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REVENUE
 6 Months Ended
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:

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​

​

​

​

​

​

​

​

​

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:

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​

​

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Three months ended

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Three months ended

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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:

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​

​

​

​

​

​

​

​

​

Three months ended

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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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

    

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

​