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| REVENUE | NOTE 3 - REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company performs its obligations can be between and thirty-six months. The Company invoices and receives related payments based upon performance progress not less frequently than monthly. Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an input methodology based on estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type revenue only. The following table presents revenue on a disaggregated basis by market and contract type:
As of June 30, 2026, the Company had $52,681 of remaining performance obligations, of which $46,997 was less than 50% complete. The Company expects to recognize all its remaining performance obligations as revenue within the next thirty-six months. We are dependent each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenues from customers who accounted for more than 10% of our revenue for the periods ended:
*Less than 10% of total The following table displays total revenue generated by the individual customers in the above table by segment that accounted for 10% or more of our revenue for the periods indicated:
In our condensed consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets consist of the following as of:
For the three months ended June 30, 2026 and 2025, we recognized revenue of $2,270 and $676 related to our contract liabilities as of the opening balances on April 1, 2026 and 2025. Contract liabilities consist of the following as of:
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