Revenue (Tables)

6 Months Ended

Jun. 30, 2026

The following tables present the disaggregated revenues by segment, and within each segment, by geographical market based on the

customer “shipped to” address, and by channel customers. Sales and usage-based taxes are excluded from revenues. See Note 9,


	Three Months Ended June 30, 2026				Six Months Ended June 30, 2026
	Desalination	Wastewater	Corporate and Other(1)	Total	Desalination	Wastewater	Corporate and Other(1)	Total
	(In thousands)
Geographical market
Middle East	$6,081	$—	$—	$6,081	$8,587	$—	$77	$8,664
Africa	475	—	—	475	671	—	—	671
Other	$4,927	$513	$—	$5,440	11,132	1,114	121	12,367
Total revenue	$11,483	$513	$—	$11,996	$20,390	$1,114	$198	$21,702

Channel
Original equipment manufacturer	$4,665	$513	$—	$5,178	$10,531	$1,114	$121	$11,766
Aftermarket	4,112	—	—	4,112	6,789	—	77	6,866
Megaproject	2,706	—	—	2,706	3,070	—	—	3,070
Total revenue	$11,483	$513	$—	$11,996	$20,390	$1,114	$198	$21,702

1Corporate and Other includes amounts not allocated to segments, which includes revenue associated with what was previously the

Emerging Technologies segment.


	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Desalination	Wastewater	Corporate and Other(1)	Total	Desalination	Wastewater	Corporate and Other(1)	Total
	(In thousands)
Geographical market1
Middle East	$8,275	$—	$92	$8,367	$10,289	$—	$93	$10,382
Africa	1,049	—	—	1,049	1,915	—	—	1,915
Other	16,176	2,339	120	18,635	21,055	2,644	120	23,819
Total revenue	$25,500	$2,339	$212	$28,051	$33,259	$2,644	$213	$36,116

Channel
Original equipment manufacturer	$5,926	$2,312	$119	$8,357	$9,739	$2,500	$119	$12,358
Aftermarket	4,772	27	93	4,892	8,682	144	94	8,920
Megaproject	14,802	—	—	14,802	14,838	—	—	14,838
Total revenue	$25,500	$2,339	$212	$28,051	$33,259	$2,644	$213	$36,116

1Corporate and Other includes amounts not allocated to segments, which includes revenue associated with what was previously the

Emerging Technologies segment.

The following table presents contract balances by category.


	June 30, 2026	December 31, 2025
	(In thousands)
Accounts receivable, net	$14,237	$76,639
Contract assets, current (included in prepaid expenses and other assets)	$—	$1,647

Contract liabilities:
Contract liabilities, current	$1,114	$1,039
Total contract liabilities	$1,114	$1,039

The following table presents the change in contract liability balances during the reported

periods.


	June 30, 2026	December 31, 2025
(In thousands)
Contract liabilities, beginning of year	$1,039	$571
Revenue recognized	(462)	(297)
Cash received, excluding amounts recognized as revenue during the period	537	765
Contract liabilities, end of period	$1,114	$1,039

As of June 30, 2026, the following table presents the revenue that is expected to be recognized related to performance obligations

that are unsatisfied or partially unsatisfied. These amounts exclude the value of remaining performance obligations for contracts with an

original expected delivery date of one year or less.


Period			Remaining Performance Obligations
			(In thousands)
2026 (remaining six months)			$8,781
2027			—
2028			—
2029			1,680
Total			$10,461