For full‑year 2025, one customer accounted for approximately 58% of total revenue – up from 48% the prior year, so concentration rose – and as of year‑end 2025, 63% (about $29.2 million) of accounts receivable were due from that single customer. We believe the defining fragility is this concentration; the master service agreements are project‑based, generally terminable on 30‑ to 90‑day notice and do not obligate future purchases, making a single procurement decision an outsized event.