Unbilled Accounts Receivable and Significant Concentrations

12 Months Ended

Dec. 31, 2024

Accounts Receivable and Significant Concentrations

Unbilled Accounts Receivable and Significant Concentrations

5. Unbilled Accounts Receivable and Significant Concentrations

Unbilled accounts receivable represent revenues earned in connection with products and/or services delivered for which we are unable to issue a formal billing to the customer at the balance sheet due to either timing of invoice processing or delays due to fixed contractual billing schedules. A significant portion of our unbilled accounts receivable consist of carrier services not invoiced at the end of the reporting period. An allowance for credit losses was insignificant for unbilled accounts receivable as of December 31, 2024 and 2023.

The following table presents customers that represent ten (10) percent or more of consolidated unbilled accounts receivable as of the periods presented below:

	DECEMBER 31,			DECEMBER 31,
	2024			2023
	As a % of			As a % of
Customer Type	Unbilled Receivables			Unbilled Receivables
U.S. Federal Government		99	%		97	%

As of December 31, 2022, the Company had unbilled accounts receivable of $10.2 million.

Included in unbilled accounts receivable is $14.4 million and $1.4 million at December 31, 2024 and 2023, respectively and was related to a single government customer under our CWMS 2.0 contract, which has experienced administrative delays in billings.