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Note 3 - Revenue | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 3. Revenue Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Air Pollution Control |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology solutions |  | $ | 2,619 |  |  | $ | 2,557 |  |  | $ | 4,283 |  |  | $ | 5,539 |
Spare parts |  |  | 805 |  |  |  | 425 |  |  |  | 1,004 |  |  |  | 599 |
Ancillary revenue |  |  | 525 |  |  |  | 440 |  |  |  | 980 |  |  |  | 843 |
Total Air Pollution Control technology revenues |  |  | 3,949 |  |  |  | 3,422 |  |  |  | 6,267 |  |  |  | 6,981 |
FUEL CHEM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUEL CHEM technology solutions |  |  | 3,093 |  |  |  | 2,039 |  |  |  | 5,732 |  |  |  | 5,767 |
Total Revenues |  | $ | 7,042 |  |  | $ | 5,461 |  |  | $ | 11,999 |  |  | $ | 12,748 |
Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on the location of the end-user:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 4,471 |  |  | $ | 4,316 |  |  | $ | 8,066 |  |  | $ | 10,297 |
Foreign Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Latin America |  |  | 293 |  |  |  | 153 |  |  |  | 608 |  |  |  | 153 |
Europe |  |  | 1,688 |  |  |  | 820 |  |  |  | 2,544 |  |  |  | 1,399 |
Asia |  |  | 590 |  |  |  | 172 |  |  |  | 781 |  |  |  | 899 |
Total Foreign Revenues |  |  | 2,571 |  |  |  | 1,145 |  |  |  | 3,933 |  |  |  | 2,451 |
Total Revenues |  | $ | 7,042 |  |  | $ | 5,461 |  |  | $ | 11,999 |  |  | $ | 12,748 |
Timing of Revenue Recognition The following table presents the timing of our revenue recognition:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Products transferred at a point in time |  | $ | 4,423 |  |  | $ | 2,904 |  |  | $ | 7,716 |  |  | $ | 7,209 |
Products and services transferred over time |  |  | 2,619 |  |  |  | 2,557 |  |  |  | 4,283 |  |  |  | 5,539 |
Total Revenues |  | $ | 7,042 |  |  | $ | 5,461 |  |  | $ | 11,999 |  |  | $ | 12,748 |
Contract Balances The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. In our Air Pollution Control (APC) technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For the FUEL CHEM technology segment, deliveries made in the current period but billed in subsequent periods are also considered contract assets. These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. At June 30, 2024, December 31, 2023, and December 31, 2022, contract assets for APC technology projects were approximately $1,543, $2,285, and $3,082, respectively. There were no contract assets for the FUEL CHEM technology segment as of June 30, 2024, December 31, 2023, and December 31, 2022. The Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $276, $1,279, and $372 at June 30, 2024, December 31, 2023, and December 31, 2022, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. Changes in the contract asset and liability balances during the six-month period ended June 30, 2024 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously. Revenue recognized that was included in the contract liability balance at the beginning of the period was $438 and $1,221 for the three and six months ended June 30, 2024, respectively, and $9 and $368 for the three and six months ended June 30, 2023, respectively, which represented primarily revenue from progress towards completion of our APC technology contracts. As of June 30, 2024 and December 31, 2023, we had no construction contracts in progress that were identified as a loss contract. Remaining Performance Obligations Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,250. The Company expects to recognize revenue on approximately $4,250 of the remaining performance obligations over the next 12 months with the remaining recognized thereafter. Accounts Receivable The components of accounts receivable are as follows:
|  | As of |
|  | June 30, 2024 |  |  | December 31, 2023 |
Trade receivables |  | $ | 5,182 |  |  | $ | 4,300 |
Unbilled receivables |  |  | 1,543 |  |  |  | 2,285 |
Receivable for employee retention credit |  |  | 1,677 |  |  |  | — |
Other short-term receivables |  |  | 355 |  |  |  | 255 |
Allowance for credit losses |  |  | (106 | ) |  |  | (111 | )
Total accounts receivable |  | $ | 8,651 |  |  | $ | 6,729 |

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