Revenue

3 Months Ended

Mar. 31, 2024

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	2024		2023
Project revenue	$	533	$	816
Engineering services revenue	421		50
Total services revenue	954		866
Grant revenue	574		1,071
Total revenue	$	1,528	$	1,937

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 for the engineering, procurement and construction of a new 5 MWe concentrated solar energy facility to be built in Mojave, California (the “Capella Project”) for the customer’s use in research, development and testing.

Engineering services revenue consists of amounts recognized under contracts with customers for the provision of engineering, research and development (“R&D”), or other similar services in our field of expertise. The Company’s recognized engineering services revenue is associated with engineering studies and projects 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”) for costs incurred during such periods that are reimbursable under the DOE Award.

Contract Estimates

In the fourth quarter of 2023, the Company adjusted its Capella Project estimate after completing the front-end engineering design phase. Our current cost estimates for the Capella Project are subject to further refinement as we continue value engineering, exploring additional cost savings opportunities and continue to negotiate an executable engineering, procurement and construction (“EPC”) contract. As a result, the actual cost for the Capella Project could vary from our current estimate.

During the three months ended March 31, 2023, we recognized a total provision for contract losses of $0.4 million associated with our projects in Germany. No provision for contract losses was recognized during the three months ended March 31, 2024.

We amortized $0.8 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively, of the previously recognized contract loss provisions as a reduction to cost of services revenue incurred during the periods based on percentages of completion.

Performance Obligations

Revenue recognized under contracts with customers, which excludes amounts to be received from government grants, relates solely to the performance obligations satisfied during the three months ended March 31, 2024 and 2023 with no revenue recognized from performance obligations satisfied in prior periods.

As of March 31, 2024, we had approximately $37.7 million of transaction prices allocated to remaining performance obligations from our customer contracts. Based on our current forecast, we expect to recognize approximately 28% of the remaining transaction prices as revenue over the next 12 months and the remainder to be recognized thereafter through 2027.

Receivables

Receivables consisted of the following:

$ in thousands	March 31, 2024		December 31, 2023
Trade receivables	$	1,697	$	954
Grant receivables:
Billed	2,671		—
Unbilled	1,526		3,623
Total grant receivables	4,197		3,623
Other receivables	310		309
Total receivables	6,204		4,886
Allowance for credit losses	(202)		(207)
Total receivables, net	$	6,002	$	4,679

Contract Liabilities

The following table outlines the activity related to contract liabilities:

$ in thousands
Balance as of December 31, 2023	$	17,008
Payments received in advance of performance	1,836
Revenue recognized	(533)
Recognition of consideration payable associated with Project Warrants	(51)
Other	(13)
Balance as of March 31, 2024	$	18,247

During the three months ended March 31, 2024, we recognized revenue of $0.5 million that was included in contract liabilities as of December 31, 2023.

Customer Concentrations

For the three months ended March 31, 2024 and 2023, two customers, including governmental entities, each comprised greater than 10% of our total revenue and collectively represented 95% and 97%, respectively, of our total revenue.

As of March 31, 2024 and December 31, 2023, two customers, including governmental entities, each comprised greater than 10% of our total receivables and represented 83% and 89%, respectively, of our total receivables.