17. Concentrations of Risk

The Company’s revenues are concentrated in a small group of customers with some individually having more than 10% of total revenues.

For the three months ended March 31, 2024, the Company had revenue from one customer that approximated 10% of total revenue. For the three months ended March 31, 2023, the Company had revenue from three customers that exceeded 10% of total revenues which were 52%, 21%, and 13%.

The Company had two customers with accounts receivable balances that were 24% and 44% of total accounts receivable as of March 31, 2024. The Company had three customers with accounts receivable balances that were 25%, 31%, and 10% of total accounts receivable as of March 31, 2023.

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Cash balances are maintained principally at major U.S. financial institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to regulatory limits. Such cash balances are currently in excess of the FDIC insurance limit of $250 thousand. As of March 31, 2024, the total amount exceeding such limit was $98 thousand. The Company has not experienced any credit losses associated with its cash balances in the past. The Company invests its cash equivalents in U.S. treasury bills with original maturities of three months or less.

Marketable securities are comprised of U.S. treasury bills with original maturities greater than three months. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash, cash equivalents, and marketable securities and performs periodic evaluations of the credit standing of such institutions.