v3.25.4
NET SALES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
NET SALES NET SALES
Disaggregation of Net Sales
The following tables present the disaggregation of net sales from contracts with our customers:
Year Ended December 31, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsElimsTotal
U.S. Government$108,989 $34,214 $— $— $143,203 
International Government— 2,165 — — 2,165 
Commercial13,965 11,204 — (4,118)21,051 
Total net sales
$122,954 $47,583 $— $(4,118)$166,419 
Year Ended December 31, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsElimsTotal
U.S. Government$58,839 $62,186 $— $— $121,025 
International Government— 2,347 — — 2,347 
Commercial18,631 10,060 — (7,883)20,808 
Total net sales$77,470 $74,593 $— $(7,883)$144,180 
Year Ended December 31, 2023
Defense and National Security
Space Solutions
Starlab Space Stations
Elims
Total
U.S. Government
$52,476 $40,997 $— $— $93,473 
International Government
— 1,044 — — 1,044 
Commercial
10,678 34,730 — (3,863)41,545 
Total net sales
$63,154 $76,771 $— $(3,863)$136,062 
The approximate revenue based on geographic location of customers is as follows:
Years Ended December 31,
202520242023
U.S.$150,897 $128,869 $133,328 
Europe13,720 14,468 614 
Other1,802 843 2,120 
Total net sales
$166,419 $144,180 $136,062 
The Company recognizes the material portion of its sales based on an over time revenue recognition criteria. For the year ended December 31, 2025, the Company recognized approximately 0.9% of its sales using the point in time methodology, with the majority of sales using the over time revenue recognition criteria. For the comparative periods ended December 31, 2024 and December 31, 2023, the Company recognized approximately 2.6% and 1.3% of sales under the point in time recognition criteria.
Contract Balances
Contract assets arise when revenue has been recognized for amounts which cannot or have not yet been billed under terms of the contract with the customer. Contract liabilities arise when consideration is received from a customer prior to being earned and are recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The following table presents the Company’s contract assets and liabilities:
December 31,
20252024
Contract assets (current and non-current)$40,208 $24,128 
Contract liabilities (current and non-current)$32,237 $24,127 
Contract assets increased primarily due to a difference in timing of billing on cost plus programs and revenue recognition. The increase in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition.
The amount of revenue recognized for the years ended December 31, 2025, 2024 and 2023 that was included in the contract liability balance at the beginning of the year was $16.3 million, $8.2 million and $9.2 million, respectively.
Performance Obligations
As of December 31, 2025, 2024 and 2023, the Company had approximately $146.1 million, $101.7 million and $86.5 million, respectively, of remaining performance obligations associated with contracts. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $111.8 million for the fiscal year 2026, $22.6 million for the fiscal year 2027 and $11.7 million thereafter.