Accounts receivable are recorded at the invoiced amount, do not require collateral and typically do not bear interest. The Company estimates an allowance for credit losses using the lifetime expected credit loss at each measurement date, taking into account historical credit loss experience as well as forward-looking information, in order to establish rates for each class of financial receivable with similar risk characteristics. Adjustments to this estimate are recognized in the consolidated statement of operations.

In order to manage and assess our risk, management maintains credit policies that include regular review of credit limits of individual receivables and systematic monitoring of aging of trade receivables and the financial well-being of our customers. At March 31, 2026, approximately 66% of our trade accounts receivable are trade credit insured, relating to accounts receivable from counterparties deemed creditworthy by the insurer and excluding accounts receivable from government entities. In addition, where possible, we collect a 50% deposit on sales, excluding government and certain other clients.

Our trade balances are spread over a broad Construction Partner base, which is geographically dispersed. For the three months ended March 31, 2026, two Construction Partners accounted for greater than 9% of revenue (one Construction Partner accounted for 9% of revenue for the three months ended March 31, 2025).

The Company’s aged receivables were as follows:


	As at
	March 31, 2026			December 31, 2025
Current		21,389			19,894
Overdue		2,501			2,552
		23,890			22,446
Less: expected credit losses		(77	)		(77	)
Trade and accrued receivables, net of expected credit losses		23,813			22,369

No adjustment to our expected credit losses of $0.1 million was required for the three months ended March 31, 2026 for our trade receivables. Receivables are generally considered to be past due when over 60 days old, unless there is a separate payment arrangement in place for the collection of the receivable.