6. DEFERRED REVENUE

The Company records deferred revenue if we receive consideration, prior to transferring the goods or services, required under the terms of the sales contract, to the customer.

Multi-year, On-site Power Generation for a Data Center

In February 2026, the Company was awarded a multi-year contract to supply LNG for power generation at a data center. During the three and six months ended June 30, 2026, the Company received advance payments of $5.0 million and $20.0 million, respectively. Under the contract, the Company received an additional $5.0 million advance payment in the third quarter of 2026. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. The advance payments will offset a percentage of each future invoice over the term of the contract, or until fully offset, at which time credit will cease. Under the contract, the Company will utilize the advance payments for the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The portion of the $20.0 million the Company has received through the six months ended June 30, 2026 that has not been utilized related to the customer project has been classified as restricted cash and cash equivalents and the full amount of the advance payment has been presented as deferred revenue on the Company's Condensed Consolidated Balance Sheet at June 30, 2026.

The Company's deferred revenue at  June 30, 2026 and December 31, 2025 was $20.0 million and $0.0 million, respectively, with $0.7 million classified as current and  $19.3 million of deferred revenue classified as non-current at  June 30, 2026.