v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash $ 679,552 $ 823,380
Restricted cash 409,571 413,460
Accounts receivable (net of allowances for credit losses of $22,886 and $20,692 as of March 31, 2026 and December 31, 2025, respectively) 232,508 262,627
Inventories 490,390 501,286
Prepaid expenses and other current assets 153,921 155,216
Total current assets 1,965,942 2,155,969
Restricted cash 148 148
Energy systems, net 17,026,406 16,817,863
Property and equipment, net 66,612 75,692
Other assets 3,705,985 3,560,924
Total assets [1] 22,765,093 22,610,596
Current liabilities:    
Accounts payable 343,226 271,021
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 47,938 47,072
Accrued expenses and other liabilities 483,232 518,835
Deferred revenue, current portion 160,791 162,839
Deferred grants, current portion 8,660 8,681
Finance lease obligations, current portion 23,921 24,557
Non-recourse debt, current portion 291,185 269,510
Total current liabilities 1,358,953 1,302,515
Deferred revenue, net of current portion 1,369,595 1,350,494
Deferred grants, net of current portion 194,098 196,726
Finance lease obligations, net of current portion 30,734 36,908
Convertible senior notes 474,259 473,749
Line of credit 152,200 238,323
Non-recourse debt, net of current portion 13,877,701 13,708,532
Other liabilities 152,144 156,199
Deferred tax liabilities 198,844 163,176
Total liabilities [1] 17,808,528 17,626,622
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests 730,224 709,255
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2026 and December 31, 2025; issued and outstanding, 235,512 and 233,612 shares as of March 31, 2026 and December 31, 2025, respectively 24 23
Additional paid-in capital 6,938,594 6,899,277
Accumulated other comprehensive income 64,411 63,103
Retained earnings (3,662,275) (3,829,919)
Total stockholders’ equity 3,340,754 3,132,484
Noncontrolling interests 885,587 1,142,235
Total equity 4,226,341 4,274,719
Total liabilities, redeemable noncontrolling interests and total equity $ 22,765,093 $ 22,610,596
[1] The Company’s consolidated assets as of March 31, 2026 and December 31, 2025 include $15,747,743 and $15,593,689, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. Energy systems, net as of March 31, 2026 and December 31, 2025 were $14,064,206 and $13,777,190, respectively; cash as of March 31, 2026 and December 31, 2025 were $428,960 and $539,440, respectively; restricted cash as of March 31, 2026 and December 31, 2025 were $55,906 and $59,010, respectively; accounts receivable, net as of March 31, 2026 and December 31, 2025 were $123,482 and $118,907, respectively; inventories as of March 31, 2026 and December 31, 2025 were $139,389 and $180,841, respectively; prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 were $6,191 and $64,588, respectively; and other assets as of March 31, 2026 and December 31, 2025 were $929,609 and $853,713, respectively. The Company’s consolidated liabilities as of March 31, 2026 and December 31, 2025 include $2,581,832 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2026 and December 31, 2025 of $5,107 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2026 and December 31, 2025 of $47,939 and $47,073, respectively; accrued expenses and other liabilities as of March 31, 2026 and December 31, 2025 of $50,921 and $110,390, respectively; deferred revenue as of March 31, 2026 and December 31, 2025 of $1,055,558 and $1,025,241, respectively; non-recourse debt as of March 31, 2026 and December 31, 2025 of $1,400,917 and $1,434,535, respectively; and other liabilities as of March 31, 2026 and December 31, 2025 of $21,390 and $20,765, respectively.

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