XML 31 R15.htm IDEA: XBRL DOCUMENT v3.24.4
Revenue
 12 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and armored military vehicles; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) other commercial applications.
The following table represents a breakout of total revenue by customer type:
Years Ended
September 30,
20242023
Commercial revenue$41,759 $27,403 
Military revenue37,874 38,664 
Total $79,633 $66,067 
The following table represents revenue by the various components:
Years Ended
September 30,
20242023
Aerospace components for:
Fixed wing aircraft$41,847 $40,094 
Rotorcraft17,255 16,369 
Commercial space13,200 4,557 
Energy components for power generation units1,821 2,078 
Commercial products and other revenue5,510 2,969 
Total$79,633 $66,067 
All revenue based on selling locations originated from the Company’s U.S. operations.
In addition to the disaggregating revenue information provided above, approximately 54% and 61% of total net sales as of September 30, 2024 and 2023, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time.
Contract Balances
Generally, payment is due upon the shipment of goods. For performance obligations recognized at a point in time, a contract asset is not established as the billing and revenue recognition occur at the same time. For performance obligations recognized over time, a contract asset is established for revenue that is recognized prior to billing and shipment. Upon shipment and billing, the value of the contract asset is reversed and accounts receivable is recorded. In circumstances where prepayments are required and payment is made prior to satisfaction of performance obligations, a contract liability is established. If the satisfaction of the performance obligation occurs over time, the contract liability is reversed over the course of production. If the satisfaction of the performance obligation is point in time, the contract liability reverses upon shipment.
The following table contains a roll forward of contract assets and contract liabilities for the years ended September 30, 2024 and 2023:
Contract assets - Ending balance, September 30, 2022$10,172 
Additional revenue recognized over-time40,265 
Less amounts billed to the customers(40,346)
Contract assets - Ending balance, September 30, 2023$10,091 
Additional revenue recognized over-time42,697 
Less amounts billed to the customers(42,043)
Contract assets - Ending balance, September 30, 2024$10,745 
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2022$(154)
Payments received in advance of performance obligations(1,545)
Performance obligations satisfied968 
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2023$(731)
Payments received in advance of performance obligations(5,737)
Performance obligations satisfied3,589 
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2024$(2,879)
Accounts receivable, net were $17,272, $15,638, $11,788 as of September 30, 2024, 2023, and 2022, respectively. There were no impairment losses recorded on contract assets during the years ended September 30, 2024 and 2023.
Remaining performance obligations
As of September 30, 2024 and 2023, the Company has $85,019 and $70,911, respectively, of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.