Revenue

6 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) other commercial applications.

The following table represents a breakout of total revenue by customer type:

	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Commercial revenue	$	9,506	$	9,247	$	17,866	$	20,000
Military revenue	15,062		15,619		25,949		29,944
Total	$	24,568	$	24,866	$	43,815	$	49,944

The following table represents revenue by the various components:

	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2022		2021		2022		2021
Aerospace components for:
Fixed wing aircraft	$	10,071	$	10,176	$	19,960	$	19,966
Rotorcraft	4,371		7,872		7,914		15,603
Energy components for power generation units	4,346		5,102		8,003		11,565
Commercial product and other revenue	5,780		1,716		7,938		2,810
Total	$	24,568	$	24,866	$	43,815	$	49,944

The following table represents revenue by geographic region based on the Company's selling operation locations:

	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2022		2021		2022		2021
North America	$	20,426	$	20,019	$	36,288	$	39,784
Europe	4,142		4,847		7,527		10,160
Total	$	24,568	$	24,866	$	43,815	$	49,944

In addition to the disaggregated revenue information provided above, approximately 62% and 61% of total net sales as of March 31, 2022 and 2021, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time. 

Contract Balances

The following table contains a roll forward of contract assets and contract liabilities for the period ended March 31, 2022:

Contract assets - Beginning balance, October 1, 2021	$	12,874
Additional revenue recognized over-time	27,375
Less amounts billed to the customers	(27,136)
Contract assets - Ending balance, March 31, 2022	$	13,113

Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2021	$	(236)
Payments received in advance of performance obligations	(1,209)
Performance obligations satisfied	1,169
Contract liabilities (included within Accrued liabilities) - Ending balance, March 31, 2022	$	(276)

There were no impairment losses recorded on contract assets as of March 31, 2022 and September 30, 2021.

Remaining performance obligations

As of March 31, 2022, the Company has $72,045 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.