Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE

v3.26.1
REVENUE
 12 Months Ended
Dec. 31, 2025
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:

 

    Treatment     Services     Total     Treatment     Services     Total  
Revenue by Contract Type                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 45,097     $ 4,491     $ 49,588     $ 34,953     $ 18,750     $ 53,703  
Time and materials      —       12,086       12,086        —       5,414       5,414  
Total   $ 45,097     $ 16,577     $ 61,674     $ 34,953     $ 24,164     $ 59,117  

 

    Treatment     Services     Total     Treatment     Services     Total  
Revenue by generator                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 29,093     $ 14,247     $ 43,340     $ 24,487     $ 22,389     $ 46,876  
Domestic commercial     10,272       1,622       11,894       8,566       1,223       9,789  
Foreign government     4,686       489       5,175       509       463       972  
Foreign commercial     1,046       219       1,265       1,391       89       1,480  
Total   $ 45,097     $ 16,577     $ 61,674     $ 34,953     $ 24,164     $ 59,117  

 

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:

 

                Year-to-date     Year-to-date  
(In thousands)   December 31, 2025     December 31, 2024     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 8,781     $ 4,990     $ 3,791       76.0 %
                                 
Contract liabilities                                
Deferred revenue   $ 7,007     $ 6,711     $ 296       4.4 %

 

The increase in unbilled receivables from 2024 to 2025 was primarily due to timing difference between completion of revenue recognition and agreed upon invoicing terms at one of our Treatment facilities.

 

                Year-to-date     Year-to-date  
(In thousands)   December 31, 2024     December 31, 2023     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 4,990     $ 8,432     $ (3,442 )     (40.8 )%
                                 
Contract liabilities                                
Deferred revenue   $ 6,711     $ 6,815     $ (104 )     (1.5 )%

 

The reduction in unbilled receivables from 2023 to 2024 was primarily due to invoicing in 2024 of two large Services Segment projects that were primarily completed by the end of 2023.

 

During the twelve months ended December 31, 2025, and 2024, the Company recognized revenue of $5,365,000 and $5,887,000, 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:

 

                Year-to-date     Year-to-date  
(In thousands)   December 31, 2025     December 31, 2024     Change ($)     Change (%)  
                                 
Accounts Receivable (net)   $ 11,228     $ 11,579     $ (351 )     (3.0 )%

 

                Year-to-date     Year-to-date  
    December 31, 2024     December 31, 2023     Change ($)     Change (%)  
                                 
Accounts Receivable (net)   $ 11,579     $ 9,722     $ 1,857       19.1 %