Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.2
Revenue
 6 Months Ended
Jun. 30, 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  
    June 30, 2025     June 30, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 11,397     $ 877     $ 12,274     $ 8,343     $ 4,755     $ 13,098  
Time and materials     —       2,312       2,312        —       888       888  
Total   $ 11,397     $ 3,189     $ 14,586     $ 8,343     $ 5,643     $ 13,986  

 

                         
Revenue by Contract Type                                    
(In thousands)   Six Months Ended     Six Months Ended  
    June 30, 2025     June 30, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 20,583     $ 3,807     $ 24,390     $ 17,052     $ 9,069     $ 26,121  
Time and materials      —        4,115       4,115        —       1,482       1,482  
Total   $ 20,583     $ 7,922     $ 28,505     $ 17,052     $ 10,551     $ 27,603  

 

                         
Revenue by generator                                    
(In thousands)   Three Months Ended     Three Months Ended  
    June 30, 2025     June 30, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 7,146     $ 2,752     $ 9,898     $ 6,252     $ 4,168     $ 10,420  
Domestic commercial     3,323       333       3,656       1,721       1,363       3,084  
Foreign government     617       70       687       1       88       89  
Foreign commercial     311       34       345       369       24       393  
Total   $ 11,397     $ 3,189     $ 14,586     $ 8,343     $ 5,643     $ 13,986  

 

                         
Revenue by generator                                    
(In thousands)   Six Months Ended     Six Months Ended  
    June 30, 2025     June 30, 2024  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 12,396       7,286     $ 19,682     $ 12,013     $ 8,471     $ 20,484  
Domestic commercial     4,790       444       5,234       4,222       1,867       6,089  
Foreign government     2,824       124       2,948       1       167       168  
Foreign commercial     573       68       641       816       46       862  
Total   $ 20,583     $ 7,922     $ 28,505     $ 17,052     $ 10,551     $ 27,603  

 

 

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)   June 30, 2025     December 31, 2024     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 6,287     $ 4,990     $ 1,297       26.0 %
                                 
Contract liabilities                                
Deferred revenue   $ 6,982     $ 6,711     $ 271       4.0 %

 

                Year-to-date     Year-to-date  
(In thousands)   June 30, 2024     December 31, 2023     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 7,076     $ 8,432     $ (1,356 )     -16.1 %
                                 
Contract liabilities                                
Deferred revenue   $ 5,818     $ 6,815     $ (997 )     -14.6 %

 

During the three and six months ended June 30, 2025, the Company recognized revenue of $954,000 and $3,888,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. During the three and six months ended June 30, 2024, the Company recognized revenue of $1,754,000 and $4,919,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of such respective year. Revenue recognized in each period related 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)   June 30, 2025     December 31, 2024     Change ($)     Change (%)  
                         
Accounts Receivable (net)   $ 8,559     $ 11,579     $ (3,020 )     -26.1 %

 

                      Year-to-date       Year-to-date  
      June 30, 2024       December 31, 2023       Change ($)       Change (%)  
                                 
Accounts Receivable (net)   $ 6,423     $ 9,722     $ (3,299 )     -33.9 %

 

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.