Note 3 - Revenue

9 Months Ended

Sep. 30, 2024

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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Air Pollution Control
Technology solutions	$	2,554	$	1,910	$	6,837	$	7,449
Spare parts		424		1,339		1,428		1,938
Ancillary revenue		246		462		1,226		1,305
Total Air Pollution Control technology revenues		3,224		3,711		9,491		10,692
FUEL CHEM
FUEL CHEM technology solutions		4,627		4,277		10,359		10,044
Total Revenues	$	7,851	$	7,988	$	19,850	$	20,736

Disaggregated Revenue by Geography

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
United States	$	5,453	$	5,640	$	13,519	$	15,937
Foreign Revenues
Latin America		208		157		816		310
Europe		1,526		1,001		4,070		2,400
Asia		664		1,190		1,445		2,089
Total Foreign Revenues		2,398		2,348		6,331		4,799
Total Revenues	$	7,851	$	7,988	$	19,850	$	20,736

Timing of Revenue Recognition

The following table presents the timing of our revenue recognition:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Products transferred at a point in time	$	5,297	$	6,078	$	13,013	$	13,287
Products and services transferred over time		2,554		1,910		6,837		7,449
Total Revenues	$	7,851	$	7,988	$	19,850	$	20,736

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 Condensed 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 contract assets. These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. At September 30, 2024,  December 31, 2023, and December 31, 2022, contract assets for APC technology projects were approximately $2,839, $2,285, and $3,082, respectively. There were no contract assets for the FUEL CHEM technology segment as of  September 30, 2024,  December 31, 2023, and December 31, 2022.  

The Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $775, $1,279, and $372 at September 30, 2024,  December 31, 2023, and December 31, 2022, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the nine-month period ended September 30, 2024 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 $20 and $1,241 for the three and nine months ended September 30, 2024, respectively, and $0 and $368 for the three and nine months ended September 30, 2023, respectively, which represented revenue from progress towards completion of our APC technology contracts.

As of September 30, 2024 and December 31, 2023, 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 September 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,444. The Company expects to recognize revenue on approximately $4,592 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
	September 30, 2024			December 31, 2023
Trade receivables	$	4,432		$	4,300
Unbilled receivables		2,839			2,285
Receivable for employee retention credit		1,677			—
Other short-term receivables		360			255
Allowance for credit losses		(106	)		(111	)
Total accounts receivable	$	9,202		$	6,729