Note 2 - Revenue Recognition

9 Months Ended

Sep. 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 September 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	68,097	$	31,857	$	99,954
Government		-		37,623		37,623
Fleet		-		21,976		21,976
Other		-		2,568		2,568
Total revenue	$	68,097	$	94,024	$	162,121

Three Months Ended September 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	60,249	$	32,826	$	93,075
Government		-		18,239		18,239
Fleet		-		15,075		15,075
Other		-		3,009		3,009
Total revenue	$	60,249	$	69,149	$	129,398

Nine Months Ended September 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	212,668	$	98,676	$	311,344
Government		-		95,718		95,718
Fleet		-		57,442		57,442
Other		-		7,011		7,011
Total revenue	$	212,668	$	258,847	$	471,515

Nine Months Ended September 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Independent dealer	$	202,226	$	110,480	$	312,706
Government		-		59,027		59,027
Fleet		-		46,194		46,194
Other		-		7,028		7,028
Total revenue	$	202,226	$	222,729	$	424,955

Revenue by timing of revenue recognition was as follows:

Three Months Ended September 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	68,097	$	64,788	$	132,885
Over time		-		29,236		29,236
Total revenue	$	68,097	$	94,024	$	162,121

Three Months Ended September 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	60,249	$	41,862	$	102,111
Over time		-		27,287		27,287
Total revenue	$	60,249	$	69,149	$	129,398

Nine Months Ended September 30, 2025	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	212,668	$	175,519	$	388,187
Over time		-		83,328		83,328
Total revenue	$	212,668	$	258,847	$	471,515

Nine Months Ended September 30, 2024	Work Truck Attachments		Work Truck Solutions		Total Revenue
Point in time	$	202,226	$	139,658	$	341,884
Over time		-		83,071		83,071
Total revenue	$	202,226	$	222,729	$	424,955

Contract Balances

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

Three Months Ended September 30, 2025	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	12,919	$	4,819	$	(6,669	)	$	11,069

Three Months Ended September 30, 2024	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	11,564	$	3,959	$	(7,930	)	$	7,593

Nine Months Ended September 30, 2025	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	5,063	$	20,232	$	(14,226	)	$	11,069

Nine Months Ended September 30, 2024	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract liabilities	$	4,009	$	18,528	$	(14,944	)	$	7,593

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 September 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 $2,636 and $1,826 during the three months ended September 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period. The Company recognized revenue of $5,063 and $4,009 during the nine months ended September 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period.