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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

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Note 4. Revenue from Contracts with Customers

Disaggregated revenue

Revenue disaggregated by reportable segment is presented in Note 19. Segment Information.

Contract balances

Contract assets relate to uncompleted Engineering contracts. As of June 30, 2025 and December 31, 2024, contract assets were $6.5 million and $6.5 million, respectively.

Contract liabilities primarily relate to uncompleted Engineering contracts. As of June 30, 2025 and December 31, 2024, contract liabilities and deferred revenue were $22.7 million and $26.1 million, respectively. In connection with the Rhodium Settlement described in Note 3. Acquisitions, the legacy hosting contract with Rhodium was terminated, thereby eliminating the Company’s future obligations under the contract. As a result, approximately $14.9 million of previously recognized deferred revenue was relieved and is included in Loss on contract settlement on the Condensed Consolidated Statements of Operations.

During the three months ended June 30, 2025 and 2024, $2.4 million and $2.2 million, respectively, and during the six months ended June 30, 2025 and 2024, $6.9 million and $3.8 million, respectively, of the beginning balance of contract liabilities and deferred revenue, in aggregate, was recognized as revenue.

During the three months ended June 30, 2025 and 2024, $0.1 million and $0.8 million, respectively, and during the six months ended June 30, 2025 and 2024, ($0.4) million and $0.9 million, respectively, were recognized as revenue as a result of satisfying performance obligations in previous periods.

As of June 30, 2025 and December 31, 2024, retainage of $0.9 million and $1.0 million, respectively, were included in Accounts receivable, net on the Condensed Consolidated Balance Sheets.

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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Remainder of

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2025

    

2026

    

2027

    

2028

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Total

Engineering

 

$

68,446

 

$

44,173

 

$

6,766

 

$

—

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$

119,385

Other

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49

​

​

97

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​

97

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​

97

​

​

340

Total remaining performance obligations

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$

68,495

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$

44,270

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$

6,863

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$

97

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$

119,725

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