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Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
Disaggregated revenue from contracts with customers by major source and customer class was as follows:
Three Months Ended
March 31,
(in thousands)20262025
Regulated revenue
Water Service
Residential$4,844 $4,388 
Irrigation743 620 
Commercial480 383 
Multi-family135 81 
Construction154 327 
Other water revenue250 181 
Total water revenue6,606 5,980 
Wastewater and recycled water service
Residential6,057 5,868 
Commercial311 287 
Multi-family104 49 
Recycled water revenue120 193 
Other wastewater revenue88 80 
Total wastewater and recycled water revenue6,680 6,477 
Total revenue$13,286 $12,457 
Contract Balances
The Company’s contract assets and liabilities consisted of the following:
(in thousands)March 31, 2026December 31, 2025
Contract assets
Accounts receivable, net$3,418 $3,746 
Total contract assets$3,418 $3,746 
Contract liabilities
Deferred revenue - ICFA$23,044 $22,772 
Total contract liabilities$23,044 $22,772 
Accounts Receivable and Allowance for Credit Losses
Accounts receivable consisted of the following:
(in thousands)March 31, 2026December 31, 2025
Billed receivables$3,643 $3,990 
Less: provision for credit losses(225)(244)
Accounts receivable, net$3,418 $3,746 
The following table summarizes the allowance for credit loss activity:
(in thousands)March 31, 2026December 31, 2025
Beginning of period$(244)$(163)
Credit loss expense(14)(193)
Write offs36 123 
Recoveries(3)(11)
End of period$(225)$(244)
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Deferred revenue from ICFAs is recognized as revenue once the obligations specified within the applicable ICFA are met, including construction of sufficient operating capacity to serve the customers for which revenue was deferred. Due to the uncertainty of future events, the Company is unable to estimate when to expect recognition of deferred revenue from ICFAs.
The following table summarizes the ICFA deferred revenue activity:
(in thousands)March 31, 2026
Beginning of period$22,772 
Payments allocated to deferred revenue272 
End of period$23,044