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ACCOUNTS RECEIVABLE, NET | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET
Table 4: Details of Accounts Receivable, Net
| September 30, 2024 |  | December 31, 2023
| (in thousands)
Billed accounts receivable | $ | 7,738 |  |  | $ | 18,101 |
Unbilled accounts receivable | 3,857 |  |  | 8,022 |
Contract assets | 3,334 |  |  | 4,584 |
Allowance for credit losses (1) | (48) |  |  | (283) |
Accounts receivable, net | $ | 14,881 |  |  | $ | 30,424 |
(1) Includes provision for credit losses, net of recoveries. As our primary customer base includes agencies of the U.S. government, we have a concentration of credit risk associated with our accounts receivable, as 92% and 91% of our billed and unbilled accounts receivable as of September 30, 2024, and December 31, 2023, respectively, were directly with U.S. government customers. While we acknowledge the potential material and adverse risk of such a significant concentration of credit risk, our past experience collecting substantially all of such receivables provides us with an informed basis that such risk, if any, is manageable. We perform ongoing credit evaluations of all of our customers and generally do not require collateral or other guarantees from our customers. We maintain allowances for potential losses.

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