v3.25.2
Concentration of Risk and Enterprise-Wide Disclosures
6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise-Wide Disclosures

Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2025 and December 31, 2024, respectively:

June 30, 2025

December 31, 2024

 

Federal Government

    

$

56,499

    

26

%  

$

19,874

    

14

%

State Governments

 

19,692

 

9

%  

 

9,553

 

7

%

Local Governments

 

36,760

 

17

%  

 

24,641

 

17

%

Private Companies

 

100,618

 

48

%  

 

88,424

 

62

%

Gross receivables

213,569

100

%  

142,492

100

%

Allowance for credit losses

(1,099)

(555)

Net receivables

$

212,470

 

$

141,937

 

At June 30, 2025, the United States Navy, which is included in the Federal Government category, accounted for 25.8% of total current receivables. At December 31, 2024, the United States Navy, accounted for 11.1% of total current receivables.