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Concentrations, Significant Customers and Geographic Areas

9 Months Ended

Sep. 30, 2024

Concentrations, Significant Customers and Geographic Areas

Concentrations, Significant Customers and Geographic Areas

(13) Concentrations, Significant Customers and Geographic Areas

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments in the form of corporate bonds and trade accounts receivable. The Company’s cash and cash equivalents and short-term investments are placed with high-credit-quality financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents or short-term investments.

Significant customers that represent 10% or more of revenue are set forth in the following tables:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Customer A	17%	30%	19%	32%
Customer B	14%	*	11%	*
Customer C	*	19%	*	21%
Customer D	32%	*	23%	*
Customer E	*	*	20%	13%
Customer F	15%	13%	*	*
Customer G	14%	10%	*	*

* Customer accounted for less than 10% of revenue in the respective periods.

During the three and nine months ended September 30, 2024, sales to government entities comprised 95.84% and 92.53% of the Company’s total revenue, respectively. During the three and nine months ended September 30, 2023 sales to government entities comprised 77.25% and 77.65% of the Company’s total revenue, respectively.

Significant customers that represent 10% or more of accounts receivable are set forth in the following tables:


	September 30, 2024	December 31, 2023
Customer A	39%	39%
Customer B	16%	*
Customer C	*	12%
Customer D	27%	*

* Customer accounted for less than 10% of accounts receivable in the respective periods.

The following table presents a summary of revenue by geography (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	1,548		2,927	$	5,688		8,174
Europe		767		178		2,241		458
Asia and Others		63		—		587		—
Total revenue	$	2,378		3,105	$	8,516		8,632

Revenues from external customers are attributed to individual countries based on the physical location in which the services are provided or the particular customer location with whom the Company has contracted.