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REVENUE
12 Months Ended
Mar. 31, 2026
REVENUE  
REVENUE

NOTE 4 – REVENUE

The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company fulfils its obligations can be between three and thirty -six months. The Company invoices and receives related payments based upon performance progress not less frequently than monthly.

Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on labor hours, materials, and other estimated costs to complete a contract to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio comprises fixed-price contracts and provides for product and service type revenue.

The following table presents revenue on a disaggregated basis by market and contract type:

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​

​

​

​

​

​

​

​

​

​

Revenue by market

  ​ ​ ​

Defense

  ​ ​ ​

Industrial

  ​ ​ ​

Totals

Year ended March 31, 2026

​

$

31,223

​

$

421

​

$

31,644

Year ended March 31, 2025

​

$

33,599

​

$

432

​

$

34,031

​

​

​

​

​

​

​

​

​

​

​

Revenue by contract type

  ​ ​ ​

Over-time

  ​ ​ ​

Point-in-time

  ​ ​ ​

Totals

Year ended March 31, 2026

​

$

29,576

​

$

2,068

​

$

31,644

Year ended March 31, 2025

​

$

31,323

​

$

2,708

​

$

34,031

​

As of March 31, 2026, the Company had $52,198 of remaining performance obligations, of which $46,900 was less than 50% complete. The Company expects to recognize all its remaining performance obligations as revenue within the next thirty-six months.

We are dependent each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenues from customers who accounted for more than 10% of our revenue for the fiscal years ended:

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​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

March 31, 2025

 

Customer

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

Amount

  ​ ​ ​

Percent

 

Customer A

​

$

3,570

 

11

%  

$

5,795

 

17

%

Customer B

​

$

*

 

*

%  

$

3,327

 

10

%

Customer C

​

$

4,733

 

15

%  

$

4,947

 

15

%

Customer D

​

$

3,403

​

11

%  

$

*

​

*

%

Customer E

​

$

4,756

​

15

%  

$

7,671

​

22

%

Customer F

​

$

*

​

*

%

$

5,003

​

15

%

Customer G

​

$

*

​

*

%

$

*

​

*

%

*

Less than 10% of total

The following table depicts total revenue generated by the individual customers in the above table by segment that accounted for 10% or more of our revenue in fiscal years ended:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

  ​ ​ ​

March 31, 2025

​

Revenue

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

Amount

  ​ ​ ​

Percent

 

Ranor

​

$

8,068

 

25

%  

$

15,576

 

46

%

Stadco

​

$

8,394

 

27

%  

$

11,167

 

33

%

​

In our consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets consist of the following as of:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Progress

​

​

​

Contract assets

  ​ ​ ​

Unbilled

  ​ ​ ​

Payments

  ​ ​ ​

Total

March 31, 2026

​

$

26,415

​

$

(15,607)

​

$

10,808

March 31, 2025

​

$

26,059

​

$

(16,472)

​

$

9,587

​

For the fiscal years ended March 31, 2026 and 2025, we recognized revenue of $1,040 and $2,104 related to our contract liabilities as of the opening balances on April 1, 2025 and 2024. Contract liabilities consist of the following as of:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Opening

​

​

​

​

Obligations

​

Closing

Contract liabilities

  ​ ​ ​

Balance

  ​ ​ ​

Billed

  ​ ​ ​

Satisfied

  ​ ​ ​

Balance

March 31, 2026

​

$

1,040

​

$

20,528

​

$

(18,651)

​

$

2,917

March 31, 2025

​

$

2,104

​

$

18,720

​

$

(19,784)

​

$

1,040

​