Quarterly report [Sections 13 or 15(d)]

ACCOUNTS RECEIVABLE

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ACCOUNTS RECEIVABLE
9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
The following table sets forth the details of the Company’s accounts receivable, net balances included on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024:

(in thousands) September 30, 2025 December 31, 2024
Accounts receivable $ 46,497  $ 44,304 
Less: allowance for credit losses (318) (324)
Accounts receivable, net $ 46,179  $ 43,980 

As of January 1, 2024, the Company’s accounts receivable balance was $52.4 million.

Bad debt expense was $0.1 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively. Write-offs were insignificant for each of the three months ended September 30, 2025 and 2024, and $0.5 million and insignificant for the nine months ended September 30, 2025 and 2024, respectively. Recoveries were insignificant for the three months ended September 30, 2025 and 2024, respectively, and $0.1 million and insignificant for the nine months ended September 30, 2025 and 2024, respectively.