Company: LASR
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001124796-25-000120
Chunk: 27

Company: NLIGHT, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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 31,046 $61,735 $50,511 $113,403 $95,038 Our contract assets and liabilities were as follows (in thousands):Balance Sheet ClassificationAs of June 30, 2025December 31, 2024Contract assetsPrepaid expenses and other current assets$11,080 $14,510 Contract liabilitiesDeferred revenues and other long-term liabilities6,026 6,845 Contract assets generally consist of revenue recognized on an over-time basis where revenue recognition has been met, but the amounts are 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 revenues on the Consolidated Balance Sheets. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. For our product revenue, we generally receive cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. For our contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration.During the three and six months ended June 30, 2025, we recognized revenue of $1.0 million and $2.5 million that was included in the deferred revenues balance at the beginning of the period as the performance obligations under the associated agreements were satisfied.

Note 3 - Concentrations of Credit and Other Risks 

The following customers accounted for 10% or more of our revenues for the periods presented: Three Months Ended June 30,Six Months Ended June 30,2025202420252024U.S. Government*39%15%37%17%Raytheon Technologies(1)11%(1)11%KORD Technologies(1)12%(1)11%*Excludes sales to customers who sell our products and services exclusively to the U.S. Government(1) Represents less than