The following table provides a reconciliation of cash, cash equivalents, and restricted cash as of March 31, 2025 and 2024 to cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the three months ended March 31, 2025 and 2024:



	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	5,718	$	3,683
Restricted cash		18,374		916
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	24,092	$	4,599

Restricted cash represents is primarily related to the Company’s energy incentive business with public utility clients and include restricted cash from the acquisition of Applied Energy Group, Inc. (“AEG”).