v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
Product revenue$56,734 $9,927 
Service revenue229 530 
Total revenues$56,963 $10,457 
For the three months ended March 31, 2026, the Company had three customers who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 93.3% of the total revenue.
For the three months ended March 31, 2025, the Company had two customers who individually accounted for
greater than 10% of total revenue and collectively accounted for approximately 96.2% 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, 2026
December 31, 2025
Contract assets$40,993 $15,488 
Contract liabilities$8,952 $17,481 
Contract assets increased by $25,505, net, during the three months ended March 31, 2026, due to recognition of revenues for which invoicing has not yet occurred.
The following table provides information about changes in Contract liabilities:
Three Months Ended March 31,
20262025
Contract liabilities, beginning of the period
$17,481 $26,349 
Amounts in beginning balance recognized in revenue
(10,241)(2,512)
Revenue recognized in current period
(24,074)(3,987)
Advance payments received from customers
25,786 23,563 
Contract liabilities, end of the period
$8,952 $43,413 
Contract liabilities of $6,718 as of March 31, 2026, are expected to be recognized within the next twelve months and long-term contract liabilities of $2,234 are expected to be recognized as revenue in greater than twelve months. Contract assets of $39,438 as of March 31, 2026, are expected to be reclassified to accounts receivable within the next twelve months and long-term contract assets of $1,555 are expected to be reclassified to 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, 2025. As of March 31, 2026, the Company's remaining performance obligations, excluding contracts satisfied in less than on year, were approximately $30,997. The Company expects to recognize revenue of approximately 82% of the remaining performance obligations over the next twelve months, with the remainder recognized thereafter.