Note 3 - Revenue Recognition

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(3) Revenue Recognition

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 19 for further information regarding net sales by market):

	Years Ended December 31,
	2023		2022		2021
Net sales of:
Products	$	391,460	$	342,742	$	201,248
Tooling and Machinery		3,468		6,307		1,814
Engineering services		5,144		4,743		3,258
Total net sales	$	400,072	$	353,792	$	206,320

Contract balances

The timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue (contract liabilities) included within “deferred revenue” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2023, and 2022 (in thousands):

	Contract Liabilities
	Years Ended
	December 31,
	2023			2022
Deferred revenue - beginning of period	$	4,679		$	4,247
Increases due to consideration received from customers		6,572			6,337
Revenue recognized		(4,635	)		(5,330	)
Decrease due to sale of Molded Fiber		-			(575	)
Deferred revenue - end of period	$	6,616		$	4,679

Revenue recognized during the years ended December 31, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period was approximately $2.7 million and $2.2 million, respectively.

When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2023 and 2022 (in thousands):

	Contract Assets
	Years Ended
	December 31,
	2023			2022
Unbilled Receivables - beginning of period	$	270		$	74
Increases due to revenue recognized, not invoiced to customers		3,545			3,653
Decreases due to customer invoicing		(3,701	)		(3,457	)
Unbilled Receivables - end of period	$	114		$	270