| Revenue from Contracts with Customers |
| 4. | Revenue
from Contracts with Customers |
Below
is a summary of the Company’s revenue concentration by major customer for the three and nine months ended February 28, 2026 and
February 28, 2025, respectively.
Schedule of Revenue Concentration
| | |
February 28, 2026 | | |
February 28, 2025 | | |
February 28, 2026 | | |
February 28, 2025 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
February 28, 2026 | | |
February 28, 2025 | | |
February 28, 2026 | | |
February 28, 2025 | |
| Customer A | |
| 100 | % | |
| 100 | % | |
| 100 | % | |
| 73 | % |
| Customer B | |
| — | % | |
| — | % | |
| — | % | |
| 27 | % |
| Customer | |
| — | % | |
| — | % | |
| — | % | |
| 27 | % |
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the nine months ended February 28, 2026 and February 28, 2025, respectively, are
shown in the following table (in thousands):
Schedule
of Deferred Revenue
| | |
February 28, 2026 | | |
February 28, 2025 | |
| | |
Nine Months Ended | |
| | |
February 28, 2026 | | |
February 28, 2025 | |
| Balance, beginning of period | |
$ | 3,594 | | |
$ | 31,178 | |
| Advance billings | |
| 49,765 | | |
| 54,030 | |
| Revenue recognized | |
| (53,207 | ) | |
| (71,313 | ) |
| Other adjustments | |
| — | | |
| (9,643 | ) |
| Balance, end of period | |
$ | 152 | | |
$ | 4,252 | |
|
| 4. | Revenue
from Contracts with Customers |
Below
is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and May 31, 2024:
Schedule
of Revenue Concentration
| | |
May
31, 2025 | | |
May
31, 2024 | |
| Customer A | |
| 77 | % | |
| 29 | % |
| Customer B | |
| 23 | % | |
| 71 | % |
| Customer | |
| 23 | % | |
| 71 | % |
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the fiscal years ended May 31, 2025 and May 31, 2024, respectively, are shown in
the following table (in thousands):
Schedule of Deferred Revenue
| | |
May
31, 2025 | | |
May
31, 2024 | |
| Balance, beginning of period | |
$ | 31,178 | | |
$ | — | |
| Advance billings | |
| 66,435 | | |
| 60,135 | |
| Revenue recognized | |
| (84,376 | ) | |
| (28,957 | ) |
| Other adjustments(1) | |
| (9,643 | ) | |
| — | |
| Balance, end of period | |
$ | 3,594 | | |
$ | 31,178 | |
| (1) | This
adjustment represents deferred revenue associated with a contract that was cancelled during
the 2024 fiscal year and repaid during the 2025 fiscal year. |
|