Revenue

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Sales of fuel cell systems	$	16,656	$	19,003
Sales of hydrogen infrastructure		5,648		12,295
Sales of electrolyzers		9,210		1,351
Sales of engineered equipment		1,529		4,216
Services performed on fuel cell systems and related infrastructure		16,874		13,023
Power purchase agreements		23,210		18,304
Fuel delivered to customers and related equipment		29,457		18,286
Sales of cryogenic equipment and liquefiers		30,463		31,430
Other		627		2,356
Net revenue	$	133,674	$	120,264

Contract balances

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 unaudited interim condensed consolidated balance sheets.

The deferred revenue and other 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 other 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 other contract liabilities balances during the period are as follows (in thousands):

Contract assets	Three months ended		Year ended
	March 31, 2025		December 31, 2024
Transferred to receivables from contract assets recognized at the beginning of the period	$	(8,837)	$	(27,513)
Change in contract assets related to warrants		(1,967)		(4,909)
Impairment		—		(35,118)
Revenue recognized and not billed as of the end of the period		8,149		29,566
Net change in contract assets	$	(2,655)	$	(37,974)

Deferred revenue and other contract liabilities	Three months ended		Year ended
	March 31, 2025		December 31, 2024
Increases due to customer billings, net of amounts recognized as revenue during the period	$	18,999	$	74,702
Change in contract liabilities related to warrants		108		440
Revenue recognized that was included in the contract liability balance as of the beginning of the period		(40,804)		(160,819)
Net change in deferred revenue and other contract liabilities	$	(21,697)	$	(85,677)

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
	March 31, 2025		period (years)
Sales of fuel cell systems	$	34,172		1 - 2
Sales of hydrogen installations and other infrastructure		20,842		1
Sales of electrolyzers		223,797		1 - 2
Sales of engineered equipment		2,084		1
Services performed on fuel cell systems and related infrastructure		128,523		5 - 10
Power purchase agreements		340,744		5 - 10
Fuel delivered to customers and related equipment		66,093		5 - 10
Sales of cryogenic equipment and other		44,236		1
Total estimated future revenue	$	860,491