v3.25.4

Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Contract with Customer, Asset and Liability | The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Accounts receivable |  | $ | 371,796 |  |  | $ | 335,841 |
Contract assets |  | 241,186 |  |  | 145,162 |
Customer deposits |  | 78,207 |  |  | 220,115 |
Deferred revenue |  | 65,608 |  |  | 66,304 |
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024
Beginning balance |  |  |  |  |  | $ | 145,162 |  |  | $ | 41,366 |
Transferred to accounts receivable from contract assets recognized at the beginning of the period, net of other adjustments |  |  |  |  |  | (102,767) |  |  | (34,314) |
Revenue recognized and not billed as of the end of the period |  |  |  |  |  | 182,844 |  |  | 128,479 |
Other Adjustments 1 |  |  |  |  |  | 15,947 |  |  | 9,631 |
Ending balance |  |  |  |  |  | $ | 241,186 |  |  | $ | 145,162 |
1 2025: Represented by $15.9 million share-based consideration payable to customer’s customer as of December 31, 2025 (refer to section Commitment to Issue Share-Based Consideration Payable to Customer’s Customer below). 2024: Represented by $9.6 million payment to customer’s customer for the year ended December 31, 2024. Deferred revenue activity during the years ended December 31, 2025 and 2024, consisted of the following (in thousands):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024
Beginning balance |  |  |  |  |  | $ | 66,304 |  |  | $ | 72,328 |
Additions |  |  |  |  |  | 1,497,242 |  |  | 1,142,599 |
Revenue recognized |  |  |  |  |  | (1,497,938) |  |  | (1,148,623) |
Ending balance |  |  |  |  |  | $ | 65,608 |  |  | $ | 66,304 |
Schedule of Disaggregation of Revenue | We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |  |
Product revenue |  |  |  |  |  | $ | 1,531,281 |  |  | $ | 1,085,153 |  |  | $ | 975,245 |
Installation revenue |  |  |  |  |  | 204,068 |  |  | 122,318 |  |  | 92,796 |
Service revenue |  |  |  |  |  | 228,295 |  |  | 213,542 |  |  | 183,065 |
Electricity revenue |  |  |  |  |  | 37,970 |  |  | 20,381 |  |  | 17,676 |
Total revenue from contracts with customers |  |  |  |  |  | 2,001,614 |  |  | 1,441,394 |  |  | 1,268,782 |
Revenue from contracts that contain leases: |  |  |  |  |  |  |  |  |  |
Electricity revenue |  |  |  |  |  | 22,380 |  |  | 32,462 |  |  | 64,688 |
Total revenue |  |  |  |  |  | $ | 2,023,994 |  |  | $ | 1,473,856 |  |  | $ | 1,333,470 |
Schedule of Weighted-Average Valuation Assumptions | We used the following weighted-average assumptions for determination of the Warrant fair value:
|  | Year Ended December 31, 2025 |  |
Risk-free interest rate |  | 3.6% |  |
Expected term (years) |  | 0.5 |  |
Expected dividend yield |  | — |  |
Expected volatility |  | 96.2% |  |
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  |
Risk-free interest rate |  | 3.9% - 4.1% |  | 3.7% - 4.4% |  |
Expected term (years) |  | 6.1 |  | 6.0 |  |
Expected dividend yield |  | — |  | — |  |
Expected volatility |  | 93.4% - 93.9% |  | 95.3% - 97.1% |  |
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023 |  |
Risk-free interest rate |  | 3.8% - 5.0% |  | 4.1% - 5.6% |  | 4.9% - 5.6% |  |
Expected term (years) |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  |
Expected dividend yield |  | — |  | — |  | — |  |
Expected volatility |  | 66.2% - 115.2% |  | 54.1% - 78.7% |  | 54.1% - 74.1% |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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