NET SALES

12 Months Ended

Dec. 31, 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:

Year Ended December 31, 2025	Defense and National Security		Space Solutions		Starlab Space Stations		Elims		Total
U.S. Government	$	108,989	$	34,214	$	—	$	—	$	143,203
International Government	—		2,165		—		—		2,165
Commercial	13,965		11,204		—		(4,118)		21,051
Total net sales	$	122,954	$	47,583	$	—	$	(4,118)	$	166,419

Year Ended December 31, 2024	Defense and National Security		Space Solutions		Starlab Space Stations		Elims		Total
U.S. Government	$	58,839	$	62,186	$	—	$	—	$	121,025
International Government	—		2,347		—		—		2,347
Commercial	18,631		10,060		—		(7,883)		20,808
Total net sales	$	77,470	$	74,593	$	—	$	(7,883)	$	144,180

Year Ended December 31, 2023	Defense and National Security		Space Solutions		Starlab Space Stations		Elims		Total
U.S. Government	$	52,476	$	40,997	$	—	$	—	$	93,473
International Government	—		1,044		—		—		1,044
Commercial	10,678		34,730		—		(3,863)		41,545
Total net sales	$	63,154	$	76,771	$	—	$	(3,863)	$	136,062

The approximate revenue based on geographic location of customers is as follows:

	Years Ended December 31,
	2025		2024		2023
U.S.	$	150,897	$	128,869	$	133,328
Europe	13,720		14,468		614
Other	1,802		843		2,120
Total net sales	$	166,419	$	144,180	$	136,062

The Company recognizes the material portion of its sales based on an over time revenue recognition criteria. For the year ended December 31, 2025, the Company recognized approximately 0.9% of its sales using the point in time methodology, with the majority of sales using the over time revenue recognition criteria. For the comparative periods ended December 31, 2024 and December 31, 2023, the Company recognized approximately 2.6% and 1.3% of sales under the point in time recognition criteria.

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:

	December 31,
	2025		2024
Contract assets (current and non-current)	$	40,208	$	24,128
Contract liabilities (current and non-current)	$	32,237	$	24,127

Contract assets increased primarily due to a difference in timing of billing on cost plus programs and revenue recognition. The increase in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition.

The amount of revenue recognized for the years ended December 31, 2025, 2024 and 2023 that was included in the contract liability balance at the beginning of the year was $16.3 million, $8.2 million and $9.2 million, respectively.

Performance Obligations

As of December 31, 2025, 2024 and 2023, the Company had approximately $146.1 million, $101.7 million and $86.5 million, respectively, of remaining performance obligations associated with contracts. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $111.8 million for the fiscal year 2026, $22.6 million for the fiscal year 2027 and $11.7 million thereafter.