| Net Sales 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 |
|
|
Six Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
Market |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Refining |
|
$ |
7,289 |
|
|
$ |
7,568 |
|
|
$ |
14,156 |
|
|
$ |
15,443 |
|
Chemical/Petrochemical |
|
|
4,365 |
|
|
|
5,804 |
|
|
|
10,406 |
|
|
|
11,679 |
|
Defense |
|
|
25,118 |
|
|
|
14,855 |
|
|
|
47,935 |
|
|
|
24,655 |
|
Space |
|
|
2,775 |
|
|
|
4,306 |
|
|
|
7,597 |
|
|
|
10,768 |
|
Other Commercial |
|
|
5,529 |
|
|
|
5,610 |
|
|
|
12,551 |
|
|
|
11,673 |
|
Net sales |
|
$ |
45,076 |
|
|
$ |
38,143 |
|
|
$ |
92,645 |
|
|
$ |
74,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
$ |
2,980 |
|
|
$ |
4,255 |
|
|
$ |
8,882 |
|
|
$ |
8,503 |
|
Canada |
|
|
1,092 |
|
|
|
1,707 |
|
|
|
1,991 |
|
|
|
2,704 |
|
Middle East |
|
|
669 |
|
|
|
686 |
|
|
|
1,718 |
|
|
|
1,145 |
|
South America |
|
|
172 |
|
|
|
399 |
|
|
|
199 |
|
|
|
1,860 |
|
U.S. |
|
|
38,604 |
|
|
|
30,325 |
|
|
|
76,745 |
|
|
|
58,494 |
|
All other |
|
|
1,559 |
|
|
|
771 |
|
|
|
3,110 |
|
|
|
1,512 |
|
Net sales |
|
$ |
45,076 |
|
|
$ |
38,143 |
|
|
$ |
92,645 |
|
|
$ |
74,218 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
75 |
% |
|
|
75 |
% |
|
|
78 |
% |
|
|
70 |
% |
Revenue recognized at shipment |
|
|
25 |
% |
|
|
25 |
% |
|
|
22 |
% |
|
|
30 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
March 31, 2023 |
|
|
Change |
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled revenue (contract assets) |
|
$ |
34,975 |
|
|
$ |
39,684 |
|
|
$ |
(4,709 |
) |
|
$ |
54,904 |
|
|
$ |
(59,613 |
) |
Customer deposits (contract liabilities) |
|
|
(59,526 |
) |
|
|
(46,042 |
) |
|
|
(13,484 |
) |
|
|
11,797 |
|
|
|
(25,281 |
) |
Net contract (liabilities) assets |
|
$ |
(24,551 |
) |
|
$ |
(6,358 |
) |
|
$ |
(18,193 |
) |
|
|
|
|
|
|
|