v3.26.1
Revenue from Contracts with Customers
 9 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers 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:
In thousandsThree Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Revenue from energy storage products and solutions$627,277 $583,812 $1,511,790 $1,150,893 
Revenue from services20,121 16,933 71,975 65,488 
Revenue from digital applications and solutions2,450 1,788 6,208 4,558 
Total$649,848 $602,533 $1,589,973 $1,220,939 
The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:
In thousandsThree Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Americas (North, Central, and South America)
$322,390 $275,328 $890,926 $598,965 
APAC (Asia Pacific)250,113 93,368 470,023 198,526 
EMEA (Europe, Middle East, and Africa)77,345 233,837 229,024 423,448 
Total$649,848 $602,533 $1,589,973 $1,220,939 
Customer Concentration
For the nine months ended June 30, 2026, the Company’s top three customers, in the aggregate, accounted for approximately 48% of total revenue.
For the nine months ended June 30, 2025, the Company’s top two customers, in the aggregate, accounted for 40% 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:
In thousandsNine Months Ended June 30,
20262025
Deferred revenue, beginning of period$640,457 $274,499 
Additions740,192 487,626 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(424,158)(216,903)
Deferred revenue end of period$956,491 $545,222 
In thousandsNine Months Ended June 30,
20262025
Deferred revenue from related parties, beginning of period$79,916 $38,162 
Additions21,167 37,899 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(43,552)(28,271)
Deferred revenue from related parties, end of period$57,531 $47,790 
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 June 30, 2026, the Company had $6.4 billion of remaining performance obligations related to contractual commitments, of which we expect to recognize in revenue approximately 48% to 53% in the next 12 months, with the remainder recognized in revenue in periods thereafter.