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REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3

REVENUE

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Revenue by Contract Type

(In thousands)

 

  Treatment   Services   Total   Treatment   Services   Total 
   Twelve Months Ended   Twelve Months Ended 
  December 31, 2024   December 31, 2023 
  Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $34,953   $19,392   $54,345   $43,477   $41,540   $85,017 
Time and materials   —    4,772    4,772    —    4,718    4,718 
Total  $34,953   $24,164   $59,117   $43,477   $46,258   $89,735 

 

Revenue by generator

(In thousands)

 

  Treatment   Services   Total   Treatment   Services   Total 
   Twelve Months Ended   Twelve Months Ended 
  December 31, 2024   December 31, 2023 
  Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $24,487   $22,389   $46,876   $31,448   $39,194   $70,642 
Domestic commercial   8,566    1,223    9,789    10,670    6,357    17,027 
Foreign government   509    463    972    1,001    619    1,620 
Foreign commercial   1,391    89    1,480    358    88    446 
Total  $34,953   $24,164   $59,117   $43,477   $46,258   $89,735 

 

Contract Balances

 

The timing of revenue recognition and billings can result in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of the Company’s performance obligation. The following table represents changes in our contract asset and contract liabilities balances for the periods noted:

 

(In thousands)  December 31, 2024   December 31, 2023  

Year-to-date

Change ($)

  

Year-to-date

Change (%)

 
Contract assets                    
Unbilled receivables - current  $4,990   $8,432   $(3,442)   (40.8)%
                     
Contract liabilities                    
Deferred revenue  $6,711   $6,815   $(104)   (1.5)%

 

The reduction in unbilled receivables from 2023 to 2024 was primarily due to invoicing in 2024 of two large Services Segment projects that were primarily completed by the end of 2023.

 

(In thousands)  December 31, 2023   December 31, 2022   Year-to-date
Change ($)		   Year-to-date
Change (%)		 
Contract assets                    
Unbilled receivables - current  $8,432   $6,062   $2,370    39.1%
                     
Contract liabilities                    
Deferred revenue  $6,815   $4,813   $2,002    41.6%

 

The increase in unbilled receivables from 2022 to 2023 resulted primarily from a large Services Segment project which was completed primarily by the end of 2023 and invoiced in 2024 as discussed above.

 

Deferred revenue as of December 31, 2023, included a remaining prepayment of approximately $2,031,000 by a certain customer for a waste treatment project which was completed in 2024.

 

During the twelve-months ended December 31, 2024, and 2023, the Company recognized revenue of $5,887,000 and $6,759,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period relates to performance obligations satisfied within the respective period.

 

Accounts Receivable

 

The following table represents changes in accounts receivable, net of credit losses, for the periods noted:

 

(In thousands)  December 31, 2024   December 31, 2023   Year-to-date
Change ($)		   Year-to-date
Change (%)		 
                 
Accounts Receivable (net)  $11,579   $9,722   $1,857    19.1%

 

   December 31, 2023   December 31, 2022   Year-to-date
Change ($)		   Year-to-date
Change (%)		 
                 
Accounts Receivable (net)  $9,722   $9,364   $358    3.8%