Annual report pursuant to Section 13 and 15(d)

REVENUE

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REVENUE
 12 Months Ended
Dec. 31, 2023
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, 2023     December 31, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 43,477     $ 41,540     $ 85,017     $ 33,358     $ 26,960     $ 60,318  
Time and materials     —       4,718       4,718       —       10,281       10,281  
Total   $ 43,477     $ 46,258     $ 89,735     $ 33,358     $ 37,241     $ 70,599  

 

    Treatment     Services     Total     Treatment     Services     Total  
Revenue by generator            
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2023     December 31, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 31,448     $ 39,194     $ 70,642     $ 23,752     $ 35,906     $ 59,658  
Domestic commercial     10,670       6,357       17,027       8,307       1,408       9,715  
Foreign government     1,001       619       1,620       574       (202 )     372  
Foreign commercial     358       88       446       725       129       854  
Total   $ 43,477     $ 46,258     $ 89,735     $ 33,358     $ 37,241     $ 70,599  

 

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: Our deferred revenue as of December 31, 2023, included a remaining prepayment of approximately $2,031,000 by a certain customer for a waste treatment project which is expected to be completed in 2024.

 

(In thousands)   December 31, 2023     December 31, 2022     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
Contract assets                                
Unbilled receivables - current   $ 8,432     $ 6,062     $ 2,370       39.1 %
                                 
Contract liabilities                                
Deferred revenue   $ 6,815     $ 4,813     $ 2,002       41.6 %

 

During the twelve-months ended December 31, 2023, and 2022, the Company recognized revenue of $6,759,000 and $6,576,000, 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.