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DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of debt

Our debt arrangements consisted of the following (in thousands):

Loan Agreement						September 30, 2025						December 31, 2024
Trina Solar AG Note						$	150,000					$	150,000
Trina Solar (U.S.), Inc. Production Reserve Fee						220,000						220,000
Senior Secured Credit Facility						205,206						235,000
Convertible note - related party						47,092						80,000
Total debt principal						622,298						685,000
Less: unamortized discount						(74,972)						(82,723)
Total debt						547,326						602,277
Less: current portion						120,096						94,367
Noncurrent portion						$	427,230					$	507,910

Schedule of debt borrowing rates

As of September 30, 2025, our debt borrowing rates were as follows:

Loan Agreement						Interest Rate						Effective Interest Rate
Trina Solar AG Note						1.0%						6.0%
Trina Solar (U.S.), Inc. Production Reserve						—%						4.9%
Senior Secured Credit Facility						SOFR plus 2.5%						7.5%
Convertible note - related party						13.0%						13.0%

Schedule of maturities

The aggregate maturities of long-term debt as of September 30, 2025 were as follows (in thousands):

Remainder of 2025						$	64,574
2026						120,357
2027						125,578
2028						124,950
2029						186,839
Thereafter						—
Total						$	622,298

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Schedule Of Debt Borrowing Rates

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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