenues *
 $ 66,978  $ 66,897 
*Includes $17.4 million and $19.1 million under long-term deferred revenues in the Company's consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.
Revenue recognized in 2026 that was included in deferred revenues balance as of December 31, 2025 was $12.7 million and $29.5 million for the three and six months ended June 30, 2026, 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, 2026, the total RPO amounted to $95.4 million. The Company expects to recognize $67.5 million of this RPO during the next 12 months, $14.9 million over the subsequent 12 months and the remaining $13.0 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, 2026 and December 31, 2025, the deferred commissions amounted to $8.1 million and $8.8 million, respectively and are presented under Other current assets and Other non-current assets.