Revenue

12 Months Ended

Sep. 30, 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 armored military vehicles; (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:

	Years Ended September 30,
	2022		2021
Commercial revenue	$	39,786	$	36,587
Military revenue	44,116		63,004
Total	$	83,902	$	99,591

The following table represents revenue by the various components:

	Years Ended September 30,
Net Sales	2022		2021
Aerospace components for:
Fixed wing aircraft	$	39,474	$	38,474
Rotorcraft	15,602		27,214
Energy components for power generation units	17,396		20,390
Commercial product and other revenue	11,430		13,513
Total	$	83,902	$	99,591

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

	Years Ended September 30,
Net Sales	2022		2021
North America	$	68,333	$	81,719
Europe	15,569		17,872
Total	$	83,902	$	99,591

In addition to the disaggregating revenue information provided above, approximately 56% and 65% of total net sales as of September 30, 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 as a point in time. 

Contract Balances

Generally, payment is due shortly after the shipment of goods. For performance obligations recognized at a point in time, a contract asset is not established as the billing and revenue recognition occur at the same time. For performance obligations recognized over time, a contract asset is established for revenue that is recognized prior to billing and shipment. Upon shipment and billing, the value of the contract asset is reversed and accounts receivable is recorded. In circumstances where prepayments are required and payment is made prior to satisfaction of performance obligations, a contract liability is established. If the satisfaction of the performance obligation occurs over time, the contract liability is reversed over the course of production. If the satisfaction of the performance obligation is point in time, the contract liability reverses upon shipment.  

The following table contains a roll forward of contract assets and contract liabilities for the period ended September 30, 2022 and 2021:

Contract assets - Ending balance, September 30, 2020	$	11,997
Additional revenue recognized over-time	64,384
Less amounts billed to the customers	(63,507)
Contract assets - Ending balance, September 30, 2021	$	12,874
Additional revenue recognized over-time	46,747
Less amounts billed to the customers	(49,449)
Contract assets - Ending balance, September 30, 2022	$	10,172

Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2020	$	(636)
Payments received in advance of performance obligations	(829)
Performance obligations satisfied	1,229
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2021	$	(236)
Payments received in advance of performance obligations	(1,691)
Performance obligations satisfied	1,120
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2022	$	(807)

There were no impairment losses recorded on contract assets during the year ended September 30, 2022 and 2021, respectively.

Remaining performance obligations

As of September 30, 2022 and 2021, the Company has $81,852 and $77,198, respectively, of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.