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Contract Assets and Liabilities | 6 Months Ended
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Nov. 24, 2024
Revenue from Contract with Customer [Abstract] |
Contract Assets and Liabilities | Revenue The Company disaggregates its revenue based on how it markets its products and services and reviews results of operations. The following table disaggregates revenues by major product lines and services:
| Three Months Ended |  | Six Months Ended
| November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023
CDMO | $ | 25,610 |  |  | $ | 23,678 |  |  | $ | 45,790 |  |  | $ | 45,217 |
HA manufacturing | 6,954 |  |  | 6,472 |  |  | 11,479 |  |  | 9,455 |
Total | $ | 32,564 |  |  | $ | 30,150 |  |  | $ | 57,269 |  |  | $ | 54,672 |
The following table disaggregates revenues by the timing of revenue recognition:
| Three Months Ended |  | Six Months Ended
| November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023
Revenues recognized over time | $ | 6,122 |  |  | $ | 5,827 |  |  | $ | 11,998 |  |  | $ | 12,208 |
Revenues recognized at a point in time | 26,442 |  |  | 24,323 |  |  | 45,271 |  |  | 42,464 |
Total | $ | 32,564 |  |  | $ | 30,150 |  |  | $ | 57,269 |  |  | $ | 54,672 |
During the three months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 40%, 18%, and 18%. During the three months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 32%, 22%, and 22%. During the six months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 37%, 20% and 14%. During the six months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 31%, 22%, and 14%. Contract Assets and Liabilities Contract assets primarily relate to the Company’s unconditional right to consideration for work completed but not billed at the reporting date. Contract liabilities primarily relate to payments received from customers in advance of performance under a contract.
Description |  | Balance Sheet Presentation |  | November 24, 2024 |  | May 26, 2024
Assets: |  |  |  |  |  |
Receivables not yet billed |  | Accounts receivable, less allowance for credit losses |  | $ | 5,216 |  |  | $ | 3,885 |
Related party receivables not yet billed |  | Accounts receivable, related party |  | 482 |  |  | 184 |
|  | Total contract assets |  | $ | 5,698 |  |  | $ | 4,069 |
Current Liabilities: |  |  |  |  |  |
Advances on customer-owned equipment |  | Other accrued liabilities |  | $ | 3,014 |  |  | $ | 3,509 |
Non related parties deferred revenue |  | Deferred revenues |  | 426 |  |  | 1,088 |
Related party deferred revenue |  | Deferred revenues, related party |  | 511 |  |  | 1,025 |
Non-Current Liabilities: |  |  |  |  |  |
Related party deferred revenue |  | Deferred revenues, less current portion, related party |  | 4,880 |  |  | 4,703 |
Non-current customer deposit |  | Other non-current liabilities |  | 176 |  |  | 257 |
|  | Total contract liabilities |  | $ | 9,007 |  |  | $ | 10,582 |
Revenues recognized during the three and six months ended November 24, 2024 that were included in the contract liability balance at the beginning of fiscal year 2025, were $328 and $1,911. We receive payments from customers based on billing schedules as established in our contracts. The contract assets relate to our conditional right to consideration for our completed performance under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as we perform under the statements of work.

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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