Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

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 nature of the Company’s performance obligations within our Treatment and Services Segments results in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

 Schedule of Disaggregation of Revenue

                                     
Revenue by Contract Type
(In thousands)   Three Months Ended     Three Months Ended  
    March 31, 2025     March 31, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 9,186     $ 2,930     $ 12,116     $ 8,709     $ 4,314     $ 13,023  
Time and materials        —       1,803       1,803          —       594       594  
Total   $ 9,186     $ 4,733     $ 13,919     $ 8,709     $ 4,908     $ 13,617  

 

                                     
Revenue by generator
(In thousands)   Three Months Ended     Three Months Ended  
    March 31, 2025     March 31, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 5,250     $ 4,534     $ 9,784     $ 5,761     $ 4,303     $ 10,064  
Domestic commercial     1,467       111       1,578       2,501       504       3,005  
Foreign government     2,207       54       2,261        —       79       79  
Foreign commercial     262       34       296       447       22       469  
Total   $ 9,186     $ 4,733     $ 13,919     $ 8,709     $ 4,908     $ 13,617  

 

Contract Balances

 

The timing of revenue recognition and billings can result 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 the Company’s performance obligation. The following table represents changes in our contract asset and contract liabilities balances for the periods noted:

 Schedule of Contract Balances

(In thousands)   March 31, 2025     December 31, 2024    

Year-to-date

Change ($)

    

Year-to-date

Change (%)

  
Contract assets                                
Unbilled receivables - current   $ 5,168     $ 4,990     $ 178       3.6 %
                                 
Contract liabilities                                
Deferred revenue   $ 5,881     $ 6,711     $ (830 )     -12.4 %

 

(In thousands)   March 31, 2024     December 31, 2023     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
Contract assets                                
Unbilled receivables - current   $ 8,797     $ 8,432     $ 365       4.3 %
                                 
Contract liabilities                                
Deferred revenue   $ 7,295     $ 6,815     $ 480       7.0 %

 

During the three months ended March 31, 2025, and 2024, the Company recognized revenue of $2,934,000 and $3,165,000 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 relates to performance obligations satisfied within the respective period.

 

 

Accounts Receivable

 

The following table represents changes in accounts receivable, net of credit losses, for the periods noted:

(In thousands)   March 31, 2025     December 31, 2024     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
                                 
Accounts Receivable (net)   $ 9,311     $ 11,579     $ (2,268 )     -19.6 %

 

    March 31, 2024     December 31, 2023    

Year-to-date

Change ($)

    

Year-to-date

Change (%)

  
                                 
Accounts Receivable (net)   $ 8,701     $ 9,722     $ (1,021 )     -10.5 %

 

Remaining Performance Obligations

 

The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts.

 

The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.