Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three months ended March 31, 2026 are North America Regions, U.S. Federal, Europe, Renewable Fuels, and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2026:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
132,126 
$
32,591 
$
4,316 
$
121,456 
$
— 
$
290,489 
O&M revenue
11,521 
15,439 
1,909 
1,354 
— 
30,223 
Energy assets
20,071 
6,441 
33,038 
1,155 
— 
60,705 
Other
2,309 
786 
18 
3,333 
13,597 
20,043 
Total revenues
$
166,027 
$
55,257 
$
39,281 
$
127,298 
$
13,597 
$
401,460 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
148,953 
$
6,038 
$
4,063 
$
92,407 
$
— 
$
251,461 
O&M revenue
8,456 
13,730 
2,015 
645 
— 
24,846 
Energy assets
18,970 
5,357 
32,097 
269 
— 
56,693 
Other
1,881 
122 
— 
3,336 
14,490 
19,829 
Total revenues
$
178,260 
$
25,247 
$
38,175 
$
96,657 
$
14,490 
$
352,829 
The following table presents information related to our revenue recognized over time:
Three Months Ended March 31,
2026
2025
Percentage of revenue recognized over time
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 March 31,
2026
2025
United States
$
240,374 
$
232,613 
Canada
33,661 
23,551 
Europe
127,425 
96,665 
Total revenues
$
401,460 
$
352,829 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
  March 31, 2026 December 31, 2025
Accounts receivable, net
$
249,197 
$
257,856 
Accounts receivable retainage, net
49,352 
53,618 
Accounts receivable retainage, non-current (1)
5,188
6,595
Contract Assets:
Unbilled revenue
$
781,994 
$
799,109 
Contract Liabilities:
Deferred revenue
$
85,400 
$
79,908 
Deferred revenue, non-current (1)
34,996 
35,035 
Total contract liabilities
$
120,396 
$
114,943 
March 31, 2025 December 31, 2024
Accounts receivable, net
$
226,656 
$
256,961 
Accounts receivable retainage, net
45,276 
39,843 
Accounts receivable retainage, non-current
5,851 
8,026 
Contract Assets:
Unbilled revenue
$
559,049 
$
644,105 
Contract Liabilities:
Deferred revenue
$
91,219 
$
91,734 
Deferred revenue, non-current (1)
31,904 
29,885 
Total contract liabilities
$
123,123 
$
121,619 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other assets or other liabilities in the condensed consolidated balance sheets.
The decrease in contract assets for the three months ended March 31, 2026 was primarily due to billings of $316,994, offset by revenue recognized of $283,588, as well as reclassifications, primarily from contract liabilities as a result of the timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2026, we recognized revenue of $94,060 and billed $75,360 to customers that had balances which were included in contract liabilities at December 31, 2025.
The decrease in contract assets for the three months ended March 31, 2025 was primarily due to billings of $320,530, offset by revenue recognized of $225,443 as well as reclassifications, primarily from contract liabilities as a result of timing of customer payment. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2025, we recognized revenue of $98,936 and billed $75,835 to customers that had balances which were included in contract liabilities at December 31, 2024.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2026, we had contracted backlog of $4,040,917 of which approximately 30% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 27 years.
Deferred Project Costs
Deferred project costs include costs incurred on active projects which will be reclassified either to contract assets or energy assets, as applicable, once a change order or other project resolution is finalized.
Project Development Costs
Project development costs of $4,850 and $4,436 were recognized in our condensed consolidated statements of operations on projects that converted to customer contracts during the three months ended March 31, 2026 and 2025, respectively.
No impairment charges in connection with our project development costs were recorded during the three months ended March 31, 2026 and 2025.