Accounts receivable, net, contract asset and contract liability

6 Months Ended

Oct. 31, 2025

Receivables [Abstract]

Accounts receivable, net, contract asset and contract liability

Accounts receivable, net, contract asset and contract liability

Accounts Receivables, net, contract asset and contract liability were as follows (in thousands):

	October 31, 2025		April 30, 2025
Accounts Receivable, net	$	7,517	$	5,867
Contract Asset	1,915		2,993
Contract Liability	5,893		5,530

Accounts receivable, net consist of $7,517 and $5,867 from customers as of October 31, 2025 and April 30, 2025, respectively. At October 31, 2025 and April 30, 2025, the allowance for doubtful accounts were $80 and $83, respectively.

Contract assets are net of progress payments and performance based payments from our customers totaling $1,915 and $2,993 as of October 31, 2025 and April 30, 2025, respectively. Contract assets decreased $1,078 during the six months ended October 31, 2025, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended October 31, 2025. There were no significant impairment losses related to our contract assets during the six months ended October 31, 2025. We expect to bill our customers for the majority of the October 31, 2025 contract assets during fiscal year 2026.

Contract liabilities increased $363 during the six months ended October 31, 2025, primarily due to the revenue recognized on these performance obligations being less than the payments received.