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REVENUE
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3. REVENUE

 

Revenue Recognition

 

Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 74% of net sales for both the three and six months ended June 30, 2024 and approximately 73% and 74% of net sales for the three and six months ended June 30, 2023, respectively.

 

The following tables summarize our net sales by market for the three months ended June 30, 2024 and 2023, respectively:

 

                 
   Three Months Ended June 30, 2024 
   Product/ Service Transferred
Over Time		   Product Transferred at Point in Time   Noncash Consideration1   Total Net Sales by Market 
Medical  $12,725   $4,435   $711   $17,871 
Aerospace and defense   6,097    494    44    6,635 
Industrial   6,163    2,667    555    9,385 
Total net sales  $24,985   $7,596   $1,310   $33,891 

 

                 
   Three Months Ended June 30, 2023 
   Product/ Service Transferred
Over Time		   Product Transferred at Point in Time   Noncash Consideration1   Total Net Sales by Market 
Medical  $14,570   $5,318   $719   $20,607 
Aerospace and defense   4,499    674    182    5,355 
Industrial   6,593    2,125    341    9,059 
Total net sales  $25,662   $8,117   $1,242   $35,021 

 

1 Noncash consideration represents material provided by the customer used in the build of the product.

 

 

The following tables summarize our net sales by market for the six months ended June 30, 2024 and 2023, respectively:

 

                 
   Six Months Ended June 30, 2024 
   Product/ Service Transferred
Over Time		   Product Transferred at Point in Time   Noncash Consideration1   Total Net Sales by Market 
Medical  $25,789   $9,679   $1,508   $36,976 
Aerospace and defense   11,301    736    116    12,153 
Industrial   13,110    5,014    853    18,977 
Total net sales  $50,200   $15,429   $2,477   $68,106 

 

                 
   Six Months Ended June 30, 2023 
   Product/ Service Transferred
Over Time		   Product Transferred at Point in Time   Noncash Consideration1   Total Net Sales by Market 
Medical  $30,295   $10,379   $1,305   $41,979 
Aerospace and defense   7,914    1,224    261    9,399 
Industrial   13,183    4,533    815    18,531 
Total net sales  $51,392   $16,136   $2,381   $69,909 

 

1Noncash consideration represents material provided by the customer used in the build of the product.

 

Contract Assets

 

Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the six months ended June 30, 2024 were as follows:

 

SCHEDULE OF CONTRACT ASSETS

Balances as of January 1, 2024  $14,481 
Increase (decrease) attributed to:     
Amounts transferred over time to contract assets   27,904 
Allowance for current expected credit losses   (14)
Amounts invoiced during the period   (27,414)
Balance outstanding as of June 30, 2024  $14,957 

 

We expect substantially all of the remaining performance obligations for the contract assets recorded as of June 30, 2024 to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.