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Note 2 - Revenue Recognition | 12 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when performance of contractual obligations are satisfied, generally when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. The Company primarily derives product revenue from the sale of its manufactured products. Revenue from these product sales, including the sale of used rental equipment, is recognized when obligations under the terms of a contract are satisfied, control is transferred and collectability of the sales price is probable. The Company records deferred revenue when customer funds are received prior to shipment or delivery or performance has not yet occurred. The Company assesses collectability during the contract assessment phase. In situations where collectability of the sales price is not probable, the Company recognizes revenue when it determines that collectability is probable or when non-refundable cash is received from its customers and there is not a significant right of return. Transfer of control generally occurs with shipment or delivery, depending on the terms of the underlying contract. The Company’s products are generally sold without any customer acceptance provisions, and the Company’s standard terms of sale do not allow customers to return products for credit. Revenue from engineering services is recognized as services are rendered over the duration of a project, or as billed on a per hour basis. Field service revenue is recognized when services are rendered and is generally priced on a per day rate. The Company also generates revenue from short-term rentals under operating leases of its manufactured products. Rental revenue is recognized as earned over the rental period if collectability of the rent is reasonably assured. Rentals of the Company’s equipment generally range from daily rentals to minimum rental periods of up to one year. The Company has determined that ASC 606 does not apply to rental contracts, which are within the scope of ASC Topic 842, Leases. As permissible under ASC 606, sales taxes and transaction-based taxes are excluded from revenue. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Additionally, the Company expenses costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses. The Company has elected to treat shipping and handling activities in a sales transaction after the customer obtains control of the goods as a fulfillment cost and not as a promised service. Accordingly, fulfillment costs related to the shipping and handling of goods are accrued at the time of shipment. Amounts billed to a customer in a sales transaction related to reimbursable shipping and handling costs are included in revenue, and the associated costs incurred by the Company for reimbursable shipping and handling expenses are reported in cost of revenue. The Company incurred shipping and handling expenses of $0.3 million and $0.5 million, respectively, for the fiscal years ended September 30, 2024 and 2023, respectively. At September 30, 2024, the Company had no deferred contract liabilities and no deferred contract costs. At September 30, 2023, the Company had deferred contract liabilities of $0.7 million and no deferred contract cost. At October 1, 2022, the Company had no deferred contract liabilities and no deferred contract costs. At October 1, 2022, the Company had accounts receivable from contracts with customers of $13.2 million. For the fiscal year ended September 30, 2024, revenue of $0.7 million was recognized from deferred contract liabilities. For the fiscal year ended September 30, 2023, no revenue was recognized from deferred contract liabilities and no cost of revenue was recognized from deferred contract costs. At September 30, 2024, all contracts had an original duration of one year or less. For the fiscal years ended September 30, 2024 and 2023, revenue recognized from contracts with customers satisfied over-time was $1.3 million and $0.2 million, respectively. All other revenue from contracts with customers was recognized at a point-in-time. Revenue satisfied over-time for the fiscal years ended September 30, 2024 and 2023 over-time was from the Company's Emerging Markets operating segment. For each of the Company’s operating segments, the following table presents revenue only from the sale of products and the performance of services under contracts with customers (in thousands). Therefore, the table excludes all revenue earned from rental contracts.
|  | YEAR ENDED SEPTEMBER 30, |
|  | 2024 |  |  | 2023 |
Oil and Gas Markets |  |  |  |  |  |  |  |
Traditional exploration product revenue |  | $ | 9,666 |  |  | $ | 12,081 |
Wireless exploration product revenue |  |  | 48,094 |  |  |  | 10,168 |
Reservoir product revenue |  |  | 596 |  |  |  | 962 |
Total revenue |  |  | 58,356 |  |  |  | 23,211 |
Adjacent Markets |  |  |  |  |  |  |  |
Industrial product revenue |  |  | 43,058 |  |  |  | 36,859 |
Imaging product revenue |  |  | 12,400 |  |  |  | 12,029 |
Total revenue |  |  | 55,458 |  |  |  | 48,888 |
Emerging Markets |  |  |  |  |  |  |  |
Revenue |  |  | 2,222 |  |  |  | 1,234 |
Total |  | $ | 116,036 |  |  | $ | 73,333 |
See Note 20 for more information on the Company’s operating segments. For each of the geographic areas where the Company operates, the following table presents revenue from the sale of products and performance of services under contracts with customers (in thousands). Therefore, the table excludes all revenue earned from rental contracts.
|  | YEAR ENDED SEPTEMBER 30, |
|  | 2024 |  |  | 2023 |
Asia (including Russian Federation) |  | $ | 43,831 |  |  | $ | 13,006 |
Canada |  |  | 1,578 |  |  |  | 1,032 |
Europe |  |  | 6,430 |  |  |  | 5,976 |
Mexico |  |  | 1,959 |  |  |  | 1,792 |
South America |  |  | 384 |  |  |  | 448 |
United States |  |  | 61,009 |  |  |  | 49,828 |
Other |  |  | 845 |  |  |  | 1,251 |
|  | $ | 116,036 |  |  | $ | 73,333 |
Revenue is attributable to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not known, revenue is attributable to countries based on the geographic location of the initial shipment.

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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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