v3.26.3
Revenue
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Revenue

Note 4. Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either at a point in time or over time. Additionally, the Company disaggregates revenue based on the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in “Note 5. Segment Information.”

Disaggregation of Revenue

Disaggregated revenue satisfied at a point in time and over time was as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

Satisfied at a point in time

 

$

154,933

 

 

$

129,343

 

 

$

297,304

 

 

$

250,697

 

Satisfied over time

 

 

59,914

 

 

 

48,785

 

 

 

118,812

 

 

 

97,260

 

Mechanical Components

 

 

 

 

 

 

 

 

 

 

 

 

Satisfied at a point in time

 

 

240,360

 

 

 

185,762

 

 

 

458,821

 

 

 

362,707

 

Satisfied over time

 

 

45,521

 

 

 

36,554

 

 

 

84,649

 

 

 

69,859

 

Total revenue

 

$

500,728

 

 

$

400,444

 

 

$

959,586

 

 

$

780,523

 

 

Disaggregated revenue by end market was as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

Defense and space

 

$

138,257

 

 

$

123,863

 

 

$

266,468

 

 

$

234,026

 

Commercial aerospace

 

 

3,764

 

 

 

2,761

 

 

 

8,033

 

 

 

6,070

 

Industrial technology

 

 

72,826

 

 

 

51,504

 

 

 

141,615

 

 

 

107,861

 

Mechanical Components

 

 

 

 

 

 

 

 

 

 

 

 

Defense and space

 

 

96,924

 

 

 

69,022

 

 

 

176,009

 

 

 

124,577

 

Commercial aerospace

 

 

106,912

 

 

 

85,251

 

 

 

208,112

 

 

 

171,489

 

Industrial technology

 

 

82,045

 

 

 

68,043

 

 

 

159,349

 

 

 

136,500

 

Total revenue

 

$

500,728

 

 

$

400,444

 

 

$

959,586

 

 

$

780,523

 

 

Contract Balances

Contract assets and contract liabilities were as follows:

 

 

June 30,2026

 

 

December 31, 2025

 

Contract assets, current

 

$

81,441

 

 

$

67,780

 

Contract liabilities, current

 

 

(23,176

)

 

 

(30,027

)

Contract liabilities, noncurrent

 

 

(1,270

)

 

 

(1,414

)

Total contract liabilities

 

 

(24,446

)

 

 

(31,441

)

Net contract assets

 

$

56,995

 

 

$

36,339

 

 

Contract assets increased primarily due to new contract awards and timing of work performed resulting in progress toward completion and revenue recognition. This increase was partially offset by progress and contractual billings that reduced previously recognized contract asset balances. Contract liabilities decreased primarily as a result of revenue recognized upon completion of performance obligations, including the achievement of contractual milestones and fulfillment of orders during the period. This decrease was partially offset by advance payments received on new and existing contracts. For the six months ended June 30, 2026 and 2025, revenue recognized from contract liabilities at the beginning of the period was $19,643 and $15,082, respectively.

Note 4. Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either at a point in time or over time. Additionally, the Company disaggregates revenue based on the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in “Note 5. Segment Information.”

Disaggregation of Revenue

Disaggregated revenue satisfied at a point in time and over time was as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Electronic Components

 

 

 

 

 

 

 

 

 

Satisfied at a point in time .

 

$

481,570

 

 

$

210,512

 

 

$

113,741

 

Satisfied over time

 

 

223,427

 

 

 

150,003

 

 

 

116,101

 

Mechanical Components

 

 

 

 

 

 

 

 

 

Satisfied at a point in time .

 

 

731,444

 

 

 

314,895

 

 

 

160,589

 

Satisfied over time

 

 

154,579

 

 

 

67,582

 

 

 

34,064

 

Total revenue

 

$

1,591,020

 

 

$

742,992

 

 

$

424,495

 

 

Disaggregated revenue by end market was as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Electronic Components

 

 

 

 

 

 

 

 

 

Defense and Space .

 

$

485,661

 

 

$

267,604

 

 

$

166,940

 

Commercial Aerospace

 

 

11,867

 

 

 

4,486

 

 

 

3,143

 

Industrial Technology

 

 

207,469

 

 

 

88,425

 

 

 

59,759

 

Mechanical Components

 

 

 

 

 

 

 

 

 

Defense and Space .

 

 

256,566

 

 

 

130,547

 

 

 

79,291

 

Commercial Aerospace

 

 

355,744

 

 

 

135,730

 

 

 

46,563

 

Industrial Technology

 

 

273,713

 

 

 

116,200

 

 

 

68,799

 

Total revenue

 

$

1,591,020

 

 

$

742,992

 

 

$

424,495

 

 

Revenue by Geography

Revenue from external customers by geographic area based on location of the customer was as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

1,051,442

 

 

$

539,618

 

 

$

316,558

 

Europe

 

 

287,401

 

 

 

103,840

 

 

 

45,759

 

All other countries

 

 

252,177

 

 

 

99,534

 

 

 

62,178

 

Total revenue

 

$

1,591,020

 

 

$

742,992

 

 

$

424,495

 

 

Contract Balances

Contract assets and contract liabilities were as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Contract assets, current

 

$

67,780

 

 

$

58,200

 

Contract liabilities, current

 

 

(30,027

)

 

 

(20,716

)

Contract liabilities, noncurrent

 

 

(1,414

)

 

 

(2,204

)

Total contract liabilities

 

 

(31,441

)

 

 

(22,920

)

Net contract assets

 

$

36,339

 

 

$

35,280

 

 

Contract assets increased primarily due to new contract awards and timing of work performed resulting in progress toward completion and revenue recognition. This increase was partially offset by progress billings, performance-based payments, and contractual billings that reduced previously recognized contract asset balances. Contract liabilities increased primarily as a result of advance payments received on new and existing contracts. This increase was partially offset by revenue recognized upon completion of performance obligations, including the achievement of contractual milestones and fulfillment of orders during the period. For the years ended December 31, 2025 and 2024, revenue recognized from contract liabilities at the beginning of the period was $20,677 and $15,571, respectively.