Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2.2
Revenue
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our platform revenue consists of SDK license subscriptions and application development services, as well as application transactions, which are comprised of in-app advertising and sales of our digital asset, PhunToken. Hardware revenue relates to the sale of high-performance personal computers. Refer to our revenue recognition policy under the subheading, Revenue Recognition, in Note 2, Summary of Significant Accounting Policies, in our Annual Report on Form 10-K filed with the SEC on April 7, 2022.
Disaggregation of Revenue
The following table sets forth our net revenues by category:

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Platform revenue $ 1,259  $ 2,160  $ 5,379  $ 5,242 
Hardware revenue 3,499  —  11,642  — 
Net revenues $ 4,758  $ 2,160  $ 17,021  $ 5,242 
We generate revenue in domestic and foreign regions and attribute net revenue to individual countries based on the location of the contracting entity. We derived 99% and 97% of our net revenues from within the United States for the three and nine months ended September 30, 2022, respectively. We derived 99% of our net revenues from within the United States for the three and nine months ended September 30, 2021.
The following table sets forth our concentration of revenue sources as a percentage of total net revenues:

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Customer B 1  % 35  % 1  % 15  %
Customer E —  % 8  % —  % 14  %

Deferred Revenue
Our deferred revenue balance consisted of the following:
September 30, 2022 December 31, 2021
Current deferred revenue
Platform revenue $ 1,516  $ 1,824 
Hardware revenue 134  2,149 
Total current deferred revenue $ 1,650  $ 3,973 
Non-current deferred revenue
Platform revenue $ 1,158  $ 1,299 
Total non-current deferred revenue $ 1,158  $ 1,299 
Total deferred revenue $ 2,808  $ 5,272 
Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under the arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the nine months ended September 30, 2022, we recognized revenue of $3,624 that was included in our deferred revenue balance as of December 31, 2021.
Remaining Performance Obligations
Remaining performance obligations were $5,598 as of September 30, 2022, of which we expect to recognize approximately 39% as revenue over the next 12 months and the remainder thereafter.
PhunToken
In May 2021, we announced the commencement of the selling of PhunToken. PhunToken is our innovative digital asset intended to be utilized within our token ecosystem, once developed, to help drive engagement by unlocking features and capabilities of our MaaS platform. During the nine months ended September 30, 2022, we sold 187.0 million PhunToken for an aggregate of $1,535, for which we received both cash and digital assets from customers. Sales of PhunToken are recorded within platform revenue in the table above.
In March 2022, certain members of our senior management team purchased 827.5 million PhunToken pursuant to Restricted Token Purchase Agreements, at an aggregate purchase price of approximately $7. The PhunToken will be transferred to employees over a time-based delivery schedule ranging from one to four years. The Company will have the right to repurchase any PhunToken not delivered to the employee as a result of voluntary termination or termination for cause. In October 2022, our Board of Directors terminated the PhunToken Restricted Purchase Agreements, with no further PhunToken to be delivered to the employees after April 1, 2022.
As of September 30, 2022 and December 31, 2021, issued PhunToken were 461.4 million and 131.7 million, respectively. Total supply of PhunToken is capped at 10 billion.