Quarterly report [Sections 13 or 15(d)]

Note 2 - Revenue Recognition

v3.25.2
Note 2 - Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

2.

Revenue Recognition

 

Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company generates all of its revenue from contracts with customers. Additionally, contract amounts represent the full amount of the transaction price as agreed upon with the customer at the time of order, resulting in a single performance obligation in most cases. In the case of a single order containing multiple upfits, the transaction price  may represent multiple performance obligations.

 

Disaggregation of Revenue

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The following table provides information about disaggregated revenue by customer type and timing of revenue recognition, and includes a reconciliation of the disaggregated revenue with reportable segments.

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Revenue by customer type was as follows:

 

Three Months Ended June 30, 2025

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Independent dealer

   $ 108,114     $ 33,413     $ 141,527  

Government

     -       30,771       30,771  

Fleet

     -       19,626       19,626  

Other

     -       2,403       2,403  

Total revenue

   $ 108,114     $ 86,213     $ 194,327  

 

Three Months Ended June 30, 2024

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Independent dealer

   $ 118,137     $ 44,373     $ 162,510  

Government

     -       19,097       19,097  

Fleet

     -       17,110       17,110  

Other

     -       1,185       1,185  

Total revenue

   $ 118,137     $ 81,765     $ 199,902  

 

Six Months Ended June 30, 2025

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Independent dealer

   $ 144,571     $ 66,819     $ 211,390  

Government

     -       58,095       58,095  

Fleet

     -       35,466       35,466  

Other

     -       4,443       4,443  

Total revenue

   $ 144,571     $ 164,823     $ 309,394  

 

Six Months Ended June 30, 2024

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Independent dealer

   $ 141,977     $ 77,654     $ 219,631  

Government

     -       40,788       40,788  

Fleet

     -       31,119       31,119  

Other

     -       4,019       4,019  

Total revenue

   $ 141,977     $ 153,580     $ 295,557  

 

Revenue by timing of revenue recognition was as follows:

 

Three Months Ended June 30, 2025

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Point in time

   $ 108,114     $ 58,341     $ 166,455  

Over time

     -       27,872       27,872  

Total revenue

   $ 108,114     $ 86,213     $ 194,327  

 

Three Months Ended June 30, 2024

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Point in time

   $ 118,137     $ 51,454     $ 169,591  

Over time

     -       30,311       30,311  

Total revenue

   $ 118,137     $ 81,765     $ 199,902  

 

Six Months Ended June 30, 2025

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Point in time

   $ 144,571     $ 110,731     $ 255,302  

Over time

     -       54,092       54,092  

Total revenue

   $ 144,571     $ 164,823     $ 309,394  

 

Six Months Ended June 30, 2024

  

Work Truck Attachments

    

Work Truck Solutions

    

Total Revenue

  

Point in time

   $ 141,977     $ 97,796     $ 239,773  

Over time

     -       55,784       55,784  

Total revenue

   $ 141,977     $ 153,580     $ 295,557  

 

Contract Balances

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The following table shows the changes in the Company’s contract liabilities during the three and six months ended June 30, 2025 and 2024, respectively:

 ​

Three Months Ended June 30, 2025

  

Balance at Beginning of Period

    

Additions

    

Deductions

    

Balance at End of Period

  

Contract liabilities

   $ 5,674     $ 11,934     $ (4,689 )   $ 12,919  

 

Three Months Ended June 30, 2024

  

Balance at Beginning of Period

    

Additions

    

Deductions

    

Balance at End of Period

  

Contract liabilities

   $ 6,056     $ 9,746     $ (4,238 )   $ 11,564  

 

Six Months Ended June 30, 2025

  

Balance at Beginning of Period

    

Additions

    

Deductions

    

Balance at End of Period

  

Contract liabilities

   $ 5,063     $ 15,413     $ (7,557 )   $ 12,919  

 

Six Months Ended June 30, 2024

  

Balance at Beginning of Period

    

Additions

    

Deductions

    

Balance at End of Period

  

Contract liabilities

   $ 4,009     $ 14,569     $ (7,014 )   $ 11,564  

 

The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet invoiced. There were no contract assets as of June 30, 2025 or 2024. Contract liabilities include payments received in advance of performance under the contract, variable freight allowances which are refunded to the customer, and rebates paid to distributors under the Company's municipal rebate program, and are realized with the associated revenue recognized under the contract. Contract liabilities related to payments received in advance of performance under the contract are included in Accounts Payable on the Condensed Consolidated Balance Sheets.

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The Company recognized revenue of $1,846 and $1,224 during the three months ended June 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period. The Company recognized revenue of $2,427 and $2,183 during the six months ended June 30, 2025 and 2024, respectively, which was included in contract liabilities at the beginning of each period. 

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