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

Accounts Receivable, net

v3.25.0.1
Accounts Receivable, net
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts Receivable, net
Note E – Accounts Receivable, net
The accounts receivable, net balance was as follows:
December 31, 2024 December 31, 2023
Billed receivables
 $ 18,450  $ 28,926 
Unbilled receivables
 3,455  3,485 
Total accounts receivable, net
 $ 21,905  $ 32,411 

Accounts receivable are recorded for amounts to which the Company is entitled and has invoiced to the customer. Unbilled receivables, presented in the table above, consist of unbilled amounts under time-and-material (“T&M”) contracts where billing and payment is subject solely to the passage of time.

Substantially all accounts receivable as of December 31, 2024 are expected to be collected in 2025. The Company does not believe there is a significant exposure to credit risk as the majority of the Company’s accounts receivable are due from U.S. and foreign governments or large prime contractors of such government entities. As a result, the allowance for credit losses was not material as of December 31, 2024 and 2023, respectively.