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Revenue, Contract Assets and Contract Liabilities
 3 Months Ended
Mar. 31, 2024
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized $1,102 thousand of revenues and $665 thousand of cost of goods sold during the three months ended March 31, 2024. The revenue and cost of goods sold relate predominately to the Company’s process burner product line. The Company delivered multiple burners in connection with a single customer order; successfully completed an engineering study and a Computational Fluid Dynamic analysis; and fulfilled multiple spare parts orders. These products and services constitute performance obligations per Accounting Standards Codification (“ASC”) 606.

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The Company recognized $894 thousand of revenues and $788 thousand of cost of goods sold during the three months ended March 31, 2023. The revenue and cost of goods sold relate predominately to the Company’s process burner

product line, where the Company successfully completed a burner performance customer witness test, which represented a contractual performance obligation per ASC 606.

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The Company had contract assets of zero and $188 thousand at March 31, 2024 and December 31, 2023, respectively. The Company had contract liabilities of $1,038 thousand and $1,116 thousand at March 31, 2024 and December 31, 2023, respectively. Of the $1,116 thousand contract liability balance at December 31, 2023, the Company recognized revenue of $253 thousand during the three months ended March 31, 2024.