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REVENUE | 6 Months Ended
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Sep. 30, 2025
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 can be between three and thirty-six months. The Company invoices and receives related payments based upon performance progress not less frequently than monthly. Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an input 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, 2025 | ​ | $ | 9,075 | ​ | $ | 11 | ​ | $ | 9,086
Three months ended September 30, 2024 | ​ | $ | 8,919 | ​ | $ | 27 | ​ | $ | 8,946
Six months ended September 30, 2025 | ​ | $ | 16,454 | ​ | $ | 11 | ​ | $ | 16,465
Six months ended September 30, 2024 | ​ | $ | 16,861 | ​ | $ | 71 | ​ | $ | 16,932
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue by contract type |  | Over-time |  | Point-in-time |  | Totals
Three months ended September 30, 2025 | ​ | $ | 8,659 | ​ | $ | 427 | ​ | $ | 9,086
Three months ended September 30, 2024 | ​ | $ | 8,532 | ​ | $ | 414 | ​ | $ | 8,946
Six months ended September 30, 2025 | ​ | $ | 15,344 | ​ | $ | 1,121 | ​ | $ | 16,465
Six months ended September 30, 2024 | ​ | $ | 15,861 | ​ | $ | 1,071 | ​ | $ | 16,932
​ As of September 30, 2025, the Company had $47,799 of remaining performance obligations, of which $42,523 was less than 50% complete. The Company expects to recognize all 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 revenues from customers who accounted for more than 10% of our revenue for the periods ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Three months ended | ​ | Six months ended | ​ | Six months ended | ​
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​ | September 30, 2025 | ​ | September 30, 2024 | ​
Customer |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent | ​
A | ​ | $ | * | ​ | * | % | $ | 1,601 | ​ | 18 | % | $ | 1,790 | ​ | 11 | % | $ | 3,362 | ​ | 20 | %
B | ​ | $ | 905 | ​ | 10 | % | $ | 898 | ​ | 10 | % | $ | * | ​ | * | % | $ | 1,890 | ​ | 11 | %
C | ​ | $ | 933 | ​ | 10 | % | $ | 1,206 | ​ | 13 | % | $ | 2,778 | ​ | 17 | % | $ | 2,281 | ​ | 14 | %
D | ​ | $ | 1,265 | ​ | 14 | % | $ | 1,041 | ​ | 12 | % | $ | 1,670 | ​ | 10 | % | $ | * | ​ | * | %
E | ​ | $ | 1,561 | ​ | 17 | % | $ | 1,395 | ​ | 16 | % | $ | 3,151 | ​ | 19 | % | $ | 3,341 | ​ | 19 | %
F | ​ | $ | * | ​ | * | % | $ | 2,113 | ​ | 23 | % | $ | * | ​ | * | % | $ | 2,992 | ​ | 18 | %
*Less than 10% of total The following table displays total revenue generated by the individual customers in the above table by segment that accounted for 10% or more of our revenue for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Three months ended | ​ | Six months ended | ​ | Six months ended | ​
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​ | September 30, 2025 | ​ | September 30, 2024 | ​
Segment |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent | ​
Ranor | ​ | $ | 1,838 | ​ | 20 | % | $ | 4,393 | ​ | 49 | % | $ | 4,578 | ​ | 28 | % | $ | 8,281 | ​ | 49 | %
Stadco | ​ | $ | 2,826 | ​ | 31 | % | $ | 3,861 | ​ | 43 | % | $ | 4,810 | ​ | 29 | % | $ | 5,585 | ​ | 33 | %
​ In our 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 as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Progress | ​ | ​ | ​
Contract assets |  | Unbilled |  | Payments |  | Total
September 30, 2025 | ​ | $ | 24,274 | ​ | $ | (14,142) | ​ | $ | 10,132
March 31, 2025 | ​ | $ | 26,059 | ​ | $ | (16,472) | ​ | $ | 9,587
​ For the six months ended September 30, 2025 and 2024, we recognized revenue of $807 and $2,056 related to our contract liabilities as of the opening balances on April 1, 2025 and 2024. Contract liabilities consist of the following as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Opening |  | ​ |  | Obligations |  | Closing
Contract liabilities | ​ | Balance | ​ | Billed | ​ | Satisfied | ​ | Balance
September 30, 2025 | ​ | $ | 1,040 | ​ | $ | 16,531 | ​ | $ | (16,129) | ​ | $ | 1,442
March 31, 2025 | ​ | $ | 2,104 | ​ | $ | 18,720 | ​ | $ | (19,784) | ​ | $ | 1,040
​

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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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