Quarterly report [Sections 13 or 15(d)]

Accounts Receivable, net

v3.25.1
Accounts Receivable, net
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Accounts Receivable, net
Note E – Accounts Receivable, net
The accounts receivable, net balance was as follows:
March 31, 2025 December 31, 2024
Billed receivables
 $ 14,433  $ 18,450 
Unbilled receivables
 814  3,455 
Total accounts receivable, net
 $ 15,247  $ 21,905 

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 March 31, 2025 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 March 31, 2025 and December 31, 2024, respectively.