v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

 

3. Revenue

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments results in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Schedule of Disaggregation of Revenue

                   
Revenue by Contract Type                        
(In thousands)  Three Months Ended   Three Months Ended 
   June 30, 2025   June 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $11,397   $877   $12,274   $8,343   $4,755   $13,098 
Time and materials   —    2,312    2,312     —    888    888 
Total  $11,397   $3,189   $14,586   $8,343   $5,643   $13,986 

 

                   
Revenue by Contract Type                        
(In thousands)  Six Months Ended   Six Months Ended 
   June 30, 2025   June 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $20,583   $3,807   $24,390   $17,052   $9,069   $26,121 
Time and materials    —     4,115    4,115     —    1,482    1,482 
Total  $20,583   $7,922   $28,505   $17,052   $10,551   $27,603 

 

                   
Revenue by generator                        
(In thousands)  Three Months Ended   Three Months Ended 
   June 30, 2025   June 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $7,146   $2,752   $9,898   $6,252   $4,168   $10,420 
Domestic commercial   3,323    333    3,656    1,721    1,363    3,084 
Foreign government   617    70    687    1    88    89 
Foreign commercial   311    34    345    369    24    393 
Total  $11,397   $3,189   $14,586   $8,343   $5,643   $13,986 

 

                   
Revenue by generator                        
(In thousands)  Six Months Ended   Six Months Ended 
   June 30, 2025   June 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $12,396    7,286   $19,682   $12,013   $8,471   $20,484 
Domestic commercial   4,790    444    5,234    4,222    1,867    6,089 
Foreign government   2,824    124    2,948    1    167    168 
Foreign commercial   573    68    641    816    46    862 
Total  $20,583   $7,922   $28,505   $17,052   $10,551   $27,603 

 

 

Contract Balances

 

The timing of revenue recognition and billings can result in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of the Company’s performance obligation. The following table represents changes in our contract asset and contract liabilities balances for the periods noted:

 

           Year-to-date   Year-to-date 
(In thousands)  June 30, 2025   December 31, 2024   Change ($)   Change (%) 
Contract assets                    
Unbilled receivables - current  $6,287   $4,990   $1,297    26.0%
                     
Contract liabilities                    
Deferred revenue  $6,982   $6,711   $271    4.0%

 

           Year-to-date   Year-to-date 
(In thousands)  June 30, 2024   December 31, 2023   Change ($)   Change (%) 
Contract assets                    
Unbilled receivables - current  $7,076   $8,432   $(1,356)   -16.1%
                     
Contract liabilities                    
Deferred revenue  $5,818   $6,815   $(997)   -14.6%

 

During the three and six months ended June 30, 2025, the Company recognized revenue of $954,000 and $3,888,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. During the three and six months ended June 30, 2024, the Company recognized revenue of $1,754,000 and $4,919,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. Revenue recognized in each period related to performance obligations satisfied within the respective period.

 

Accounts Receivable

 

The following table represents changes in accounts receivable, net of credit losses, for the periods noted:

 

           Year-to-date   Year-to-date 
(In thousands)  June 30, 2025   December 31, 2024   Change ($)   Change (%) 
                 
Accounts Receivable (net)  $8,559   $11,579   $(3,020)   -26.1%

 

              Year-to-date    Year-to-date 
    June 30, 2024    December 31, 2023    Change ($)    Change (%) 
                     
Accounts Receivable (net)  $6,423   $9,722   $(3,299)   -33.9%

 

Remaining Performance Obligations

 

The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts.

 

The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.