v3.26.1
Concentration of Risk and Enterprise-Wide Disclosures
 6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
Concentration of Risk and Enterprise Wide Disclosures

5.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.

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The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2026 and December 31, 2025, respectively:

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June 30, 2026

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December 31, 2025

 

Federal Government(1)

  ​ ​ ​

$

20,242

  ​ ​ ​

12

%  

$

51,057

  ​ ​ ​

23

%

State Governments(1)

​

 

19,918

 

11

%  

 

14,008

 

6

%

Local Governments(1)

​

 

24,766

 

14

%  

 

23,453

 

10

%

Private Companies

​

 

109,907

 

63

%  

 

139,832

 

61

%

Gross receivables

​

​

174,833

​

100

%  

​

228,350

​

100

%

Allowance for credit losses

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​

(3,146)

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​

​

​

(3,461)

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​

​

Net receivables

​

$

171,687

 

​

​

$

224,889

 

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(1)Receivables from federal, state and local governments include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is the federal, state and local governments.

At June 30, 2026, no single customer exceeded 10% of total current receivables. At December 31, 2025, the United States Navy, which is included in the Federal Government category, and a customer in the Private Companies category, accounted for 20% and 12%, respectively, of total current receivables.