Quarterly report [Sections 13 or 15(d)]

Concentrations, Risks, and Uncertainties

v3.25.1
Concentrations, Risks, and Uncertainties
 3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Concentrations, Risks, and Uncertainties 16. 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 $3.6 million and $11.2 million as of March 31, 2025 and December 31, 2024, 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 March 31,
2025 2024
(in thousands)
U.S. federal government and agencies 40% 61%
Customer B 33% *
Customer C 15% 16%
Customer D
 * 10%
Accounts Receivable
As of March 31, 2025 As of December 31, 2024
(in thousands)
U.S. federal government and agencies 45% 76%
Customer B * *
Customer C 18% *
Customer D
 * *
* 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 March 31, 2025 and December 31, 2024, 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.