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NET SALES
 6 Months Ended
Jun. 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 June 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$32,685 $9,385 $— $— $42,070 
Intl Government— 40 — — 40 
Commercial2,506 1,699 — (641)3,564 
Total net sales$35,191 $11,124 $— $(641)$45,674 


Three Months Ended June 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$15,033 $16,553 $— $— $31,586 
Intl Government— 488 — — 488 
Commercial3,996 3,059 — (2,476)4,579 
Total net sales$19,029 $20,100 $— $(2,476)$36,653 


Six Months Ended June 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$51,544 $19,412 $— $— $70,956 
Intl Government— 136 — — 136 
Commercial7,192 3,880 — (1,983)9,089 
Total net sales$58,736 $23,428 $— $(1,983)$80,181 


Six Months Ended June 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsEliminationsTotal
U.S. Government$27,903 $30,357 $— $— $58,260 
Intl Government— 516 — — 516 
Commercial5,827 6,270 — (4,004)8,093 
Total net sales$33,730 $37,143 $— $(4,004)$66,869 

The approximate revenue based on geographic location of customers is as follows:
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
US$42,909 $34,139 $73,189 $63,012 
Europe2,683 1,940 6,630 3,119 
Middle East8 87 23 179 
Other74 487 339 559 
Total net sales$45,674 $36,653 $80,181 $66,869 
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:
June 30, 2025December 31, 2024
Contract assets (current and non-current)$29,290 $24,128 
Contract liabilities (current and non-current)$13,120 $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 six months ended June 30, 2025 that was included in the contract liability balance as of December 31, 2024 was $14.6 million. The amount of revenue recognized for the six months ended June 30, 2024 that was included in the contract liability balance as of December 31, 2023 was $6.0 million.
The below table summarizes the favorable (unfavorable) impact of the net estimate at completion ("EAC") adjustments for the following periods:
Three Months EndedSix Months Ended
(dollars in thousands, except per share data)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net EAC Adjustments$(3,005)$2,188 $(5,301)$(1,944)
Net sales(2,824)475 (4,794)(530)
Basic net loss per share(0.20)0.21 (0.46)(0.20)
Diluted net loss per share(0.20)0.21 (0.46)(0.20)
During the three and six months ended June 30, 2025, the Company experienced EAC growth on a significant program that led to increases of approximately $1.6 million and $3.1 million, respectively, during the periods primarily related to cost growth associated with new program requirements.
Performance Obligations
As of June 30, 2025, the Company had approximately $90.3 million of remaining performance obligations associated with contracts with an original duration of one year or greater. The Company will recognizes net sales as such obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $69.9 million, $16.5 million, and $3.9 million for the remaining fiscal year 2025, fiscal year 2026, and thereafter, respectively.