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Note 6 - Revenue From Contracts With Customers
 9 Months Ended
Oct. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

6. Revenue from Contracts with Customers

 

The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition:

 

  

Three Months Ended October 31,

  

Nine Months Ended October 31,

 
  

2024

  

2023

  

2024

  

2023

 

Revenue recognized at a point in time:

 

(in thousands)

 

Total revenue recognized at a point in time

 $11,405  $4,263  $30,443  $21,966 

Revenue recognized over time:

                

Total revenue recognized over time

  700   711   1,376   1,166 

Total revenue from contracts with customers

 $12,105  $4,974  $31,819  $23,132 

 

The revenue from products manufactured and sold by our Seamap business is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, from time to time our Seamap business provides repair and maintenance services, or performs upgrades, on customer owned equipment in which case revenue is recognized over time. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from the SMAs is recognized over time, with the total value of the SMAs recognized in equal monthly amounts over the life of the contract.

 

The following table presents revenue from contracts with customers disaggregated by geography, based on the shipping location of our customers:

 

  

Three Months Ended October 31,

  

Nine Months Ended October 31,

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

 

United States

 $595  $353  $1,432  $852 

Europe

  6,162   1,956   15,245   11,013 

Middle East & Africa

  4,952   1,653   13,442   10,085 

Other

  396   1,012   1,700   1,182 

Total revenue from contracts with customers

 $12,105  $4,974  $31,819  $23,132 

 

As of October 31, 2024, and January 31, 2024, contract assets and liabilities consisted of the following:

 

  

October 31, 2024

  

January 31, 2024

 

Contract Assets:

 

(in thousands)

 

Unbilled revenue - current

 $191  $26 

Total unbilled revenue

 $191  $26 

Contract Liabilities:

        

Deferred revenue & customer deposits - current

 $3,360  $3,649 

Total deferred revenue & customer deposits

 $3,360  $3,649 

 

Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect the Company's contract assets and liabilities to turn over, on average, within a period of three to nine months.

 

With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses.