v3.25.4

Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2025
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | Our operations included the following related party transactions (in thousands):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Total revenue from related parties 1 |  |  |  |  |  | $ | 892,035 |  |  | $ | 338,602 |  |  | $ | 487,240 |
Cost of product revenue 2 |  |  |  |  |  | — |  |  | 163 |  |  | 133 |
General and administrative expenses 3 |  |  |  |  |  | 434 |  |  | 683 |  |  | 812 |
Interest expense 4 |  |  |  |  |  | 101 |  |  | 203 |  |  | 84 |
Equity in loss of unconsolidated affiliates 5 |  |  |  |  |  | 40,421 |  |  | — |  |  | — |
1 Includes total revenue related to (a) the Korean JV, (b) the Fund JVs and (c) SK ecoplant, which was a related party from September 23, 2023 through July 10, 2025. 2 Includes expenses billed by SK ecoplant to the Korean JV for headcount support, maintenance and other services. 3 Includes rent expenses per operating lease agreements entered between the Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to the Korean JV. 4 Interest expense per two term loans entered into between the Korean JV and SK ecoplant in fiscal year 2023 (see Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in this Annual Report on Form 10-K). 5 Represent equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K). Below is the summary of outstanding related party balances as of December 31, 2025 and 2024 (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Accounts receivable |  | $ | 151,932 |  |  | $ | 93,510 |
Contract assets, current |  | 2,967 |  |  | 800 |
Prepaid expenses and other current assets |  | 1,247 |  |  | 1,215 |
Investments in unconsolidated affiliates |  | 10,037 |  |  | — |
Operating lease right-of-use assets 1 |  | — |  |  | 1,385 |
Contract assets, non-current |  | 48,763 |  |  | — |
Other long-term assets |  | 5,968 |  |  | 8,776 |
Accrued warranty |  | 799 |  |  | 1,205 |
Accrued expenses and other current liabilities |  | 39 |  |  | 3,989 |
Deferred revenue and customer deposits, current |  | 6,879 |  |  | 8,857 |
Operating lease liabilities, current 1 |  | — |  |  | 442 |
Deferred revenue and customer deposits, long-term |  | — |  |  | 3,335 |
Operating lease liabilities, non-current 1 |  | — |  |  | 977 |
Non-recourse debt, non-current 2 |  | — |  |  | 4,057 |
Deferred profit in transactions with unconsolidated affiliates |  | 13,928 |  |  | — |
1 Balances relate to operating leases entered between Korean JV and SK ecoplant. 2 Represents the total balance of two term loans entered into between the Korean JV and SK ecoplant in fiscal year 2023 (see Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in this Annual Report on Form 10-K). The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, as of December 31, 2025 and 2024 (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 25,820 |  |  | $ | 15,767 |
Accounts receivable |  | 576 |  |  | 2,515 |
Inventories |  | 33,075 |  |  | 15,020 |
Prepaid expenses and other current assets |  | 5,688 |  |  | 3,361 |
Total current assets |  | 65,159 |  |  | 36,663 |
Property and equipment, net |  | 1,454 |  |  | 1,796 |
Operating lease right-of-use assets |  | 1,134 |  |  | 1,663 |
Other long-term assets |  | 210 |  |  | 40 |
Total assets |  | $ | 67,957 |  |  | $ | 40,162 |
Liabilities |  |  |  |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 16,342 |  |  | $ | 7,693 |
Accrued expenses and other current liabilities |  | 19,179 |  |  | 2,154 |
Operating lease liabilities |  | 516 |  |  | 442 |
Non-recourse debt |  | 4,153 |  |  | — |
Total current liabilities |  | 40,190 |  |  | 10,289 |
Operating lease liabilities |  | 484 |  |  | 977 |
Non-recourse debt |  | — |  |  | 4,057 |
Total liabilities |  | $ | 40,674 |  |  | $ | 15,323 |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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