Quarterly report pursuant to Section 13 or 15(d)

Concentrations, Risks, and Uncertainties

v3.24.3
Concentrations, Risks, and Uncertainties
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
Concentrations, Risks, and Uncertainties 15. Concentrations, Risks, and Uncertainties
The Company has a concentration of contractual revenue arrangements with the U.S. federal government and agencies as well as with international governments. Accounts receivable related to U.S. federal government and agencies was $4.4 million and $6.0 million as of September 30, 2024 and December 31, 2023, respectively. The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue:
Revenue
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(in thousands)
U.S. federal government and agencies 57% 66% 58% 71%
Customer B 19% 17% 16% 16%
Customer C 12% 13% 13% *
Accounts Receivable
As of September 30, 2024 As of December 31, 2023
(in thousands)
U.S. federal government and agencies 43% 83%
Customer B * *
Customer C 32% *
* Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during the period.
The Company generally extends credit on account, without collateral. Outstanding accounts receivable balances are evaluated by management, and accounts are reserved when it is determined collection is not probable. As of September 30, 2024 and 2023, the Company evaluated the realizability of the aged accounts receivable, giving consideration to each customer’s financial history and liquidity position, credit rating and the facts and circumstances of collectability on each outstanding account, and did not have a significant reserve for uncollectible accounts.