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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
May 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERSBelow is a summary of the Company’s revenue concentration by major customer for the years ended May 31, 2023 and 2022
Fiscal Year Ended
CustomerMay 31, 2023May 31, 2022
Customer A24 %— %
Customer B20 %13 %
Customer C19 %41 %
Customer D14 %16 %
Customer E12 %15 %
Customer F11 %15 %
Total100 %100 %

Remaining Performance Obligations
As of May 31, 2023, the Company had $48.7 million in deferred revenue, which represents the Company’s remaining performance obligations. The Company expects to recognize all of this revenue within the next 12 months.

Deferred Revenue
Changes in the Company's deferred revenue balances for the years ended May 31, 2023 and 2022, respectively, are shown in the following table:

(in thousands)
Balance at May 31, 2021$— 
Advance billings12,426 
Revenue recognized(8,549)
Other adjustments— 
Balance at May 31, 2022$3,877 
Advance billings100,072 
Revenue recognized(55,392)
Other adjustments135 
Balance at May 31, 2023$48,692 

Customer Deposits
Changes in the Company's customer deposits balances for the years ended May 31, 2023 and 2022, respectively, are shown in the following table:

(in thousands)
Balance at May 31, 2021$— 
Customer deposits received$9,524 
Customer deposits refunded— 
Other adjustments— 
Balance at May 31, 2022$9,524 
Customer deposits received$26,981 
Customer deposits refunded— 
Other adjustments$(135)
Balance at May 31, 2022$36,370