| Revenue from Contracts with Customers |
| 4. |
Revenue
from Contracts with Customers |
Below
is a summary of the Company’s revenue concentration by major customer for the three and nine months ended February 28, 2026 and
February 28, 2025, respectively.
Schedule of Revenue Concentration
| |
|
February 28, 2026 |
|
|
February 28, 2025 |
|
|
February 28, 2026 |
|
|
February 28, 2025 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
February 28, 2026 |
|
|
February 28, 2025 |
|
|
February 28, 2026 |
|
|
February 28, 2025 |
|
| Customer A |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
73 |
% |
| Customer B |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
27 |
% |
| Customer |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
27 |
% |
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the nine months ended February 28, 2026 and February 28, 2025, respectively, are
shown in the following table (in thousands):
Schedule
of Deferred Revenue
| |
|
February 28, 2026 |
|
|
February 28, 2025 |
|
| |
|
Nine Months Ended |
|
| |
|
February 28, 2026 |
|
|
February 28, 2025 |
|
| Balance, beginning of period |
|
$ |
3,594 |
|
|
$ |
31,178 |
|
| Advance billings |
|
|
49,765 |
|
|
|
54,030 |
|
| Revenue recognized |
|
|
(53,207 |
) |
|
|
(71,313 |
) |
| Other adjustments |
|
|
— |
|
|
|
(9,643 |
) |
| Balance, end of period |
|
$ |
152 |
|
|
$ |
4,252 |
|
|
| 4. |
Revenue
from Contracts with Customers |
Below
is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and May 31, 2024:
Schedule
of Revenue Concentration
| |
|
May
31, 2025 |
|
|
May
31, 2024 |
|
| Customer A |
|
|
77 |
% |
|
|
29 |
% |
| Customer B |
|
|
23 |
% |
|
|
71 |
% |
| Customer |
|
|
23 |
% |
|
|
71 |
% |
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the fiscal years ended May 31, 2025 and May 31, 2024, respectively, are shown in
the following table (in thousands):
Schedule of Deferred Revenue
| |
|
May
31, 2025 |
|
|
May
31, 2024 |
|
| Balance, beginning of period |
|
$ |
31,178 |
|
|
$ |
— |
|
| Advance billings |
|
|
66,435 |
|
|
|
60,135 |
|
| Revenue recognized |
|
|
(84,376 |
) |
|
|
(28,957 |
) |
| Other adjustments(1) |
|
|
(9,643 |
) |
|
|
— |
|
| Balance, end of period |
|
$ |
3,594 |
|
|
$ |
31,178 |
|
|
(1) |
This
adjustment represents deferred revenue associated with a contract that was cancelled during
the 2024 fiscal year and repaid during the 2025 fiscal year. |
|