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Total Backlog
Indicates the value of pending orders, providing insight into future revenue streams and demand for the company's products.Total backlog has been range‑bound after a 2023 trough and a 2024 rebound but has softened into early‑2026, suggesting the company is still drawing down awarded work faster than it’s replacing it. That near‑term softness is balanced by a meaningful commercial inflection — management cites a 4.0 GW submitted pipeline (2x average proposal size) largely tied to data centers and plans to expand Torrington to 500 MW — so the next leg up depends on conversion of large, longer‑timed deals; conversion risk is the key upside catalyst or downside trigger.
Date | Total Backlog |
|---|---|
Jun 30, 2026 | $1.02B |
Mar 31, 2026 | $1.14B |
Dec 31, 2025 | $1.17B |
Sep 30, 2025 | $1.19B |
Jun 30, 2025 | $1.24B |
Mar 31, 2025 | $1.26B |
Dec 31, 2024 | $1.31B |
Sep 30, 2024 | $1.16B |
Jun 30, 2024 | $1.20B |
Mar 31, 2024 | $1.06B |