v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (1,009,106) $ (4,355,217) $ (2,682,841)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 725,578 620,876 531,669
Goodwill impairment 0 3,122,168 1,158,000
Income tax benefit (167,218) (26,817) (12,716)
Stock-based compensation expense 107,952 112,825 111,781
Interest on pass-through financing obligations 0 8,837 19,504
Reduction in pass-through financing obligations 0 (20,787) (40,352)
Unrealized (gain) loss on derivatives 55,245 (120,008) 28,105
Other noncash items 307,833 210,479 261,390
Changes in operating assets and liabilities:      
Accounts receivable (119,765) (14,974) 15,748
Inventories (99,203) 57,663 324,158
Prepaid expenses and other current assets (613,652) (771,997) (476,628)
Accounts payable (80,057) 177,449 (108,785)
Accrued expenses and other liabilities 84,690 80,588 (56,473)
Deferred revenue 188,192 152,762 106,700
Deferred tax liabilities 198,071 0 0
Net cash used in operating activities (421,440) (766,153) (820,740)
Investing activities:      
Payments for the costs of energy systems (2,498,561) (2,699,452) (2,587,183)
Purchase of equity investment 0 0 (5,000)
Purchases of property and equipment, net (1,777) (1,572) (20,960)
Net cash used in investing activities (2,500,338) (2,701,024) (2,613,143)
Financing activities:      
Proceeds from state tax credits, net of recapture 9,668 5,203 4,033
Proceeds from trade receivable financing 167,081 124,261 41,225
Repayment of trade receivable financing (291,342) 0 (41,225)
Proceeds from line of credit 382,986 354,256 1,124,675
Repayment of line of credit (528,889) (509,532) (1,090,331)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 444,822 0
Repurchase of convertible senior notes (2,124) (346,581) (1,545)
Proceeds from issuance of non-recourse debt 4,111,079 4,009,906 3,745,580
Repayment of non-recourse debt (2,286,014) (1,794,962) (1,575,527)
Payment of debt fees (67,452) (93,875) (47,342)
Proceeds from pass-through financing and other obligations, net 0 4,795 8,812
Repayment of pass-through financing obligation 0 (240,288) 0
Payment of finance lease obligations (25,185) (27,240) (23,279)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 2,002,177 1,811,966 1,572,399
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (246,731) (308,657) (225,114)
Acquisition of noncontrolling interest (30,705) (26,195) (46,274)
Net proceeds related to stock-based award activities 16,801 18,876 22,611
Proceeds from transfer of investment tax credits 1,602,866 705,697 6,980
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (1,602,866) (705,697) (6,980)
Net cash provided by financing activities 3,211,350 3,426,755 3,468,698
Net change in cash and restricted cash 289,572 (40,422) 34,815
Cash and restricted cash, beginning of period 947,416 987,838 953,023
Cash and restricted cash, end of period 1,236,988 947,416 987,838
Supplemental disclosures of cash flow information      
Cash paid for interest 741,674 591,285 433,050
Cash paid for income taxes 0 0 0
Supplemental disclosures of noncash investing and financing activities      
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses 37,679 40,814 61,740
Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,058 $ 36,991 $ 87,726

Source

HTML PDF
ZIP