v3.25.4

Revenue Recognition (Tables)

12 Months Ended

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 Adjustments1																		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%

X

- 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

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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

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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

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