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GOODWILL AND INTANGIBLE ASSETS, NET | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill Changes in the carrying value of goodwill were as follows (in thousands):
Balance as of December 31, 2024 |  | $ | 74,527 |
Measurement period adjustments |  | (13,604) |
Balance as of September 30, 2025 |  | $ | 60,923 |
On December 23, 2024, we completed the acquisition to acquire all the shares of capital stock of Trina Solar (U.S.) Holding Inc., a Delaware corporation and related subsidiaries (collectively “Trina Solar US Holding”). The acquisition was accounted for as a business combination (“Trina Business Combination”) which requires assets and liabilities to be measured at their acquisition date fair values. We have not yet completed our purchase price allocation for the Trina Business Combination. We may continue to make adjustments to those measurements up to one year from the acquisition date, as we identify new information that existed as of the acquisition date to consider. Completion of the purchase price allocation for the Trina Business Combination will necessitate the use of this measurement period to adequately analyze and assess the information used in establishing the fair values of the assets and liabilities as of the acquisition date, including inventory, advances to suppliers, property and equipment, intangible assets, right-of-use assets under operating leases, accounts payable, accrued liabilities, operating lease liabilities, the aggregate values of long-term debt and other assets and liabilities acquired. Measurement period adjustments for the Trina Business Combination reflect a decrease to goodwill of $13.6 million resulting from adjustments to advances to suppliers of $11.1 million and accrued liabilities and other of $2.5 million. Intangible Assets, net In connection with the Trina Business Combination, we recognized intangible assets related to acquired favorable customer contracts. An estimated useful life of 5 years was determined based on contractual terms of the offtake agreements. Intangible asset amortization for acquired favorable customer contracts is recognized in the condensed consolidated statements of operations and comprehensive loss as a reduction to net sales. During the quarter ended September 30, 2025, a potential dispute arose regarding one of the Company’s acquired customer contracts that reduced our expected sales volumes during the quarter as compared to contracted amounts. As a result, we evaluated such acquired customer contract for potential impairment and concluded that the carrying value was not recoverable as of September 30, 2025. Therefore, we reduced the carrying value of such asset to its estimated fair value and recognized an asset impairment loss of $53.2 million in the three and nine months ended September 30, 2025. Intangible assets, net consisted of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Customer contracts |  | $ | 283,000 |  |  | $ | 283,000 |
Less: Accumulated amortization |  | (37,868) |  |  | (1,119) |
Less: Intangible asset impairment |  | (53,208) |  |  | — |
Intangible assets, net |  | $ | 191,924 |  |  | $ | 281,881 |
Future annual amortization expense is estimated to be as follows (in thousands):
Remainder of 2025 |  | $ | 11,443 |
2026 |  | 45,400 |
2027 |  | 45,400 |
2028 |  | 45,400 |
2029 |  | 44,281 |
Thereafter |  | — |
Total |  | $ | 191,924 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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