v3.25.4
Related Party Transactions (Tables)
 12 Months Ended
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,
 202520242023
Total revenue from related parties1
$892,035 $338,602 $487,240 
Cost of product revenue2
— 163 133 
General and administrative expenses3
434 683 812 
Interest expense4
101 203 84 
Equity in loss of unconsolidated affiliates5
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,
20252024
   
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 affiliates10,037 — 
Operating lease right-of-use assets1
— 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 liabilities39 3,989 
Deferred revenue and customer deposits, current
6,879 8,857 
Operating lease liabilities, current1
— 442 
Deferred revenue and customer deposits, long-term
— 3,335 
Operating lease liabilities, non-current1
— 977 
Non-recourse debt, non-current2
— 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,
20252024
Assets
Current assets:
Cash and cash equivalents$25,820 $15,767 
Accounts receivable576 2,515 
Inventories33,075 15,020 
Prepaid expenses and other current assets5,688 3,361 
Total current assets65,159 36,663 
Property and equipment, net1,454 1,796 
Operating lease right-of-use assets1,134 1,663 
Other long-term assets210 40 
Total assets$67,957 $40,162 
Liabilities
Current liabilities:
Accounts payable$16,342 $7,693 
Accrued expenses and other current liabilities19,179 2,154 
Operating lease liabilities516 442 
Non-recourse debt4,153 — 
Total current liabilities40,190 10,289 
Operating lease liabilities484 977 
Non-recourse debt— 4,057 
Total liabilities$40,674 $15,323