v3.26.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Summary of Significant Accounting Policies [Line Items]    
Schedule of Allowance for Credit Losses

The activity for the allowance for credit losses during the three months ended March 31, 2026 and 2025 is set forth in the table below:

 

Balance at
Beginning of
Period

 

Charged to
Expenses

 

Deductions
from the
Allowance

 

Balance at
End of
Period

Three Months ended March 31, 2026 Allowance for Credit Losses

 

$

464,000

 

$

165,000

 

$

 

$

629,000

Three Months ended March 31, 2025 Allowance for Credit Losses

 

$

396,000

 

$

20,000

 

$

 

$

416,000

 
Schedule of Inventories

Inventories consist of the following at:

 

March 31,
2026

 

December 31,
2025

Raw Materials

 

$

6,372,000

 

$

7,306,000

Work In Progress

 

 

18,663,000

 

 

17,072,000

Semi-Finished Goods

 

 

9,428,000

 

 

9,206,000

Final-Finished Goods

 

 

819,000

 

 

677,000

Total Inventory

 

$

35,282,000

 

$

34,261,000

 
Schedule of Credit and Concentration Risks

The composition of customers that exceeded 10% of net sales for the three months ended March 31, 2026 and 2025 are shown below:

Customer

 

Percentage of Net Sales

2026

 

2025

Lockheed Martin

 

34.4

%

 

39.6

%

RTX(a)

 

28.4

%

 

28.8

%

(a)      RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceed 10% of accounts receivable at March 31, 2026 and December 31, 2025 are shown below:

Customer

 

Percentage of Net Receivables

March 31,
2026

 

December 31,
2025

RTX(a)

 

43.5

%

 

39.8

%

Lockheed Martin

 

16.4

%

 

11.9

%

(a)      RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceeded 10% of net sales for the years ended December 31, 2025 or 2024 are shown below:

 

Percentage of Net Sales

Customer

 

2025

 

2024

RTX(A)

 

36.2

%

 

29.3

%

Lockheed Martin

 

32.3

%

 

25.1

%

Northrop

 

6.7

%

 

18.3

%

(A)     RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceeded 10% of accounts receivable at December 31, 2025 or 2024 are shown below:

 

Percentage of Net Receivables

Customer

 

2025

 

2024

RTX(A)

 

39.8

%

 

38.2

%

Lockheed

 

11.9

%

 

8.6

%

Ontic

 

7.6

%

 

14.6

%

Northrop

 

1.3

%

 

11.0

%

(A)     RTX includes Collins Landing Systems and Collins Aerostructures

Schedule of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three month periods ended March 31, 2026 and 2025:

Product

 

March 31,
2026

 

March 31,
2025

Military

 

$

7,646,000

 

$

8,340,000

Commercial

 

 

3,960,000

 

 

3,795,000

Total

 

$

11,606,000

 

$

12,135,000

The following table summarizes revenue from contracts with customers for the years ended December 31, 2025 and 2024:

Product

 

December 31,
2025

 

December 31,
2024

Military

 

$

27,921,000

 

$

38,498,000

Commercial

 

 

20,000,000

 

 

16,610,000

Total

 

$

47,921,000

 

$

55,108,000

Schedule of Reconciles Cash and Restricted Cash

The following table reconciles cash and restricted cash reported in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows:

 

March 31,
2026

 

December 31,
2025

Cash

 

$

286,000

 

$

680,000

Restricted Cash

 

 

3,930,000

 

 

3,930,000

Total

 

$

4,216,000

 

$

4,610,000

The following table reconciles cash and restricted cash reported with the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows:

 

December 31,
2025

 

December 31,
2024

Cash

 

$

680,000

 

$

753,000

Restricted Cash

 

 

3,930,000

 

 

Total cash and restricted cash

 

$

4,610,000

 

$

753,000

Schedule of Anti-Dilutive Due to the Net Loss Incurred

The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:

 

Three Months Ended

March 31,
2026

 

March 31,
2025

Stock Options

 

395,453

 

374,503

Restricted Stock Units

 

188,418

 

285,628

Convertible notes payable

 

361,700

 

361,700

   

945,571

 

1,021,831

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock and because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:

 

December 31,
2025

 

December 31,
2024

Stock Options

 

425,703

 

417,003

Restricted Stock units

 

188,418

 

282,628

Convertible notes payable

 

361,700

 

405,800

   

975,821

 

1,105,431