Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 13

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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 agreement(s) provide that title to the specified inventory is transferred to the customer(s) prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard.

In the following table, revenue is disaggregated by product category groups (in thousands):

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Canned vegetables

			$
			247,351

			$
			253,749

			Frozen vegetables

			22,937

			25,334

			Fruit products

			18,050

			18,841

			Snack products

			3,555

			2,865

			Other

			5,565

			3,938

			Total

			$
			297,458

			$
			304,727

As a result of certain contracts with customers, the Company has contract asset balances of $1.0 million, $1.2 million, and $1.1 million as of June 28, 2025, June 29, 2024, and March 31, 2025, respectively, which are recorded as part of other current assets on the condensed consolidated balance sheets. The Company has contract liabilities in the form of deferred revenue representing payments received from certain of its co-pack customers in advance of completion of the Company's respective performance obligations. The balance is comprised of prepaid case and labeling and storage services which have been collected from bill and hold sales, as well as amounts invoiced in accordance with the terms of a co-pack agreement. 

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Table of Contents

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The deferred revenue activity is shown in the following table (in thousands):

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Beginning balance

			$
			11,140

			$
			8,185

			Deferral of revenue

			1,488

			1,239

			Recognition of unearned revenue

			(4,315
			)

			(4,363
			)

			Ending balance

			$