v3.26.3
Revenue from Contracts with Customers
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue from Contracts with Customers
9. Revenue from contracts with customers
Disaggregated revenue
The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.
The following tables present revenue from contracts with customers:
 
     
     2026      2025  
(in thousands)    ESS      PCS      Total      ESS      PCS      Total  
Three Months Ended June 30,
                  
Project and other manufacturing contracts revenue
    $ 5,395      $ 4,698      $ 10,093      $ 29,102      $ 4,037      $ 33,139  
Sale of products
      7,508        2,986        10,494        12,986        12,849        25,835  
  
 
 
  
Product revenue(a)
      12,903        7,684        20,587        42,088        16,886        58,974  
Service revenue
      53,815        35,257        89,072        56,722        35,610        92,332  
Spare parts revenue
      30,942        30,221        61,163        26,737        25,414        52,151  
  
 
 
  
Total revenue
    $ 97,660      $ 73,162      $ 170,822      $ 125,547      $ 77,910      $ 203,457  
  
 
 
  
Six Months Ended June 30,
                  
Project and other manufacturing contracts revenue
    $ 14,416      $ 7,969      $ 22,385      $ 48,276      $ 9,480      $ 57,756  
Sale of products
      15,651        15,344        30,995        29,923        26,043        55,966  
  
 
 
  
Product revenue(a)
      30,067        23,313        53,380        78,199        35,523        113,722  
Service revenue
      97,968        63,113        161,081        98,120        77,720        175,840  
Spare parts revenue
      70,315        57,367        127,682        56,769        55,556        112,325  
  
 
 
  
Total revenue
    $ 198,350      $ 143,793      $ 342,143      $ 233,088      $ 168,799      $ 401,887  
 
  
 
(a).   Product revenue includes related party revenue.
The following table presents the timing of revenue recognition:
 
     
     2026      2025  
(in thousands)    ESS      PCS      Total      ESS      PCS      Total  
Three Months Ended June 30,
                  
Transferred overtime
    $ 65,013      $ 39,955      $ 104,968      $ 89,340      $ 39,647      $ 128,987  
Transferred at point in time
      32,647        33,207        65,854        36,207        38,263        74,470  
  
 
 
  
Total revenue
    $ 97,660      $ 73,162      $ 170,822      $ 125,547      $ 77,910      $ 203,457  
  
 
 
  
Six Months Ended June 30,
                  
Transferred overtime
    $ 125,033      $ 71,082      $ 196,115      $ 162,326      $ 87,200      $ 249,526  
Transferred at point in time
      73,317        72,711        146,028        70,762        81,599        152,361  
  
 
 
  
Total revenue
    $ 198,350      $ 143,793      $ 342,143      $ 233,088      $ 168,799      $ 401,887  
 
  
 
Contract assets consisted of the following:
 
   
(in thousands)    June 30,
2026		  
Balance as of January 1, 2026
    $ 114,918  
Additions
      140,722  
Transfers to accounts receivable
      (151,018 ) 
  
 
 
  
Balance as of June 30, 2026
    $ 104,622  
 
  
Contract liabilities consisted of the following:
 
   
(in thousands)    June 30,
2026		  
Balance as of January 1, 2026
    $ 35,249  
Additions
      88,333  
Revenue recognized
      (80,802 ) 
  
 
 
  
Balance as of June 30, 2026
    $ 42,780  
 
  
Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in the contract liabilities balance at the beginning of such periods was $20.9 million and $33.7 million, respectively.
Transaction price allocated to the remaining performance obligations
As of June 30, 2026, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $414.4 million. As of June 30, 2026, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.
 
HMH Holding BV And Subsidiaries [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contracts with Customers  
11. Revenue from contracts with customers
Disaggregated revenue
The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The tables below present the Company’s revenue disaggregated by these categories.
The following tables present revenue disaggregated by revenue type for the years ended December 31, 2025 and 2024:
 
   
     2025  
      ESS      PCS      Total  
Project and other manufacturing contracts revenue
    $ 61,130      $ 31,306      $ 92,436  
Sale of products
      64,558        56,995        121,553  
  
 
 
  
Product revenue(1)
      125,688        88,301        213,989  
  
 
 
  
Service revenue
      195,741        187,644        383,385  
Spare parts revenue
      117,124        107,256        224,380  
  
 
 
  
Total revenue
    $ 438,553      $ 383,201      $ 821,754  
 
  
   
    
2024
  
     
ESS
     
PCS
     
Total
  
Project and other manufacturing contracts revenue
    $ 33,552      $ 36,910      $ 70,462  
Sale of products
      108,610        50,064        158,674  
  
 
 
  
Product revenue
(1)
   
 
142,162
 
   
 
86,974
 
   
 
229,136
 
Service revenue
      190,222        175,980        366,202  
Spare parts revenue
      110,805        137,220        248,025  
  
 
 
  
Total revenue
   
$
443,189
 
   
$
400,174
 
   
$
843,363
 
 
  
 
(1)   Product revenue includes related party revenue.
The following table presents timing of revenue recognition for the year ended December 31, 2025:
 
       
     
ESS
     
PCS
     
Total
  
Transferred overtime
    $ 300,400      $ 218,950      $ 519,350  
Transferred at point in time
      138,153        164,251        302,404  
  
 
 
  
Total revenue
   
$
438,553
 
   
$
383,201
 
   
$
821,754
 
 
  
The following table presents timing of revenue recognition for the year ended December 31, 2024:
 
       
     
ESS
     
PCS
     
Total
  
Transferred overtime
    $ 299,928      $ 212,890      $ 512,818  
Transferred at point in time
      143,261        187,284        330,545  
  
 
 
  
Total revenue
   
$
443,189
 
   
$
400,174
 
   
$
843,363
 
 
  
Contract assets consisted of the following as of December 31, 2025 and 2024:
 
     
      2025      2024  
Balance as of January 1,
    $ 153,150      $ 160,933  
Additions
      324,949        263,591  
Transfers to accounts receivable
      (350,896)        (271,374)  
Written off(1)
    $ (12,285)      $ —  
  
 
 
  
Balance as of December 31,
    $ 114,918      $ 153,150  
 
  
 
(1)   2025 amounts written off represent a cancellation of contract with a customer and is included in cost of services sold in the consolidated statements of income.
Contract liabilities consisted of the following as of December 31, 2025 and 2024:
 
     
      2025      2024  
Balance as of January 1,
    $ 55,627        75,525  
Additions
      166,877        95,386  
Revenue recognized
      (187,255)        (115,284)  
  
 
 
  
Balance as of December 31,
    $ 35,249        55,627  
 
  
Revenue recognized during the years ended December 31, 2025 and 2024 that was included in the contract liabilities balance at the beginning of such period was $50.7 million and $71.3 million, respectively.
Transaction price allocated to the remaining performance obligations
As of December 31, 2025, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $329.3 million. As of December 31, 2025, the Company expected to
recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as t
he
Company fu
lfill
s the related remaining performance obligations.