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Note 3 - Revenue | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | Note 3 – Revenue The following table represents a disaggregation of revenue from contracts by end markets for the years ended December 31, 2022 and 2021 (in thousands):
|  | Year Ended December 31, 2022 |
|  | Over time |  |  | Point in time |  |  | Total |
Energy |  | $ | 9,094 |  |  | $ | 58 |  |  | $ | 9,152 |
Aerospace |  |  | 95 |  |  |  | 1,527 |  |  |  | 1,622 |
Industrial |  |  | 5,961 |  |  |  | 4,856 |  |  |  | 10,817 |
Research |  |  | 2,807 |  |  |  | 1,415 |  |  |  | 4,222 |
Total |  | $ | 17,957 |  |  | $ | 7,856 |  |  | $ | 25,813 |
|  | Year Ended December 31, 2021 |
|  | Over time |  |  | Point in time |  |  | Total |
Energy |  | $ | 1,141 |  |  | $ | - |  |  | $ | 1,141 |
Aerospace |  |  | 386 |  |  |  | 2,214 |  |  |  | 2,600 |
Industrial |  |  | 4,989 |  |  |  | 3,863 |  |  |  | 8,852 |
Research |  |  | 2,294 |  |  |  | 1,560 |  |  |  | 3,854 |
Total |  | $ | 8,810 |  |  | $ | 7,637 |  |  | $ | 16,447 |
The energy market includes customers involved in the manufacture of silicon carbide wafers and batteries. Aerospace market includes customers that manufacture aircraft engines. Industrial end market consists of various end customers in diverse industries. Research market principally represents customers that are universities and other research institutions. The Company has unrecognized contract revenue of approximately $16.2 million at December 31, 2022, which it expects to recognize as revenue within the next twelve months. Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Changes in estimates for sales of systems occur for a variety of reasons, including but not limited to (i) build accelerations or delays, (ii) product cost forecast changes, (iii) cost related change orders or add-ons, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect on the Company’s consolidated financial position and results of operations. Contract assets and contract liabilities on input method type contracts in progress are summarized at December 31 as follows (in thousands):
|  | 2022 |  |  | 2021 |
Costs incurred on contracts in progress |  | $ | 14,390 |  |  | $ | 7,419 |
Estimated earnings |  |  | 10,926 |  |  |  | 5,071 |
|  |  | 25,316 |  |  |  | 12,490 |
Billings to date |  |  | (26,925 | ) |  |  | (11,409 | )
|  |  | (1,609 | ) |  |  | 1,081 |
Deferred revenue related to non-systems contracts |  |  | (263 | ) |  |  | (193 | )
|  | $ | (1,872 | ) |  | $ | 888 |
Included in accompanying consolidated balance sheets under the following captions (in thousands): |  |  |  |  |  |  |  |
Contract assets |  | $ | 2,170 |  |  | $ | 2,538 |
Contract liabilities |  | $ | 4,042 |  |  | $ | 1,650 |
Of the contract liability balances at December 31, 2021 and December 31, 2020, $1.7 million and $0.8 million was recognized as revenue during the years ended December 31, 2022 and 2021, respectively.

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