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REVENUE

9 Months Ended

Dec. 31, 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 December 31, 2024	​	$	7,456	​	$	166	​	$	7,622
Three months ended December 31, 2023	​	$	7,650	​	$	—	​	$	7,650
Nine months ended December 31, 2024	​	$	24,317	​	$	237	​	$	24,554
Nine months ended December 31, 2023	​	$	22,809	​	$	182	​	$	22,991

​

​	​	​	​	​	​	​	​	​	​
Revenue by contract type		Over-Time			Point-in-Time			Totals
Three months ended December 31, 2024	​	$	7,297	​	$	325	​	$	7,622
Three months ended December 31, 2023	​	$	7,416	​	$	234	​	$	7,650
Nine months ended December 31, 2024	​	$	23,158	​	$	1,396	​	$	24,554
Nine months ended December 31, 2023	​	$	21,763	​	$	1,228	​	$	22,991

​

As of December 31, 2024, the Company had $45,522 of remaining performance obligations, of which $37,701 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 10% or more of our revenue.

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three months ended				​	Three months ended				​	Nine months ended				​	Nine months ended				​
​	​	December 31, 2024				​	December 31, 2023					December 31, 2024				​	December 31, 2023				​
Customer		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
A	​	$	1,109		15	%	$	1,904		25	%	$	4,173	​	17	%	$	6,750	​	29	%
B	​	$	794		10	%	$	1,176		15	%	$	2,684	​	11	%	$	2,488	​	11	%
C	​	$	1,107		15	%	$	915		12	%	$	3,388	​	14	%	$	2,357	​	10	%
D	​	$	*	​	*	%	$	911	​	12	%	$	*	​	*	%	$	2,321	​	10	%
E	​	$	1,611	​	21	%	$	1,329	​	17	%	$	4,849	​	20	%	$	3,430	​	15	%
F	​	$	1,673	​	22	%	$	*	​	*	%	$	4,665	​	19	%	$	*	​	*	%
G	​	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%
H	​	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%
I	​	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%	$	*	​	*	%

*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
December 31, 2024	​	$	23,797	​	$	(15,380)	​	$	8,417
March 31, 2024	​	$	19,255	​	$	(10,728)	​	$	8,527

​

For the nine months ended December 31, 2024 and 2023, we recognized revenue of $2,103 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
December 31, 2024	​	$	1,036	​	$	1,631	​	$	2,667
March 31, 2024	​	$	2,104	​	$	1,684	​	$	3,788

​

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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

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