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Revenue | 12 Months Ended
--- | ---
Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The Company classifies its channel customers as follows: •Megaproject (“MPD”). MPD customers are major firms that develop, design, build, own and/or operate large-scale desalination plants or projects. Revenues from projects generally exceed $1.0 million and the MPD project timeline between project tender and shipment are generally up to 36 months; however, from time-to-time, may exceed 36 months. •Original Equipment Manufacturer (“OEM”). In addition to the type of customers listed below, revenues from projects generally are $1.0 million or less and the OEM project timeline from project tender to shipment generally ranges from one to 16 months; however, from time-to-time, may exceed 16 months. ◦Water: OEM customers are companies that supply equipment, packaged systems, and various operating and maintenance solutions for small to medium-sized desalination plants, utilized by commercial and industrial entities, as well as national, state and local municipalities worldwide. ◦Emerging Technologies: OEM customers include direct sales to commercial or industrial customers, such as supermarket chains, cold storage facilities, and other industrial users. Also, included are sales to intermediaries, such as refrigeration system installers or refrigeration original equipment manufacturers. •Aftermarket (“AM”). AM customers are desalination plant owners and/or operators who can utilize the Company’s technology to upgrade or keep their plant running. AM revenue includes sales of spare parts, repair services, field services and various commissioning activities. The following table present s the disaggregated revenues by segment, and within each segment, by geographical market based on the customer “shipped to” address, and by channel customers. Sales and usage-based taxes are excluded from revenues. See Note 9, “Segment Reporting,” for further discussion related to the Company’s segments.
| Years Ended December 31,
2025 |  | 2024 |  | 2023
Water |  | Emerging Technologies |  | Total |  | Water |  | Emerging Technologies |  | Total |  | Water |  | Emerging Technologies |  | Total
(In thousands) |
Geographical market |  |  |  |  |  |  |  |  |  |  |  |
Middle East | $68,084 |  | $92 |  | $68,176 |  | $59,538 |  | $399 |  | $59,937 |  | $49,501 |  | $177 |  | $49,678
Africa | 15,010 |  | — |  | 15,010 |  | 30,731 |  | — |  | 30,731 |  | 26,936 | 0 | — |  | 26,936
Other | 51,608 |  | 193 |  | 51,801 |  | 54,041 |  | 239 |  | 54,280 |  | 51,288 |  | 447 |  | 51,735
Total revenue | $134,702 |  | $285 |  | $134,987 |  | $144,310 |  | $638 |  | $144,948 |  | $127,725 |  | $624 |  | $128,349
Channel |  |  |  |  |  |  |  |  |  |  |  |
Megaproject | $82,885 |  | $— |  | $82,885 |  | $95,399 |  | $— |  | $95,399 |  | $83,665 |  | $— |  | $83,665
Original equipment manufacturer | 31,748 |  | 192 |  | 31,940 |  | 31,337 |  | 188 |  | 31,525 |  | 25,548 |  | 447 |  | 25,995
Aftermarket | 20,069 |  | 93 |  | 20,162 |  | 17,574 |  | 450 |  | 18,024 |  | 18,512 |  | 177 |  | 18,689
Total revenue | $134,702 |  | $285 |  | $134,987 |  | $144,310 |  | $638 |  | $144,948 |  | $127,725 |  | $624 |  | $128,349
Contract Assets The Company records unbilled receivables as contract assets, which are included in prepaid expenses and other assets on the Consolidated Balance Sheets. The following table presents the change in contract asset balances during the reported periods.
| Years Ended December 31,
| 2025 |  | 2024
| (In thousands)
Contract assets balance, beginning of year | $2,776 |  | $592
Transferred to trade receivables | (2,776) |  | (592)
Additions to contract assets, excluding amounts transferred to trade receivables during the year | 1,647 |  | 2,776
Contract assets balance, end of year | $1,647 |  | $2,776
Contract Liabilities The Company records contract liabilities, which consist of customer deposits and deferred revenue, when cash payments are received in advance of the Company’s performance. The following table presents the change in contract liability balances during the reported periods.
| Years Ended December 31,
| 2025 |  | 2024
(In thousands) |
Contract liabilities, beginning of year | $571 |  | $1,187
Revenue recognized | (297) |  | (1,085)
Cash received, excluding amounts recognized as revenue during the year | 765 |  | 469
Contract liabilities, end of year | $1,039 |  | $571
Remaining Performance Obligations As of December 31, 2025, t he following table presents the revenue that is expected to be recognized related to performance obligations that are unsatisfied or partially unsatisfied.
Period |  | Remaining Performance Obligations
|  | (In thousands)
2026 |  | 10,374
2027 |  | 6,587
Total |  | $16,961

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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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