Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Revenue

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Revenue
 12 Months Ended
Dec. 31, 2023
Revenue [Abstract]  
REVENUE

NOTE 3:-   REVENUE

 

Disaggregation of Revenues

 

Revenue disaggregated by geography for the years ended December 31, 2023, 2022 and 2021, based on the billing address of the Company’s customers, consists of the following:

 

   

Year ended

December 31,

  
    2023     2022     2021  
    Revenue     % of Revenue     Revenue     % of Revenue     Revenue     % of Revenue  
Revenue by geography:                                    
China   $ 639       43.5 %   $ 1,476       42.0 %   $ 702       31.2 %
Hong Kong     266       18.1 %     -       -       35       1.6 %
Sweden     247       16.8 %     1,276       36.3 %     928       41.2 %
USA     148       10.1 %     135       3.8 %     63       2.8 %
Germany     81       5.5 %     284       8.1 %     351       15.6 %
Israel     50       3.4 %     25       0.7 %     34       1.5 %
Italy     -       -       124       3.5 %     -       -  
Switzerland     -       -       197       5.6 %     53       2.4 %
Other     39       2.6 %     -       -       83       3.7 %
Total revenue   $ 1,470       100 %   $ 3,517       100 %   $ 2,249       100 %

 

Contract Liabilities

 

Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer.

 

Contract liabilities presented as deferred revenue amounted to $0 and $351 as of December 31, 2023 and 2022, respectively.

 

Remaining Performance Obligation

 

The Company’s remaining performance obligations are comprised of product and services revenue not yet performed. As of December 31, 2023 and 2022 the aggregate amount of the transaction price allocated to remaining performance obligations was $977 and $232, respectively. The Company expects to recognize 2023 remaining performance obligations as revenue during 2024.