Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 52

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 52
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 the performance of subcontractors, and the availability and timing of funding from the customer. Billing under these arrangements generally occurs within one month of the costs being incurred or as milestones are reached.The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands):    

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Sales by End MarketYear Ended December 31, 202420232022Industrial$45,615 $71,044 $91,098 Microfabrication43,393 47,483 62,769 Aerospace and Defense109,540 91,394 88,191 $198,548 $209,921 $242,058 Sales by GeographyYear Ended December 31, 202420232022North America$132,812 $129,311 $137,454 Asia Pacific38,137 45,765 67,315 EMEA(1)27,599 34,845 37,289 $198,548 $209,921 $242,058 (1) EMEA consists of Europe, the Middle East, and Africa.Sales by Timing of RevenueYear Ended December 31, 202420232022Point in time$136,723 $155,258 $183,005 Over time61,825 54,663 59,053 $198,548 $209,921 $242,058 Our contract assets and liabilities were as follows (in thousands):Balance Sheet ClassificationAs of December 31, 20242023$ Change% ChangeContract assetsPrepaid expenses and other current assets$14,510 $7,298 $7,212 99 %Contract liabilitiesDeferred revenues and other long-term liabilities6,845 6,368 477 7 %Contract assets generally consist of revenue recognized on an over-time basis where revenue recognition has been met, but the amounts are subsequently billed and collected in a subsequent period. In our services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities recorded in deferred revenue on the Consolidated Balance Sheets.Contract liabilities are not a significant financing component as they are