Accounts Receivable

3 Months Ended

Mar. 31, 2026

NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable, net, consisted of the following:


	March 31, 2026			December 31, 2025
(in thousands)
Accounts receivable	$	11,831		$	12,755
Unbilled receivables (1)		3,920			3,850
		15,751			16,605
Less: allowance for current expected credit losses		(342	)		(318	)
Accounts receivable, net	$	15,409		$	16,287

(1) - Unbilled receivables represent amounts for services rendered at the end of the period pending generation of invoice to the customer.

Accounts receivable, net, at January 1, 2025, was $15.0 million.

Expected credit losses were approximately $39,000 and $11,000 for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.