XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

LEASES | 6 Months Ended
--- | ---
Jun. 30, 2025
Leases [Abstract] |
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2025 |  | December 31, 2024
Operating Leases: |  |  |
Right-of-use (“ROU”) assets | $ | 77,181 |  |  | $ | 80,149 |
Current portions of operating lease liabilities | $ | 7,616 |  |  | $ | 10,536 |
Long-term portions of operating lease liabilities | 57,547 |  |  | 59,479 |
Total operating lease liabilities | $ | 65,163 |  |  | $ | 70,015 |
Weighted-average remaining lease term | 18 years |  | 19 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 24,106 |  |  | $ | 25,158 |
Current portions of financing lease liabilities | $ | 702 |  |  | $ | 637 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 11,967 |  |  | 12,267 |
Total financing lease liabilities | $ | 12,669 |  |  | $ | 12,904 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 12.0 | % |  | 12.0 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,189 |  |  | $ | 3,176 |  |  | $ | 6,512 |  |  | $ | 6,232 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  | 1,052 |  |  | 1,052 |
Interest on lease liabilities | 391 |  |  | 389 |  |  | 777 |  |  | 781 |
Total lease costs | $ | 4,106 |  |  | $ | 4,091 |  |  | $ | 8,341 |  |  | $ | 8,065 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 8,665 |  |  | $ | 9,682 |
ROU assets obtained in exchange for new operating lease liabilities (1) | $ | 1,563 |  |  | $ | 13,573 |
(1) Includes non-monetary lease transactions of $0 and $10,378 in 2025 and 2024, respectively. See disclosure below for additional information.
The table below sets forth our future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2025 | $ | 6,214 |  |  | $ | 1,127 |
2026 | 10,268 |  |  | 2,054 |
2027 | 9,022 |  |  | 1,922 |
2028 | 7,601 |  |  | 1,955 |
2029 | 5,617 |  |  | 1,892 |
Thereafter | 72,774 |  |  | 14,044 |
Total lease payments | 111,496 |  |  | 22,994 |
Less: interest | 46,333 |  |  | 10,325 |
Present value of lease liabilities | $ | 65,163 |  |  | $ | 12,669 |
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or ROU liability. The estimated net present value of this commitment totals $40,335 as of June 30, 2025. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and liability will be recorded, which we estimate to be in late 2025 or early 2026. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Financing Leases Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $114 for the three and six months ended June 30, 2025 and 2024, respectively.
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2025 |  | December 31, 2024
Operating Leases: |  |  |
Right-of-use (“ROU”) assets | $ | 77,181 |  |  | $ | 80,149 |
Current portions of operating lease liabilities | $ | 7,616 |  |  | $ | 10,536 |
Long-term portions of operating lease liabilities | 57,547 |  |  | 59,479 |
Total operating lease liabilities | $ | 65,163 |  |  | $ | 70,015 |
Weighted-average remaining lease term | 18 years |  | 19 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 24,106 |  |  | $ | 25,158 |
Current portions of financing lease liabilities | $ | 702 |  |  | $ | 637 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 11,967 |  |  | 12,267 |
Total financing lease liabilities | $ | 12,669 |  |  | $ | 12,904 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 12.0 | % |  | 12.0 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,189 |  |  | $ | 3,176 |  |  | $ | 6,512 |  |  | $ | 6,232 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  | 1,052 |  |  | 1,052 |
Interest on lease liabilities | 391 |  |  | 389 |  |  | 777 |  |  | 781 |
Total lease costs | $ | 4,106 |  |  | $ | 4,091 |  |  | $ | 8,341 |  |  | $ | 8,065 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 8,665 |  |  | $ | 9,682 |
ROU assets obtained in exchange for new operating lease liabilities (1) | $ | 1,563 |  |  | $ | 13,573 |
(1) Includes non-monetary lease transactions of $0 and $10,378 in 2025 and 2024, respectively. See disclosure below for additional information.
The table below sets forth our future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2025 | $ | 6,214 |  |  | $ | 1,127 |
2026 | 10,268 |  |  | 2,054 |
2027 | 9,022 |  |  | 1,922 |
2028 | 7,601 |  |  | 1,955 |
2029 | 5,617 |  |  | 1,892 |
Thereafter | 72,774 |  |  | 14,044 |
Total lease payments | 111,496 |  |  | 22,994 |
Less: interest | 46,333 |  |  | 10,325 |
Present value of lease liabilities | $ | 65,163 |  |  | $ | 12,669 |
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or ROU liability. The estimated net present value of this commitment totals $40,335 as of June 30, 2025. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and liability will be recorded, which we estimate to be in late 2025 or early 2026. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Financing Leases Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $114 for the three and six months ended June 30, 2025 and 2024, respectively.
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2025 |  | December 31, 2024
Operating Leases: |  |  |
Right-of-use (“ROU”) assets | $ | 77,181 |  |  | $ | 80,149 |
Current portions of operating lease liabilities | $ | 7,616 |  |  | $ | 10,536 |
Long-term portions of operating lease liabilities | 57,547 |  |  | 59,479 |
Total operating lease liabilities | $ | 65,163 |  |  | $ | 70,015 |
Weighted-average remaining lease term | 18 years |  | 19 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 24,106 |  |  | $ | 25,158 |
Current portions of financing lease liabilities | $ | 702 |  |  | $ | 637 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 11,967 |  |  | 12,267 |
Total financing lease liabilities | $ | 12,669 |  |  | $ | 12,904 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 12.0 | % |  | 12.0 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,189 |  |  | $ | 3,176 |  |  | $ | 6,512 |  |  | $ | 6,232 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  | 1,052 |  |  | 1,052 |
Interest on lease liabilities | 391 |  |  | 389 |  |  | 777 |  |  | 781 |
Total lease costs | $ | 4,106 |  |  | $ | 4,091 |  |  | $ | 8,341 |  |  | $ | 8,065 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 8,665 |  |  | $ | 9,682 |
ROU assets obtained in exchange for new operating lease liabilities (1) | $ | 1,563 |  |  | $ | 13,573 |
(1) Includes non-monetary lease transactions of $0 and $10,378 in 2025 and 2024, respectively. See disclosure below for additional information.
The table below sets forth our future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2025 | $ | 6,214 |  |  | $ | 1,127 |
2026 | 10,268 |  |  | 2,054 |
2027 | 9,022 |  |  | 1,922 |
2028 | 7,601 |  |  | 1,955 |
2029 | 5,617 |  |  | 1,892 |
Thereafter | 72,774 |  |  | 14,044 |
Total lease payments | 111,496 |  |  | 22,994 |
Less: interest | 46,333 |  |  | 10,325 |
Present value of lease liabilities | $ | 65,163 |  |  | $ | 12,669 |
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or ROU liability. The estimated net present value of this commitment totals $40,335 as of June 30, 2025. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and liability will be recorded, which we estimate to be in late 2025 or early 2026. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Financing Leases Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $114 for the three and six months ended June 30, 2025 and 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
Name: | us-gaap_LessorSalesTypeLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration