v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash $ 712,425 $ 823,380
Restricted cash 423,812 413,460
Accounts receivable (net of allowances for credit losses of $25,875 and $20,692 as of June 30, 2026 and December 31, 2025, respectively) 235,421 262,627
Inventories 649,853 501,286
Prepaid expenses and other current assets 144,997 155,216
Total current assets 2,166,508 2,155,969
Restricted cash 148 148
Energy systems, net 17,245,212 16,817,863
Property and equipment, net 61,400 75,692
Other assets 3,886,099 3,560,924
Total assets [1] 23,359,367 22,610,596
Current liabilities:    
Accounts payable 321,422 271,021
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 49,123 47,072
Accrued expenses and other liabilities 444,439 518,835
Deferred revenue, current portion 162,902 162,839
Deferred grants, current portion 9,004 8,681
Finance lease obligations, current portion 23,162 24,557
Non-recourse debt, current portion 513,397 269,510
Total current liabilities 1,523,449 1,302,515
Deferred revenue, net of current portion 1,380,846 1,350,494
Deferred grants, net of current portion 190,933 196,726
Finance lease obligations, net of current portion 24,914 36,908
Convertible senior notes 474,780 473,749
Line of credit 153,700 238,323
Non-recourse debt, net of current portion 14,016,021 13,708,532
Other liabilities 188,276 156,199
Deferred tax liabilities 198,783 163,176
Total liabilities [1] 18,151,702 17,626,622
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests 816,076 709,255
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2026 and December 31, 2025; issued and outstanding, 240,126 and 233,612 shares as of June 30, 2026 and December 31, 2025, respectively 24 23
Additional paid-in capital 6,967,992 6,899,277
Accumulated other comprehensive income 69,191 63,103
Retained earnings (3,547,123) (3,829,919)
Total stockholders’ equity 3,490,084 3,132,484
Noncontrolling interests 901,505 1,142,235
Total equity 4,391,589 4,274,719
Total liabilities, redeemable noncontrolling interests and total equity $ 23,359,367 $ 22,610,596
[1] The Company’s consolidated assets as of June 30, 2026 and December 31, 2025 include $15,867,122 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 June 30, 2026 and December 31, 2025 were $14,026,301 and $13,777,190, respectively; cash as of June 30, 2026 and December 31, 2025 were $482,999 and $539,440, respectively; restricted cash as of June 30, 2026 and December 31, 2025 were $56,898 and $59,010, respectively; accounts receivable, net as of June 30, 2026 and December 31, 2025 were $129,921 and $118,907, respectively; inventories as of June 30, 2026 and December 31, 2025 were $184,717 and $180,841, respectively; prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were $7,075 and $64,588, respectively; and other assets as of June 30, 2026 and December 31, 2025 were $979,211 and $853,713, respectively. The Company’s consolidated liabilities as of June 30, 2026 and December 31, 2025 include $2,575,400 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2026 and December 31, 2025 of $5,204 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 of $49,124 and $47,073, respectively; accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 of $53,544 and $110,390, respectively; deferred revenue as of June 30, 2026 and December 31, 2025 of $1,031,169 and $1,025,241, respectively; non-recourse debt as of June 30, 2026 and December 31, 2025 of $1,415,834 and $1,434,535, respectively; and other liabilities as of June 30, 2026 and December 31, 2025 of $20,525 and $20,765, respectively.

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