Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue Recognition

Revenue Recognition

Note 15. Revenue Recognition

Contract Assets and Contract Liabilities

The Company has contract assets and contract liabilities, which are included in tooling in progress and other current liabilities on the Condensed Consolidated Balance Sheets, respectively. Contract assets primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the Company has not yet met performance obligations. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied when the tooling is completed and the customer signs off through the Product Part Approval Process or other documented customer acceptance. Cost of goods sold is recognized and released from the balance sheet when control of the tooling promised under contract is transferred to the customer.

The Company’s contracts with customers are short-term in nature; therefore, revenue is typically recognized, billed and collected within a 12-month period. The following table reflects the changes in our contract assets and liabilities during the nine months ended September 30, 2025:

	Contract		Contract
	Assets		Liabilities
As of December 31, 2024	$	4,761	$	3,462
Net activity		(115)		(535)
As of September 30, 2025	$	4,646	$	2,927

During the nine months ended September 30, 2025, revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of 2025 was $2,755. During the nine months ended September 30, 2024, revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of 2024 was $2,620.

Disaggregated Revenue

The following tables represent a disaggregation of revenue by product category and end market:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Product Category	2025		2024		2025		2024
Outdoor sports	$	1,808	$	1,824	$	5,700	$	6,188
Fabrication		77,875		67,284		209,689		245,400
Performance structures		44,213		42,645		127,408		136,209
Tube		17,930		16,140		55,000		55,061
Tank		6,817		10,684		26,002		34,385
Total		148,643		138,577		423,799		477,243
Intercompany sales elimination		(4,333)		(3,185)		(11,582)		(16,945)
Total, net sales	$	144,310	$	135,392	$	412,217	$	460,298

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
End Market	2025		2024		2025		2024
Commercial vehicle	$	39,211	$	51,612	$	139,221	$	172,696
Construction & access		22,145		20,110		61,843		75,786
Powersports		22,980		21,605		64,855		82,202
Data center & critical power		22,566		4,658		31,748		13,139
Agriculture		8,098		10,358		28,266		39,955
Military		7,433		6,968		24,262		21,499
Other		21,877		20,081		62,022		55,021
Total, net sales	$	144,310	$	135,392	$	412,217	$	460,298

In connection with the acquisition of Accu-Fab, the Company added a new end market category, data center & critical power to its revenue disaggregation. As a result, revenue previously reported within other has been reclassified to data center & critical power for all periods presented. Specifically, $4,658 and $13,139 of revenue for the three and nine months ended September 30, 2024, respectively, were reclassified from other to data center & critical power to conform to the current period presentation.