(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
or | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ____________to ____________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
( | |||||
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class(1) | Trading Symbol | Name of each exchange on which registered | ||||||
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. |
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
Item 1 - Financial Statements (unaudited) | |||||
Condensed Consolidated Balance Sheets | |||||
Condensed Consolidated Statements of Operations | |||||
Condensed Consolidated Statements of Comprehensive Loss | |||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) | |||||
Condensed Consolidated Statements of Cash Flows | |||||
Notes to Unaudited Condensed Consolidated Financial Statements | |||||
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3 - Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4 - Controls and Procedures | |||||
PART II - OTHER INFORMATION | |||||
Item 1 - Legal Proceedings | |||||
Item 1A - Risk Factors | |||||
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 3 - Defaults Upon Senior Securities | |||||
Item 4 - Mine Safety Disclosures | |||||
Item 5 - Other Information | |||||
Item 6 - Exhibits | |||||
Signatures |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents1 | $ | $ | ||||||||||||
Restricted cash1 | ||||||||||||||
Accounts receivable less allowance for doubtful accounts of $ | ||||||||||||||
Contract assets | ||||||||||||||
Inventories1 | ||||||||||||||
Deferred cost of revenue | ||||||||||||||
Loan commitment asset | ||||||||||||||
Prepaid expenses and other current assets1 | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net1 | ||||||||||||||
Operating lease right-of-use assets1 | ||||||||||||||
Restricted cash1 | ||||||||||||||
Deferred cost of revenue | ||||||||||||||
Loan commitment asset | ||||||||||||||
Other long-term assets1 | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable1 | $ | $ | ||||||||||||
Accrued warranty | ||||||||||||||
Accrued expenses and other current liabilities1 | ||||||||||||||
Deferred revenue and customer deposits1 | ||||||||||||||
Operating lease liabilities1 | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Redeemable convertible preferred stock, Series B | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred revenue and customer deposits1 | ||||||||||||||
Operating lease liabilities1 | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock: $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total equity attributable to Class A and Class B common stockholders | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total stockholders’ equity | $ | $ | ||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenue: | ||||||||||||||
Product | $ | $ | ||||||||||||
Installation | ||||||||||||||
Service | ||||||||||||||
Electricity | ||||||||||||||
Total revenue | ||||||||||||||
Cost of revenue: | ||||||||||||||
Product | ||||||||||||||
Installation | ||||||||||||||
Service | ||||||||||||||
Electricity | ||||||||||||||
Total cost of revenue | ||||||||||||||
Gross profit | ||||||||||||||
Operating expenses: | ||||||||||||||
Research and development | ||||||||||||||
Sales and marketing | ||||||||||||||
General and administrative | ||||||||||||||
Total operating expenses | ||||||||||||||
Loss from operations | ( | ( | ||||||||||||
Interest income | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Other expense, net | ( | ( | ||||||||||||
Gain on revaluation of embedded derivatives | ||||||||||||||
Loss before income taxes | ( | ( | ||||||||||||
Income tax provision | ||||||||||||||
Net loss | ( | ( | ||||||||||||
Less: Net loss attributable to noncontrolling interest | ( | ( | ||||||||||||
Net loss attributable to Class A and Class B common stockholders | ( | ( | ||||||||||||
Less: Net loss attributable to redeemable noncontrolling interest | ( | |||||||||||||
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( | ||||||||||
Net loss per share available to Class A and Class B common stockholders, basic and diluted | $ | ( | $ | ( | ||||||||||
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive loss, net of taxes: | ||||||||||||||
Foreign currency translation adjustment | ( | ( | ||||||||||||
Other comprehensive loss, net of taxes | ( | ( | ||||||||||||
Comprehensive loss | ( | ( | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | ( | ( | ||||||||||||
Comprehensive loss attributable to Class A and Class B common stockholders | $ | ( | $ | ( | ||||||||||
Less: Comprehensive loss attributable to redeemable noncontrolling interest | ( | |||||||||||||
Comprehensive loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity Attributable to Class A and Class B Common Stockholders | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Derecognition of the pre-modification forward contract fair value (Note 15) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Equity component of redeemable convertible preferred stock, Series B (Note 15) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Deficit Attributable to Class A and Class B Common Stockholders | Noncontrolling Interest | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss1 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Non-cash lease expense | ||||||||||||||
