Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 174,287  $ 37,459  $ 7,983  $ 138,359  $ —  $ 358,088 
O&M revenue 10,474  15,063  1,762  656  —  27,955 
Energy assets 22,669  6,780  33,071  389  —  62,909 
Other 3,755  342  3  2,480  16,752  23,332 
Total revenues $ 211,185  $ 59,644  $ 42,819  $ 141,884  $ 16,752  $ 472,284 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2024:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 178,742  $ 68,080  $ 13,884  $ 70,064  $ (7) $ 330,763 
O&M revenue 8,511  14,628  2,136  895  —  26,170 
Energy assets 19,746  3,724  29,728  189  29  53,416 
Other 1,132  305  104  1,911  24,181  27,633 
Total revenues $ 208,131  $ 86,737  $ 45,852  $ 73,059  $ 24,203  $ 437,982 
The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 323,240  $ 43,497  $ 12,046  $ 230,766  $ —  $ 609,549 
O&M revenue 18,930  28,793  3,777  1,301  —  52,801 
Energy assets 41,639  12,137  65,168  658  —  119,602 
Other 5,636  464  3  5,816  31,242  43,161 
Total revenues $ 389,445  $ 84,891  $ 80,994  $ 238,541  $ 31,242  $ 825,113 
The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2024:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 294,953  $ 111,559  $ 17,047  $ 111,488  $ 535,047 
O&M revenue 15,444  29,906  4,513  1,642  —  51,505 
Energy assets 33,500  5,653  57,028  360  29  96,570 
Other 2,519  509  123  3,691  46,424  53,266 
Total revenues $ 346,416  $ 147,627  $ 78,711  $ 117,181  $ 46,453  $ 736,388 
The following table presents information related to our revenue recognized over time:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Percentage of revenue recognized over time 96% 96% 96% 95%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
United States $ 301,923  $ 349,500  $ 534,536  $ 588,599 
Canada 28,417  15,416  51,968  30,596 
Europe 141,944  73,066  238,609  117,193 
Total revenues $ 472,284  $ 437,982  $ 825,113  $ 736,388 
Summary of Contract with Customer, Asset and Liability
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
  June 30, 2025 December 31, 2024
Accounts receivable, net $ 245,852  $ 256,961 
Accounts receivable retainage, net 47,826  39,843 
Contract Assets:
Unbilled revenue $ 592,871  $ 644,105 
Contract Liabilities:
Deferred revenue $ 96,448  $ 91,734 
Deferred revenue, non-current (1)
34,717  29,885 
Total contract liabilities $ 131,165  $ 121,619 
June 30, 2024 December 31, 2023
Accounts receivable, net $ 154,665  $ 153,362 
Accounts receivable retainage, net 39,225  33,826 
Contract Assets:
Unbilled revenue $ 651,748  $ 636,163 
Contract Liabilities:
Deferred revenue $ 97,493  $ 52,903 
Deferred revenue, non-current (1)
20,340  18,393 
Total contract liabilities $ 117,833  $ 71,296 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.