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Revenue from Contracts with Customers
 3 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Revenue is primarily derived from sales of our energy storage products and solutions. The following table presents the Company’s revenue disaggregated by product or service type:
In thousandsThree Months Ended December 31,
20242023
Revenue from energy storage products and solutions$169,752 $356,941 
Revenue from services15,666 5,747 
Revenue from digital applications and solutions1,370 1,268 
Total$186,788 $363,956 
The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:
In thousandsThree Months Ended December 31,
20242023
Americas (North, Central, and South America)
$97,341 $259,217 
APAC (Asia Pacific)29,805 81,872 
EMEA (Europe, Middle-East, and Africa)59,642 22,867 
Total$186,788 $363,956 
Customer Concentration
For the three months ended December 31, 2024, the Company’s top two customers, in the aggregate, accounted for approximately 50% of total revenue.
For the three months ended December 31, 2023, the Company’s top four customers, in the aggregate, accounted for approximately 86% of total revenue.
Deferred Revenue
Deferred revenue from related parties is included on the Company’s condensed consolidated balance sheets. The following table provides information about deferred revenue from contracts with customers:
In thousandsThree Months Ended December 31,
20242023
Deferred revenue, beginning of period$274,499 $273,164 
Additions342,560 215,742 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(44,324)(106,074)
Deferred revenue, end of period$572,735 $382,832 
In thousandsThree Months Ended December 31,
20242023
Deferred revenue from related parties, beginning of period$38,162 $110,274 
Additions2,351 209,018 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(7,344)(61,060)
Deferred revenue from related parties, end of period$33,169 $258,232 
Remaining Performance Obligations
The Company’s remaining performance obligations (“backlog”) represent the unrecognized revenue value of its contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company.
As of December 31, 2024, the Company had $5.1 billion of remaining performance obligations related to contractual commitments, of which, we expect to recognize in revenue approximately 60% in the next 12 months, with the remainder recognized in revenue in periods thereafter.