Note 3 - Revenue

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3.     Revenue

Disaggregated Revenue by Product Technology

The following table presents our revenues disaggregated by product technology:

	Three Months Ended
	March 31,
	2022		2021
Air Pollution Control
Technology solutions	$	1,841	$	373
Spare parts		96		180
Ancillary revenue		267		354
Total Air Pollution Control technology revenues		2,204		907
FUEL CHEM
FUEL CHEM technology solutions		3,331		4,126
Total Revenues	$	5,535	$	5,033

Disaggregated Revenue by Geography

The following table presents our revenues disaggregated by geography, based on the location of the end-user:

	Three Months Ended
	March 31,
	2022		2021
United States	$	3,688	$	4,463
Foreign Revenues
Latin America		69		75
Europe		404		375
Asia		1,374		120
Total Foreign Revenues		1,847		570
Total Revenues	$	5,535	$	5,033

Timing of Revenue Recognition

The following table presents the timing of our revenue recognition:

	Three Months Ended
	March 31,
	2022		2021
Products transferred at a point in time	$	3,694	$	4,660
Products and services transferred over time		1,841		373
Total Revenues	$	5,535	$	5,033

Contract Balances

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheets. In our Air Pollution Control (APC) technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For the FUEL CHEM technology segment, deliveries made in the current period but billed in subsequent periods are also considered unbilled receivables (contract assets). These assets are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. At March 31, 2022 and December 31, 2021, contract assets for APC technology projects were approximately $2,222 and $1,277, respectively, and are included in accounts receivable on the condensed consolidated balance sheets. There were no contract assets for the FUEL CHEM technology segment as of  March 31, 2022 or  December 31, 2021.  

However, the Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $522 and $390, at March 31, 2022 and December 31, 2021, respectively, and are included in other accrued liabilities on the consolidated balance sheets.

Changes in the contract asset and liability balances during the three month period ended March 31, 2022, were not materially impacted by any other items other than amounts billed and revenue recognized as described previously. Revenue recognized that was included in the contract liability balance at the beginning of the period was $230 for the three months ended March 31, 2022 and $108 for three months ended March 31, 2021, which represented primarily revenue from progress towards completion of our APC technology contracts.

As of March 31, 2022 and December 31, 2021, we had no construction contracts in progress that were identified as a loss contract. 

Remaining Performance Obligations

Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $9,552. The Company expects to recognize revenue on approximately $7,403 of the remaining performance obligations over the next 12 months with the remaining recognized thereafter.

Accounts Receivable

The components of accounts receivable are as follows:

	As of
	March 31, 2022			December 31, 2021
Trade receivables	$	2,681		$	2,122
Unbilled receivables		2,222			1,277
Other short-term receivables		90			83
Allowance for doubtful accounts		(198	)		(223	)
Total accounts receivable	$	4,795		$	3,259