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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 2,454,108 $ 802,851
Restricted cash 1,973 110,622
Accounts receivable, less allowance for credit losses [1],[2] 371,796 335,841
Contract assets, current [3] 178,928 145,162
Inventories [1] 643,306 544,656
Deferred cost of revenue 30,651 58,792
Prepaid expenses and other current assets [1],[4] 49,805 46,203
Total current assets 3,730,567 2,044,127
Property, plant and equipment, net [1] 398,507 403,475
Investments in unconsolidated affiliates [5] 10,037 0
Operating lease right-of-use assets [1],[6] 108,541 122,489
Restricted cash 25,499 37,498
Contract assets [7] 62,258 0
Deferred cost of revenue 4,099 3,629
Other long-term assets [1],[8] 57,203 46,136
Total assets 4,396,711 2,657,354
Current liabilities:    
Accounts payable [1] 203,129 92,704
Accrued warranty [9] 20,013 16,559
Accrued expenses and other current liabilities [1],[10] 222,254 138,450
Deferred revenue and customer deposits [11] 100,975 243,314
Operating lease liabilities, current [1],[12] 22,000 19,642
Financing obligations 51,308 11,704
Recourse debt 0 114,385
Non-recourse debt [1] 4,153 0
Total current liabilities 623,832 636,758
Deferred revenue and customer deposits [13] 42,840 43,105
Operating lease liabilities, noncurrent [1],[14] 106,935 124,523
Financing obligations 192,460 244,132
Recourse debt 2,613,726 1,010,350
Non-recourse debt [1],[15] 0 4,057
Deferred profit in transactions with unconsolidated affiliates [16] 13,928 0
Other long-term liabilities 10,027 9,213
Total liabilities 3,603,748 2,072,138
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 280,045,459 shares and 229,142,474 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at December 31, 2025 and 2024, respectively. 28 23
Additional paid-in capital 4,755,965 4,462,659
Accumulated other comprehensive loss (369) (2,593)
Accumulated deficit (3,986,983) (3,897,618)
Total stockholders’ equity attributable to common stockholders 768,641 562,471
Noncontrolling interest 24,322 22,745
Total stockholders’ equity 792,963 585,216
Total liabilities and stockholders’ equity $ 4,396,711 $ 2,657,354
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 12—Related Party Transactions in this Annual Report on Form 10-K), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $151.9 million and $93.5 million as of December 31, 2025 and 2024, respectively.
[3] Including amounts from related parties of $3.0 million and $0.8 million as of December 31, 2025 and 2024, respectively.
[4] Including amount from related parties of $1.2 million and $1.2 million as of December 31, 2025 and 2024, respectively.
[5] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K).
[6] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
[7] Including amount from related parties of $48.8 million as of December 31, 2025. There was no related party balance as of December 31, 2024.
[8] Including amounts from related parties of $6.0 million and $8.8 million as of December 31, 2025 and 2024, respectively
[9] Including amounts from related parties of $0.8 million and $1.2 million as of December 31, 2025 and 2024, respectively.
[10] Including amounts from related parties of $0.04 million and $4.0 million as of December 31, 2025 and 2024, respectively.
[11] Including amounts from related parties of $6.9 million and $8.9 million as of December 31, 2025 and 2024, respectively.
[12] Including amounts from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
[13] Including amounts from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of December 31, 2025
[14] Including amounts from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
[15] Including amounts from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
[16] Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K).