| Summary of Disaggregation of Revenue |
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 |
|
|
|
|
|
|
| Summary of Contract with Customer, Asset and Liability |
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. |
|