Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2026:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
156,316 
$
63,010 
$
11,373 
$
150,204 
$
— 
$
380,903 
O&M revenue
13,622 
19,289 
1,952 
1,310 
20 
36,193 
Energy assets
24,777 
8,949 
40,888 
1,290 
— 
75,904 
Other
2,392 
1,386 
— 
2,886 
15,800 
22,464 
Total revenues
$
197,107 
$
92,634 
$
54,213 
$
155,690 
$
15,820 
$
515,464 
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 six months ended June 30, 2026
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
288,442 
$
95,601 
$
15,689 
$
271,660 
$
— 
$
671,392 
O&M revenue
25,143 
34,728 
3,861 
2,664 
20 
66,416 
Energy assets
44,848 
15,390 
73,926 
2,445 
— 
136,609 
Other
4,701 
2,172 
18 
6,219 
29,397 
42,507 
Total revenues
$
363,134 
$
147,891 
$
93,494 
$
282,988 
$
29,417 
$
916,924 

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 information related to our revenue recognized over time:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Percentage of revenue recognized over time
97%
96%
96%
96%
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,
2026
2025
2026
2025
United States
$
320,024 
$
301,923 
$
560,398 
$
534,536 
Canada
39,694 
28,417 
73,355 
51,968 
Europe
155,746 
141,944 
283,171 
238,609 
Total revenues
$
515,464 
$
472,284 
$
916,924 
$
825,113 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
June 30, 2026 December 31, 2025
Accounts receivable, net
$
252,600 
$
257,856 
Accounts receivable retainage, net
36,517 
53,618 
Accounts receivable retainage, non-current (1)
11,056
6,595
Contract Assets:
Unbilled revenue
$
889,726 
$
799,109 
Contract Liabilities:
Deferred revenue
$
75,543 
$
79,908 
Deferred revenue, non-current (1)
37,987 
35,035 
Total contract liabilities
$
113,530 
$
114,943 
(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 increase in contract assets for the six months ended June 30, 2026 was primarily due to revenue recognized of $641,749, as well as reclassifications primarily from contract liabilities as a result of the timing of customer payments, offset by billings of $572,891. The decrease in contract liabilities was primarily driven by revenue recognized, offset 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 the recognition of revenue as performance obligations were satisfied exceeded advance payments and reclassifications. For the six months ended June 30, 2026, we recognized revenue of $215,430 and billed $183,745 to customers that had balances which were included in contract liabilities at December 31, 2025.

Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At June 30, 2026, we had contracted backlog of $3,820,481 of which approximately 32% 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 $6,470 and $4,045 were recognized in our condensed consolidated statements of operations on projects that converted to customer contracts during the three months ended June 30, 2026 and 2025, respectively. Project development costs of $11,320 and $8,481 were recognized in our condensed consolidated statements of operations on projects that converted to customer contracts during the six months ended June 30, 2026 and 2025, respectively.
No impairment charges in connection with our project development costs were recorded during the six months ended June 30, 2026 and 2025.