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v3.24.3

REVENUE RECOGNITION (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue by Customer Type |
Table 3.1: Revenue by Customer Type
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
| (dollars in thousands)
Federal | $ | 20,607 |  |  | 87 % |  | $ | 32,955 |  |  | 91 % |  | $ | 72,046 |  |  | 88% |  | $ | 93,456 |  |  | 90%
State, local, and commercial | 3,176 |  |  | 13 % |  | 3,231 |  |  | 9 % |  | 9,854 |  |  | 12% |  | 10,863 |  |  | 10%
Total revenue | $ | 23,783 |  |  | 100 % |  | $ | 36,186 |  |  | 100 % |  | $ | 81,900 |  |  | 100 % |  | $ | 104,319 |  |  | 100 %
Table 3.2: Revenue by Contract Type
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
| (dollars in thousands)
Firm fixed-price | $ | 18,293 |  |  | 77 % |  | $ | 27,809 |  |  | 77 % |  | $ | 63,308 |  |  | 77% |  | $ | 80,116 |  |  | 77%
Time-and-materials | 3,045 |  |  | 13 % |  | 3,504 |  |  | 10 % |  | 9,204 |  |  | 11% |  | 10,608 |  |  | 10%
Cost plus fixed fee | 2,445 |  |  | 10 % |  | 4,873 |  |  | 13 % |  | 9,388 |  |  | 12% |  | 13,595 |  |  | 13%
Total revenue | $ | 23,783 |  |  | 100 % |  | $ | 36,186 |  |  | 100 % |  | $ | 81,900 |  |  | 100% |  | $ | 104,319 |  |  | 100 %
Schedules of Concentration of Risk, by Risk Factor |
Table 3.3: Revenue Concentration Greater than 10% of Total Revenue
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
U.S. Department of Defense ("DoD") | 46% |  | 61% |  | 53% |  | 65%
U.S. Department of Homeland Security ("DHS") | 16% |  | 6% |  | 15% |  | 3%
Schedule of Contract Balances |
Table 3.4: Contract Balances
| Balance Sheet Presentation |  | September 30, 2024 |  | December 31, 2023
|  |  | (in thousands)
Billed accounts receivable (1) | Accounts receivable, net |  | $ | 7,690 |  |  | $ | 17,818 |
Unbilled accounts receivable | Accounts receivable, net |  | 3,857 |  |  | 8,022 |
Contract assets | Accounts receivable, net |  | 3,334 |  |  | 4,584 |
Contract liabilities | Contract liabilities |  | 6,779 |  |  | 6,728 |
(1) Net of allowance for credit losses.

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