v3.26.1
Revenue
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either at a point in time or over time. Additionally, the Company disaggregates revenue based on the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in “Note 5. Segment Information.

Disaggregation of Revenue

Disaggregated revenue satisfied at a point in time and over time was as follows:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Electronic Components

 

 

 

 

 

 

 

 

Satisfied at a point in time

 

$

 

142,371

 

 

$

 

121,354

 

Satisfied over time

 

 

 

58,898

 

 

 

 

48,475

 

Mechanical Components

 

 

 

 

 

 

 

 

Satisfied at a point in time

 

 

 

218,461

 

 

 

 

176,945

 

Satisfied over time

 

 

 

39,128

 

 

 

 

33,305

 

Total revenue

 

$

 

458,858

 

 

$

 

380,079

 

 

Disaggregated revenue by end market was as follows:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Electronic Components

 

 

 

 

 

 

 

 

Defense and space

 

$

 

128,211

 

 

$

 

110,163

 

Commercial aerospace

 

 

 

4,269

 

 

 

 

3,309

 

Industrial technology

 

 

 

68,789

 

 

 

 

56,357

 

Mechanical Components

 

 

 

 

 

 

 

 

Defense and space

 

 

 

79,085

 

 

 

 

55,555

 

Commercial aerospace

 

 

 

101,200

 

 

 

 

86,238

 

Industrial technology

 

 

 

77,304

 

 

 

 

68,457

 

Total revenue

 

$

 

458,858

 

 

$

 

380,079

 

 

Contract Balances

Contract assets and contract liabilities were as follows:

 

March 31, 2026

 

 

December 31, 2025

 

Contract assets, current

 

$

 

78,786

 

 

$

67,780

 

Contract liabilities, current

 

 

 

(23,876

)

 

 

(30,027

)

Contract liabilities, noncurrent

 

 

 

(1,414

)

 

 

(1,414

)

Total contract liabilities

 

 

 

(25,290

)

 

 

(31,441

)

Net contract assets

 

$

 

53,496

 

 

$

36,339

 

Contract assets increased primarily due to new contract awards and timing of work performed resulting in progress toward completion and revenue recognition. This increase was partially offset by progress and contractual billings that reduced previously recognized contract asset balances. Contract liabilities decreased primarily as a result of revenue recognized upon completion of performance obligations, including the achievement of contractual milestones and fulfillment of orders during the period. This decrease was partially offset by advance payments received on new and existing contracts. For the three months ended March 31, 2026 and 2025, revenue recognized from contract liabilities at the beginning of the period was $8,839 and $8,886, respectively.