Note 3 - Revenue |
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| Revenue from Contract with Customer [Text Block] |
3. Revenue
Disaggregated Revenue by Product Technology
The following table presents our revenues disaggregated by product technology:
Disaggregated Revenue by Geography
The following table presents our revenues disaggregated by geography, based on the location of the end-user:
Timing of Revenue Recognition
The following table presents the timing of our revenue recognition:
Contract Balances
The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. In our Air Pollution Control (APC) technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. At March 31, 2026, December 31, 2025, and December 31, 2024, contract assets for APC technology projects were approximately $974, $887, and $2,075, respectively, and are included in accounts receivable on the Condensed Consolidated Balance Sheets.
The Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $1,066, $1,026, and $721 at March 31, 2026, December 31, 2025, and December 31, 2024, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
Changes in the contract asset and liability balances during the three-month period ended March 31, 2026 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously. Revenue recognized that was included in the contract liability balance at the beginning of the period was $452 and $372 for the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026 and December 31, 2025, we had no construction contracts in progress that were identified as a loss contract.
Remaining Performance Obligations
Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,923. The Company expects to recognize revenue on approximately $6,000 of the remaining performance obligations over the next 12 months with the remaining recognized thereafter.
Accounts Receivable
The components of accounts receivable are as follows:
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