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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts receivable, net of allowances for credit losses $ 20,692 $ 15,420
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 233,612,000 225,662,000
Common stock, shares outstanding (in shares) 233,612,000 225,662,000
Total assets [1] $ 22,610,596 $ 19,897,884
Energy systems, net 16,817,863 15,032,115
Cash 823,380 574,956
Restricted cash 413,460 372,312
Accounts receivable, net 262,627 170,706
Inventories 501,286 402,083
Prepaid expenses and other current assets 155,216 202,579
Other assets 3,560,924 3,021,746
Total liabilities [1] 17,626,622 15,733,674
Accounts payable 271,021 354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 47,072 41,464
Accrued expenses and other liabilities 518,835 543,752
Deferred revenue 1,513,333 1,338,347
Non-recourse debt 14,695,571 12,901,492
Other liabilities 156,199 119,846
Variable Interest Entities    
Total assets 15,593,689 13,290,216
Energy systems, net 13,777,190 12,062,819
Cash 539,440 420,756
Restricted cash 59,010 57,892
Accounts receivable, net 118,907 92,259
Inventories 180,841 62,581
Prepaid expenses and other current assets 64,588 7,616
Other assets 853,713 586,293
Total liabilities 2,643,129 2,343,040
Accounts payable 5,125 5,400
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 47,073 41,465
Accrued expenses and other liabilities 110,390 42,997
Deferred revenue 1,025,241 826,854
Non-recourse debt 1,434,535 1,407,784
Other liabilities $ 20,765 $ 18,540
[1] The Company’s consolidated assets as of December 31, 2025 and 2024 include $15,593,689 and $13,290,216, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Energy systems, net, as of December 31, 2025 and 2024 were $13,777,190 and $12,062,819, respectively; cash as of December 31, 2025 and 2024 were $539,440 and $420,756, respectively; restricted cash as of December 31, 2025 and 2024 were $59,010 and $57,892, respectively; accounts receivable, net as of December 31, 2025 and 2024 were $118,907 and $92,259, respectively; inventories as of December 31, 2025 and  2024 of $180,841 and $62,581, respectively; prepaid expenses and other current assets as of December 31, 2025 and 2024 were $64,588 and $7,616, respectively and other assets as of December 31, 2025 and 2024 were $853,713 and $586,293, respectively. The Company’s consolidated liabilities as of December 31, 2025 and 2024 include $2,643,129 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2025 and 2024 of $5,125 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2025 and 2024 of $47,073 and $41,465, respectively; accrued expenses and other liabilities as of December 31, 2025 and 2024 of $110,390 and $42,997, respectively; deferred revenue as of December 31, 2025 and 2024 of $1,025,241 and $826,854, respectively; non-recourse debt as of December 31, 2025 and 2024 of $1,434,535 and $1,407,784, respectively; and other liabilities as of December 31, 2025 and 2024 of $20,765 and $18,540, respectively.