Note 3 - Revenue

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 3. REVENUE

Revenue Recognition

Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 74% of net sales for both the three months ended March 31, 2024 and 2023.

Contract Assets

Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the three months ended March 31, 2024 were as follows:

Balances as of January 1, 2024	$	14,481
Increase (decrease) attributed to:
Amounts transferred over time to contract assets		25,214
Amounts invoiced during the period		(25,501	)
Balance outstanding as of March 31, 2024	$	14,194

We expect substantially all of the remaining performance obligations for the contract assets recorded as of March 31, 2024, to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.

The following tables summarize our net sales by market for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31, 2024
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical	$	14,240	$	5,245	$	797	$	20,282
Aerospace and defense		5,545		242		73		5,860
Industrial		5,429		2,347		297		8,073
Total net sales	$	25,214	$	7,834	$	1,167	$	34,215

	Three Months Ended March 31, 2023
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical	$	15,725	$	5,061	$	586	$	21,372
Aerospace and defense		6,590		2,408		474		9,472
Industrial		3,415		550		79		4,044
Total net sales	$	25,730	$	8,019	$	1,139	$	34,888

¹Noncash consideration represents material provided by the customer used in the build of the product.