Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue

Schedule of disaggregation of revenue

The following table provides information about disaggregation of revenue (in thousands):

Major products/services lines
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Sales of fuel cell systems	$	37,650	$	75,919	$	138,682	$	146,859
Sales of hydrogen infrastructure		38,225		37,139		145,740		96,641
Sales of electrolyzers		26,628		6,842		73,627		14,576
Sales of engineered equipment		7,212		25,556		23,784		76,080
Services performed on fuel cell systems and related infrastructure		9,290		8,406		27,088		25,468
Power purchase agreements		20,068		9,524		44,135		30,730
Fuel delivered to customers and related equipment		19,371		12,389		47,391		40,289
Sales of cryogenic equipment and other		35,415		12,529		161,677		48,909
Other		4,852		324		7,055		1,146
Net revenue	$	198,711	$	188,628	$	669,179	$	480,698

Schedule of receivables, contract assets and contract liabilities from contracts with customers

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands):

	September 30,		December 31,
	2023		2022
Accounts receivable	$	163,187	$	129,450
Contract assets		141,453		104,287
Deferred revenue and contract liabilities		253,597		229,898

Schedule of changes in contract assets and the contract liabilities

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):

Contract assets
	September 30,		December 31,
	2023		2022
Transferred to receivables from contract assets recognized at the beginning of the period	$	(72,098)	$	(33,394)
Change in contract assets related to warrants		10,644		26,455
Impairment		(9,799)		—
Revenue recognized and not billed as of the end of the period		108,419		72,469
Net change in contract assets	$	37,166	$	65,530

The $9.8 million impairment of the Company’s contract asset balance for the nine months ended September 30, 2023 was due to the termination of a commercial agreement.

Deferred revenue and contract liabilities
	September 30,		December 31,
	2023		2022
Increases due to cash received, net of amounts recognized as revenue during the period	$	186,470	$	200,347
Change in contract liabilities related to warrants		2,719		—
Contract liabilities assumed as part of acquisitions		—		10,011
Revenue recognized that was included in the contract liability balance as of the beginning of the period		(165,490)		(163,550)
Net change in deferred revenue and contract liabilities	$	23,699	$	46,808

Schedule of Estimated future revenue

The following table includes estimated revenue expected to be recognized in the future (sales of fuel cell systems, cryogenic equipment and other, engineered equipment and hydrogen installations and other infrastructure are expected to be recognized as revenue within one year; sales of electrolyzers are expected to be recognized as revenue within two years; sales of services, Power Purchase Agreements (“PPAs”), and fuel are expected to be recognized as revenue over five to ten years) related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands):

	September 30,
	2023
Sales of fuel cell systems	$	48,354
Sales of hydrogen installations and other infrastructure		32,927
Sales of electrolyzers		295,647
Sales of engineered equipment		14,457
Services performed on fuel cell systems and related infrastructure		121,524
Power Purchase Agreements		439,429
Fuel delivered to customers and related equipment		99,234
Sales of cryogenic equipment and other		151,614
Total estimated future revenue	$	1,203,186