v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue [1] $ 2,023,994 $ 1,473,856 $ 1,333,470
Cost of revenue:      
Total cost of revenue [2] 1,436,594 1,069,208 1,135,676
Gross profit 587,400 404,648 197,794
Operating expenses:      
Research and development 185,993 148,629 155,865
Sales and marketing 130,228 68,005 89,961
General and administrative [3] 198,377 165,105 160,875
Total operating expenses 514,598 381,739 406,701
Income (loss) from operations 72,802 22,909 (208,907)
Interest income 34,070 25,342 19,885
Interest expense [4] (53,888) (62,636) (108,299)
Equity in loss of unconsolidated affiliates [5] (40,421) 0 0
Other income (expense), net 2,151 15,904 (2,793)
Loss on extinguishment of debt (32,340) (27,182) (4,288)
Debt conversion inducement expense (66,241) 0 0
Loss on revaluation of embedded derivatives (537) (694) (1,641)
Loss before income taxes (84,404) (26,357) (306,043)
Income tax provision 2,736 846 1,894
Net loss (87,140) (27,203) (307,937)
Less: Net income (loss) attributable to noncontrolling interest 1,294 2,024 (5,821)
Net loss attributable to common stockholders $ (88,434) $ (29,227) $ (302,116)
Net loss per share available to common stockholders, basic (in dollars per share) $ (0.37) $ (0.13) $ (1.42)
Net loss per share available to common stockholders, diluted (in dollars per share) $ (0.37) $ (0.13) $ (1.42)
Weighted average shares used to compute net loss per share available to common stockholders, basic (in shares) 240,402 227,365 212,681
Weighted average shares used to compute net loss per share available to common stockholders, diluted (in shares) 240,402 227,365 212,681
Product      
Revenue:      
Total revenue [1] $ 1,531,281 $ 1,085,153 $ 975,245
Cost of revenue:      
Total cost of revenue [2] 992,841 685,847 630,105
Installation      
Revenue:      
Total revenue [1] 204,068 122,318 92,796
Cost of revenue:      
Total cost of revenue [2] 205,946 129,446 105,735
Service      
Revenue:      
Total revenue [1] 228,295 213,542 183,065
Cost of revenue:      
Total cost of revenue [2] 205,389 214,961 220,927
Electricity      
Revenue:      
Total revenue [1] 60,350 52,843 82,364
Cost of revenue:      
Total cost of revenue [2] $ 32,418 $ 38,954 $ 178,909
[1] Including related party revenue of $892.0 million, $338.6 million and $487.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[2] Including related party cost of revenue of $0.2 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There was no related party cost of revenue for the year ended December 31, 2025.
[3] Including related party general and administrative expenses of $0.4 million, $0.7 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[4] Including related party interest expense of $0.1 million, $0.2 million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[5] 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).