Revenue from Contracts with Customers |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers |
Note 4. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 18. Segment Information. Contract assets Contract assets are recognized as a result of incurring costs in excess of amounts billed on uncompleted Engineering contracts. As of September 30, 2026 and December 31, 2025, contract assets were $19.6 million and $8.3 million, respectively. Contract liabilities Contract liabilities are recognized as a result of amounts billed exceeding costs incurred on uncompleted Engineering contracts and uncompleted amounts related to Data Center tenant fit-out services. As of September 30, 2026, contract liabilities of $70.9 million consisted of $70.5 million attributable to Engineering contracts and $0.4 million attributable to deferred revenue on Data Center tenant fit-out services. As of December 31, 2025, contract liabilities of $37.1 million were attributable to Engineering. For the three months ended September 30, 2026 and 2025, the beginning balance of contract liabilities recognized as revenue was $23.9 million and $0.8 million, respectively, and $30.5 million and $7.7 million, respectively, for the nine months ended September 30, 2026 and 2025. For the three months ended September 30, 2026 and 2025, revenue recognized as a result of satisfying performance obligations in previous periods was $ (2.5) million and $0.3 million, respectively, and $(0.6) million and $1.2 million, respectively, for the nine months ended September 30, 2026 and 2025. Remaining performance obligation The following table presents the estimated future recognition of the Company’s remaining performance obligations, which represent the transaction price of current contracts for work to be performed.
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