v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Mar. 31, 2026
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

4.Revenue from Contracts with Customers

Revenue is primarily derived from sales of our energy storage products and solutions. The following table presents the Company’s revenue disaggregated by product or service type:

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Three Months Ended March 31,

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Six Months Ended March 31,

In thousands

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Revenue from energy storage products and solutions

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$

433,632

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$

397,331

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$

884,513

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$

567,082

Revenue from services

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29,365

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32,888

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51,854

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48,555

Revenue from digital applications and solutions

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1,894

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1,399

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3,758

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2,769

Total

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$

464,891

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$

431,618

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$

940,125

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$

618,406

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The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:

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Three Months Ended March 31,

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Six Months Ended March 31,

In thousands

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2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Americas (North, Central, and South America)

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$

234,754

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$

226,296

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$

568,536

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$

323,636

APAC (Asia Pacific)

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151,877

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75,354

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219,910

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105,159

EMEA (Europe, Middle-East, and Africa)

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78,260

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129,968

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151,679

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189,611

Total

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$

464,891

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$

431,618

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$

940,125

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$

618,406

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Customer Concentration

For the six months ended March 31, 2026, the Company’s top three customers, in the aggregate, accounted for approximately 45% of total revenue.

For the six months ended March 31, 2025, the Company’s top two customers, in the aggregate, accounted for 48% of total revenue.

Deferred Revenue

Deferred revenue from related parties is included in the Company’s condensed consolidated balance sheets. The following tables provide information about deferred revenue from contracts with customers:

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Six Months Ended March 31,

In thousands

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred revenue, beginning of period

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$

640,457

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$

274,499

Additions

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441,764

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616,304

Revenue recognized related to amounts that were included in beginning balance of deferred revenue

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(276,691)

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(242,713)

Deferred revenue end of period

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$

805,530

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$

648,090

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Six Months Ended March 31,

In thousands

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred revenue from related parties, beginning of period

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$

79,916

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$

38,162

Additions

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25,636

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27,622

Revenue recognized related to amounts that were included in beginning balance of deferred revenue

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(39,173)

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(31,010)

Deferred revenue from related parties, end of period

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$

66,379

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$

34,774

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Remaining Performance Obligations

The Company’s remaining performance obligations (“backlog”) represent the unrecognized revenue value of its contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company.

As of March 31, 2026, the Company had $5.6 billion of remaining performance obligations related to contractual commitments, of which we expect to recognize in revenue approximately 50% to 55% in the next 12 months, with the remainder recognized in revenue in periods thereafter.