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Note 4 - Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
(4)

Revenue Recognition

 

Disaggregated Revenue

 

The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 20 for further information regarding net sales by market):

 

   

Years Ended December 31,

  
   

2024

    

2023

    

2022

  

Net sales of:

                        

Products

   $ 491,382     $ 391,460     $ 342,742  

Tooling and Machinery

     8,320       3,468       6,307  

Engineering services

     4,719       5,144       4,743  

Total net sales

   $ 504,421     $ 400,072     $ 353,792  

 

Contract balances

 

The timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue (contract liabilities) included within “deferred revenue” on the consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2024, and 2023

(in thousands):

 

   

Contract Liabilities

  
   

Years Ended

  
   

December 31,

  
   

2024

    

2023

  
                 

Deferred revenue - beginning of period

   $ 6,616     $ 4,679  

Acquired in business combinations

     8       -  

Increases due to consideration received from customers

     4,439       6,572  

Revenue recognized

     (6,396 )     (4,635 )

Deferred revenue - end of period

   $ 4,667     $ 6,616  

 

Revenue recognized during the years ended December 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period was approximately $4.6 million and $2.7 million, respectively.

 

When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2024 and 2023 (in thousands):

 

   

Contract Assets

  
   

Years Ended

  
   

December 31,

  
   

2024

    

2023

  
                 

Unbilled Receivables - beginning of period

   $ 114     $ 270  

Increases due to revenue recognized, not invoiced to customers

     2,135       3,545  

Decreases due to customer invoicing

     (2,057 )     (3,701 )

Unbilled Receivables - end of period

   $ 192     $ 114