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Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

                               
Revenue by Contract Type                        
(In thousands)  Three Months Ended   Three Months Ended 
   September 30, 2023   September 30, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $10,795   $10,188   $20,983   $8,877   $6,892   $15,769 
Time and materials   -    894    894    -    2,703    2,703 
Total  $10,795   $11,082   $21,877   $8,877   $9,595   $18,472 

 

 

                               
Revenue by Contract Type                        
(In thousands)  Nine Months Ended   Nine Months Ended 
   September 30, 2023   September 30, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $33,223   $29,995   $63,218   $24,749   $20,569   $45,318 
Time and materials   -    3,798    3,798    -    8,524    8,524 
Total  $33,223   $33,793   $67,016   $24,749   $29,093   $53,842 

 

                               
Revenue by generator                        
(In thousands)  Three Months Ended   Three Months Ended 
   September 30, 2023   September 30, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $7,095   $8,444   $15,539   $5,728   $9,264   $14,992 
Domestic commercial   3,450    2,170    5,620    2,806    313    3,119 
Foreign government   250    445    695    287    -    287 
Foreign commercial   -    23    23    56    18    74 
Total  $10,795   $11,082   $21,877   $8,877   $9,595   $18,472 

 

                               
Revenue by generator                        
(In thousands)  Nine Months Ended   Nine Months Ended 
   September 30, 2023   September 30, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $24,160   $29,603   $53,763   $17,786   $28,158   $45,944 
Domestic commercial   7,925    3,509    11,434    6,045    859    6,904 
Foreign government   1,002    615    1,617    532    12    544 
Foreign commercial   136    66    202    386    64    450 
Total  $33,223   $33,793   $67,016   $24,749   $29,093   $53,842 

 

Contract Balances

 

The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract assets and contract liabilities balances. Our deferred revenue balance at September 30, 2023 included a $2,500,000 invoice to a certain customer for a waste treatment project which is expected to commence and be completed in 2024.

 

           Year-to-date   Year-to-date 
(In thousands)  September 30, 2023   December 31, 2022   Change ($)   Change (%) 
Contract assets                    
Unbilled receivables - current  $9,336   $6,062   $3,274    54.0%
                     
Contract liabilities                    
Deferred revenue  $7,765   $4,813   $2,952    61.3%

 

 

During the three and nine months ended September 30, 2023, the Company recognized revenue of $842,000 and $6,289,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of the year. During the three and nine months ended September 30, 2022, the Company recognized revenue of $494,000 and $6,138,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of the year. All revenue recognized in each period related to performance obligations satisfied within the respective period.

 

Remaining Performance Obligations

 

The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts.

 

The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.