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Note 4 - Revenue From Contracts With Customers | 12 Months Ended
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Jan. 31, 2025
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 4. Revenue from Contracts with Customers The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition:
|  | Twelve Months Ended January 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Total revenue recognized at a point in time |  | $ | 45,189 |  |  | $ | 35,556 |
Total revenue recognized over time |  | $ | 1,674 |  |  | $ | 954 |
Total revenue from contracts with customers |  | $ | 46,863 |  |  | $ | 36,510 |
The following table presents revenue from contracts with customers disaggregated by geography, based on the location of our customers:
|  | Twelve Months Ended January 31, |
|  | 2025 |  |  | 2024 |
Revenue from contracts with customers: |  | (in thousands) |
United States |  | $ | 2,478 |  |  | $ | 1,086 |
China |  |  | 17,720 |  |  |  | 7,668 |
Norway |  |  | 21,956 |  |  |  | 14,385 |
Turkey |  |  | 634 |  |  |  | 5,216 |
Singapore |  |  | 366 |  |  |  | 2,192 |
Canada |  |  | — |  |  |  | 1,882 |
Other |  |  | 3,709 |  |  |  | 4,081 |
Total revenue from contracts with customers |  | $ | 46,863 |  |  | $ | 36,510 |
Performance Obligations 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 SMA is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The duration of SMA contracts is one year or less. We do not have elements of variable consideration within these contracts. As of January 31, 2025 and January 31, 2024, there were no significant outstanding liability balances for refunds or returns due to the nature of our contracts and the services and products we provide. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. For fiscal 2025 and fiscal 2024, we did not recognize revenue from performance obligations satisfied in a prior periods. Contract Balances Prepayments and deferred revenue on SMAs have a significant impact our contract liabilities. Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six-month period. We do not have any long-term service contracts or related long-term contract assets or liabilities. Costs to obtain and fulfill contracts are considered immaterial and are expensed during the period when incurred. At January 31, 2023, our trade accounts receivable was approximately $3.2 million net of approximately $332,000 of allowance for credit losses. Contract liabilities decreased by approximately $1.9 million during fiscal 2025 due primarily to recognition of revenue during the year. As of January 31, 2025 and 2024 contract assets and liabilities consisted of the following:
|  | January 31, 2025 |  |  | January 31, 2024 |
Contract Assets: |  | (in thousands) |
Contract assets, beginning balance |  | $ | 26 |  |  | $ | 2 |
Revenue accrued |  | $ | 20 |  |  | $ | 26 |
Amounts billed |  |  | (26 | ) |  |  | (2 | )
Total unbilled revenue |  | $ | 20 |  |  | $ | 26 |
Contract Liabilities: |  |  |  |  |  |  |  |
Contract liabilities, beginning balance |  | $ | 3,649 |  |  | $ | 359 |
Deferred revenue and customer deposits |  | $ | 1,526 |  |  | $ | 3,614 |
Revenue recognized |  |  | (3,383 | ) |  |  | (324 | )
Total deferred revenue & customer deposits |  | $ | 1,792 |  |  | $ | 3,649 |
With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue. 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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