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| Revenue | Revenue Based on ASC 606 provisions, the Company disaggregates its revenue from contracts with customers by those sales recorded over time and sales recorded at a point in time. The following table presents Nextpower’s revenue disaggregated based on timing of transfer-point in time and over time for the three and nine-month periods ended December 31, 2025 and December 31, 2024:
Contract balances The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities (deferred revenue) on the unaudited condensed consolidated balance sheets. Nextpower’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. When billing occurs subsequent to revenue recognition, a contract asset results. Contract assets of $443.4 million and $405.9 million as of December 31, 2025 and March 31, 2025, respectively, are presented in the unaudited condensed consolidated balance sheets, of which $108.7 million and $140.4 million, respectively, will be invoiced at the end of the projects as they represent funds withheld until the products are installed by a third party, arranged by the customer, and the project is declared operational. The remaining unbilled receivables will be invoiced throughout the project based on a set billing schedule such as milestones reached or completed rows delivered. Contract assets increased by $37.5 million from March 31, 2025 to December 31, 2025 due to fluctuations in the timing and volume of billings for the Company’s revenue recognized over time. During the nine-month periods ended December 31, 2025 and December 31, 2024, Nextpower converted $231.9 million and $182.7 million of deferred revenue to revenue, respectively, which represented 67% and 62%, respectively, of the beginning period balance of deferred revenue. Remaining performance obligations As of December 31, 2025, Nextpower had $419.5 million of the transaction price allocated to the remaining performance obligations. The Company expects to recognize revenue on approximately 77% of these performance obligations in the next 12 months. The remaining long-term unperformed obligation primarily relates to extended warranty and deposits collected in advance on certain tracker projects. |
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