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NET SALES
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
NET SALES NET SALES
Disaggregation of Net Sales
The following tables present the disaggregation of net sales from contracts with our customers:
Three Months Ended September 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$26,874 $9,150 $— $— $36,024 
International Government— 77 — — 77 
Commercial1,634 2,464 — (612)3,486 
Total net sales$28,508 $11,691 $— $(612)$39,587 


Three Months Ended September 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$14,022 $17,597 $— $— $31,619 
International Government— 106 — — 106 
Commercial7,750 2,083 — (1,959)7,874 
Total net sales$21,772 $19,786 $— $(1,959)$39,599 


Nine Months Ended September 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$78,417 $28,562 $— $— $106,979 
International Government— 213 — — 213 
Commercial8,827 6,344 — (2,595)12,576 
Total net sales$87,244 $35,119 $— $(2,595)$119,768 


Nine Months Ended September 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$41,924 $47,952 $— $— $89,876 
International Government— 622 — — 622 
Commercial13,577 8,354 — (5,961)15,970 
Total net sales$55,501 $56,928 $— $(5,961)$106,468 

The approximate revenue based on geographic location of customers is as follows:
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
U.S.$37,470 $33,402 $110,640 $96,425 
Europe2,008 6,052 8,638 9,160 
Other109 145 490 883 
Total net sales$39,587 $39,599 $119,768 $106,468 


Contract Balances
Contract assets arise when revenue has been recognized for amounts which cannot or have not yet been billed under terms of the contract with the customer. Contract liabilities arise when consideration is received from a customer prior to being earned and are recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The following table presents the Company’s contract assets and liabilities:
September 30, 2025December 31, 2024
Contract assets (current and non-current)$31,054 $24,128 
Contract liabilities (current and non-current)$11,093 $24,127 
Contract assets increased primarily due to a difference in timing of billing on cost-plus programs and revenue recognition. The change in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition.
The amount of revenue recognized for the nine months ended September 30, 2025 that was included in the contract liability balance as of December 31, 2024 was $15.5 million. The amount of revenue recognized for the nine months ended September 30, 2024 that was included in the contract liability balance as of December 31, 2023 was $6.4 million.
The below table summarizes the favorable (unfavorable) impact of the net estimate at completion (“EAC”) adjustments for the following periods:
Three Months EndedNine Months Ended
(dollars in thousands, except per share data)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net EAC adjustments$(4,272)$(1,508)$(10,457)$(2,706)
Net sales(4,355)(1,159)(7,708)(876)
Basic net loss per share(0.15)(0.21)(0.53)(0.28)
Diluted net loss per share$(0.15)$(0.21)$(0.53)$(0.28)
During the three and nine months ended September 30, 2025, the Company experienced EAC growth on a significant program that led to increases of approximately $2.7 million and $5.7 million, respectively, during the periods primarily related to cost growth associated with new program requirements.
Performance Obligations
As of September 30, 2025, the Company had approximately $88.2 million of remaining performance obligations associated with contracts with an original duration of one year or greater. The Company will recognize net sales as such obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $37.8 million, $42.6 million, and $7.8 million for the remaining fiscal year 2025, fiscal year 2026, and thereafter, respectively.