Company: RPID
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001380106-25-000102
Chunk: 313

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 313
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 the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as non-current deferred revenue. The Company did not record any non-current deferred revenue as of March 31, 2025 or December 31, 2024. Deferred revenue was $6.1 million and $6.6 million at March 31, 2025 and December 31, 2024, respectively. Revenue recognized during each of the three months ended March 31, 2025 and 2024 that was included in deferred revenue at the prior period-end was $2.1 million and $1.4 million, respectively.Disaggregated revenueThe Company disaggregates revenue based on the recurring and non-recurring nature of the underlying sale. Recurring revenue includes sales of consumables and service contracts. The Company considers these to be recurring revenues because customers typically place purchase orders on a periodic basis as they use their Growth Direct system(s) over time. These arrangements typically contain a single performance obligation and thus the entire consideration to which the Company is entitled is allocated entirely to that performance obligation. Non-recurring revenue includes sales of systems, LIMS connection software, validation services, and field services, and typically contains multiple performance obligations. The Company considers these to be non-recurring revenues because customers typically place single purchase orders for a bundle of products and services on a one-time or infrequent basis. For these arrangements, significant judgment is applied in identifying the distinct performance obligations, determination of the transaction price, transaction price allocation, and determination of standalone selling price for each of the distinct performance obligations.  The following table presents the Company’s revenue by the recurring or non-recurring nature of the revenue stream (in thousands):Three Months Ended March 31,20252024Product and service revenue — recurring$3,969 $3,743 Product and service revenue — non-recurring3,236 1,868 Total revenue$7,205 $5,611 The following table presents the Company’s revenue by customer geography (in thousands):Three Months Ended March 31,20252024United States$2,026 $2,149 Switzerland1,480 972 Germany1,309 464 Japan1,124 800 All other countries1,266 1,226 Total revenue$7,205 $5,611 Advertising costsAdvertising costs are expensed as incurred and are included in sales and marketing expenses