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Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 2 —Revenue from Contracts with Customers

Disaggregation of Revenue

The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​	​	​	​	​	​	​	​	​	​	​
​	​		2022			2023			2024
Product revenue:	​	​	​	​	​	​	​	​	​	​
Volume-related	​	​	​	​	​	​	​	​	​	​
Fuel sales(1) (3)	​	​	$	281,103	​	$	286,956	​	$	258,858
Change in fair value of derivative instruments(2)	​	​	​	517	​	​	(158)	​	​	(131)
RIN Credits	​	​	​	34,635	​	​	25,860	​	​	39,019
LCFS Credits	​	​	​	12,634	​	​	9,885	​	​	9,954
AFTC (4)	​	​		21,760	​		20,854	​		23,817
Total volume-related product revenue	​	​	​	350,649	​	​	343,397	​	​	331,517
Station construction sales	​	​	​	22,346	​	​	26,427	​	​	25,192
Total product revenue	​	​		372,995	​		369,824	​		356,709
Service revenue:	​	​	​	​	​	​	​	​	​	​
Volume-related, O&M services	​	​	​	45,901	​	​	52,660	​	​	56,886
Other services	​	​	​	1,268	​	​	2,675	​	​	2,270
Total service revenue	​	​	​	47,169	​	​	55,335	​	​	59,156
Total revenue	​	​	$	420,164	​	$	425,159	​	$	415,865

(1) Includes non-cash stock-based sales incentive contra-revenue charges associated with the Amazon Warrant for the years ended December 31, 2022, 2023 and 2024 of $24.3 million, $60.6 million and $60.8 million, respectively. See Note 12 for more information.

(2) Represents changes in fair value of derivative instruments related to the Company’s commodity swap and customer fueling contracts associated with the Company’s Zero Now truck financing program. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s Zero Now truck financing program. See Note 1 and Note 6 for more information about these derivative instruments.

(3) Includes net settlement of the Company’s commodity swap derivative instruments. For the year ended December 31, 2022, 2023 and 2024, net settlement payments recognized in fuel revenue were $7.8 million, $4.9 million and $2.4 million, respectively

(4) Represents AFTC. See Note 1 for more information.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of customer orders for which the work has not been performed. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $46.4 million, which related to the Company’s station construction sale contracts. The

Company expects to recognize revenue on the remaining performance obligations under these contracts over the next 12 to 24 months.

For volume-related revenue, the Company has elected to apply an optional exemption, which waives the requirement to disclose the remaining performance obligation for revenue recognized through the ‘right to invoice’ practical expedient.

Costs to Fulfill a Contract

The Company capitalizes costs incurred to fulfill its contracts that (1) relate directly to the contract, (2) are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contract, and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are recorded to depreciation expense as the Company satisfies its performance obligations over the term of the contract. These costs primarily relate to set-up and other direct installation costs incurred by NG Advantage, LLC (“NG Advantage”) for equipment that must be installed on customers’ land before NG Advantage is able to deliver CNG to the customer because the customer does not have direct access to the natural gas pipelines. These costs are classified in “Land, property, and equipment, net” in the accompanying consolidated balance sheets. As of December 31, 2023 and 2024, these capitalized costs incurred to fulfill contracts were $8.9 million and $7.8 million, respectively, with accumulated depreciation of $6.9 million and $6.3 million, respectively, and related depreciation expense of $0.3 million, $0.2 million and $0.5 million for the years ended December 31, 2022, 2023 and 2024, respectively.

Tourmaline Joint Development

In April 2023, the Company and Tourmaline announced a Joint Development Agreement to build and operate a network of CNG stations in Western Canada. Costs associated with station construction and profit and loss arising from station operation are shared 50-50 between the Company and Tourmaline (see Note 1).

The table below presents the financial information of the Joint Development with Tourmaline included in the consolidated statements of operations (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2024
Revenue	​	$	322	​	$	588
Gross profit	​	​	98	​	​	203
Operating loss	​	​	(310)	​	$	(511)

​

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the accompanying consolidated balance sheets. Changes in the contract asset and liability balances during the year ended December 31, 2024, were not materially affected by any factors outside the normal course of business.

As of December 31, 2023 and 2024, the Company’s contract balances were as follows (in thousands):

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2023		​	2024
Accounts receivable, net	​	$	98,426	​	$	107,683
​	​	​	​		​	​
Contract assets - current	​	$	7,823	​	$	2,987
Contract assets - non-current	​		2,433	​		1,945
Contract assets - total	​	$	10,256	​	$	4,932
​	​	​	​		​	​
Contract liabilities - current	​	$	4,936	​	$	6,870
Contract liabilities - non-current	​		151	​		76
Contract liabilities - total	​	$	5,087	​	$	6,946

​

Accounts Receivable, Net

“Accounts receivable, net” in the accompanying consolidated balance sheets include billed and accrued amounts that are currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance to provide for the estimated amount of receivables that will not be collected. The allowance is based on an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables, and economic conditions that may affect a customer’s ability to pay.

Contract Assets

Contract assets include unbilled amounts typically resulting from the Company’s station construction sale contracts, when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current or noncurrent based on the timing of billings. The current portion is included in “Other receivables” and in “Prepaid expenses and other current assets” and the noncurrent portion is included in “Notes receivable and other long-term assets, net” in the accompanying consolidated balance sheets.

Contract Liabilities

Contract liabilities consist of billings in excess of revenue recognized from the Company’s station construction sale contracts and payments received from customers in advance of the satisfaction of performance obligations and are classified as current or noncurrent based on when the revenue is expected to be recognized. The current portion and noncurrent portion of contract liabilities are included in “Deferred revenue” and in “Other long-term liabilities,” respectively, in the accompanying consolidated balance sheets. Contract liabilities of $4.9 million and $6.9 million were classified as current as of December 31, 2023 and 2024, respectively, and $0.2 million and $0.1 million was classified as noncurrent as of December 31, 2023 and 2024, respectively.

Revenue recognized during the year ended December 31, 2023 relating to the Company’s contract liability balances as of December 31, 2022 was $4.9 million. Changes in the contract liability balances between December 31, 2023 and 2024 were primarily driven by $3.4 million of revenue recognized relating to the Company’s contract liability balances as of December 31, 2023, partially offset by billings in excess of revenue and advances from customers recognized in 2024.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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