Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue

Schedule of disaggregation of revenue

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

Major products/services lines	Year ended December 31,
	2024		2023		2022
Sales of fuel cell systems	$	52,110	$	181,168	$	207,691
Sales of hydrogen infrastructure		69,122		183,606		141,528
Sales of electrolyzers		135,504		82,611		28,463
Sales of engineered equipment		22,092		32,361		93,489
Services performed on fuel cell systems and related infrastructure		52,169		39,093		35,280
Power purchase agreements		77,842		63,731		47,183
Fuel delivered to customers and related equipment		97,882		66,246		57,196
Sales of cryogenic equipment and liquefiers		111,507		231,687		87,761
Other		10,586		10,837		2,849
Net revenue	$	628,814	$	891,340	$	701,440

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

The following table provides information about accounts receivables, contract assets, and deferred revenue and contract liabilities (in thousands):

	December 31,		December 31,
	2024		2023
Accounts receivable	$	157,244	$	243,811
Contract assets		118,015		155,989
Deferred revenue and contract liabilities		202,625		288,302

Schedule of changes in contract assets and the deferred revenue and contract liabilities

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

Contract assets	Year ended
	December 31, 2024		December 31, 2023
Transferred to receivables from contract assets recognized at the beginning of the period	$	(27,513)	$	(94,860)
Change in contract assets related to warrants		(4,909)		14,260
Impairment		(35,118)		(2,375)
Revenue recognized and not billed as of the end of the period		29,566		134,677
Net change in contract assets	$	(37,974)	$	51,702

Deferred revenue and contract liabilities	Year ended
	December 31, 2024		December 31, 2023
Increases due to customer billings, net of amounts recognized as revenue during the period	$	74,702	$	151,965
Change in contract liabilities related to warrants		440		440
Revenue recognized that was included in the contract liability balance as of the beginning of the period		(160,819)		(94,001)
Net change in deferred revenue and contract liabilities	$	(85,677)	$	58,404

Schedule of 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
	December 31, 2024		period (years)
Sales of fuel cell systems	$	34,555		1 - 2
Sales of hydrogen installations and other infrastructure		19,425		1
Sales of electrolyzers		225,329		1 - 2
Sales of engineered equipment		2,332		1
Services performed on fuel cell systems and related infrastructure		122,900		5 - 10
Power purchase agreements		356,815		5 - 10
Fuel delivered to customers and related equipment		69,152		5 - 10
Sales of cryogenic equipment and other		60,136		1
Total estimated future revenue	$	890,644