The following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets:


(in thousands)	March 31, 2025		December 31, 2024		$ Change		% Change
Contract assets - included in contracts in progress:
Costs incurred less costs of revenue recognized	$	25,734	$	31,691	$	(5,957)	(19)	%
Revenues recognized less billings to customers	39,912		50,712		(10,800)		(21)	%
Contracts in progress	$	65,646	$	82,403	$	(16,757)	(20)	%
Contract liabilities - included in advance billings on contracts:
Billings to customers less revenues recognized	$	53,636	$	57,893	$	(4,257)	(7)	%
Costs of revenue recognized less cost incurred	—		585		(585)		(100)	%
Advance billings on contracts	$	53,636	$	58,478	$	(4,842)	(8)	%



Accrued contract losses	$	(17)	$	217	$	(234)	(108)	%


(in thousands)	March 31, 2024		December 31, 2023		$ Change		% Change
Contract assets - included in contracts in progress:
Costs incurred less costs of revenue recognized	$	27,993	$	12,100	$	15,893	131	%
Revenues recognized less billings to customers	60,000		38,206		21,794		57	%
Contracts in progress	$	87,993	$	50,306	$	37,687	75	%
Contract liabilities - included in advance billings on contracts:
Billings to customers less revenues recognized	$	56,509	$	54,051	$	2,458	5	%
Costs of revenue recognized less cost incurred	6,468		5,066		1,402		28	%
Advance billings on contracts	$	62,977	$	59,117	$	3,860	7	%



Accrued contract losses	$	(28)	$	46	$	(74)	(161)	%