v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (87,140) $ (27,203) $ (307,937)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 50,566 53,048 62,609
Non-cash lease expense 32,520 35,898 33,619
Equity in loss of unconsolidated affiliates, net of distributions [1] 40,421 0 0
Loss on disposal of property, plant and equipment 436 161 411
Revaluation of derivative contracts 537 694 1,641
Impairment of assets 12,669 0 130,088
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing (Note 17) 0 0 52,792
Stock-based compensation expense 139,406 82,424 84,480
Amortization of debt issuance costs 8,248 6,797 4,772
Loss on extinguishment of debt 32,340 27,182 4,288
Debt conversion inducement expense (Note 8) 66,241 0 0
Net (gain) loss on failed sale-and-leaseback transactions (827) (17,390) 403
Share-based consideration payable to customer’s customer (Note 3) [2] 15,947 0 0
Allowance for credit losses 340 0 0
Inventory reserve and other assets impairment 21,877 0 0
Unrealized foreign currency exchange (gain) loss (2,290) 3,756 618
Other (57) 69 47
Changes in operating assets and liabilities:      
Accounts receivable [3] (35,525) 7,133 (89,888)
Contract assets [4] (96,024) (103,796) 5,361
Inventories (119,212) (44,527) (231,689)
Deferred cost of revenue [5] 27,172 (13,070) 1,655
Prepaid expenses and other assets [6] (3,601) 3,790 (5,754)
Other long-term assets [7] (11,092) 4,072 (3,366)
Operating lease right-of-use assets and operating lease liabilities [8] (33,447) (36,675) (32,801)
Financing lease liabilities 2,598 1,644 1,011
Accounts payable [9] 110,911 (36,629) (29,080)
Accrued warranty [10] 3,454 (2,767) 1,994
Accrued expenses and other current liabilities [11] 80,337 8,662 (13,785)
Deferred revenue and customer deposits [12] (142,605) 139,868 (42,635)
Deferred profit with equity method investees and other long-term liabilities (251) (1,143) (1,385)
Net cash provided by (used in) operating activities 113,949 91,998 (372,531)
Cash flows from investing activities:      
Purchase of property, plant and equipment (56,759) (58,852) (83,739)
Proceeds from sale of property, plant and equipment 131 70 14
Investments in unconsolidated affiliates [13] (36,491) 0 0
Net cash used in investing activities (93,119) (58,782) (83,725)
Cash flows from financing activities:      
Proceeds from issuance of debt 2,500,000 402,500 637,127
Payment of debt issuance costs (62,712) (12,761) (19,736)
Repayment of debt (975,945) (140,990) (191,390)
Purchase of capped call options related to convertible notes 0 0 (54,522)
Proceeds from financing obligations 0 1,798 4,993
Repayment of financing obligations (11,267) (90,197) (18,445)
Distributions and payments to noncontrolling interest 0 0 (2,265)
Proceeds from issuance of common stock 59,123 12,367 16,945
Buyout of noncontrolling interest 0 0 (6,864)
Proceeds from issuance of redeemable convertible preferred stock 0 0 310,957
Dividend paid (947) (1,468) 0
Contributions from noncontrolling interest 0 3,958 6,979
Other 150 0 (35)
Net cash provided by financing activities 1,508,402 175,207 683,349
Effect of exchange rate changes on cash, cash equivalent, and restricted cash 1,377 (2,630) (281)
Net increase in cash, cash equivalents, and restricted cash 1,530,609 205,793 226,812
Beginning of period 950,971 745,178 518,366
End of period 2,481,580 950,971 745,178
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 49,533 55,699 49,929
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 33,447 36,416 32,538
Operating cash flows from finance leases 356 259 1,097
Cash paid during the period for income taxes 1,706 1,424 1,455
Non-cash investing and financing activities:      
Liabilities recorded for property, plant and equipment, net 3,723 1,647 9,297
Recognition of operating lease right-of-use asset during the year-to-date period 4,409 2,936 29,823
Recognition of finance lease right-of-use asset during the year-to-date period 2,927 1,644 1,011
Premium on convertible debt (Note 8) 28,247 0 0
Induced Conversion of 3.0% Green Notes due June 2029 and 3.0% Green Notes due June 2028 (Note 8) 66,241 0 0
Write-off of debt issuance costs upon induced conversion (Note 8) 18,699 0 0
Derecognition of financing obligations 0 101,683 0
Conversion of redeemable convertible preferred stock 0 0 310,484
Derecognition of the pre-modified forward contract fair value 0 0 76,242
Equity component of redeemable convertible preferred stock 0 0 16,145
Senior Secured Notes      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Debt conversion inducement expense (Note 8) 66,200    
Non-cash investing and financing activities:      
Induced Conversion of 3.0% Green Notes due June 2029 and 3.0% Green Notes due June 2028 (Note 8) 66,200    
2.5% Green Convertible Senior Notes due August 2025      
Non-cash investing and financing activities:      
Conversion of 2.5% Green Notes to common stock (Note 8) 2,230 0 0
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes      
Non-cash investing and financing activities:      
Notes/debt exchanged 112,769 0 0
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes      
Non-cash investing and financing activities:      
Notes/debt exchanged 115,725 0 0
3.0% Green Convertible Senior Notes due June 2029 and 2028 | Senior Secured Notes      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Debt conversion inducement expense (Note 8) 47,542 0 0
Non-cash investing and financing activities:      
Induced Conversion of 3.0% Green Notes due June 2029 and 3.0% Green Notes due June 2028 (Note 8) 47,542 0 0
Redeemable convertible preferred stock      
Cash flows from financing activities:      
Payment of issuance costs related to redeemable convertible preferred stock $ 0 $ 0 $ (395)
[1] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K).
[2] Represent related party non-cash consideration payable to customer’s customer (see Note 3—Revenue Recognition in this Annual Report on Form 10-K).
[3] Including changes in related party balances of $58.4 million, $168.5 million and $257.8 million for the years ended December 31, 2025, 2024 and 2023, respectively
[4] Including changes in related party balances of $51.0 million, $6.1 million and $6.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[5] Including changes in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively. There were no changes in related party balances for the year ended December 31, 2025.
[6] Including changes in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. There were no changes in related party balances for the year ended December 31, 2025.
[7] Including changes in related party balances of $2.8 million, $0.3 million and $9.1 million for the years ended December 31, 2025, 2024 and 2023, respectively
[8] The change in related party balances for the years ended December 31, 2025, 2024 and 2023, were inconsequential.
[9] Including changes in related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There were no changes in related party balances for the year ended December 31, 2025.
[10] Including changes in related party balances of $0.4 million, $0.1 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[11] Including changes in related party balances of $4.0 million, $0.6 million and $3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[12] Including changes in related party balances of $5.3 million, $3.8 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[13] Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K).