Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 2—Revenue

Disaggregated Revenue

The following table provides information about disaggregated revenue:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
$ in thousands	2023		2022		2023		2022
Project revenue	$	635	$	892	$	1,451	$	2,883
Engineering services revenue	277		72		327		125
Total services revenue	912		964		1,778		3,008
Grant revenue	482		1,428		1,553		2,923
Total revenue	$	1,394	$	2,392	$	3,331	$	5,931

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. The Company’s recognized project revenue is associated with a commercial-scale demonstration agreement (“CSDA”) executed with Woodside Energy (USA) Inc. (“Woodside”) in March 2022.

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. Engineering service contracts typically span several years and we recognize revenue over time as customers receive and consume the benefit of such services.

Revenue recognized during the three and six months ended June 30, 2023 and 2022 includes non-governmental customers in the United States (“U.S.”) and Europe.

Grant Revenue

The Company’s grant revenue is primarily related to the Company’s award from the U.S. Department of Energy (the “DOE Award”) related to costs incurred during such periods that are reimbursable under the DOE Award.

Provision for Contract Losses

During the three and six months ended June 30, 2023, we recognized a total provision for contract losses of $20 thousand and $0.4 million, respectively, associated with our operations in Germany. During the three and six months ended June 30, 2023, we amortized $0.9 million and $1.3 million, respectively, of the previously recognized contract loss provisions as a reduction to cost of services revenue incurred during the three and six months ended June 30, 2023 based on percentages of completion.

During the six months ended June 30, 2022, we recognized a total provision for contract losses of $33.7 million driven primarily by the CSDA, of which we amortized $3.2 million as a reduction to cost of sales incurred during 2022. No provision for contract losses was recognized during the three months ended June 30, 2022.

Performance Obligations

Revenue recognized under contracts with customers relates solely to the performance obligations satisfied during the six months ended June 30, 2023 with no revenue recognized from performance obligations satisfied in prior periods. As of June 30, 2023, we had approximately $37.0 million of transaction prices allocated to remaining performance obligations from our customer contracts, we expect to recognize approximately 43% as revenue over the next 12 months and the remainder to be recognized thereafter through 2026.

Receivables

Receivables consisted of the following:

$ in thousands	June 30, 2023		December 31, 2022
Trade receivables	$	74	$	1,119
Grant receivables:
Billed	1,421		—
Unbilled	1,615		5,610
Other grant receivables	1,619		1,578
Total grant receivables	4,655		7,188
Contract assets	733		560
Other receivables	358		328
Total receivables	$	5,820	$	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
Additions to unbilled receivables	163
Foreign currency translation adjustments	10
Balance as of June 30, 2023	$	733

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	3,480
Revenue recognized	(1,451)
Recognition of consideration payable associated with Project Warrants	(139)
Other	9
Balance as of June 30, 2023	$	12,247

During the three and six months ended June 30, 2023, we recognized revenue of $0.6 million and $1.5 million, respectively, that was included in contract liabilities as of December 31, 2022.

Customer Concentrations

For the three months ended June 30, 2023 and 2022, three and two customers, including governmental entities, respectively, each comprised greater than 10% of our total revenue and collectively represented 92% and 97%, respectively, of our total revenue. For the six months ended June 30, 2023 and 2022, two customers, including governmental entities, each comprised greater than 10% of our total revenue and collectively represented 89% and 98%, respectively, of our total revenue.

As of June 30, 2023 and December 31, 2022, two customers, including governmental entities, each comprised greater than 10% of our total receivables and represented 93% and 90%, respectively, of our total receivables.