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Revenue, Contract Assets and Contract Liabilities
 9 Months Ended
Sep. 30, 2024
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized $1,859 thousand of revenues and $1,308 thousand of cost of goods sold during the three months ended September 30, 2024. The revenue and cost of goods sold predominantly relate to the delivery of multiple

process burners to a single customer. The delivery of products constitutes performance obligations per Accounting Standards Codification (“ASC”) 606.

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The Company recognized $3,006 thousand of revenues and $1,976 thousand of cost of goods sold during the nine months ended September 30, 2024. The revenue and cost of goods sold predominantly relate to the Company’s process burner product line. The Company delivered multiple burners for different customers, successfully completed engineering feasibility studies including computational fluid dynamic analysis, and fulfilled multiple spare parts orders. These products and services constitute performance obligations per ASC 606.

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The Company recognized $85 thousand of revenues and $61 thousand of cost of goods sold during the three months ended September 30, 2023. The revenue and cost of goods sold relate to a sale of our boiler burner product line.

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The Company recognized $1,129 thousand of revenues and $870 thousand of cost of goods sold during the nine months ended September 30, 2023. The revenue and cost of goods sold predominantly relate 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 $149 thousand and $188 thousand at September 30, 2024 and December 31, 2023, respectively. The Company had contract liabilities of $174 thousand and $1,116 thousand at September 30, 2024 and December 31, 2023, respectively. Of the $1,116 thousand contract liability balance at December 31, 2023, the Company recognized revenue of $772 thousand and $1,025 thousand during the three and nine months ended September 30, 2024, respectively.