Enerpac Tool Group (EPAC), a manufacturer of hydraulic and mechanical tools, acknowledges a key customer has been delinquent for nearly two years. In its latest annual filing, Enerpac recorded a $13.2 million bad debt reserve, which fully reserves for the outstanding account receivable.

The bad receivable is the equivalent of 84.6% of the FY22 net income and 12.4% of the company’s receivables.

The key customer has not made a payment, according to Enerpac, since February 28, 2021.