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REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:
Years Ended December 31,
202420232022
(In thousands)
Primary geographical markets:
United States$934,690 $1,469,108 $1,761,846 
International (1)
395,693 821,678 569,007 
Total$1,330,383 $2,290,786 $2,330,853 
Timing of revenue recognition:
Products delivered at a point in time$1,204,367 $2,181,099 $2,253,645 
Products and services delivered over time126,016 109,687 77,208 
Total$1,330,383 $2,290,786 $2,330,853 
(1)    Our revenues generated from France has represented 10.6%, less than 10% and less than 10% of our net revenues for the years ended December 31, 2024, 2023 and 2022, respectively. Our net revenues generated from the Netherlands has represented less than 10%, 15.3%, and less than 10% of our net revenues for the years ended December 31, 2024, 2023 and 2022, respectively.
Contract Balances
Accounts receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
December 31,
2024		December 31,
2023
(In thousands)
Accounts receivables$223,749 $445,959 
Short-term contract assets (Prepaid expenses and other current assets)42,001 40,241 
Long-term contract assets (Other assets)110,954 124,190 
Short-term contract liabilities (Deferred revenues, current)237,225 118,300 
Long-term contract liabilities (Deferred revenues, non-current)341,982 369,172 
The Company receives payments from customers based upon contractual payment terms. Accounts receivables are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional.
Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the year ended December 31, 2024.
Significant changes in the balances of contract assets (prepaid expenses and other current assets) as of December 31, 2024 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$164,431 
Amount recognized(48,837)
Increased due to billings37,361 
Contract Assets, end of period$152,955 
Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
For the year ended December 31, 2024, contract liabilities included $110.3 million of cash prepayments from its customers for products to be delivered in 2025, which represents the amount equal to the aggregate purchase price of the executed sales agreements.
contract liabilities (deferred revenues) as of December 31, 2024 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$487,472 
Revenue recognized(126,015)
Increased due to billings107,477 
Increased due to customer deposits110,273 
Contract Liabilities, end of period$579,207 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:
December 31,
2024
(In thousands)
Fiscal year:
2025$237,207 
2026109,619 
202789,633 
202868,480 
202944,332 
Thereafter29,936 
Total$579,207