v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash $ 618,057 $ 574,956
Restricted cash 393,872 372,312
Accounts receivable (net of allowances for credit losses of $17,065 and $15,420 as of June 30, 2025 and December 31, 2024, respectively) 186,525 170,706
Inventories 491,150 402,083
Prepaid expenses and other current assets 96,207 202,579
Total current assets 1,785,811 1,722,636
Restricted cash 148 148
Solar energy systems, net 16,063,482 15,032,115
Property and equipment, net 98,298 121,239
Other assets 3,282,396 3,021,746
Total assets [1] 21,230,135 19,897,884
Current liabilities:    
Accounts payable 279,775 354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 40,719 41,464
Accrued expenses and other liabilities 490,637 543,752
Deferred revenue, current portion 145,215 129,442
Deferred grants, current portion 8,283 7,900
Finance lease obligations, current portion 25,482 26,045
Non-recourse debt, current portion 278,531 231,665
Total current liabilities 1,268,642 1,334,482
Deferred revenue, net of current portion 1,280,557 1,208,905
Deferred grants, net of current portion 190,531 196,535
Finance lease obligations, net of current portion 50,736 66,139
Convertible senior notes 472,724 479,420
Line of credit 336,522 384,226
Non-recourse debt, net of current portion 12,945,532 11,806,181
Other liabilities 167,611 119,846
Deferred tax liabilities 71,058 137,940
Total liabilities [1] 16,783,913 15,733,674
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests 715,585 624,159
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2025 and December 31, 2024; issued and outstanding, 230,321 and 225,662 shares as of June 30, 2025 and December 31, 2024, respectively 23 23
Additional paid-in capital 6,823,894 6,747,236
Accumulated other comprehensive income 52,892 86,814
Retained earnings (3,950,082) (4,279,866)
Total stockholders’ equity 2,926,727 2,554,207
Noncontrolling interests 803,910 985,844
Total equity 3,730,637 3,540,051
Total liabilities, redeemable noncontrolling interests and total equity $ 21,230,135 $ 19,897,884
[1] The Company’s consolidated assets as of June 30, 2025 and December 31, 2024 include $14,459,746 and $13,290,216, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net as of June 30, 2025 and December 31, 2024 of $13,175,135 and $12,062,819, respectively; cash as of June 30, 2025 and December 31, 2024 of $307,111 and $420,756, respectively; restricted cash as of June 30, 2025 and December 31, 2024 of $52,629 and $57,892, respectively; accounts receivable, net as of June 30, 2025 and December 31, 2024 of $108,631 and $92,259, respectively; inventories as of June 30, 2025 and December 31, 2024 of $100,330 and $62,581, respectively; prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 of $7,674 and $7,616, respectively; and other assets as of June 30, 2025 and December 31, 2024 of $708,236 and $586,293, respectively. The Company’s consolidated liabilities as of June 30, 2025 and December 31, 2024 include $2,446,746 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2025 and December 31, 2024 of $6,988 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2025 and December 31, 2024 of $40,720 and $41,465, respectively; accrued expenses and other current liabilities as of June 30, 2025 and December 31, 2024 of $47,553 and $42,997, respectively; deferred revenue as of June 30, 2025 and December 31, 2024 of $923,571 and $826,854, respectively; non-recourse debt as of June 30, 2025 and December 31, 2024 of $1,407,611 and $1,407,784, respectively; and other liabilities as of June 30, 2025 and December 31, 2024 of $20,303 and $18,540, respectively.

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