Concentrations

3 Months Ended

Mar. 31, 2024

Note 14. Concentrations

Concentration of Sales and Accounts Receivable

The following represents customers that accounted for 10% or more of total revenue:


	Three months ended March 31,
	2024			2023
Customer A		23	%		13	%
Customer B		18	%		9	%
Customer C		15	%		16	%

The following represents customers that accounted for 10% or more of total trade accounts receivable:


	March 31, 2024			December 31, 2023
Customer A		25	%		14	%
Customer B		17	%		17	%
Customer C		15	%		0	%

The allowance for credit losses as of March 31, 2024 and December 31, 2023 was not material.

Concentration of Purchases

During the three months ended March 31, 2024, the Company’s products were primarily manufactured by six CMs with locations in China, Mexico, Minnesota, and Vietnam.

Concentration of Cash

The Company’s cash deposits exceeded the Federal Deposit Insurance Corporation’s insured limits. The Company has not experienced losses on these accounts. Most of the Company's deposits are in several accounts at a large institutional bank.

Concentration of Property and Equipment

The Company’s property and equipment, net by geographic region, are as follows (in thousands):


	March 31, 2024		December 31, 2023
North America	$	2,108	$	2,295
Asia Pacific (APAC)		78		86
Europe, Middle East and Africa (EMEA)		119		126
Property and equipment, net	$	2,305	$	2,507