| Schedule of 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.
|
| Summary of Opening and Closing Balances of Accounts Receivable, Net |
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 |
|
|
| Schedule of Estimated Revenue Expected to Recognized in Future Related to Unsatisfied Portion of the Performance Obligation |
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 |
|
|