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

Revenues

v3.26.3
Revenues
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(U.S. $ in thousands) (U.S. $ in thousands)
Americas*
Systems $ 25,791  $ 18,149  $ 56,878  $ 52,997 
Consumables 34,396  34,175  99,955  101,303 
Services 33,958  31,313  99,825  94,432 
Total Americas 94,145  83,637  256,658  248,732 
EMEA
Systems 5,669  9,573  23,457  28,907 
Consumables 18,772  18,941  60,244  58,727 
Services 7,412  7,925  22,408  22,806 
Total EMEA 31,853  36,439  106,109  110,440 
Asia Pacific
Systems 4,446  4,314  10,754  11,894 
Consumables 8,035  8,909  27,313  28,819 
Services 4,161  3,671  12,109  11,217 
Total Asia Pacific 16,642  16,894  50,176  51,930 
Total Revenues $ 142,640  $ 136,970  $ 412,943  $ 411,102 
*Revenues in the United States for the three months ended September 30, 2026 and 2025 amounted to $90.6 million and $80.2 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, 2026 and 2025 amounted to $246.6 million and $237.4 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 nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(U.S. $ in thousands) (U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 97,109  $ 94,061  $ 278,601  $ 282,647 
Services 13,062  11,501  37,334  36,246 
Total revenues recognized in point in time 110,171  105,562  315,935  318,893 
Revenues recognized over time from:
Services 32,469  31,408  97,008  92,209 
Total revenues recognized over time 32,469  31,408  97,008  92,209 
Total Revenues $ 142,640  $ 136,970  $ 412,943  $ 411,102 
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, 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 September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026 December 31, 2025
(U.S. $ in thousands)
Deferred revenues *
 $ 65,111  $ 66,897 
*Includes $16.9 million and $19.1 million under long-term deferred revenues in the Company's consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively.
Revenue recognized in 2026 that was included in deferred revenues balance as of December 31, 2025 was $9.3 million and $38.8 million for the three and nine months ended September 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 September 30, 2026, the total RPO amounted to $94.6 million. The Company expects to recognize $69.0 million of this RPO during the next 12 months, $13.2 million over the subsequent 12 months and the remaining $12.4 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, 2026 and December 31, 2025, the deferred commissions amounted to $7.9 million and $8.8 million, respectively and are presented under Other current assets and Other non-current assets.