v3.26.3
CONTRACT ASSETS AND LIABILITIES
 3 Months Ended
Jul. 31, 2026
Contractors [Abstract]  
Long-Term Contracts or Programs Disclosure [Text Block]

NOTE C – CONTRACT ASSETS AND LIABILITIES

 

At July 31, 2026, April 30, 2026, and April 30, 2025, contract assets, contract liabilities, and accounts receivable, net consisted of the following (in thousands):

 

   July 31,
2026		   April 30,
2026		   April 30,
2025		 
             
Contract assets  $19,637   $17,277   $17,914 
Contract liabilities  $(11,519)  $(9,418)  $(13,607)
Accounts receivable, net  $6,224   $4,637   $5,914 

 

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to accounts receivable when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been satisfied, and therefore, revenue has not been recognized. During the three months ended July 31, 2026, we recognized $4.0 million of our contract liabilities at April 30, 2026 as revenue. During the three months ended July 31, 2025, we recognized $4.1 million of our contract liabilities at April 30, 2025 as revenue. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable.