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Note 13 - Revenues
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

13.

REVENUES

 

For each of the identified periods, revenues are categorized as follows (in thousands):

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Product sales

 $4,598  $10,668  $17,352  $38,219 

Maintenance fees

  83   32   221   85 

Professional services

  967   332   1,114   753 

Shipping and handling

  141   484   546   2,011 

Discounts and allowances

  (1)  (34)  (46)  (213)

Total revenues

 $5,788  $11,482  $19,187  $40,855 

 

The following table disaggregates gross revenue from our clients by significant geographic area for the three and nine months ended September 30, 2025 and 2024:

 

  

For the Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2025

  

2024

  

2025

  

2024

 

United States

 $3,386  $7,878  $12,007  $33,051 

Serbia

  1,037   1,626   2,926   5,047 

Romania

  321   601   1,392   1,140 

Croatia

  316   205   1,015   472 

Montenegro

  244   84   581   446 

Bosnia

  424   111   714   197 

Other

  60   977   552   502 

Total revenue

 $5,788  $11,482  $19,187  $40,855 

 

During the three months ended September 30, 2025 and 2024, revenues were derived from federal customers were 0% and 11% and for the nine months ended September 30, 2025 and 2024, 6% and 37% of revenues were derived from federal customers, respectively. During the three months ended September 30, 2025 and 2024, revenues were derived from state and local governments were 18% and 42% and for the nine months ended September 30, 2025 and 2024,  28% and 33% of revenues were derived from state and local governments, respectively. In addition, 43% and 39% of revenues in the three and nine months ended September 30, 2025 were sales made outside of the United States compared to 32% and 20% in the prior year.

 

At September 30, 2025 and 2024, deferred revenue was $2.3 million and $1.6 million, respectively. These amounts consisted mainly of customer deposits in the amount of $1.2 million and $1.0 million for September 30, 2025 and 2024, respectively, and prepaid multi-year maintenance plans for previously sold products which account for $1.1 million and $0.9 million for September 30, 2025 and 2024, respectively, and pertain to services to be provided through 2035. Revenue recognized during the nine months ended September 30, 2025 and 2024 which pertained to revenue deferred in prior years was $177 thousand and $83 thousand, respectively.

 

The balance of contract assets is driven by the difference in timing of when revenue is recognized from performance obligations satisfied in the current reporting period and when amounts are invoiced to the customer. The balance of contract liabilities is driven by the difference in timing between when cash is received pursuant to a contract and when the Company’s performance obligations under the contract are satisfied.

 

The following table provides the activity for the contract liabilities recognized (in thousands):

 

  

For the Nine Months Ended

 
  

September 30,

 
  

2025

  

2024

 

Beginning Balance

 $1,647  $1,230 

Additions

  921   518 

Recognized in revenue

  

(245

)  (167)

Ending Balance

 $2,323  $1,581