v3.25.4
Revenue
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) commercial space, semiconductor and other commercial applications.
Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company’s contracts are from purchase orders (“PO’s”), which continue to be recognized as of a point in time when products are shipped from the Company’s manufacturing facilities or at a later time when control of the products transfers to the customer. Under the revenue standard, the Company recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows:
•Certain military contracts, which relate to the provisions of specialized or unique goods to the U.S. government with no alternative use, include provisions within the contract that are subject to the Federal Acquisition Regulation (“FAR”). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process.
•For certain commercial contracts involving customer-specific products with no alternative use, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company’s use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin.
As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company elected to use the cost to cost input method of progress based on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.
The following table represents a breakout of total revenue by customer type:
Three Months Ended
December 31,
20252024
Commercial revenue$8,678 $11,157 
Military revenue15,295 9,726 
Total $23,973 $20,883 
The following table represents revenue by end market:
Three Months Ended
December 31,
20252024
Aerospace components for:
Fixed wing aircraft$10,520 $12,845 
Rotorcraft9,234 3,394 
Commercial space1,147 2,448 
Energy components for power generation units284 1,028 
Commercial product and other revenue2,788 1,168 
Total$23,973 $20,883 
All revenue based on selling locations originated from the Company’s U.S. operations.
In addition to the disaggregated revenue information provided above, approximately 66% and 53% of total net sales for the three months ended December 31, 2025 and 2024, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time.
Contract Balances
The following table contains a roll forward of contract assets and contract liabilities for the three months ended December 31, 2025 and 2024:
December 31,
2025		December 31,
2024
Contract assets — beginning balance
$10,560 $10,745 
Additional revenue recognized over-time16,012 10,713 
Less amounts billed to the customers(15,527)(11,339)
Contract assets — ending balance
$11,045 $10,119 
December 31,
2025		December 31,
2024
Contract liabilities — beginning balance
$1,784 $2,879 
Payments received in advance of performance obligations6,618 440 
Performance obligations satisfied(916)(935)
Contract liabilities — ending balance$7,486 $2,384 
During the three months ended December 31, 2025, the Company recognized revenues of approximately $916, that was included in contract liabilities at the beginning of fiscal year 2026. During the three months ended December 31, 2024, the Company recognized revenues of approximately $935, that was included in contract liabilities at the beginning of fiscal year 2025.
Accounts receivable were $17,272 and $16,848 as of September 30, 2024 and December 31, 2024, respectively. There were certain contracts that met the criteria for loss recognition, a loss contract reserve of $461 and $325 was recorded as of December 31, 2025 and September 30, 2025, respectively.
Remaining performance obligations
As of December 31, 2025, the Company has $139,454 of remaining performance obligations, of which $87,905 are anticipated to be complete within the next 12 months, and the remaining thereafter.