The following table provides a reconciliation of cash, cash equivalents, and restricted cash as of September 30, 2025 and 2024 to cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024:



	September 30, 2025		September 30, 2024
Cash and cash equivalents	$	3,988	$	6,911
Restricted cash (1)		49,938		724
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	53,926	$	7,635

(1)

Restricted cash at September 30, 2025 includes $3.0 million of long-term restricted cash that is part of "Other assets" on the Company's consolidated balance sheets.

Restricted cash is primarily related to the Company’s energy incentive business with public utility clients and restricted cash advances on certain programs. The restricted cash balance at September 30, 2025 includes restricted cash from the December 31, 2024 acquisition of Applied Energy Group, Inc. (“AEG”).