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Revenue | 6 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Note 10 – Revenue The Company’s revenues are generated primarily from its manufacturing services, which entails the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of other inventory. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of the product to the customer, which is generally when goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to trade accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. Disaggregation of Revenue The following tables provide a summary of the Company’s revenue disaggregated by market sector and a reconciliation of the disaggregated revenue to the Company’s revenue by reportable operating segment:
|  | Three Months Ended June 30, 2026 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market sector: |  |  |  |  |  |  |  |  |  |  |  |
Semi-Cap |  | $ | 46,972 |  |  | $ | 144,251 |  |  | $ | 32,254 |  |  | $ | 223,477 |
Industrial |  |  | 36,817 |  |  |  | 99,333 |  |  |  | 24,447 |  |  |  | 160,597 |
A&D |  |  | 84,256 |  |  |  | 12,158 |  |  |  | 14,805 |  |  |  | 111,219 |
Medical |  |  | 74,439 |  |  |  | 41,756 |  |  |  | 17,361 |  |  |  | 133,556 |
AC&C |  |  | 89,584 |  |  |  | 37,547 |  |  |  | — |  |  |  | 127,131 |
External revenue |  |  | 332,068 |  |  |  | 335,045 |  |  |  | 88,867 |  |  |  | 755,980 |
Elimination of intersegment sales |  |  | 8,392 |  |  |  | 10,473 |  |  |  | 2,650 |  |  |  | 21,515 |
Segment revenue |  | $ | 340,460 |  |  | $ | 345,518 |  |  | $ | 91,517 |  |  | $ | 777,495 |
|  | Six Months Ended June 30, 2026 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market sector: |  |  |  |  |  |  |  |  |  |  |  |
Semi-Cap |  | $ | 90,357 |  |  | $ | 263,858 |  |  | $ | 59,927 |  |  | $ | 414,142 |
Industrial |  |  | 58,544 |  |  |  | 186,636 |  |  |  | 48,705 |  |  |  | 293,885 |
A&D |  |  | 179,988 |  |  |  | 22,137 |  |  |  | 28,873 |  |  |  | 230,998 |
Medical |  |  | 151,851 |  |  |  | 78,344 |  |  |  | 31,837 |  |  |  | 262,032 |
AC&C |  |  | 152,928 |  |  |  | 79,275 |  |  |  | — |  |  |  | 232,203 |
External revenue |  |  | 633,668 |  |  |  | 630,250 |  |  |  | 169,342 |  |  |  | 1,433,260 |
Elimination of intersegment sales |  |  | 18,087 |  |  |  | 18,389 |  |  |  | 5,463 |  |  |  | 41,939 |
Segment revenue |  | $ | 651,755 |  |  | $ | 648,639 |  |  | $ | 174,805 |  |  | $ | 1,475,199 |
|  | Three Months Ended June 30, 2025 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market sector: |  |  |  |  |  |  |  |  |  |  |  |
Semi-Cap |  | $ | 47,415 |  |  | $ | 119,134 |  |  | $ | 23,833 |  |  | $ | 190,382 |
Industrial |  |  | 28,181 |  |  |  | 84,789 |  |  |  | 28,659 |  |  |  | 141,629 |
A&D |  |  | 105,031 |  |  |  | 5,044 |  |  |  | 16,180 |  |  |  | 126,255 |
Medical |  |  | 60,743 |  |  |  | 35,936 |  |  |  | 12,891 |  |  |  | 109,570 |
AC&C |  |  | 42,840 |  |  |  | 31,659 |  |  |  | — |  |  |  | 74,499 |
External revenue |  |  | 284,210 |  |  |  | 276,562 |  |  |  | 81,563 |  |  |  | 642,335 |
Elimination of intersegment sales |  |  | 11,007 |  |  |  | 10,504 |  |  |  | 1,836 |  |  |  | 23,347 |
Segment revenue |  | $ | 295,217 |  |  | $ | 287,066 |  |  | $ | 83,399 |  |  | $ | 665,682 |
|  | Six Months Ended June 30, 2025 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market sector: |  |  |  |  |  |  |  |  |  |  |  |
Semi-Cap |  | $ | 91,497 |  |  | $ | 243,376 |  |  | $ | 50,576 |  |  | $ | 385,449 |
Industrial |  |  | 56,068 |  |  |  | 164,040 |  |  |  | 58,268 |  |  |  | 278,376 |
A&D |  |  | 208,539 |  |  |  | 8,672 |  |  |  | 30,900 |  |  |  | 248,111 |
Medical |  |  | 115,229 |  |  |  | 72,255 |  |  |  | 25,723 |  |  |  | 213,207 |
AC&C |  |  | 87,003 |  |  |  | 61,953 |  |  |  | — |  |  |  | 148,956 |
External revenue |  |  | 558,336 |  |  |  | 550,296 |  |  |  | 165,467 |  |  |  | 1,274,099 |
Elimination of intersegment sales |  |  | 21,159 |  |  |  | 20,809 |  |  |  | 4,211 |  |  |  | 46,179 |
Segment revenue |  | $ | 579,495 |  |  | $ | 571,105 |  |  | $ | 169,678 |  |  | $ | 1,320,278 |
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and advance payments from customers. During the six months ended June 30, 2026 and 2025, 87.9% and 87.3%, respectively, of the Company’s revenue was recognized as products and services that were transferred over time. Contract assets primarily relate to the Company’s right to consideration for work completed but not billed to the customer as of period end. Contract asset balances are transferred to trade accounts receivable when the rights become unconditional. A summary of activity related to the Company’s contract assets follows:
|  | Six Months Ended June 30, |
(in thousands) |  | 2026 |  |  | 2025 |
Balance as of the beginning of the year |  | $ | 182,870 |  |  | $ | 167,578 |
Revenue recognized |  |  | 1,259,836 |  |  |  | 1,112,985 |
Amounts collected or invoiced |  |  | (1,246,286 | ) |  |  | (1,105,462 | )
Balance as of the end of the period |  | $ | 196,420 |  |  | $ | 175,101 |
As of June 30, 2026 and December 31, 2025, the Company had $124.3 million and $115.5 million, respectively, in advance payments from customers. Of those amounts, $111.4 million and $97.0 million, respectively, were customer deposits and prepayments of inventory and $12.9 million and $18.5 million, respectively, were related to the contractual timing of payments. The advance payments are not considered a significant financing component because they are used to meet working capital demands of a contract, offset inventory risks and protect the Company from the failure of other parties to fulfill obligations under a contract.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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