v3.26.1
Major Customers and Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Major Customers and Concentrations of Credit Risk Major Customers and Concentrations of Credit Risk
We provide proprietary products and services to the Department of War and various United States Government agencies, and most of the aerospace and aircraft manufacturers who receive contracts directly from the U.S. Government as an original equipment manufacturer (“Primes”). In addition, we also service technology-driven markets in the industrial, medical and other end-use markets. As a result, we have significant net revenues from certain customers. Accounts receivable were diversified over a number of different commercial, military and space programs and were made by both operating segments. Net revenues from our top ten customers, including The Boeing Company (“Boeing”), Lockheed Martin Corporation (“Lockheed”), Northrop Grumman Corporation (“Northrop”), RTX Corporation (f/k/a Raytheon Technologies Corporation) (“RTX”), and Viasat, Inc. (“Viasat”), represented the following percentages of total net revenues:
Years Ended December 31,
202520242023
Boeing (1)
13.3 %13.9 %14.6 %
Lockheed4.2 %5.3 %4.0 %
Northrop5.8 %6.4 %5.5 %
RTX (2)
17.9 %16.4 %14.2 %
Viasat4.0 %3.0 %5.5 %
Top ten customers (3)
60.7 %60.1 %58.7 %
(1) Boeing completed its acquisition of all of Spirit Aerosystems Holdings, Inc.’s Boeing-related commercial operations, based on Boeing’s announcement on December 8, 2025.
(2) TransDigm Group Inc. (“TransDigm”) completed its acquisition of the Simmonds Precision Products, Inc. business of Goodrich Corporation from RTX, based on TransDigm’s announcement on October 6, 2025.
(3) Includes Boeing, Lockheed, Northrop, RTX, and Viasat.
Boeing, Lockheed, Northrop, RTX, and Viasat represented the following percentages of total accounts receivable:
December 31,
 20252024
Boeing7.3 %12.4 %
Lockheed1.5 %1.9 %
Northrop13.3 %2.7 %
RTX14.7 %14.7 %
Viasat5.0 %3.1 %
In 2025, 2024 and 2023, net revenues from foreign customers based on the location of the customer were $118.8 million, $113.8 million and $82.2 million, respectively. No net revenues from a foreign country were greater than four percent of total net revenues in 2025, 2024, and 2023. We have a manufacturing facility in Mexico. We also had a manufacturing facility in Thailand, however, we ceased manufacturing activities during 2023. Our net revenues, profitability and identifiable long-lived assets attributable to foreign revenues activity were not material compared to our net revenues, profitability and identifiable long-lived assets attributable to our domestic operations during 2025, 2024, and 2023. We are not subject to any significant foreign currency risks as all our sales are made in United States dollars.