Note 3 - Revenue

6 Months Ended

Jun. 30, 2023

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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Air Pollution Control
Technology solutions	$	2,557	$	1,966	$	5,539	$	3,807
Spare parts		425		262		599		358
Ancillary revenue		440		510		843		777
Total Air Pollution Control technology revenues		3,422		2,738		6,981		4,942
FUEL CHEM
FUEL CHEM technology solutions		2,039		3,630		5,767		6,961
Total Revenues	$	5,461	$	6,368	$	12,748	$	11,903

Disaggregated Revenue by Geography

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
United States	$	4,316	$	4,279	$	10,297	$	7,967
Foreign Revenues
Latin America		153		60		153		129
Europe		820		922		1,399		1,326
Asia		172		1,107		899		2,481
Total Foreign Revenues		1,145		2,089		2,451		3,936
Total Revenues	$	5,461	$	6,368	$	12,748	$	11,903

Timing of Revenue Recognition

The following table presents the timing of our revenue recognition:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Products transferred at a point in time	$	2,904	$	4,402	$	7,209	$	8,096
Products and services transferred over time		2,557		1,966		5,539		3,807
Total Revenues	$	5,461	$	6,368	$	12,748	$	11,903

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 unbilled receivables (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 June 30, 2023,  December 31, 2022, and December 31, 2021, contract assets for APC technology projects were approximately $2,946, $3,082, and $1,277, respectively. There were no contract assets for the FUEL CHEM technology segment as of  June 30, 2023,  December 31, 2022, and 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 Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $938, $372, and $390 at June 30, 2023,  December 31, 2022, and December 31, 2021, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the six-month period ended June 30, 2023, 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 $9 and $368 for the three and six months ended June 30, 2023, respectively, and $20 and $250 for three and six months ended June 30, 2022, respectively, which represented primarily revenue from progress towards completion of our APC technology contracts.

As of June 30, 2023 and December 31, 2022, 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 June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,613. The Company expects to recognize revenue on approximately $6,305 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
	June 30, 2023			December 31, 2022
Trade receivables	$	3,804		$	4,605
Unbilled receivables		2,946			3,082
Other short-term receivables		141			152
Allowance for credit losses		(110	)		(110	)
Total accounts receivable	$	6,781		$	7,729