Annual report [Section 13 and 15(d), not S-K Item 405]

Concentrations, Risks, and Uncertainties

v3.25.1
Concentrations, Risks, and Uncertainties
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentrations, Risks, and Uncertainties 24. 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 $11.2 million and $6.0 million as of December 31, 2024 and 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
Years Ended December 31,
2024 2023
(in thousands)
U.S. federal government and agencies 60% 62%
Customer B 16% 14%
Customer C 12% *
Customer D
 * 12%
Accounts Receivable
As of December 31,
2024 2023
(in thousands)
U.S. federal government and agencies 76% 83%
Customer B * *
Customer C * *
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 December 31, 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.