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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

 

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 nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Schedule of Disaggregation of Revenue

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by Contract Type (In thousands)  Three Months Ended   Three Months Ended 
   September 30, 2025   September 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $13,114   $982   $14,096   $9,064   $6,396   $15,460 
Time and materials    —    3,358    3,358     —    1,352    1,352 
Total  $13,114   $4,340   $17,454   $9,064   $7,748   $16,812 

 

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by Contract Type (In thousands)  Nine Months Ended   Nine Months Ended 
   September 30, 2025   September 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $33,696   $4,789   $38,485   $26,116   $15,405   $41,521 
Time and materials    —    7,474    7,474     —    2,894    2,894 
Total  $33,696   $12,263   $45,959   $26,116   $18,299   $44,415 

 

 

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by generator (In thousands)  Three Months Ended   Three Months Ended 
   September 30, 2025   September 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $9,204   $3,376   $12,580   $6,578   $7,346   $13,924 
Domestic commercial   2,855    716    3,571    2,229    312    2,541 
Foreign government   859    160    1,019     —    65    65 
Foreign commercial   196    88    284    257    25    282 
Total  $13,114   $4,340   $17,454   $9,064   $7,748   $16,812 

 

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by generator (In thousands)  Nine Months Ended   Nine Months Ended 
   September 30, 2025   September 30, 2024 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $21,600   $10,661   $32,261   $18,997   $17,129   $36,126 
Domestic commercial   7,644    1,161    8,805    6,045    867    6,912 
Foreign government   3,684    285    3,969    1    232    233 
Foreign commercial   768    156    924    1,073    71    1,144 
Total  $33,696   $12,263   $45,959   $26,116   $18,299   $44,415 

 

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)  September 30, 2025   December 31, 2024  

Year-to-date

Change ($)

  

Year-to-date

Change (%)

 
Contract assets                    
Unbilled receivables - current  $8,396   $4,990   $3,406    68.3%
                     
Contract liabilities                    
Deferred revenue  $7,112   $6,711   $401    6.0%

 

The increase in unbilled receivables as of September 30, 2025, from December 31, 2024, was attributed primarily to increase in revenue from the Company’s Treatment Segment.

 

(In thousands)  September 30, 2024   December 31, 2023  

Year-to-date

Change ($)

  

Year-to-date

Change (%)

 
Contract assets                    
Unbilled receivables - current  $7,277   $8,432   $(1,155)   -14%
                     
Contract liabilities                    
Deferred revenue  $5,398   $6,815   $(1,417)   -20.8%

 

During the three and nine months ended September 30, 2025, the Company recognized revenue of $752,000 and $4,640,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. During the three and nine months ended September 30, 2024, the Company recognized revenue of $677,000 and $5,596,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. Revenue recognized in each period related 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)  September 30, 2025   December 31, 2024  

Year-to-date

Change ($)

  

Year-to-date

Change (%)

 
                     
Accounts Receivable (net)  $11,887   $11,579   $308    2.7%

 

(In thousands)  September 30, 2024   December 31, 2023  

Year-to-date

Change ($)

  

Year-to-date

Change (%)

 
                     
Accounts Receivable (net)  $8,741   $9,722   $(981)   -10.1%

 

Remaining Performance Obligations

 

The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts.

 

The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.