Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

v3.25.3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 9 Months Ended
Sep. 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 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 three months ended September 30, 2024:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 258,977  $ 66,162  $ 10,295  $ 49,943  $ —  $ 385,377 
O&M revenue 10,284  15,817  1,844  480  —  28,425 
Energy assets 20,444  7,096  31,393  197  —  59,130 
Other 1,906  38  5  1,993  23,999  27,941 
Total revenues $ 291,611  $ 89,113  $ 43,537  $ 52,613  $ 23,999  $ 500,873 
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 our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2024:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 553,930  $ 177,721  $ 27,342  $ 161,431  $ —  $ 920,424 
O&M revenue 25,728  45,723  6,357  2,122  —  79,930 
Energy assets 53,944  12,749  88,421  557  29  155,700 
Other 4,425  547  128  5,684  70,423  81,207 
Total revenues $ 638,027  $ 236,740  $ 122,248  $ 169,794  $ 70,452  $ 1,237,261 
The following table presents information related to our revenue recognized over time:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Percentage of revenue recognized over time 96% 97% 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 September 30, Nine Months Ended September 30,
2025 2024 2025 2024
United States $ 352,725  $ 431,918  $ 887,261  $ 1,020,517 
Canada 29,023  16,337  80,991  46,933 
Europe 144,239  52,618  382,848  169,811 
Total revenues $ 525,987  $ 500,873  $ 1,351,100  $ 1,237,261 
Summary of Contract with Customer, Asset and Liability
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
  September 30, 2025 December 31, 2024
Accounts receivable, net $ 253,793  $ 256,961 
Accounts receivable retainage, net 48,846  39,843 
Contract Assets:
Unbilled revenue $ 691,316  $ 644,105 
Contract Liabilities:
Deferred revenue $ 87,297  $ 91,734 
Deferred revenue, non-current (1)
36,369  29,885 
Total contract liabilities $ 123,666  $ 121,619 
September 30, 2024 December 31, 2023
Accounts receivable, net $ 230,298  $ 153,362 
Accounts receivable retainage, net 43,466  33,826 
Contract Assets:
Unbilled revenue $ 572,804  $ 636,163 
Contract Liabilities:
Deferred revenue $ 108,020  $ 52,903 
Deferred revenue, non-current (1)
20,808  18,393 
Total contract liabilities $ 128,828  $ 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.