Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.24.3
Revenue Recognition (Tables)
6 Months Ended
Sep. 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

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

Market

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Refining

 

$

8,416

 

 

$

7,289

 

 

$

16,658

 

 

$

14,156

 

Chemical/Petrochemical

 

 

5,422

 

 

 

4,365

 

 

 

10,205

 

 

 

10,406

 

Defense

 

 

30,897

 

 

 

25,118

 

 

 

59,991

 

 

 

47,935

 

Space

 

 

3,416

 

 

 

2,775

 

 

 

7,363

 

 

 

7,597

 

Other

 

 

5,412

 

 

 

5,529

 

 

 

9,297

 

 

 

12,551

 

Net sales

 

$

53,563

 

 

$

45,076

 

 

$

103,514

 

 

$

92,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographic Region

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

$

4,274

 

 

$

2,980

 

 

$

9,576

 

 

$

8,882

 

Canada

 

 

1,665

 

 

 

1,092

 

 

 

2,661

 

 

 

1,991

 

Middle East

 

 

794

 

 

 

669

 

 

 

1,777

 

 

 

1,718

 

South America

 

 

314

 

 

 

172

 

 

 

369

 

 

 

199

 

U.S.

 

 

45,460

 

 

 

38,604

 

 

 

86,390

 

 

 

76,745

 

All other

 

 

1,056

 

 

 

1,559

 

 

 

2,741

 

 

 

3,110

 

Net sales

 

$

53,563

 

 

$

45,076

 

 

$

103,514

 

 

$

92,645

 

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,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognized over time

 

 

79

%

 

 

75

%

 

 

80

%

 

 

78

%

Revenue recognized at shipment

 

 

21

%

 

 

25

%

 

 

20

%

 

 

22

%

Schedule of Net Contract Assets (Liabilities)

Net contract assets (liabilities) consisted of the following:

 

 

 

September 30, 2024

 

 

March 31, 2024

 

 

Change

 

 

 

Change due to revenue recognized

 

 

Change due to invoicing customers/
additional deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled revenue - contract assets

 

$

40,730

 

 

$

28,015

 

 

$

12,715

 

 

 

$

52,216

 

 

$

(39,501

)

Customer deposits - contract liabilities

 

 

(86,483

)

 

 

(71,987

)

 

 

(14,496

)

 

 

 

34,439

 

 

 

(48,935

)

      Net contract (liabilities) assets

 

$

(45,753

)

 

$

(43,972

)

 

$

(1,781

)