Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The Company primarily earns revenue from sales of its energy storage systems and services including installation, commissioning and extended warranty services. Product revenues, which are generally recognized at a point in time, and service revenues, which are generally recognized over time, are as follows:

	For the Three Months Ended March 31,
	2025		2024
Product revenue	$	9,927	$	6,501
Service revenue	530		100
Total revenues	$	10,457	$	6,601

For the three months ended March 31, 2025, the Company had two customers who accounted for 57.0% and 39.2% of the total revenue. For the three months ended March 31, 2024, we had one customer who accounted for 88.1% of the total revenue.

Contract assets and Contract liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets, current, Contract liabilities, current and Contract liabilities, long-term are included separately on the Unaudited Condensed Consolidated Balance Sheets and contract assets expected to be recognized in greater than twelve months are included under Other assets, net.

	March 31, 2025		December 31, 2024
Contract assets	$	14,199	$	14,059
Contract liabilities	$	43,413	$	26,349

Contract assets increased by $140 during the three months ended March 31, 2025, due to recognition of revenues for which invoicing has not yet occurred.

The following table provides information about changes in Contract liabilities:

	For the Three Months Ended March 31,
	2025		2024
Contract liabilities, beginning of the period	$	26,349	$	6,610
Amounts in beginning balance recognized in revenue	(2,512)		(524)
Revenue recognized in current period	(3,987)		(1,310)
Advance payments received from customers	23,563		2,335
Contract liabilities, end of the period	$	43,413	$	7,111

Contract liabilities of $39,684 as of March 31, 2025, are expected to be recognized within the next twelve months and long-term contract liabilities of $3,729 are expected to be recognized as revenue in greater than twelve months. Contract assets of $13,049 as of March 31, 2025, are expected to be recognized within the next twelve months and long-term contract assets of $1,150 are expected to be recognized as accounts receivable in greater than twelve months.

Remaining Performance Obligations

Remaining performance obligations (“RPO”) represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations. The Company expects to recognize revenue related to the RPOs as the performance obligations are satisfied in accordance with the Company’s revenue recognition policy, which can be found in Note 2, Summary of Significant Accounting Policies, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. As of March 31, 2025, the Company's remaining performance obligations were approximately $112,169. The Company expects to recognize revenue of approximately 85% of the remaining performance obligations over the next twelve months, with the remainder recognized thereafter.