Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Disaggregation of Revenue [Line Items]

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.

The following tables presents revenue from contracts with customers:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Project and other manufacturing contracts revenue	$	9,021	$	3,271	$	12,292	$	19,174	$	5,443	$	24,617
Sale of products	8,143		12,358		20,501		16,937		13,194		30,131
Product revenue(a)	17,164		15,629		32,793		36,111		18,637		54,748
Service revenue	44,153		27,856		72,009		41,398		42,110		83,508
Spare parts revenue	39,373		27,146		66,519		30,032		30,142		60,174
Total revenue	$	100,690	$	70,631	$	171,321	$	107,541	$	90,889	$	198,430

(a).Product revenue includes related party revenue.

The following table presents timing of revenue recognition:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Transferred overtime	$	60,020	$	31,127	$	91,147	$	72,986	$	47,553	$	120,539
Transferred at point in time	40,670		39,504		80,174		34,555		43,336		77,891
Total revenue	$	100,690	$	70,631	$	171,321	$	107,541	$	90,889	$	198,430

Contract assets consisted of the following:


	March 31, 2026

	(in thousands)
Balance as of January 1, 2026	$	114,918
Additions	84,813
Transfers to accounts receivable	(92,189)

Balance as of March 31, 2026	$	107,542

Contract liabilities consisted of the following:


	March 31, 2026

	(in thousands)
Balance as of January 1, 2026	$	35,249
Additions	50,159
Revenue recognized	(32,253)
Balance as of March 31, 2026	$	53,155

Revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liabilities balance at the beginning of such periods was $10.4 million and $19.0 million, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2026, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $381.9 million. As of March 31, 2026, the Company expected to recognize substantially all of the revenue from the total

remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

HMH Holding Inc 10-Q