Note 2 - Revenue Recognition

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2. Revenue Recognition

Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company generates all of its revenue from contracts with customers. Additionally, contract amounts represent the full amount of the transaction price as agreed upon with the customer at the time of order, resulting in a single performance obligation in most cases. In the case of a single order containing multiple upfits, the transaction price  may represent multiple performance obligations.

Disaggregation of Revenue

The following table provides information about disaggregated revenue by customer type and timing of revenue recognition, and includes a reconciliation of the disaggregated revenue with reportable segments.

Revenue by customer type was as follows:

Three Months Ended June 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	108,114	$	33,413	$	141,527
Government		-		30,771		30,771
Fleet		-		19,626		19,626
Other		-		2,403		2,403
Total revenue	$	108,114	$	86,213	$	194,327

Three Months Ended June 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	118,137	$	44,373	$	162,510
Government		-		19,097		19,097
Fleet		-		17,110		17,110
Other		-		1,185		1,185
Total revenue	$	118,137	$	81,765	$	199,902

Six Months Ended June 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	144,571	$	66,819	$	211,390
Government		-		58,095		58,095
Fleet		-		35,466		35,466
Other		-		4,443		4,443
Total revenue	$	144,571	$	164,823	$	309,394

Six Months Ended June 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	141,977	$	77,654	$	219,631
Government		-		40,788		40,788
Fleet		-		31,119		31,119
Other		-		4,019		4,019
Total revenue	$	141,977	$	153,580	$	295,557

Revenue by timing of revenue recognition was as follows:

Three Months Ended June 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	108,114	$	58,341	$	166,455
Over time		-		27,872		27,872
Total revenue	$	108,114	$	86,213	$	194,327

Three Months Ended June 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	118,137	$	51,454	$	169,591
Over time		-		30,311		30,311
Total revenue	$	118,137	$	81,765	$	199,902

Six Months Ended June 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	144,571	$	110,731	$	255,302
Over time		-		54,092		54,092
Total revenue	$	144,571	$	164,823	$	309,394

Six Months Ended June 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	141,977	$	97,796	$	239,773
Over time		-		55,784		55,784
Total revenue	$	141,977	$	153,580	$	295,557

Contract Balances

The following table shows the changes in the Company’s contract liabilities during the three and six months ended June 30, 2025 and 2024, respectively:

Three Months Ended June 30, 2025	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	5,674	$	11,934	$	(4,689	)	$	12,919

Three Months Ended June 30, 2024	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	6,056	$	9,746	$	(4,238	)	$	11,564

Six Months Ended June 30, 2025	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	5,063	$	15,413	$	(7,557	)	$	12,919

Six Months Ended June 30, 2024	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	4,009	$	14,569	$	(7,014	)	$	11,564

The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet invoiced. There were no contract assets as of June 30, 2025 or 2024. Contract liabilities include payments received in advance of performance under the contract, variable freight allowances which are refunded to the customer, and rebates paid to distributors under the Company's municipal rebate program, and are realized with the associated revenue recognized under the contract. Contract liabilities related to payments received in advance of performance under the contract are included in Accounts Payable on the Condensed Consolidated Balance Sheets.

The Company recognized revenue of $1,846 and $1,224 during the three months ended June 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period. The Company recognized revenue of $2,427 and $2,183 during the six months ended June 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period.