Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of disaggregation of revenue

The following table provides information about disaggregation of revenue (in thousands):


Major products/services lines
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
Sales of fuel cell systems		$	37,650		$	75,919		$	138,682		$	146,859
Sales of hydrogen infrastructure			38,225			37,139			145,740			96,641
Sales of electrolyzers			26,628			6,842			73,627			14,576
Sales of engineered equipment			7,212			25,556			23,784			76,080
Services performed on fuel cell systems and related infrastructure			9,290			8,406			27,088			25,468
Power purchase agreements			20,068			9,524			44,135			30,730
Fuel delivered to customers and related equipment			19,371			12,389			47,391			40,289
Sales of cryogenic equipment and other			35,415			12,529			161,677			48,909
Other			4,852			324			7,055			1,146
Net revenue		$	198,711		$	188,628		$	669,179		$	480,698

Schedule of receivables, contract assets and contract liabilities from contracts with customers

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands):


		September 30,			December 31,
		2023			2022
Accounts receivable		$	163,187		$	129,450
Contract assets			141,453			104,287
Deferred revenue and contract liabilities			253,597			229,898

Schedule of changes in contract assets and the contract liabilities

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):


Contract assets
		September 30,			December 31,
		2023			2022
Transferred to receivables from contract assets recognized at the beginning of the period		$	(72,098)		$	(33,394)
Change in contract assets related to warrants			10,644			26,455
Impairment			(9,799)			—
Revenue recognized and not billed as of the end of the period			108,419			72,469
Net change in contract assets		$	37,166		$	65,530

The $9.8 million impairment of the Company’s contract asset balance for the nine months ended September 30, 2023 was due to the termination of a commercial agreement.


Deferred revenue and contract liabilities
		September 30,			December 31,
		2023			2022
Increases due to cash received, net of amounts recognized as revenue during the period		$	186,470		$	200,347
Change in contract liabilities related to warrants			2,719			—
Contract liabilities assumed as part of acquisitions			—			10,011
Revenue recognized that was included in the contract liability balance as of the beginning of the period			(165,490)			(163,550)
Net change in deferred revenue and contract liabilities		$	23,699		$	46,808

Schedule of Estimated future revenue

The following table includes estimated revenue expected to be recognized in the future (sales of fuel cell systems, cryogenic equipment and other, engineered equipment and hydrogen installations and other infrastructure are expected to be recognized as revenue within one year; sales of electrolyzers are expected to be recognized as revenue within two years; sales of services, Power Purchase Agreements (“PPAs”), and fuel are expected to be recognized as revenue over five to ten years) related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands):


		September 30,
		2023
Sales of fuel cell systems		$	48,354
Sales of hydrogen installations and other infrastructure			32,927
Sales of electrolyzers			295,647
Sales of engineered equipment			14,457
Services performed on fuel cell systems and related infrastructure			121,524
Power Purchase Agreements			439,429
Fuel delivered to customers and related equipment			99,234
Sales of cryogenic equipment and other			151,614
Total estimated future revenue		$	1,203,186