Loss on disposal of property, plant and equipment | ||||||||||||||
Revaluation of derivative contracts | ( | |||||||||||||
Stock-based compensation | ||||||||||||||
Amortization of warranty balance | ||||||||||||||
Amortization of warrants and debt issuance costs | ||||||||||||||
Unrealized foreign currency exchange loss | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Contract assets | ( | |||||||||||||
Inventories | ( | ( | ||||||||||||
Deferred cost of revenue | ||||||||||||||
Customer financing receivable | ||||||||||||||
Prepaid expenses and other current assets | ( | ( | ||||||||||||
Other long-term assets | ( | |||||||||||||
Operating lease right-of-use assets and operating lease liabilities | ( | |||||||||||||
Finance lease liabilities | ||||||||||||||
Accounts payable | ( | |||||||||||||
Accrued warranty | ( | |||||||||||||
Accrued expenses and other current liabilities | ( | ( | ||||||||||||
Deferred revenue and customer deposits | ( | ( | ||||||||||||
Other long-term liabilities | ( | |||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property, plant and equipment | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repayment of debt | ( | ( | ||||||||||||
Proceeds from financing obligations | ||||||||||||||
Repayment of financing obligations | ( | ( | ||||||||||||
Distributions and payments to noncontrolling interests | ( | |||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Proceeds from issuance of redeemable convertible preferred stock | ||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash, cash equivalent and restricted cash | ( | ( | ||||||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | ||||||||||||
Cash, cash equivalents and restricted cash: | ||||||||||||||
Beginning of period | ||||||||||||||
End of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for interest | $ | $ | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Cash paid during the period for income taxes | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Liabilities recorded for property, plant and equipment, net | $ | $ | ||||||||||||
Recognition of operating lease right-of-use asset during the year-to-date period | ||||||||||||||
Recognition of finance lease right-of-use asset during the year-to-date period | ||||||||||||||
Derecognition of the pre-modification forward contract fair value (Note 15) | ||||||||||||||
Equity component of redeemable convertible preferred stock, Series B (Note 15) | ||||||||||||||
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Contract assets | ||||||||||||||
Customer deposits | ||||||||||||||
Deferred revenue |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Transferred to accounts receivable from contract assets recognized at the beginning of the period | ( | ( | ||||||||||||
Revenue recognized and not billed as of the end of the period | ||||||||||||||
Ending balance | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Additions | ||||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Ending balance | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenue from contracts with customers: | ||||||||||||||
Product revenue | $ | $ | ||||||||||||
Installation revenue | ||||||||||||||
Services revenue | ||||||||||||||
Electricity revenue | ||||||||||||||
Total revenue from contract with customers | ||||||||||||||
Revenue from contracts that contain leases: | ||||||||||||||
Electricity revenue | ||||||||||||||
Total revenue | $ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
As Held: | ||||||||||||||
Cash | $ | $ | ||||||||||||
Money market funds | ||||||||||||||
$ | $ | |||||||||||||
As Reported: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
$ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA Entity1 | ||||||||||||||
$ | $ | |||||||||||||
Non-current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA Entity1 | ||||||||||||||
$ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
March 31, 2023 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Embedded EPP derivatives | $ | |||||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
December 31, 2022 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Embedded EPP derivatives | $ | |||||||||||||||||||||||||
$ | $ | $ | $ |
Embedded EPP Derivative Liability | ||||||||
Liabilities at December 31, 2022 | $ | |||||||
Changes in fair value | ( | |||||||
Liabilities at March 31, 2023 | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Net Carrying Value | Fair Value | Net Carrying Value | Fair Value | |||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||||||
Recourse: | ||||||||||||||||||||||||||
Non-recourse: | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
Work-in-progress | ||||||||||||||
$ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Receivables from employees | $ | $ | ||||||||||||
Deferred expenses (Note 15) | ||||||||||||||
Prepaid hardware and software maintenance | ||||||||||||||
