Major Customers and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2024

Major Customers and Concentrations of Credit Risk

We provide proprietary products and services to the Department of Defense and various United States Government agencies, and most of the aerospace and aircraft manufacturers who receive contracts directly from the U.S. Government as an original equipment manufacturer (“Primes”). In addition, we also service technology-driven markets in the industrial, medical and other end-use markets. As a result, we have significant net revenues from certain customers. Accounts receivable were diversified over a number of different commercial, military and space programs and were made by both operating segments. Net revenues from our top ten customers, including The Boeing Company (“Boeing”), General Dynamics Corporation (“GD”), Lockheed Martin Corporation (“Lockheed”), Northrop Grumman Corporation (“Northrop”), RTX Corporation (“RTX”), Spirit AeroSystems Holdings, Inc. (“Spirit”), and Viasat, Inc. (“Viasat”), represented the following percentages of total net revenues:


	Years Ended December 31,
	2024		2023		2022
Boeing	8.2	%	8.2	%	6.7	%
GD	3.8	%	3.8	%	5.7	%
Lockheed	5.3	%	4.0	%	3.5	%
Northrop	6.4	%	5.5	%	5.7	%
RTX	18.5	%	16.8	%	21.6	%
Spirit	5.7	%	6.4	%	5.7	%
Viasat	3.0	%	5.5	%	5.4	%
Top ten customers (1)	59.7	%	58.7	%	61.4	%

(1) Includes Boeing, GD, Lockheed, Northrop, RTX, Spirit, and Viasat.

Boeing, GD, Lockheed, Northrop, RTX, Spirit, and Viasat represented the following percentages of total accounts receivable:


	December 31,
	2024		2023
Boeing	8.0	%	7.5	%
GD	0.6	%	3.3	%
Lockheed	1.9	%	1.3	%
Northrop	2.7	%	2.5	%
RTX	15.6	%	16.4	%
Spirit	4.4	%	4.2	%
Viasat	3.1	%	8.3	%

In 2024, 2023 and 2022, net revenues from foreign customers based on the location of the customer were $113.8 million, $82.2 million and $60.7 million, respectively. No net revenues from a foreign country were greater than three percent of total net revenues in 2024, 2023, and 2022. We have a manufacturing facility in Mexico. We also had a manufacturing facility in Thailand, however, we ceased manufacturing activities during 2023. Our net revenues, profitability and identifiable long-lived assets attributable to foreign revenues activity were not material compared to our net revenues, profitability and identifiable long-lived assets attributable to our domestic operations during 2024, 2023, and 2022. We are not subject to any significant foreign currency risks as all our sales are made in United States dollars.