v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table summarizes net sales by end market:
(in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
End Market2026202520262025
Power Systems$122,348 $156,963 $218,839 $263,610 
Industrial26,846 29,874 53,403 53,387 
Transportation3,350 5,070 8,894 10,356 
Total$152,544 $191,907 $281,136 $327,353 
The following table summarizes net sales by geographic area:
(in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
Geographic Area2026202520262025
United States$142,962 $178,944 $259,662 $306,600 
North America (outside of United States)4,904 6,268 10,445 10,281 
Pacific Rim3,190 5,647 7,988 8,428 
Europe1,365 851 2,914 1,822 
Other123 197 127 222 
Total$152,544 $191,907 $281,136 $327,353 
Contract Balances
Most of the Company’s contracts are for a period of less than one year; however, extended warranty contracts extend beyond one year. The timing of revenue recognition may differ from the time of invoicing to customers and these timing differences result in contract assets, or contract liabilities on the Company’s Consolidated Balance Sheets. Contract assets include amounts related to the contractual right to consideration for completed performance when the right to consideration is conditional. The Company records contract liabilities when cash payments are received or due in advance of performance. The fair value of noncash consideration of parts provided by customers is recorded in contract liabilities. Contract assets and contract liabilities are recognized at the contract level.
(in thousands)As of June 30, 2026As of December 31, 2025As of December 31, 2024
Short-term contract assets (included in Contract assets)
$12,507 $15,965 $21,462 
Short-term contract liabilities (included in Other accrued liabilities)
(14,337)(3,486)(10,184)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(1,649)(1,699)(1,877)
Net contract assets (liabilities)$(3,479)$10,780 $9,401 
During the six months ended June 30, 2026 and 2025, the Company recognized $1.6 million and $8.9 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of December 31, 2025 and 2024, respectively. During the three months ended June 30, 2026 and 2025, the Company recognized $0.3 million and $2.1 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of March 31, 2026 and 2025, respectively.
Remaining Performance Obligations
The Company has elected the practical expedient to not disclose remaining performance obligations that have expected original durations of one year or less. For performance obligations that extend beyond one year, the Company had $2.1 million of remaining performance obligations as of June 30, 2026, primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $0.3 million in the remainder of 2026, $1.6 million in 2027, and $0.2 million in 2028.