v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
Disaggregated revenue from contracts with customers by major source and customer class was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Regulated revenue
Water Service
Residential$5,446 $4,990 $10,291 $9,377 
Irrigation1,463 1,173 2,206 1,793 
Commercial604 412 1,084 795 
Multi-family157 111291 192 
Construction364 424518 751 
Other water revenue370 258620 440 
Total water revenue8,404 7,368 15,010 13,348 
Wastewater and recycled water service
Residential6,093 5,928 12,150 11,797 
Commercial313 293 624 580 
Multi-family122 58 226 107 
Recycled water revenue613 505 733 698 
Other wastewater revenue111 89 199 168 
Total wastewater and recycled water revenue7,252 6,873 13,932 13,350 
Total regulated revenue15,656 14,241 28,942 26,698 
Unregulated revenue
Total unregulated revenue2,111 — 2,111 — 
Total revenue$17,767 $14,241 $31,053 $26,698 
Contract Balances
The Company’s contract assets and liabilities consisted of the following:
(in thousands)June 30, 2026December 31, 2025
Contract assets
Accounts receivable, net$3,746 $3,746 
Total contract assets$3,746 $3,746 
Contract liabilities
Deferred revenue - ICFA$21,919 $22,772 
Total contract liabilities$21,919 $22,772 
Accounts Receivable and Allowance for Credit Losses
Accounts receivable consisted of the following:
(in thousands)June 30, 2026December 31, 2025
Billed receivables$3,981 $3,990 
Less: provision for credit losses(235)(244)
Accounts receivable, net$3,746 $3,746 
The following table summarizes the allowance for credit loss activity:
(in thousands)June 30, 2026December 31, 2025
Beginning of period$(244)$(163)
Credit loss expense(65)(193)
Write offs78 123 
Recoveries(4)(11)
End of period$(235)$(244)
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Deferred revenue from ICFAs is recognized as revenue once the obligations specified within the applicable ICFA are met, including construction of sufficient operating capacity to serve the customers for which revenue was deferred. Due to the uncertainty of future events, the Company is unable to estimate when to expect recognition of deferred revenue from ICFAs.
The following table summarizes the ICFA deferred revenue activity:
(in thousands)June 30, 2026
Beginning of period$22,772 
Payments allocated to deferred revenue329 
Reclassifications from HUF929 
Revenue recognized(2,111)
End of period$21,919