Tax receivables | ||||||||||||||
Prepaid managed services | ||||||||||||||
Advance income tax provision | ||||||||||||||
Prepaid workers compensation | ||||||||||||||
Prepaid rent | ||||||||||||||
Deposits made | ||||||||||||||
Prepaid deferred commissions | ||||||||||||||
State incentive receivable | ||||||||||||||
Other prepaid expenses and other current assets | ||||||||||||||
$ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Energy Servers | $ | $ | ||||||||||||
Machinery and equipment | ||||||||||||||
Leasehold improvements | ||||||||||||||
Construction-in-progress | ||||||||||||||
Buildings | ||||||||||||||
Computers, software and hardware | ||||||||||||||
Furniture and fixtures | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Deferred commissions | $ | $ | ||||||||||||
Long-term lease receivable | ||||||||||||||
Deferred expenses (Note 15) | ||||||||||||||
Prepaid insurance | ||||||||||||||
Deposits made | ||||||||||||||
Prepaid managed services | ||||||||||||||
Deferred tax asset | ||||||||||||||
Prepaid and other long-term assets | ||||||||||||||
$ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Product performance | $ | $ | ||||||||||||
Product warranty | ||||||||||||||
$ | $ |
Balances at December 31, 2022 | $ | ||||
Accrued warranty, net | |||||
Warranty expenditures during the quarter | ( | ||||
Balances at March 31, 2023 | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
General invoice and purchase order accruals | $ | $ | ||||||||||||
Compensation and benefits | ||||||||||||||
Delaware grant | ||||||||||||||
Accrued installation | ||||||||||||||
Sales-related liabilities | ||||||||||||||
Provision for income tax | ||||||||||||||
Accrued legal expenses | ||||||||||||||
Current portion of derivative liabilities | ||||||||||||||
PPA IV Upgrade financing obligations | ||||||||||||||
Accrued consulting expenses | ||||||||||||||
Sales tax liabilities | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Interest payable | ||||||||||||||
Other | ||||||||||||||
$ | $ |
Unpaid Principal Balance | Net Carrying Value | Unused Borrowing Capacity | Interest Rate | Maturity Dates | Entity | |||||||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | March 2027 | Company | ||||||||||||||||||||||||||||||||||||||||||||
August 2025 | Company | |||||||||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 2031 | PPA V | |||||||||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ | $ |
Unpaid Principal Balance | Net Carrying Value | Interest Rate | Maturity Dates | Entity | ||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | March 2027 | Company | |||||||||||||||||||||||||||||||||||||||
August 2025 | Company | |||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
June 2031 | PPA V | |||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
$ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Operating Leases: | ||||||||||||||
Operating lease right-of-use assets, net 1, 2 | $ | $ | ||||||||||||
Current operating lease liabilities | ( | ( | ||||||||||||
Non-current operating lease liabilities | ( | ( | ||||||||||||
Total operating lease liabilities | $ | ( | $ | ( | ||||||||||
Finance Leases: | ||||||||||||||
$ | $ | |||||||||||||
( | ( | |||||||||||||
( | ( | |||||||||||||
Total finance lease liabilities | $ | ( | $ | ( | ||||||||||
Total lease liabilities | $ | ( | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating lease costs | $ | $ | ||||||||||||
Financing lease costs: | ||||||||||||||
Amortization of right-of-use assets | ||||||||||||||
Interest on lease liabilities | ||||||||||||||
Total financing lease costs | ||||||||||||||
Short-term lease costs | ||||||||||||||
Total lease costs | $ | $ |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
Operating Leases | Finance Leases | |||||||||||||
Remainder of 2023 | $ | $ | ||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
Thereafter | ||||||||||||||
Total minimum lease payments | ||||||||||||||
Less: amounts representing interest or imputed interest | ( | ( | ||||||||||||
Present value of lease liabilities | $ | $ |
Financing Obligations | ||||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: imputed interest | ( | |||||||
Present value of net minimum lease payments | ||||||||
Less: current financing obligations | ( | |||||||
Long-term financing obligations | $ |
Operating Leases | ||||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cost of revenue | $ | $ | ||||||||||||
Research and development | ||||||||||||||
Sales and marketing | ||||||||||||||
General and administrative | ||||||||||||||
$ | $ |
Outstanding Options | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | |||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Expired | ( | |||||||||||||||||||||||||
Balances at March 31, 2023 | ||||||||||||||||||||||||||
Vested and expected to vest at March 31, 2023 | ||||||||||||||||||||||||||
Exercisable at March 31, 2023 | $ |
Number of Awards Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||
Unvested Balance at December 31, 2022 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested Balance at March 31, 2023 | $ |
Plan Shares Available for Grant | ||||||||
