v3.25.2
Revenue Recognition (Tables)
3 Months Ended
Jun. 30, 2025
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

 

2025

 

 

2024

 

Defense

 

$

29,535

 

 

$

29,094

 

Energy & Process

 

 

22,574

 

 

 

16,910

 

Space

 

 

3,378

 

 

 

3,947

 

Net sales

 

$

55,487

 

 

$

49,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographic Region

 

 

 

 

 

 

Asia

 

$

3,283

 

 

$

5,304

 

Canada

 

 

3,510

 

 

 

996

 

Middle East

 

 

1,346

 

 

 

983

 

South America

 

 

393

 

 

 

55

 

U.S.

 

 

46,322

 

 

 

40,930

 

All other

 

 

633

 

 

 

1,683

 

Net sales

 

$

55,487

 

 

$

49,951

 

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

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Revenue recognized over time

 

 

80

%

 

 

82

%

Revenue recognized at shipment

 

 

20

%

 

 

18

%

Schedule of Net Contract Assets (Liabilities)

Net contract assets (liabilities) consisted of the following:

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

Change

 

 

 

Change due to revenue recognized

 

 

Change due to invoicing customers/
additional deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled revenue - contract assets

 

$

39,357

 

 

$

38,494

 

 

$

863

 

 

 

$

22,403

 

 

$

(21,540

)

Customer deposits - contract liabilities

 

 

(82,801

)

 

 

(84,062

)

 

 

1,261

 

 

 

 

24,297

 

 

 

(23,036

)

      Net contract (liabilities) assets

 

$

(43,444

)

 

$

(45,568

)

 

$

2,124