Note 4 - Revenue and Contracts with Customers |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Revenue from Contract with Customer [Text Block] |
4. Revenue and Contracts with Customers
Contract Balances
Timing differences between revenue recognized, billings, and customer payments result in contract assets and contract liabilities. Contract assets represent revenue recognized in excess of amounts billed to customers. Contract liabilities represent payments received from customers in advance of satisfying the related performance obligations.
The Company’s contract balances consist primarily of accounts receivable and deferred revenue (contract liabilities). Accounts receivable represents the Company’s unconditional rights to consideration for goods and services transferred to customers. Contract liabilities represent amounts billed or collected in advance of satisfying performance obligations and are recognized as revenue as the related performance obligations are satisfied. As of June 30, 2026 and December 31, 2025, accounts receivable totaled $704,985 and $780,132, respectively. The short-term portion of deferred revenue related to tugger sales totaled $555,368 and $395,348 as of June 30, 2026 and December 31, 2025, respectively. The long-term portion of deferred revenue related to tugger sales totaled $1,710,044 and $1,262,667 as of June 30, 2026 and December 31, 2025, respectively.
Revenue Recognized from Prior Period Contract Liabilities
For the three months ended June 30, 2026 and 2025, revenue recognized that was included in deferred revenue at the beginning of each respective period was $67,602 and $18,564, respectively, and for the six months ended June 30, 2026 and 2025 was $142,849 and $40,028, respectively.
The Company did not recognize material revenue during the periods presented from performance obligations satisfied (or partially satisfied) in prior periods other than amounts previously included in deferred revenue.
Remaining Performance Obligations
As of June 30, 2026, the short-term portion of the remaining performance obligations on existing contracts was $555,368 and the long-term portion was $1,710,044, approximately 16% of which is expected to be recognized in the remainder of 32% in 27% in and the remainder thereafter.
This amount corresponds to the Company’s contract liability balance as of June 30, 2026 , as all remaining obligations relate to the passage of time on active contracts.
For the three months ended June 30, 2026 and 2025, revenue was $144,459 and $33,726, respectively, and for the six months ended June 30, 2026 and 2025 was $249,032 and $80,878, respectively.
|