BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.


	Electricity		Product		Energy Storage		Consolidated
	(Dollars in thousands)
Three Months Ended September 30, 2025:
Revenues from external customers:
United States (1)	$	118,391	$	3,021	$	20,370	$	141,782
Foreign (2)	48,719		59,226		—		107,945
Net revenue from external customers	167,110		62,247		20,370		249,727
Less:
Depreciation and amortization expenses (3)	60,140		2,661		7,467		70,269
Other cost of revenues expenses (4)	64,448		46,105		4,869		115,421
Segment gross profit (loss)	42,522		13,481		8,034		64,037
Less:
Segment operating expenses (income) (5)	17,340		6,492		(227)		23,605
Segment operating income	$	25,182	$	6,989	$	8,261	$	40,432
Total depreciation and amortization expense (6)	$	64,506	$	3,006	$	7,469	$	74,981
Segment assets at period end (7) (*)	5,262,660		245,858		584,340		6,092,858
Expenditures for long-lived assets	110,793		4,089		32,385		147,267
* Including unconsolidated investments	160,369		—		—		160,369

Three Months Ended September 30, 2024:
Revenues from external customers:
United States (1)	$	116,914	$	3,202	$	9,789	$	129,905
Foreign (2)	47,724		34,155		—		81,879
Net revenue from external customers	164,638		37,357		9,789		211,784


Less:
Depreciation and amortization expenses (3)	55,675		2,745		4,885		63,305
Other cost of revenues expenses (4)	59,266		27,421		2,930		89,617
Segment gross profit (loss)	49,697		7,191		1,974		58,862
Less:
Segment operating expenses (5)	18,720		4,157		310		23,187
Segment operating income (loss)	$	30,977	$	3,034	$	1,664	$	35,675
Total depreciation and amortization expense (6)	$	58,704	$	3,100	$	4,858	$	66,661
Segment assets at period end (7) (*)	5,001,907		189,824		398,610		5,590,341
Expenditures for long-lived assets	101,895		1,940		5,881		109,716
* Including unconsolidated investments	126,767		—		—		126,767

Nine Months Ended September 30, 2025:
Revenues from external customers:
United States (1)	$	364,021	$	9,783	$	52,616	$	426,420
Foreign (2)	143,242		143,845		—		287,087
Net revenue from external customers	507,263		153,628		52,616		713,507
Less:
Depreciation and amortization expense (3)	175,117		7,864		21,390		204,371
Other cost of revenues expenses (4)	190,540		108,704		16,033		315,277
Segment gross profit (loss)	141,606		37,060		15,193		193,859
Less:
Segment operating expenses (income) (5)	53,610		16,235		(2,649)		67,196
Segment operating income	87,996		20,825		17,842		126,663
Total depreciation and amortization expenses (6)	184,427		8,855		21,506		214,789
Segment assets at period end (7) (*)	5,262,660		245,858		584,340		6,092,858
Expenditures for long-lived assets	316,548		7,098		151,047		474,693
* Including unconsolidated investments	160,369		—		—		160,369

Nine Months Ended September 30, 2024:
Revenues from external customers:
United States (1)	$	380,424	$	5,693	$	26,778	$	412,895
Foreign (2)	141,693		94,325		—		236,018
Net revenue from external customers	522,117		100,018		26,778		648,913
Less
Depreciation and amortization expense (3)	160,691		7,775		14,120		182,586
Other cost of revenues expenses (4)	181,495		76,207		9,567		267,269
Segment gross profit (loss)	179,931		16,036		3,091		199,058
Less:
Segment operating expenses (income) (5)	60,859		11,134		3,680		75,673
Segment operating income (loss)	119,072		4,902		(589)		123,385
Total depreciation and amortization expenses (6)	170,009		8,753		14,051		192,813
Segment assets at period end (7) (*)	5,001,907		189,824		398,610		5,590,341


Expenditures for long-lived assets	300,925	4,952	54,064	359,941
* Including unconsolidated investments	126,767	—	—	126,767

(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $32.3 million and $103.9 million, in the three and nine months ended September 30, 2025, respectively, and $33.9 million and $116.2 million, in the three and nine months ended September 30, 2024, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, except for Energy Storage revenues of $8.3 million and $14.4 million, for the three and nine months ended September 30, 2025, respectively, and $0.7 million and $2.1 million, for the three and nine months ended September 30, 2024, respectively, that are accounted for under lease accounting.

(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.

(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segments.

(4)Other cost of revenues expenses for each reportable segment include:

Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.

Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.

Energy Storage: primarily cost of manpower, utilities, and insurance.

(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.

(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.

(7)Electricity segment assets include goodwill in the amount of $163.2 million, and $146.7 million as of September 30, 2025 and 2024, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million, and $4.6 million as of September 30, 2025 and 2024, respectively. No goodwill is included in the Product segment assets as of September 30, 2025 and 2024.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands)				(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)	$	64,037	$	58,862	$	193,859	$	199,058
Less operating expenses:
Research and development expenses	1,284		1,816		5,265		5,110
Selling and marketing expenses	4,895		4,248		13,437		13,541
General and administrative expenses	20,174		22,973		57,869		60,536
Other operating income	(3,125)		(6,250)		(10,519)		(6,250)
Impairment of long-lived assets	—		323		—		1,280
Write-off of unsuccessful exploration and storage activities	377		77		1,144		1,456
Operating income	$	40,432	$	35,675	$	126,663	$	123,385
Interest income	1,626		2,051		4,868		6,494
Interest expense, net	(35,677)		(34,822)		(106,832)		(99,506)
Derivatives and foreign currency transaction gains (losses)	(891)		2,046		6,237		132
Income attributable to sale of tax benefits	14,356		19,760		48,178		53,034


Other non-operating income, net	124		22		422		122
Total consolidated income before income taxes and equity in income of investees	$	19,970	$	24,732	$	79,536	$	83,661

Reconciliation of profit or loss (segment operating income):
Total segment operating income	$	40,432	$	35,675	$	126,663	$	123,385
Interest income	1,626		2,051		4,868		6,494
Interest expenses, net	(35,677)		(34,822)		(106,832)		(99,506)
Derivatives and foreign currency transaction gains (losses)	(891)		2,046		6,237		132
Income attributable to sale of tax benefits	14,356		19,760		48,178		53,034
Other non-operating income, net	124		22		422		122
Total consolidated income before income taxes and equity in income of investees	$	19,970	$	24,732	$	79,536	$	83,661