Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.3
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2026:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
181,718 
$
123,942 
$
4,946 
$
135,419 
$
— 
$
446,025 
O&M revenue
14,783 
19,106 
1,759 
1,327 
14 
36,989 
Energy assets
25,563 
9,676 
38,998 
1,144 
— 
75,381 
Other
3,242 
561 
— 
1,896 
16,221 
21,920 
Total revenues
$
225,306 
$
153,285 
$
45,703 
$
139,786 
$
16,235 
$
580,315 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
198,448 
$
65,828 
$
5,078 
$
140,598 
$
— 
$
409,952 
O&M revenue
12,397 
15,583 
1,959 
831 
— 
30,770 
Energy assets
23,647 
7,763 
30,633 
494 
— 
62,537 
Other
3,108 
334 
4 
2,311 
16,971 
22,728 
Total revenues
$
237,600 
$
89,508 
$
37,674 
$
144,234 
$
16,971 
$
525,987 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2026
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
470,160 
$
219,543 
$
20,635 
$
407,079 
$
— 
$
1,117,417 
O&M revenue
39,926 
53,834 
5,620 
3,991 
34 
103,405 
Energy assets
70,411 
25,066 
112,924 
3,589 
— 
211,990 
Other
7,943 
2,733 
18 
8,115 
45,618 
64,427 
Total revenues
$
588,440 
$
301,176 
$
139,197 
$
422,774 
$
45,652 
$
1,497,239 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue
$
521,688 
$
109,325 
$
17,124 
$
371,364 
$
— 
$
1,019,501 
O&M revenue
31,327 
44,376 
5,736 
2,132 
— 
83,571 
Energy assets
65,286 
19,900 
95,801 
1,152 
— 
182,139 
Other
8,744 
798 
7 
8,127 
48,213 
$
65,889 
Total revenues
$
627,045 
$
174,399 
$
118,668 
$
382,775 
$
48,213 
$
1,351,100 
The following table presents information related to our revenue recognized over time:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Percentage of revenue recognized over time
97%
96%
97%
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 September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
United States
$
404,727 
$
352,725 
$
965,125 
$
887,261 
Canada
35,791 
29,023 
109,146 
80,991 
Europe
139,797 
144,239 
422,968 
382,848 
Total revenues
$
580,315 
$
525,987 
$
1,497,239 
$
1,351,100 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
September 30, 2026 December 31, 2025
Accounts receivable, net
$
276,560 
$
257,856 
Accounts receivable retainage, net
26,152 
53,618 
Accounts receivable retainage, non-current (1)
18,651
6,595
Contract Assets:
Unbilled revenue
$
1,000,293 
$
799,109 
Contract Liabilities:
Deferred revenue
$
72,770 
$
79,908 
Deferred revenue, non-current (1)
37,348 
35,035 
Total contract liabilities
$
110,118 
$
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 nine months ended September 30, 2026 was primarily due to revenue recognized of $1,040,960, as well as reclassifications primarily from contract liabilities as a result of the timing of customer payments, offset by billings of $862,664. 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 recognition of revenue as performance obligations were satisfied exceeded advance payments and
reclassifications. For the nine months ended September 30, 2026, we recognized revenue of $346,998 and billed $313,625 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 September 30, 2026, we had contracted backlog of $4,101,587 of which approximately 33% 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 $4,625 and $5,733 were recognized in our condensed consolidated statements of operations on projects that converted to customer contracts during the three months ended September 30, 2026 and 2025, respectively. Project development costs of $15,945 and $14,214 were recognized in our condensed consolidated statements of operations on projects that converted to customer contracts during the nine months ended September 30, 2026 and 2025, respectively.
No impairment charges in connection with our project development costs were recorded during the nine months ended September 30, 2026 and 2025.