Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 2—Revenue

Disaggregated Revenue

The following table provides information about disaggregated revenue:

	Three Months Ended
	March 31,
$ in thousands	2023		2022
Project revenue	$	816	$	1,991
Engineering services revenue	50		53
Total services revenue	866		2,044
Grant revenue	1,071		1,495
Total revenue	$	1,937	$	3,539

Services Revenue

Project revenue consists of amounts recognized under contracts with customers for the development, construction and delivery of commercial-scale concentrated solar energy facilities. Engineering services revenue consists of amounts recognized under contracts with customers for the provision of engineering, R&D or other similar services in our field of expertise. Revenue recognized during the three months ended March 31, 2023 and 2022 includes non-governmental customers in the United States (“U.S.”) and Europe.

During the three months ended March 31, 2023 and 2022, the Company recognized project revenue of $0.8 million and $2.0 million, respectively, associated with a commercial-scale demonstration agreement (“CSDA”) executed with Woodside Energy (USA) Inc. (“Woodside”) in March 2022.

Grant Revenue

During the three months ended March 31, 2023 and 2022, the Company recognized grant revenue under the Company’s award from the U.S. Department of Energy (the “DOE Award”) of $1.1 million and $1.5 million, respectively, related to costs incurred during such periods that are reimbursable under the DOE Award.

Provision for Contract Losses

During the three months ended March 31, 2023, we recognized a total provision for contract losses of $0.4 million associated with our Germany operations. During the three months ended March 31, 2023, we amortized $0.4 million of the previously recognized contract loss provisions as a reduction to cost of services revenue incurred during the three months ended March 31, 2023 based on percentages of completion. During the three months ended March 31, 2022, we recognized a total provision for contract losses of $33.7 million driven primarily by the CSDA.

Performance Obligations

Revenue recognized under contracts with customers relates solely to the performance obligations satisfied during the three months ended March 31, 2023 with no revenue recognized from performance obligations satisfied in prior periods. As of March 31, 2023, we had approximately $38.5 million of transaction prices allocated to remaining performance obligations from our customer contracts, we expect to recognize approximately 21% as revenue over the next 12 months and the remainder to be recognized thereafter through 2026.

Receivables

Receivables consisted of the following:

$ in thousands	March 31, 2023		December 31, 2022
Trade receivables	$	1,593	$	1,119
Grant receivables:
Unbilled	6,681		5,610
Other grant receivables	1,578		1,578
Total grant receivables	8,259		7,188
Contract assets	529		560
Other receivables	265		328
Total receivables	$	10,646	$	9,195

Contract Assets and Liabilities

The following table outlines the activity related to contract assets, which is included in total receivables on our consolidated balance sheets:

$ in thousands
Balance as of December 31, 2022	$	560
Foreign currency translation adjustments	12
Other	(43)
Balance as of March 31, 2023	$	529

The following table outlines the activity related to contract liabilities:

$ in thousands
Balance as of December 31, 2022	$	10,348
Payments received in advance of performance	1,464
Revenue recognized	(774)
Recognition of consideration payable associated with Project Warrants	(76)
Other	4
Balance as of March 31, 2023	$	10,966

Customer Concentrations

For the three months ended March 31, 2023 and 2022, two customers each comprised greater than 10% of our total revenue and collectively represented 97% and 99%, respectively, of our total revenue.

As of March 31, 2023 and December 31, 2022, two customers each comprised greater than 10% of our total receivables and collectively represented 92% and 90%, respectively, of our total receivables.