v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue RevenueDisaggregation of Revenue
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,
“Segment Reporting,” for further discussion related to the Company’s segments.
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.
Contract Balances
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
Contract Liabilities
The Company records contract liabilities, which consist of customer deposits and deferred revenue, when cash payments are
received in advance of the Company’s performance.  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
Remaining Performance Obligations
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