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REVENUE
 6 Months Ended
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:

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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

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$

71

​

$

16,932

Six months ended September 30, 2023

​

$

15,159

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$

182

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$

15,341

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​

​

​

​

​

​

​

​

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Revenue by contract type

    

Over-Time

    

Point-in-Time

    

Totals

Three months ended September 30, 2024

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$

8,532

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$

414

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$

8,946

Three months ended September 30, 2023

​

$

7,414

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$

556

​

$

7,970

Six months ended September 30, 2024

​

$

15,861

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$

1,071

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$

16,932

Six months ended September 30, 2023

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$

14,347

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$

994

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$

15,341

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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.

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Three months ended

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Three months ended

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Six months ended

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Six months ended

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​

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September 30, 2024

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September 30, 2023

 

September 30, 2024

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September 30, 2023

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Customer

    

Amount

    

Percent

    

Amount

    

Percent

​

Amount

    

Percent

    

Amount

    

Percent

  

A

​

$

1,531

 

17

%  

$

2,560

 

32

%

$

3,064

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18

%  

$

4,845

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32

%

B

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$

898

 

10

%  

$

*

 

*

%

$

1,890

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11

%  

$

*

​

*

%

C

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$

1,206

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13

%  

$

*

​

*

%

$

2,281

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13

%  

$

*

​

*

%

D

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$

1,041

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12

%  

$

*

​

*

%

$

*

​

*

%

$

*

​

*

%

E

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$

1,365

​

15

%  

$

1,235

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16

%

$

3,238

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19

%

$

2,101

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13

%

F

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$

2,113

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24

%

$

*

​

*

%

$

2,992

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18

%

$

*

​

*

%

G

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$

*

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*

%

$

*

​

*

%

$

*

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*

%

$

*

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*

%

H

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$

*

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*

%

$

*

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*

%

$

*

​

*

%

$

*

​

*

%

*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:

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Progress

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Unbilled

    

payments

    

Total

September 30, 2024

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$

22,818

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$

(13,273)

​

$

9,545

March 31, 2024

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$

19,255

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$

(10,728)

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$

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:

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Customer

    

    

​

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Deferred Revenue

​

Deposits

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Total

September 30, 2024

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$

886

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$

1,631

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$

2,517

March 31, 2024

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$

2,104

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$

1,684

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$

3,788

​