REVENUE

9 Months Ended

Sep. 30, 2025

Contract Assets and Liabilities

The tables below disclose changes in contract assets and liabilities for the nine months ended September 30, 2025 and 2024.


Contract Assets	September 30, 2025		September 30, 2024
Contract assets, beginning of period	$	24,145	$	9,654
Reclassification of contract assets to receivables, as the result of rights to consideration becoming unconditional (1)	(44,735)		(8,366)
Contract assets recognized, net of reclassification to receivables (1)	103,222		22,594
Contract assets, end of period	$	82,632	$	23,882

Contract Liabilities
Contract liabilities, beginning of period	$	20,044	$	12,979
Reclassification of contract liabilities to revenue, as the result of performance obligations satisfied (2)	(12,626)		(3,208)
Cash received in advance and not recognized in revenue (2)	15,912		7,251
Contract liabilities, end of period	$	23,330	$	17,022

(1) Includes contract assets acquired in the Merger with Shyft. Refer to Note 14 - Business Combination.

(2) Includes contract liabilities acquired in the Merger with Shyft. Refer to Note 14 - Business Combination.

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the North America and Europe and Rest of the World (“ROW”) segments are $884,760 and $242,564 respectively.

For performance obligations that are satisfied over time, revenue is expected to be recognized over the period to complete the contract. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the

customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on constraining estimates of variable consideration.

In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.


	Three Months Ended September 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	299,694	$	36,271	$	335,965
Europe and ROW	105,896		29,464		135,360
Total Sales	$	405,590	$	65,735	$	471,325

Timing of revenue recognition
Products transferred at a point in time	$	168,075	$	58,982	$	227,057
Products and services transferred over time	237,515		6,753		244,268
Total Sales	$	405,590	$	65,735	$	471,325


	Three Months Ended September 30, 2024
	New Business		After Sales		Total
Primary geographical markets
North America	$	132,400	$	11,970	$	144,370
Europe and ROW	92,393		25,688		118,081
Total Sales	$	224,793	$	37,658	$	262,451

Timing of revenue recognition
Products transferred at a point in time	$	162,240	$	31,876	$	194,116
Products and services transferred over time	62,553		5,782		68,335
Total Sales	$	224,793	$	37,658	$	262,451


	Nine Months Ended September 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	564,826	$	64,674	$	629,500
Europe and ROW	281,802		86,952		368,754
Total Sales	$	846,628	$	151,626	$	998,254

Timing of revenue recognition
Products transferred at a point in time	$	484,116	$	132,226	$	616,342
Products and services transferred over time	362,512		19,400		381,912
Total Sales	$	846,628	$	151,626	$	998,254


	Nine Months Ended September 30, 2024
	New Business		After Sales		Total
Primary geographical markets
North America	$	402,859	$	39,029	$	441,888
Europe and ROW	265,776		80,067		345,843
Total Sales	$	668,635	$	119,096	$	787,731

Timing of revenue recognition
Products transferred at a point in time	$	489,871	$	103,116	$	592,987
Products and services transferred over time	178,764		15,980		194,744
Total Sales	$	668,635	$	119,096	$	787,731

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Aebi Schmidt Holding AG 10-Q