Annual report pursuant to Section 13 and 15(d)

REVENUE

v3.23.1
REVENUE
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3 REVENUE

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

                                                 
Revenue by Contract Type                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2022     December 31, 2021  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 33,358     $ 26,960     $ 60,318     $ 32,992     $ 11,236     $ 44,228  
Time and materials     —       10,281       10,281       —       27,963       27,963  
Total   $ 33,358     $ 37,241     $ 70,599     $ 32,992     $ 39,199     $ 72,191  

 

                                                 
Revenue by generator                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2022     December 31, 2021  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 23,752     $ 35,906     $ 59,658     $ 22,538     $ 29,013     $ 51,551  
Domestic commercial     8,307       1,408       9,715       9,294       1,412       10,706  
Foreign government     574       (202 )     372       577       8,684       9,261  
Foreign commercial     725       129       854       583       90       673  
Total   $ 33,358     $ 37,241     $ 70,599     $ 32,992     $ 39,199     $ 72,191  

 

 

Contract Balances

 

The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract asset and contract liabilities balances:

 

                Year-to-date     Year-to-date  
(In thousands)   December 31, 2022     December 31, 2021     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 6,062     $ 8,995     $ (2,933 )     (32.6 )%
                                 
Contract liabilities                                
Deferred revenue   $ 4,813     $ 5,580     $ (767 )     (13.7 )%

 

The decrease in unbilled receivables was primarily due to invoicing in connection with the Company’s Canadian projects within the Services Segment.

 

The decrease in deferred revenue was attributed primarily to revenue recognized in connection with a Services Segment contract.

 

During the twelve months ended December 31, 2022 and 2021, the Company recognized revenue of $6,576,000 and $7,196,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period related to performance obligations satisfied within the respective period.