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REVENUE | 6 Months Ended
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Sep. 30, 2024
REVENUE |
REVENUE | NOTE 3 – REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company performs its obligations is generally between three and thirty-six months. Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type revenue only. The following table presents revenue on a disaggregated basis by market and contract type: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue by market |  | Defense |  | Industrial |  | Totals
Three months ended September 30, 2024 | ​ | $ | 8,919 | ​ | $ | 27 | ​ | $ | 8,946
Three months ended September 30, 2023 | ​ | $ | 7,960 | ​ | $ | 10 | ​ | $ | 7,970
Six months ended September 30, 2024 | ​ | $ | 16,861 | ​ | $ | 71 | ​ | $ | 16,932
Six months ended September 30, 2023 | ​ | $ | 15,159 | ​ | $ | 182 | ​ | $ | 15,341
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue by contract type |  | Over-Time |  | Point-in-Time |  | Totals
Three months ended September 30, 2024 | ​ | $ | 8,532 | ​ | $ | 414 | ​ | $ | 8,946
Three months ended September 30, 2023 | ​ | $ | 7,414 | ​ | $ | 556 | ​ | $ | 7,970
Six months ended September 30, 2024 | ​ | $ | 15,861 | ​ | $ | 1,071 | ​ | $ | 16,932
Six months ended September 30, 2023 | ​ | $ | 14,347 | ​ | $ | 994 | ​ | $ | 15,341
​ As of September 30, 2024, the Company had $48,641 of remaining performance obligations, of which $41,304 were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue within the next thirty-six months. We are dependent each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenue from customers who accounted for more than 10% of our revenue. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Three months ended | ​ | Six months ended | ​ | Six months ended | ​
​ | ​ | September 30, 2024 | ​ | September 30, 2023 |  | September 30, 2024 | ​ | September 30, 2023 | ​
Customer |  | Amount |  | Percent |  | Amount |  | Percent | ​ | Amount |  | Percent |  | Amount |  | Percent |
A | ​ | $ | 1,531 |  | 17 | % | $ | 2,560 |  | 32 | % | $ | 3,064 | ​ | 18 | % | $ | 4,845 | ​ | 32 | %
B | ​ | $ | 898 |  | 10 | % | $ | * |  | * | % | $ | 1,890 | ​ | 11 | % | $ | * | ​ | * | %
C | ​ | $ | 1,206 | ​ | 13 | % | $ | * | ​ | * | % | $ | 2,281 | ​ | 13 | % | $ | * | ​ | * | %
D | ​ | $ | 1,041 | ​ | 12 | % | $ | * | ​ | * | % | $ | * | ​ | * | % | $ | * | ​ | * | %
E | ​ | $ | 1,365 | ​ | 15 | % | $ | 1,235 | ​ | 16 | % | $ | 3,238 | ​ | 19 | % | $ | 2,101 | ​ | 13 | %
F | ​ | $ | 2,113 | ​ | 24 | % | $ | * | ​ | * | % | $ | 2,992 | ​ | 18 | % | $ | * | ​ | * | %
G | ​ | $ | * | ​ | * | % | $ | * | ​ | * | % | $ | * | ​ | * | % | $ | * | ​ | * | %
H | ​ | $ | * | ​ | * | % | $ | * | ​ | * | % | $ | * | ​ | * | % | $ | * | ​ | * | %
*Less than 10% of total In our condensed consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets consist of the following at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Progress | ​ | ​ | ​
​ |  | Unbilled |  | payments |  | Total
September 30, 2024 | ​ | $ | 22,818 | ​ | $ | (13,273) | ​ | $ | 9,545
March 31, 2024 | ​ | $ | 19,255 | ​ | $ | (10,728) | ​ | $ | 8,527
​ For the six months ended September 30, 2024 and 2023, we recognized revenue of $2,056 and $1,195 related to our contract liabilities as of April 1, 2024 and 2023. Contract liabilities consist of the following as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Customer |  |  | ​
​ | ​ | Deferred Revenue | ​ | Deposits | ​ | Total
September 30, 2024 | ​ | $ | 886 | ​ | $ | 1,631 | ​ | $ | 2,517
March 31, 2024 | ​ | $ | 2,104 | ​ | $ | 1,684 | ​ | $ | 3,788
​

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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