| Revenue Disaggregated by Product Line and Geographic Area |
The following tables present the Company's net sales disaggregated by market and geographic area. The Company updated its end market disclosures to better align with how management evaluates the business and product portfolio. As part of this change, revenue previously classified as Refining, Chemical/Petrochemical, and Other, which included New Energy product sales, will now be consolidated into one market, which has been renamed “Energy & Process.” The Defense and Space end market classifications remain unchanged. Prior period amounts have been updated to reflect this change:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
Market |
|
2025 |
|
|
2024 |
|
|
2023 |
|
Defense |
|
$ |
121,925 |
|
|
$ |
99,493 |
|
|
$ |
65,327 |
|
Energy & Process |
|
|
73,287 |
|
|
|
72,758 |
|
|
|
70,611 |
|
Space |
|
|
14,684 |
|
|
|
13,282 |
|
|
|
21,180 |
|
Net sales |
|
$ |
209,896 |
|
|
$ |
185,533 |
|
|
$ |
157,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
Geographic Area |
|
2025 |
|
|
2024 |
|
|
2023 |
|
Asia |
|
$ |
16,884 |
|
|
$ |
15,144 |
|
|
$ |
16,040 |
|
Canada |
|
|
7,586 |
|
|
|
4,229 |
|
|
|
4,464 |
|
Middle East |
|
|
7,088 |
|
|
|
2,568 |
|
|
|
2,914 |
|
South America |
|
|
1,165 |
|
|
|
733 |
|
|
|
3,021 |
|
U.S. |
|
|
169,943 |
|
|
|
155,908 |
|
|
|
127,519 |
|
All other |
|
|
7,230 |
|
|
|
6,951 |
|
|
|
3,160 |
|
Net sales |
|
$ |
209,896 |
|
|
$ |
185,533 |
|
|
$ |
157,118 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
80 |
% |
|
|
77 |
% |
|
|
74 |
% |
Revenue recognized at shipment |
|
|
20 |
% |
|
|
23 |
% |
|
|
26 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
Change |
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled revenue (contract assets) |
|
$ |
38,494 |
|
|
$ |
28,015 |
|
|
$ |
10,479 |
|
|
$ |
93,955 |
|
|
$ |
(83,476 |
) |
Customer deposits (contract liabilities) |
|
|
(84,062 |
) |
|
|
(71,987 |
) |
|
|
(12,075 |
) |
|
|
44,840 |
|
|
|
(56,915 |
) |
Net contract (liabilities) assets |
|
$ |
(45,568 |
) |
|
$ |
(43,972 |
) |
|
$ |
(1,596 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|