| Schedule of Disaggregation of 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) | 2026 | 2025 | | 2026 | 2025 | | Regulated revenue | | | | | | | Water Service | | | | | | | Residential | $ | 5,446 | | $ | 4,990 | | | $ | 10,291 | | $ | 9,377 | | | Irrigation | 1,463 | | 1,173 | | | 2,206 | | 1,793 | | | Commercial | 604 | | 412 | | | 1,084 | | 795 | | | Multi-family | 157 | | 111 | | 291 | | 192 | | | Construction | 364 | | 424 | | 518 | | 751 | | | Other water revenue | 370 | | 258 | | 620 | | 440 | | | Total water revenue | 8,404 | | 7,368 | | | 15,010 | | 13,348 | | | Wastewater and recycled water service | | | | | | | Residential | 6,093 | | 5,928 | | | 12,150 | | 11,797 | | | Commercial | 313 | | 293 | | | 624 | | 580 | | | Multi-family | 122 | | 58 | | | 226 | | 107 | | | Recycled water revenue | 613 | | 505 | | | 733 | | 698 | | | Other wastewater revenue | 111 | | 89 | | | 199 | | 168 | | | Total wastewater and recycled water revenue | 7,252 | | 6,873 | | | 13,932 | | 13,350 | | | Total regulated revenue | 15,656 | | 14,241 | | | 28,942 | | 26,698 | | | Unregulated revenue | | | | | | | | | | | | | | | | | | | | | | | | | Total unregulated revenue | 2,111 | | — | | | 2,111 | | — | | | Total revenue | $ | 17,767 | | $ | 14,241 | | | $ | 31,053 | | $ | 26,698 | |
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| Schedule of Contract Assets, Liabilities and Deferred Revenue |
The Company’s contract assets and liabilities consisted of the following: | | | | | | | | | | (in thousands) | June 30, 2026 | December 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 | |
The following table summarizes the ICFA deferred revenue activity: | | | | | | | | (in thousands) | June 30, 2026 | | | Beginning of period | $ | 22,772 | | | | Payments allocated to deferred revenue | 329 | | | | Reclassifications from HUF | 929 | | | | Revenue recognized | (2,111) | | | | End of period | $ | 21,919 | | |
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| Schedule of Accounts Receivable |
Accounts receivable consisted of the following: | | | | | | | | | | (in thousands) | June 30, 2026 | December 31, 2025 | | Billed receivables | $ | 3,981 | | $ | 3,990 | | | Less: provision for credit losses | (235) | | (244) | | | Accounts receivable, net | $ | 3,746 | | $ | 3,746 | |
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