Balances at December 31, 2022 | ||||||||
Added to plan | ||||||||
Granted | ( | |||||||
Cancelled/Forfeited | ||||||||
Expired | ( | |||||||
Balances at March 31, 2023 |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Restricted cash | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accrued expenses and other current liabilities | $ | $ | ||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Non-recourse debt | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Non-recourse debt | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Total revenue from related parties | $ | $ | ||||||||||||
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Accounts receivable | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Convertible notes | ||||||||||||||
Redeemable convertible preferred stock | ||||||||||||||
Stock options and awards | ||||||||||||||
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Total liabilities | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash (used in) provided by: | ||||||||||||||
Operating activities | $ | (314,710) | $ | (92,443) | ||||||||||
Investing activities | (26,574) | (18,510) | ||||||||||||
Financing activities | 306,487 | (10,112) | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
PPA Entities ¹ | ||||||||||||||
Net cash provided by PPA operating activities | $ | 3,041 | $ | 7,658 | ||||||||||
Net cash used in PPA financing activities | (6,434) | (8,114) | ||||||||||||
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
Product accepted (in 100 kilowatt systems) | 512 | 375 | 137 | 36.5 | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
Megawatts accepted, net | 51 | 38 | 13 | 34.2 | % |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Direct purchase (including third-party PPAs and international channels) | 96 | % | 100 | % | ||||||||||
Traditional Lease | 4 | % | — | % |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Direct purchase (including third-party PPAs and international channels) | 87 | % | 87 | % | ||||||||||
Traditional Lease | 1 | % | 1 | % | ||||||||||
Managed Services | 9 | % | 7 | % | ||||||||||
Portfolio Financings | 3 | % | 5 | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
Product costs of product accepted in the period | $2,288/kW | $2,561/kW | -$273/kW | (10.7) | % | |||||||||||||||||||||
Period costs of manufacturing related expenses not included in product costs (in thousands) | $ | 12,594 | $ | 9,687 | $ | 2,907 | 30.0 | % | ||||||||||||||||||
Installation costs on product accepted in the period | $487/kW | $341/kW | $146/kW | 42.8 | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Product | $ | 193,745 | $ | 133,547 | $ | 60,198 | 45.1 | % | ||||||||||||||||||
Installation | 20,525 | 13,553 | 6,972 | 51.4 | % | |||||||||||||||||||||
Service | 40,663 | 35,239 | 5,424 | 15.4 | % | |||||||||||||||||||||
Electricity | 20,258 | 18,700 | 1,558 | 8.3 | % | |||||||||||||||||||||
Total revenue | $ | 275,191 | $ | 201,039 | $ | 74,152 | 36.9 | % | ||||||||||||||||||
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Product | $ | 129,613 | $ | 105,742 | $ | 23,871 | 22.6 | % | ||||||||||||||||||
Installation | 25,100 | 12,773 | 12,327 | 96.5 | % | |||||||||||||||||||||
Service | 51,244 | 41,826 | 9,418 | 22.5 | % | |||||||||||||||||||||
Electricity | 14,967 | 12,761 | 2,206 | 17.3 | % | |||||||||||||||||||||
Total cost of revenue | $ | 220,924 | $ | 173,102 | $ | 47,822 | 27.6 | % | ||||||||||||||||||
Three Months Ended March 31, | Change | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||
Product | $ | 64,132 | $ | 27,805 | $ | 36,327 | ||||||||||||||
Installation | (4,575) | 780 | (5,355) | |||||||||||||||||
Service | (10,581) | (6,587) | (3,994) | |||||||||||||||||
Electricity | 5,291 | 5,939 | (648) | |||||||||||||||||
Total gross profit | $ | 54,267 | $ | 27,937 | $ | 26,330 | ||||||||||||||
Gross margin: | ||||||||||||||||||||
Product | 33 | % | 21 | % | ||||||||||||||||
Installation | (22) | % | 6 | % | ||||||||||||||||
Service | (26) | % | (19) | % | ||||||||||||||||
Electricity | 26 | % | 32 | % | ||||||||||||||||
Total gross margin | 20 | % | 14 | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Research and development | $ | 45,690 | $ | 34,526 | $ | 11,164 | 32.3 | % | ||||||||||||||||||
Sales and marketing | 27,111 | 21,334 | 5,777 | 27.1 | % | |||||||||||||||||||||
General and administrative | 45,147 | 37,736 | 7,411 | 19.6 | % | |||||||||||||||||||||
Total operating expenses | $ | 117,948 | $ | 93,596 | $ | 24,352 | 26.0 | % | ||||||||||||||||||
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Cost of revenue | $ | 4,161 | $ | 3,860 | $ | 301 | 7.8 | % | ||||||||||||||||||
Research and development | 8,410 | 7,082 | 1,328 | 18.8 | % | |||||||||||||||||||||
Sales and marketing | 5,817 | 4,775 | 1,042 | 21.8 | % | |||||||||||||||||||||
General and administrative | 11,165 | 10,591 | 574 | 5.4 | % | |||||||||||||||||||||
Total stock-based compensation | $ | 29,553 | $ | 26,308 | $ | 3,245 | 12.3 | % | ||||||||||||||||||
Three Months Ended March 31, | Change | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Interest income | $ | 1,995 | $ | 59 | $ | 1,936 | ||||||||||||||
