Accounts receivable consisted of the following:


(in thousands)	September 30, 2026			December 31, 2025
Trade receivables	$	13,976		$	22,722
Revenue recognized in excess of billings		39,487			30,889
Other receivables		7,353			5,201
Total		60,816			58,812
Allowance for credit losses		(3,086	)		(3,069	)
Accounts receivable, net	$	57,730		$	55,743

Other receivables at September 30, 2026 and December 31, 2025 primarily relate to 45X Credits earned in connection with manufacturing activity by our wholly owned subsidiary, Alpha Steel.

Approximately $12.3 million of net accounts receivable at September 30, 2026 are related to certain large projects that have been deferred or are in dispute and have been outstanding for more than a year ($15.5 million at December 31, 2025). We are continuing to seek resolution with our customers to collect the amounts owed to us and have taken into consideration what we ultimately expect to recover in our estimate of the allowance for credit losses. Actual results could differ from our estimates.

Activity in the allowance for credit losses during the three and nine months ended September 30, 2026 and 2025 was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Balance at beginning of period	$	3,031	$	1,909	$	3,069	$	1,717
Amounts charged to earnings during the period		54		374		16		566
Translation		1		—		1		—
Balance at end of period	$	3,086	$	2,283	$	3,086	$	2,283