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REVENUES
 6 Months Ended
Jun. 30, 2024
REVENUES
3.
REVENUES

The following table provides information about revenue by recognition model during the three and six months ended June 30, 2024 and 2023:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Revenues by recognition model

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Point-in-time

 

$

45,853

 

 

$

35,670

 

 

$

89,962

 

 

$

64,332

 

Over-time

 

 

60,398

 

 

 

26,375

 

 

 

109,056

 

 

 

52,608

 

Total revenue by recognition model

 

$

106,251

 

 

$

62,045

 

 

$

199,018

 

 

$

116,940

 

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of June 30, 2024 and December 31, 2023:

 

June 30, 2024

 

 

December 31, 2023

 

Contract balances

 

 

 

 

 

 

Accounts receivable, net

 

$

50,476

 

 

$

35,176

 

Contract assets

 

 

18,744

 

 

 

12,951

 

Contract liabilities

 

 

(184,042

)

 

 

(139,338

)

 

Changes in contract liabilities for the three months ended June 30, 2024 were as follows:

Contract liabilities, at March 31, 2024

 

$

150,535

 

Customer advances received or billed

 

 

66,613

 

Recognition of unearned revenue

 

 

(33,106

)

Contract liabilities, at June 30, 2024

 

$

184,042

 

Changes in contract liabilities for the six months ended June 30, 2024 were as follows:

Contract liabilities, at December 31, 2023

 

$

139,338

 

Customer advances received or billed

 

 

134,983

 

Recognition of unearned revenue

 

 

(90,279

)

Contract liabilities, at June 30, 2024

 

$

184,042

 

The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business.

The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three and six months ended June 30, 2024 and 2023 was not material.

Backlog

The Company’s backlog represents the estimated transaction prices on performance obligations to the Company’s customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of backlog when an enforceable agreement has been reached. Remaining backlog totaled $1,066,627 as of June 30, 2024, of which approximately 44% is expected to be recognized within 12 months, with the remaining 56% to be recognized beyond 12 months.

Concentration of Credit Risk and Significant Customers

As of June 30, 2024, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were:

 

 

June 30, 2024

 

MDA Corporation

 

 

26

%

Synspective, Inc.

 

 

12

%

For the six months ended June 30, 2024, the Company’s customers that accounted for 10% or more of the total revenue, were as follows:

 

 

Six Months Ended June 30, 2024

 

MDA Corporation

 

 

26

%

Customer Financing

In connection with the signing of two separate multi-launch agreements with commercial customers, the Company entered into subordinated loan and security agreements. The commercial customers may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreements. The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, respectively based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date.

As of June 30, 2024, the Company had $3,733 customer financing in prepaid and other currents assets and $15,267 customer financing receivable in other non-current assets on the condensed consolidated balance sheets. Customer financing interest income for the three and six months ended June 30, 2024 was $229 and $481, respectively.