Trade Receivables and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Trade Receivables and Allowance for Credit Losses

Trade Receivables and Allowance for Credit Losses

4. Trade Receivables and Allowance for Credit Losses

Our trade receivables balance consists of traditional trade receivables. Trade receivables were as follows (in thousands):

	December 31,
	2024			2023
Gross trade receivables	$	4,498		$	3,592
Less: allowance for credit losses		(146	)		(116	)
Trade receivables, net	$	4,352		$	3,476
Current trade receivables, net	$	4,352		$	3,476
Long-term trade receivables, net		-			-
Trade receivables, net	$	4,352		$	3,476

The allowance for credit losses was as follows (in thousands):

Balance at December 31, 2023	$	116
Provision		57
Write-offs		(48	)
Recoveries and other		-
Balance at March 31, 2024	$	125
Provision		18
Write-offs		(18	)
Recoveries and other		(39	)
Balance at June 30, 2024	$	86
Provision		14
Write-offs		(11	)
Recoveries and other		(17	)
Balance at September 30, 2024	$	72
Provision		94
Write-offs		(34	)
Recoveries and other		14
Balance at December 31, 2024	$	146

The allowance for credit losses is determined based on an assessment of historical collection experience using the aging schedule method as well as consideration of current and future economic conditions. Based on that assessment, the allowance for credit losses as a percent of gross trade receivables increased to 3.3% at December 31, 2024 from 3.2% at December 31, 2023.