Disaggregation of Revenue and Contract Balances
The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the year ended December 31, 2025 and 2024, the Company derived 91.7% and 90.8% of its revenue from contracts classified as lump sum, and 8.3% and 9.2% of its revenue from exclusively time and material contracts, respectively. The Company had approximately $369.8 million in remaining performance obligations on its fixed fee projects as of December 31, 2025 of which it expects to recognize approximately 88.3% within the next twelve months and the remaining 11.7% thereafter.
Disaggregated revenues by contract type were as follows (in thousands):
For the Twelve Months Ended December 31,
20252024
Fixed fee$449,241 91.7 %$387,328 90.8 %
Time-and materials40,776 8.3 %39,236 9.2 %
Gross contract revenue$490,017 100.0 %$426,564 100.0 %
The Company recognized $4.7 million of revenue for the year ended December 31, 2025, which was included in the contract liabilities balance as of December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 12, 2025
2023Mar 12, 2024
2022Mar 15, 2023
2021Mar 23, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.