Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  

4. Revenue (As Restated)


Disaggregated Revenue


We disaggregate revenue into the following revenue categories:


    Years ended December 31,  
$ in thousands  


(As Restated

Project revenue   $ 900     $
Services revenue     6,462       200  
Grant revenue     1,442      
Total revenue   $ 8,804     $ 200  


Project revenue consists of amounts recognized under contracts with customers for the development, construction and delivery of commercial-scale concentrated solar energy facilities. 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 2021 and 2020 included non-governmental customers in Australia and Europe.


In the fourth quarter of 2021, the Company finalized a $39.0 million award (the “DOE Award”) with the U.S. Department of Energy’s Solar Energy Technology Office (the “DOE”), of which $3.9 million will be paid directly by the DOE to another party providing services under the DOE Award at the Company’s direction. Under the DOE Award, the Company will apply up to $35.1 million in funds received under the DOE Award pursuant to budget periods defined in the DOE Award through 2024 as reimbursement for costs incurred in completing the tasks specified in the DOE Award that are part of the commercial scale facility being constructed for a third-party customer pursuant to a separate customer contract. The amount and timing of funds received under the DOE Award will be determined by reimbursable costs, including permitted indirect costs, incurred in completing specific tasks. The DOE Award contains certain terms and conditions which requires the Company to comply with government regulations related to accounting and reporting and requires the Company to perform the tasks within specified time periods in a satisfactory manner. Noncompliance with any of the terms or conditions under the DOE Award could impact the Company’s ability to receive all funds allocated under the DOE Award or could result in the recapture of amounts paid to the Company by the DOE. Management has evaluated the recapture provisions with the DOE Award and concluded that it is not probable that the recapture provisions will be triggered. Both the Company and DOE can terminate the DOE Award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred, including permitted indirect costs, through the date of termination. Amounts reimbursable under the DOE Award for the year ended December 31, 2021 and presented as grant revenue were approximately $1.4 million related to which the Company recognized $3.2 million of incurred costs presented as cost of grant revenue.

Performance Obligations


Revenue recognized under contracts with customers relates solely to the performance obligations satisfied in 2021 with no revenue recognized from performance obligations satisfied in prior periods. We expect to recognize revenue of approximately $3.4 million through 2023 for the remaining work over the noncancelable term under our existing contracts with customers. During the year ended December 31, 2021, we recognized provisions for contract losses of $0.5 million related to two contracts with customers as estimated costs to satisfy performance obligations exceeded consideration to be received, of which we amortized $0.1 million as a reduction to cost of sales incurred during 2021.


Accounts Receivable and Contract Assets


As of December 31, 2021, our receivables of $3.9 million included $2.1 million accounts receivables related to our contracts with customers which consisted of trade receivables of $0.9 million and contract assets of $1.2 million. Additionally, our receivables included $1.4 million of unbilled amounts related to the DOE Award at December 31, 2021 that were reimbursable to the Company based on qualifying costs incurred during 2021. We had no accounts receivable balance as of December 31, 2020.


Contract Liabilities


As of December 31, 2021, our contract liabilities for contracts with customers were $0.5 million, respectively. Activity included in contract liabilities during the 2021 primarily consisted of additions for deferred revenue of $5.8 million offset by revenue recognized of $5.3 million. We had no contract liability balance as of December 31, 2020.