Revenue from Contracts with Customers |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue from Contracts with Customers |
Note 4. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 18. Segment Information. Contract balances Contract assets relate to uncompleted Engineering contracts and uncompleted amounts related to Data Center tenant fit-out services. As of March 31, 2026 and December 31, 2025, contract assets were $14.1 million and $8.3 million, respectively. As of December 31, 2025, all contract assets were attributable to Engineering. As of March 31, 2026, $7.1 million of the contract assets were attributable to Engineering contracts and $7.0 million were attributable to Data Center tenant fit-out services as a result of incurring costs in excess of amounts billed. Contract liabilities relate to uncompleted Engineering contracts. As of March 31, 2026 and December 31, 2025, contract liabilities were $64.7 million and $37.1 million, respectively. During the three months ended March 31, 2026 and 2025, $10.0 million and $4.5 million, respectively, of the beginning balance of contract liabilities were recognized as revenue. During the three months ended March 31, 2026 and 2025, $ (0.4) million and $1.6 million, respectively, were recognized as revenue as a result of satisfying performance obligations in previous periods. Remaining performance obligation The following table presents the estimated future recognition of the Company’s remaining performance obligations, which represent the transaction price of current contracts for work to be performed.
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