Revenue

12 Months Ended

Sep. 30, 2023

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,
	2023		2022
Commercial revenue	$	48,358	$	39,786
Military revenue	38,664		44,116
Total	$	87,022	$	83,902

The following table represents revenue by the various components:

	Years Ended September 30,
Net Sales	2023		2022
Aerospace components for:
Fixed wing aircraft	$	40,094	$	39,474
Rotorcraft	16,369		15,602
Energy components for power generation units	23,033		17,396
Commercial product and other revenue	7,526		11,430
Total	$	87,022	$	83,902

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

	Years Ended September 30,
Net Sales	2023		2022
North America	$	66,067	$	68,333
Europe	20,955		15,569
Total	$	87,022	$	83,902

In addition to the disaggregating revenue information provided above, approximately 46% and 56% of total net sales as of September 30, 2023 and 2022, 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

Generally, payment is due upon 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, 2023 and 2022:

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
Additional revenue recognized over-time	40,265
Less amounts billed to the customers	(40,346)
Contract assets - Ending balance, September 30, 2023	$	10,091

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)
Payments received in advance of performance obligations	(2,242)
Performance obligations satisfied	1,899
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2023	$	(1,150)

There were no impairment losses recorded on contract assets during the year ended September 30, 2023 and 2022, respectively.

Remaining performance obligations

As of September 30, 2023 and 2022, the Company has $89,591 and $81,852, respectively, of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.