Revenue Recognition from Contracts with Customers |
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| Revenue Recognition from Contracts with Customers | 4. Revenue Recognition from Contracts with Customers
Disaggregation of Revenue
The Company disaggregates revenues by customer-type. These categories represent how the nature, timing and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by customer-type were as follows:
Revenues from New Zealand during the three months ended March 31, 2026 and 2025 amounted to $52 and $31, respectively.
No revenue recognized during the three months ended March 31, 2026 and 2025 was related to performance obligations satisfied in prior periods.
Remaining performance obligations
As of March 31, 2026, the aggregate amount of the transaction price allocated to the remaining performance obligations was $1,124, all of which will be recognized over the next 12 months. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals, or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations, and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate.
Contract balances
The following table presents contract balances:
There was no revenue recognized during the three months ended March 31, 2026 from amounts included in deferred revenue at the beginning of the period. Revenue recognized during the three months ended March 31, 2025 from amounts included in deferred revenue at the beginning of the period was $112. The decrease in unbilled receivables from December 31, 2025 to March 31, 2026 represents revenue that was previously earned and recognized but was not invoiced until the three months ended March 31, 2026.
During the three months ended March 31, 2026, the Company revised the estimate of total costs to be incurred to deliver the United States Air Force Special Operations Command contract. The Company reduced the remaining contract loss provision liability to $738 on the condensed consolidated balance sheet as of March 31, 2026 and recognized a favorable adjustment to the contract loss provision of $2,451 on the consolidated statement of operations during the three months ended March 31, 2026.
The Company amortized $984 and $672 during the three months ended March 31, 2026 and 2025, respectively, of the previously recognized contract loss provision as a reduction to cost of revenue.
As of March 31, 2026 and December 31, 2025, the allowance for credit losses is immaterial to the unaudited condensed financial statements. |
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