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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

Note 2—Revenue from Contracts with Customers

Revenue Recognition Overview

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which it expects to be entitled in exchange for the goods or services. To achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when the Company satisfies the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition.

The Company is generally the principal in its customer contracts because it has control over the goods and services prior to their transfer to the customer, and as such, revenue is recognized on a gross basis. Sales and usage-based taxes are excluded from revenue. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

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Three Months Ended

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2025

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2026

Product revenue:

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Volume-related

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Fuel sales(1)

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$

76,292

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$

79,568

Change in fair value of derivative instruments(2)

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(557)

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616

RIN Credits

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5,202

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10,122

LCFS Credits

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3,799

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4,327

AFTC(3)

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(17)

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—

Total volume-related product revenue

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84,719

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94,633

Station construction sales

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5,571

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8,240

Total product revenue

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90,290

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102,873

Service revenue:

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​

​

​

​

O&M services(1) (4)

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12,790

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14,212

Other services

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684

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471

Total service revenue

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13,474

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​

14,683

Total revenue

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$

103,764

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$

117,556

(1)Includes non-cash stock-based sales incentive contra-revenue charges associated with the Amazon Warrant. For the three months ended March 31, 2025, contra-revenue charges recognized in fuel revenue were $17.3 million. For the three months ended March 31, 2026, contra-revenue charges recognized in fuel sales were $7.5 million and contra-revenue charges recognized in O&M services revenue were $2.6 million for a total of $10.1 million of contra-revenue charges. See Note 14 for more information.
(2)Represents changes in fair value of unsettled derivative instruments relating to the Company’s commodity swap and customer fueling contracts associated with the Company’s 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 truck financing program. See Note 6 for more information about these derivative instruments.
(3)Represents the federal alternative fuel excise tax credit (“AFTC”). AFTC was available for vehicle fuel sales made through December 31, 2024, at which time the program expired.
(4)This amount includes $2.8 million of facility use fee, which was determined to be lease income under ASC 842 (refer to Note 18 – Leases).

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of customer orders for which the work has not been performed. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $46.3 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.

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 condensed consolidated balance sheets.

As of December 31, 2025 and March 31, 2026, the Company’s contract balances were as follows (in thousands):

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December 31, 

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March 31, 

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2025

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2026

Accounts receivable, net

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$

100,793

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$

110,566

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Contract assets - current

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$

3,946

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$

3,551

Contract assets - non-current

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1,548

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1,448

Contract assets - total

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$

5,494

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$

4,999

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Contract liabilities - current

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$

17,595

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$

14,721

Contract liabilities - non-current

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—

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—

Contract liabilities - total

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$

17,595

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$

14,721

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Accounts Receivable, Net

“Accounts receivable, net” in the accompanying condensed consolidated balance sheets includes 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 condensed 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 condensed consolidated balance sheets.

Revenue recognized in the three months ended March 31, 2025 relating to the Company’s contract liability balances as of December 31, 2024 was $2.3 million. The decrease in the contract liability balance in the three months ended March 31, 2026 is mainly driven by billings in excess of revenue recognized and customer advances in the three months ended March 31, 2026, partially offset by $2.3 million of revenue recognized relating to the Company’s contract liability balances as of December 31, 2025.