v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
2.
Revenues

Disaggregation of revenues

The following table presents the Company’s revenues disaggregated by revenue stream (in thousands):

 

For the three months ended June 30, 2026

 

Revenue from
contracts with
customers

 

 

Revenue from
leases (2)

 

 

Total revenue

 

Colocation

 

$

166,430

 

 

$

44,186

 

 

$

210,616

 

Interconnection

 

 

24,661

 

 

 

—

 

 

 

24,661

 

Other

 

 

5,755

 

 

 

6,825

 

 

 

12,580

 

Recurring revenues

 

 

196,846

 

 

 

51,011

 

 

 

247,857

 

Non-recurring revenues (1)

 

 

5,743

 

 

 

6,602

 

 

 

12,345

 

Metered power revenues

 

 

13,024

 

 

 

7,125

 

 

 

20,149

 

Total revenues

 

$

215,613

 

 

$

64,738

 

 

$

280,351

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2025

 

 

 

 

 

 

 

 

 

Colocation

 

$

154,819

 

 

$

24,494

 

 

$

179,313

 

Interconnection

 

 

27,398

 

 

 

95

 

 

 

27,493

 

Other

 

 

9,331

 

 

 

3,554

 

 

 

12,885

 

Recurring revenues

 

 

191,548

 

 

 

28,143

 

 

 

219,691

 

Non-recurring revenues (1)

 

 

10,468

 

 

 

1,560

 

 

 

12,028

 

Metered power revenues

 

 

10,661

 

 

 

2,371

 

 

 

13,032

 

Total revenues

 

$

212,677

 

 

$

32,074

 

 

$

244,751

 

 

 

For the six months ended June 30, 2026

 

Revenue from
contracts with
customers

 

 

Revenue from
leases (2)

 

 

Total revenue

 

Colocation

 

$

329,449

 

 

$

84,508

 

 

$

413,957

 

Interconnection

 

 

49,573

 

 

 

41

 

 

 

49,614

 

Other

 

 

12,014

 

 

 

13,589

 

 

 

25,603

 

Recurring revenues

 

 

391,036

 

 

 

98,138

 

 

 

489,174

 

Non-recurring revenues (1)

 

 

9,224

 

 

 

10,477

 

 

 

19,701

 

Metered power revenues

 

 

26,803

 

 

 

15,135

 

 

 

41,938

 

Total revenues

 

$

427,063

 

 

$

123,750

 

 

$

550,813

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2025

 

 

 

 

 

 

 

 

 

Colocation

 

$

306,675

 

 

$

47,883

 

 

$

354,558

 

Interconnection

 

 

53,933

 

 

 

101

 

 

 

54,034

 

Other

 

 

16,659

 

 

 

5,839

 

 

 

22,498

 

Recurring revenues

 

 

377,267

 

 

 

53,823

 

 

 

431,090

 

Non-recurring revenues (1)

 

 

16,982

 

 

 

4,023

 

 

 

21,005

 

Metered power revenues

 

 

19,103

 

 

 

6,312

 

 

 

25,415

 

Total revenues

 

$

413,352

 

 

$

64,158

 

 

$

477,510

 

 

(1) Our non-recurring revenues consist of installation services and other one-time charges such as termination fees and storage fees. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation, professional service work performed, or based on customer consumption of power, rather than on a fixed, recurring basis.

(2) Refer to Note 5 - Leases for additional disclosures related to the Company’s lease arrangements under Topic 842.

Contract Balances

The following table provides a summary of the opening and closing balances of accounts receivable, net, as well as current and non-current contract assets and contract liabilities (in thousands):

 

 

 

Accounts
receivable,
net

 

 

Contract
assets,
current

 

 

Contract
assets,
non-current

 

 

Contract
liabilities,
current

 

 

Contract
liabilities,
non-current

 

Beginning balances as of December 31, 2025

 

$

90,708

 

 

$

26,588

 

 

$

1,557

 

 

$

96,358

 

 

$

122,762

 

Closing balances as of June 30, 2026

 

 

134,711

 

 

 

35,365

 

 

 

6,508

 

 

 

100,653

 

 

 

159,990

 

Increase

 

$

44,003

 

 

$

8,777

 

 

$

4,951

 

 

$

4,295

 

 

$

37,228

 

 

During the six months ended June 30, 2026, the change in the Company’s accounts receivable, net, contract assets, and contract liabilities primarily results from the timing difference between the satisfaction of our performance obligations, the customer's invoicing and the customer's payment. The amounts of revenue recognized during the six months ended June 30, 2026 and 2025 from the opening contract liabilities balance were $80.0 million and $78.8 million, respectively. For the six months ended June 30, 2026 and 2025, no impairment loss related to contract balances was recognized in the unaudited condensed consolidated statements of operations.

In accordance with Topic 326, the Company maintains an allowance for expected credit losses consisting of (i) a general reserve based on historical loss experience, current conditions, and reasonable and supportable forecasts, and (ii) specific reserves for customers with identified collectability concerns. The following table summarizes the activity of our allowance for expected credit losses (in thousands):

 

 

 

Six Months Ended June 30,
2026

 

Allowance for expected credit losses, beginning balance

 

$

2,643

 

Provision for expected credit losses, net

 

 

2,926

 

Write offs, net

 

 

(287

)

Allowance for expected credit losses, ending balance

 

$

5,282

 

 

Remaining performance obligations

The following table presents estimated revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligation as of June 30, 2026 (in thousands):

 

 

 

Remaining
2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

Colocation

 

$

315,629

 

 

$

455,945

 

 

$

278,299

 

 

$

174,410

 

 

$

86,052

 

 

$

85,718

 

Interconnection

 

 

46,469

 

 

 

59,004

 

 

 

32,442

 

 

 

17,898

 

 

 

9,076

 

 

 

16,620

 

Other revenue

 

 

15,562

 

 

 

23,179

 

 

 

15,228

 

 

 

12,886

 

 

 

11,319

 

 

 

10,075

 

Total

 

$

377,660

 

 

$

538,128

 

 

$

325,969

 

 

$

205,194

 

 

$

106,447

 

 

$

112,413