Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.24.2.u1
Revenue Recognition (Tables)
3 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
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

 

 

 

June 30,

 

Market

 

2024

 

 

2023

 

Refining

 

$

8,242

 

 

$

6,867

 

Chemical/Petrochemical

 

 

4,783

 

 

 

6,041

 

Defense

 

 

29,094

 

 

 

22,817

 

Space

 

 

3,947

 

 

 

4,822

 

Other

 

 

3,885

 

 

 

7,022

 

Net sales

 

$

49,951

 

 

$

47,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographic Region

 

 

 

 

 

 

Asia

 

$

5,302

 

 

$

5,902

 

Canada

 

 

996

 

 

 

899

 

Middle East

 

 

983

 

 

 

1,049

 

South America

 

 

55

 

 

 

27

 

U.S.

 

 

40,930

 

 

 

38,141

 

All other

 

 

1,685

 

 

 

1,551

 

Net sales

 

$

49,951

 

 

$

47,569

 

The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Revenue recognized over time

 

 

82

%

 

 

81

%

Revenue recognized at shipment

 

 

18

%

 

 

19

%

Schedule of Net Contract Assets (Liabilities)

Net contract assets (liabilities) consisted of the following:

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

Change

 

 

 

Change due to revenue recognized

 

 

Change due to invoicing customers/
additional deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled revenue (contract assets)

 

$

40,039

 

 

$

28,015

 

 

$

12,024

 

 

 

$

26,562

 

 

$

(14,538

)

Customer deposits (contract liabilities)

 

 

(87,658

)

 

 

(71,987

)

 

 

(15,671

)

 

 

 

18,990

 

 

 

(34,661

)

      Net contract (liabilities) assets

 

$

(47,619

)

 

$

(43,972

)

 

$

(3,647

)