REVENUES

9 Months Ended

Sep. 30, 2022

REVENUES

3.REVENUES

The following table provides information about revenue by recognition model during the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues by recognition model	2022		2021		2022		2021
Point-in-time	$	31,312	$	1,988	$	96,656	$	28,802
Over-time		31,745		3,299		62,578		5,957
Total revenue by recognition model	$	63,057	$	5,287	$	159,234	$	34,759

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021
Contract balances
Accounts receivable	$	57,732		$	13,957
Contract assets		9,063			2,490
Contract liabilities		(112,649	)		(59,749	)

Changes in contract liabilities for the three months ended September 30, 2022 were as follows:

Contract liabilities, at June 30, 2022	$	90,659
Customer advances received or billed		43,704
Recognition of unearned revenue		(21,714	)
Contract liabilities, at September 30, 2022	$	112,649

Changes in contract liabilities for the nine months ended September 30, 2022 were as follows:

Contract liabilities, at December 31, 2021	$	59,749
Contract liabilities assumed at acquisition		26,464
Customer advances received or billed		78,514
Recognition of unearned revenue		(52,078	)
Contract liabilities, at September 30, 2022	$	112,649

The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business.

The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three and nine months ended September 30, 2022 and 2021 was not material.

Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $520,627 as of September 30, 2022, of which approximately 42% is expected to be recognized within 12 months, with the remaining 58% to be recognized beyond 12 months.

Concentration of Credit Risk

As of September 30, 2022, the Company had a commercial customer that accounted for $25,539 or 44% of total accounts receivable. On November 3, 2022, the Company received payment of $14,593 from this commercial customer. As of September 30, 2022, the Company had no other customers that accounted for more than 10% of total accounts receivable.