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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three and nine months ended September 30, 2025 are North America Regions, U.S. Federal, Europe, Renewable Fuels, and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2025:
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherTotal
Project revenue$198,448 $65,828 $5,078 $140,598 $— $409,952 
O&M revenue12,397 15,583 1,959 831 — 30,770 
Energy assets23,647 7,763 30,633 494 — 62,537 
Other3,108 334 4 2,311 16,971 22,728 
Total revenues$237,600 $89,508 $37,674 $144,234 $16,971 $525,987 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2024:
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherTotal
Project revenue$258,977 $66,162 $10,295 $49,943 $— $385,377 
O&M revenue10,284 15,817 1,844 480 — 28,425 
Energy assets20,444 7,096 31,393 197 — 59,130 
Other1,906 38 5 1,993 23,999 27,941 
Total revenues$291,611 $89,113 $43,537 $52,613 $23,999 $500,873 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2025:
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherTotal
Project revenue$521,688 $109,325 $17,124 $371,364 $— $1,019,501 
O&M revenue31,327 44,376 5,736 2,132 — 83,571 
Energy assets65,286 19,900 95,801 1,152 — 182,139 
Other8,744 798 7 8,127 48,213 65,889 
Total revenues$627,045 $174,399 $118,668 $382,775 $48,213 $1,351,100 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2024:
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherTotal
Project revenue$553,930 $177,721 $27,342 $161,431 $— $920,424 
O&M revenue25,728 45,723 6,357 2,122 — 79,930 
Energy assets53,944 12,749 88,421 557 29 155,700 
Other4,425 547 128 5,684 70,423 81,207 
Total revenues$638,027 $236,740 $122,248 $169,794 $70,452 $1,237,261 
The following table presents information related to our revenue recognized over time:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Percentage of revenue recognized over time96%97%96%96%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
United States$352,725 $431,918 $887,261 $1,020,517 
Canada29,023 16,337 80,991 46,933 
Europe144,239 52,618 382,848 169,811 
Total revenues$525,987 $500,873 $1,351,100 $1,237,261 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
 September 30, 2025December 31, 2024
Accounts receivable, net$253,793 $256,961 
Accounts receivable retainage, net48,846 39,843 
Contract Assets:
Unbilled revenue$691,316 $644,105 
Contract Liabilities:
Deferred revenue$87,297 $91,734 
Deferred revenue, non-current (1)
36,369 29,885 
Total contract liabilities$123,666 $121,619 
September 30, 2024December 31, 2023
Accounts receivable, net$230,298 $153,362 
Accounts receivable retainage, net43,466 33,826 
Contract Assets:
Unbilled revenue$572,804 $636,163 
Contract Liabilities:
Deferred revenue$108,020 $52,903 
Deferred revenue, non-current (1)
20,808 18,393 
Total contract liabilities$128,828 $71,296 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The increase in contract assets for the nine months ended September 30, 2025 was primarily due to revenue recognized of $906,072, as well as reclassifications, primarily from contract liabilities as a result of the timing of customer payments, offset by billings of $886,843. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2025, we recognized revenue of $350,986 and billed $328,495 to customers that had balances which were included in contract liabilities at December 31, 2024.
The decrease in contract assets for the nine months ended September 30, 2024 was primarily due to revenue recognized of $807,913 offset by billings of $921,597. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2024, we recognized revenue of $284,842 and billed $271,173 to customers that had balances which were included in contract liabilities at December 31, 2023.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At September 30, 2025, we had contracted backlog of $3,949,124 of which approximately 34% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 27 years.
Deferred Project Costs
Deferred project costs include costs incurred on active projects which will be reclassified either to contract assets or energy assets, as applicable, once a change order or other project resolution is finalized.
Project Development Costs
Project development costs of $5,733 and $4,546 were recognized in our condensed consolidated statements of income on projects that converted to customer contracts during the three months ended September 30, 2025 and 2024, respectively. Project development costs of $14,214 and $10,830 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the nine months ended September 30, 2025 and 2024, respectively.
No impairment charges in connection with our project development costs were recorded during the three or nine months ended September 30, 2025 and 2024.