Revenue

9 Months Ended

Sep. 30, 2024

Revenue

Revenue

13. Revenue

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,
	2024		2023		2024		2023
Sales of fuel cell systems	$	8,131	$	37,650	$	40,282	$	138,682
Sales of hydrogen infrastructure		11,869		38,225		37,399		145,740
Sales of electrolyzers		57,789		26,628		74,169		73,627
Sales of engineered equipment		7,302		7,212		15,924		23,784
Services performed on fuel cell systems and related infrastructure		14,148		9,290		40,205		27,088
Power purchase agreements		20,459		20,068		58,437		44,135
Fuel delivered to customers and related equipment		29,791		19,371		77,964		47,391
Sales of cryogenic equipment and liquefiers		22,050		35,415		84,450		161,677
Other		2,191		4,852		8,514		7,055
Net revenue	$	173,730	$	198,711	$	437,344	$	669,179

Contract balances

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

	September 30,		December 31,
	2024		2023
Accounts receivable	$	167,222	$	243,811
Contract assets		175,832		155,989
Deferred revenue and contract liabilities		191,874		288,302

Contract assets primarily relate to contracts for which revenue is recognized on a straight-line basis; however, billings escalate over the life of a contract. Contract assets also include amounts recognized as revenue in advance of billings to customers, which are dependent upon the satisfaction of another performance obligation. These amounts are included in contract assets on the accompanying unaudited interim condensed consolidated balance sheets.

The deferred revenue and contract liabilities relate to the advance consideration received from customers for services that will be recognized over time (primarily fuel cell and related infrastructure services and electrolyzer systems and solutions). Deferred revenue and contract liabilities also include advance consideration received from customers prior to delivery of products. These amounts are included within deferred revenue and other contract liabilities on the unaudited interim condensed consolidated balance sheets.

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

Contract assets	Nine months ended		Year ended
	September 30, 2024		December 31, 2023
Transferred to receivables from contract assets recognized at the beginning of the period	$	(10,697)	$	(94,860)
Change in contract assets related to warrants		5,324		14,260
Impairment		—		(2,375)
Revenue recognized and not billed as of the end of the period		25,216		134,677
Net change in contract assets	$	19,843	$	51,702

Deferred revenue and contract liabilities	Nine months ended		Year ended
	September 30, 2024		December 31, 2023
Increases due to customer billings, net of amounts recognized as revenue during the period	$	19,936	$	151,965
Change in contract liabilities related to warrants		330		440
Revenue recognized that was included in the contract liability balance as of the beginning of the period		(116,694)		(94,001)
Net change in deferred revenue and contract liabilities	$	(96,428)	$	58,404

Estimated future revenue

The following table includes estimated revenue expected to be recognized in the future 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):

	As of		Expected recognition
	September 30, 2024		period (years)
Sales of fuel cell systems	$	34,553		1 - 2
Sales of hydrogen installations and other infrastructure		34,740		1
Sales of electrolyzers		269,371		1 - 2
Sales of engineered equipment		7,264		1
Services performed on fuel cell systems and related infrastructure		131,112		5 - 10
Power purchase agreements		375,119		5 - 10
Fuel delivered to customers and related equipment		82,733		5 - 10
Sales of cryogenic equipment and other		60,610		1
Total estimated future revenue	$	995,502