| Revenue Disaggregated by Product Line and Geographic Area |
The following table presents the Company’s revenue disaggregated by product line and geographic area:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
Market |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Refining |
|
$ |
6,418 |
|
|
$ |
7,638 |
|
|
$ |
23,076 |
|
|
$ |
21,794 |
|
Chemical/Petrochemical |
|
|
6,791 |
|
|
|
4,130 |
|
|
|
16,996 |
|
|
|
14,536 |
|
Defense |
|
|
27,023 |
|
|
|
24,330 |
|
|
|
87,014 |
|
|
|
72,265 |
|
Space |
|
|
3,821 |
|
|
|
2,931 |
|
|
|
11,184 |
|
|
|
10,528 |
|
Other |
|
|
2,984 |
|
|
|
4,789 |
|
|
|
12,281 |
|
|
|
17,340 |
|
Net sales |
|
$ |
47,037 |
|
|
$ |
43,818 |
|
|
$ |
150,551 |
|
|
$ |
136,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Region |
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
$ |
2,275 |
|
|
$ |
4,016 |
|
|
$ |
11,851 |
|
|
$ |
12,898 |
|
Canada |
|
|
2,441 |
|
|
|
1,116 |
|
|
|
5,102 |
|
|
|
3,107 |
|
Middle East |
|
|
1,551 |
|
|
|
501 |
|
|
|
3,328 |
|
|
|
2,219 |
|
South America |
|
|
495 |
|
|
|
65 |
|
|
|
864 |
|
|
|
264 |
|
U.S. |
|
|
39,675 |
|
|
|
36,822 |
|
|
|
126,065 |
|
|
|
113,567 |
|
All other |
|
|
600 |
|
|
|
1,298 |
|
|
|
3,341 |
|
|
|
4,408 |
|
Net sales |
|
$ |
47,037 |
|
|
$ |
43,818 |
|
|
$ |
150,551 |
|
|
$ |
136,463 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
75 |
% |
|
|
76 |
% |
|
|
79 |
% |
|
|
77 |
% |
Revenue recognized at shipment |
|
|
25 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
23 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
March 31, 2024 |
|
|
Change |
|
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled revenue - contract assets |
|
$ |
37,777 |
|
|
$ |
28,015 |
|
|
$ |
9,762 |
|
|
|
$ |
77,291 |
|
|
$ |
(67,529 |
) |
Customer deposits - contract liabilities |
|
|
(92,971 |
) |
|
|
(71,987 |
) |
|
|
(20,984 |
) |
|
|
|
33,402 |
|
|
|
(54,386 |
) |
Net contract (liabilities) assets |
|
$ |
(55,194 |
) |
|
$ |
(43,972 |
) |
|
$ |
(11,222 |
) |
|
|
|
|
|
|
|
|