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Accounts Receivable, Contract Assets and Contract Liabilities

6 Months Ended

Oct. 31, 2025

Accounts Receivable Contract Assets And Contract Liabilities

Accounts Receivable, Contract Assets and Contract Liabilities

(3) Accounts Receivable, Contract Assets and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers:

	October 31, 2025		April 30, 2025		April 30, 2024
	(in thousands)
Accounts receivable	$	1,100	$	1,191	$	796
Contract assets	$	752	$	1,088	$	18
Contract liabilities	$	135	$	—	$	302

Contract Assets

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The decrease in contract assets from year end is primarily a result of being able to contractually bill on active projects for which revenue was recognized in the prior period but was not yet been billed as of the beginning of the period. No impairments to contract assets were incurred during the six months ended October 31, 2025 and 2024.

Significant changes in the contract assets balances during the period were as follows:

	Six months ended October 31, 2025			Six months ended October 31, 2024
	(in thousands)
Transferred to receivables from contract assets recognized	$	(853	)	$	(583	)
Revenue recognized and not billed		517			651
Net change in contract assets	$	(336	)	$	68

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year end is primarily due to collecting payments for jobs we cannot contractually recognize revenue on the current year.

Significant changes in the contract liabilities balances during the period are as follows:

	Six months ended October 31, 2025			Six months ended October 31, 2024
	(in thousands)
Revenue recognized	$	(115	)	$	(1,515	)
Payments collected for which revenue has not been recognized		250			1,332
Net change in contract liabilities	$	135		$	(183	)