Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2.2
Revenue
6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

Note 5. Revenue

The Company accounts for revenue in accordance with ASC 606. Revenue is recognized in five steps. The Company identifies the contract with the customer, identifies the performance obligations in the contract, determines the transaction price, allocates the transaction price to the performance obligations, and recognizes revenue when (or as) each performance obligation is satisfied. Collectability is a required component of a valid contract. The Company assesses collectability based on a number of factors, including the customer’s past payment history and current creditworthiness. If collectability is not considered probable at inception, the Company will not have a valid contract.

 

Most of the Company’s revenue has one performance obligation and is recognized on a point-in-time basis upon shipment. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and sample part and a second obligation to produce production parts. For injection molding contracts with multiple performance obligations, the Company allocates revenue

to each performance obligation based on its relative standalone selling price and recognizes revenue for each performance obligation on a point-in-time basis upon shipment. We generally determine stand-alone selling price based on the price charged to customers. The Company’s payments terms are consistent with industry standards and never exceed 12 months.

 

Revenue by product line for the three and six months ended June 30, 2022 and June 30, 2021 are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022 (Successor)

 

 

June 30, 2021 (Predecessor)

 

 

June 30, 2022 (Successor)

 

 

June 30, 2021 (Predecessor)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Additive Manufacturing

 

$

4,410

 

 

$

4,302

 

 

$

8,559

 

 

$

8,842

 

Injection Molding

 

 

7,093

 

 

 

6,492

 

 

 

13,908

 

 

 

13,129

 

CNC Machining

 

 

14,584

 

 

 

11,072

 

 

 

27,910

 

 

 

15,903

 

Precision Sheet Metal

 

 

14,751

 

 

 

12,093

 

 

 

29,434

 

 

 

25,210

 

Ancillary Product Lines

 

 

1,147

 

 

 

1,913

 

 

 

2,715

 

 

 

3,322

 

Total revenue

 

$

41,985

 

 

$

35,872

 

 

$

82,526

 

 

$

66,406