v3.25.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
SCHEDULE OF DISAGGREGATION OF REVENUE

The following table represents a disaggregation of revenue for the three months ended March 31, 2025 and 2024 (in thousands):

 

                
   Three months ended March 31, 2025 
    Over time    Point in time    Total 
Energy  $-   $8   $8 
Aerospace   1,839    787    2,626 
Industrial   4,124    407    4,531 
Research   753    398    1,151 
Total  $6,716   $1,600   $8,316 

 

 

NOTE 4: REVENUE RECOGNITION (continued)

 

                
   Three months ended March 31, 2024 
    Over time    Point in time    Total 
Energy  $-   $18   $18 
Aerospace   1,802    332    2,134 
Industrial   1,259    483    1,742 
Research   861    167    1,028 
Total  $3,922   $1,000   $4,922 
SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS

Contract assets and contract liabilities on input method type contracts in progress are summarized as follows as of March 31, 2025 (in thousands):

 

      
Costs incurred on contracts in progress  $18,456 
Estimated earnings   8,964 
Costs and estimated earnings on uncompleted contracts  $27,420 
Billings to date   (23,557)
Net cost in excess of billings   3,863 

Deferred revenue related to non-system contracts and a system contract to be recognized at point in time

   (515)
Contract liability in excess of contract assets  $3,348 

Included in accompanying condensed consolidated balance sheets under the following captions (in thousands):

     
Contract assets  $5,180 
Contract liabilities  $1,832