Annual report [Section 13 and 15(d), not S-K Item 405]

Revenue

v3.26.1
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue [Abstract]  
REVENUE

NOTE 3 – REVENUE

 

The following table presents our disaggregated revenues by type, timing and geographical region.

 

    Years Ended
December 31,		  
(dollars in thousands)   2025     2024  
Type of Revenue            
Product revenue   $ 34,583     $ 2,796  
Service revenue     10,241       2,492  
Development revenue     5,907       1,905  
Total revenues     50,731       7,193  
                 
Timing of Revenue                
Revenue recognized point in time   $ 41,779     $ 4,496  
Revenue recognized over time     8,952       2,697  
Total revenue   $ 50,731     $ 7,193  
                 
Geographical region                
Israel   $ 30,844     $ 4,284  
Germany     6,583      
-
  
United Arab Emirates     3,893       753  
United States     1,570       1,827  
Other Countries     7,841       329  
Total revenues   $ 50,731     $ 7,193  

 

 Contract Assets and Liabilities

 

We recognize a receivable or contract asset when we perform a service or transfer a good in advance of receiving consideration. A receivable is recorded when our right to consideration is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is recorded when we have recognized revenue over time in accordance with meeting our performance obligation but are unable to invoice the customer yet based on the contractual invoicing terms. The contract asset is reclassified to a receivable when the right to consideration becomes unconditional. Contract assets are included in Other current assets on the Consolidated Balance Sheet. The table below details the activity in our contract assets during the years ended December 31, 2025 and 2024.

 

    December 31,  
(dollars in thousands)   2025     2024  
Balance at beginning of period   $ 206     $ 819  
Contract assets recognized     8,476       323  
Reclassification to Accounts receivable, net     (5,511 )     (936 )
Balance at end of period   $ 3,171     $ 206  

We recognize a contract liability (deferred revenue) when we receive consideration from a customer, or if we have the unconditional right to consideration (i.e., a receivable), prior to satisfying the performance obligation. A contract liability is our obligation to transfer goods or services to a customer for which we have received consideration, or an amount of consideration is due from the customer. The table below details the activity in our contract liabilities during the years ended December 31, 2025 and 2024.

 

    December 31,  
(dollars in thousands)   2025     2024  
Balance, beginning of year   $ 329     $ 277  
Contract liabilities acquired in business combinations     7,374      
-
  
Additions     9,542       1,596  
Transfer to revenue     (8,744 )     (1,439 )
Transfer to general and administrative expense    
-
       (105 )
Balance, end of year   $ 8,501     $ 329  

 

Revenue recognized during the year ended December 31, 2025 and 2024 that was included in the contract liability opening balance was $81 thousand and $72 thousand, respectively. As of December 31, 2025, $472 thousand of the contract liability balance represents long-term deferred revenue and is included in Other liabilities on the Consolidated Balance Sheets.