Annual report pursuant to Section 13 and 15(d)

Concentrations, Risks, and Uncertainties

v3.24.1
Concentrations, Risks, and Uncertainties
 12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentrations, Risks, and Uncertainties
23. 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 commercial customers. The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue and/or accounts receivable:
Revenue
Accounts Receivable
Years Ended December 31, As of December 31,
2023 2022 2023 2022
(in thousands)
U.S. federal government and agencies 62% 81% 83% 82%
Customer B 14% * * *
Customer C 12% * * *
* Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during the year.
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 December 31, 2023 and 2022, 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.