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Revenue
6 Months Ended
Jun. 30, 2018
Revenue  
Revenue

12. Revenue

 

Disaggregation of revenue

 

In the following table, revenue is disaggregated by major product line and timing of revenue recognition (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Major products/services lines

 

Three months ended

 

Six months ended

 

 

June 30, 2018

 

June 30, 2017

 

June 30, 2018

 

June 30, 2017

Sales of fuel cell systems

 

$

14,633

 

$

5,582

 

$

21,207

 

$

7,400

Sale of hydrogen installations and other infrastructure

 

 

5,989

 

 

2,978

 

 

10,873

 

 

3,357

Services performed on fuel cell systems and related infrastructure

 

 

7,188

 

 

5,049

 

 

13,786

 

 

10,198

Power Purchase Agreements

 

 

5,629

 

 

4,945

 

 

11,118

 

 

9,256

Fuel delivered to customers

 

 

6,488

 

 

3,986

 

 

12,023

 

 

7,477

Other

 

 

 —

 

 

64

 

 

 —

 

 

151

    Total gross revenue

 

$

39,927

 

$

22,604

 

$

69,007

 

$

37,839

 

Contract balances

 

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

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

December 31, 2017

Accounts receivable

 

$

31,509

 

$

15,331

Contract assets

 

 

6,246

 

 

9,316

Contract liabilities

 

 

49,088

 

 

46,777

 

The contract assets relate to the Company’s rights to consideration for work completed but not billed. These amounts are included within prepaid expenses and other current assets on the accompanying consolidated balance sheets.

 

The contract liabilities relate to the advance consideration received from customers for services that will be recognized over time (primarily fuel cell and related infrastructure services). These amounts are included within deferred revenue and finance obligations on the accompanying consolidated interim balance sheets. A portion of the finance obligation balance has restricted cash held in escrow, which will be released over the contract period.

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Contract assets

 

Six months ended

 

 

June 30, 2018

Transferred to receivables from contract assets recognized at the beginning of the period

 

$

(5,502)

Revenue recognized and not billed as of the end of the period

 

 

2,432

    Net change in contract assets

 

$

(3,070)

 

 

 

 

 

Contract liabilities

 

Six months ended

 

 

June 30, 2018

Revenue recognized that was included in the contract liability balance as the beginning of the period

 

$

4,608

Increases due to cash received, net of amounts recognized as revenue during the period

 

 

(6,919)

    Net change in contract liabilities

 

$

(2,311)

 

Estimated future revenue

 

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period (in thousands):

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

December 31, 2017

Sales of fuel cell systems

 

$

13,478

 

$

26,298

Sale of hydrogen installations and other infrastructure

 

 

8,281

 

 

15,512

Services performed on fuel cell systems and related infrastructure

 

 

77,496

 

 

89,079

Power Purchase Agreements

 

 

122,659

 

 

130,042

    Total estimated future revenue

 

$

221,914

 

$

260,931

 

All consideration from contracts with customers is included in the amounts presented above.

 

Contract costs

 

Contract costs consists of capitalized commission fees and other expenses related to obtaining or fulfilling a contract.

 

Capitalized contract costs at June 30, 2018 and December 31, 2017 were $0.1 million and zero, respectively. Expense related to the amortization of capitalized contract costs was not significant for the three or six months ended June 30, 2018.