Interest expense | (11,746) | (14,087) | 2,341 | |||||||||||||||||
Other expense, net | (1,343) | (3,027) | 1,684 | |||||||||||||||||
Gain on revaluation of embedded derivatives | 117 | 531 | (414) | |||||||||||||||||
Total | $ | (10,977) | $ | (16,524) | $ | 5,547 |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | $ | (3,350) | $ | (4,088) | $ | 738 | 18.1 | % | ||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | — | (300) | 300 | 100.0 | % |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||
Restated Certificate of Incorporation | 10-Q | 001-38598 | 3.1 | 9/7/2018 | ||||||||||||||||
Certificate of Amendment to the Restated Certificate of Incorporation of Bloom Energy Corporation | 10-Q | 001-38598 | 3.1 | 8/9/2022 | ||||||||||||||||
Certificate of Withdrawal of Certificate of Designation of Series A Redeemable Convertible Preferred Stock | Filed herewith | |||||||||||||||||||
Certificate of Designation of Series B Redeemable Convertible Preferred Stock | 8-K | 001-38598 | 3.1 | 3/23/2023 | ||||||||||||||||
Certificate of Amendment to the Certificate of Designation of Series B Redeemable Convertible Preferred Stock | 8-K | 001-38598 | 3.1 | 4/18/2023 | ||||||||||||||||
Amended and Restated Bylaws, as effective February 15, 2023 | 8-K | 001-38598 | 3.1 | 2/17/2023 | ||||||||||||||||
Amendments to Securities Purchase Agreement and Investor Agreement, dated March 20, 2023, between the Company and SK ecoplant Co., Ltd. | 8-K | 001-38598 | 10.1 | 3/23/2023 | ||||||||||||||||
Shareholder’s Loan Agreement dated as of March 20, 2023, between the Company and SK ecoplant Co., Ltd. | 8-K | 001-38598 | 10.2 | 3/23/2023 | ||||||||||||||||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | |||||||||||||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | ||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
BLOOM ENERGY CORPORATION | ||||||||||||||
Date: | May 9, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
Founder, Chief Executive Officer, Chairman and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | May 9, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||
Date: | May 9, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | May 9, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | May 9, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | May 9, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
-*J=L1!-?W=']SO?\#MR_P 4L0I)8VBFN\;I_ '/#6H^,=
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Allowance for doubtful accounts | $ 119 | $ 119 |
Common Class A and B | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Class A common stock | ||
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 192,657,993 | 189,864,722 |
Common stock, outstanding (in shares) | 192,657,993 | 189,864,722 |
Class B common stock | ||
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 15,675,652 | 15,799,968 |
Common stock, outstanding (in shares) | 15,675,652 | 15,799,968 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revenue: | ||
Total revenue | $ 275,191 | $ 201,039 |
Cost of revenue: | ||
Total cost of revenue | 220,924 | 173,102 |
Gross profit | 54,267 | 27,937 |
Operating expenses: | ||
Research and development | 45,690 | 34,526 |
Sales and marketing | 27,111 | 21,334 |
General and administrative | 45,147 | 37,736 |
Total operating expenses | 117,948 | 93,596 |
Loss from operations | (63,681) | (65,659) |
Interest income | 1,995 | 59 |
Interest expense | (11,746) | (14,087) |
Other expense, net | (1,343) | (3,027) |
Gain on revaluation of embedded derivatives | 117 | 531 |
Loss before income taxes | (74,658) | (82,183) |
Income tax provision | 259 | 564 |
Net loss | (74,917) | (82,747) |
Less: Net loss attributable to noncontrolling interest | (3,350) | (4,088) |
Net loss attributable to Class A and Class B common stockholders | (71,567) | (78,659) |
Less: Net loss attributable to redeemable noncontrolling interest | 0 | (300) |
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (71,567) | $ (78,359) |
Net loss per share available to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.35) | $ (0.44) |
Net loss per share available to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.35) | $ (0.44) |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic (in shares) | 206,724 | 177,189 |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, diluted (in shares) | 206,724 | 177,189 |
Product | ||
Revenue: | ||
Total revenue | $ 193,745 | $ 133,547 |
Cost of revenue: | ||
Total cost of revenue | 129,613 | 105,742 |
Installation | ||
Revenue: | ||
Total revenue | 20,525 | 13,553 |
Cost of revenue: | ||
Total cost of revenue | 25,100 | 12,773 |
Service | ||
Revenue: | ||
Total revenue | 40,663 | 35,239 |
Cost of revenue: | ||
Total cost of revenue | 51,244 | 41,826 |
Electricity | ||
Revenue: | ||
Total revenue | 20,258 | 18,700 |
Cost of revenue: | ||
Total cost of revenue | $ 14,967 | $ 12,761 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (74,917) | $ (82,747) |
Other comprehensive loss, net of taxes: | ||
Foreign currency translation adjustment | (271) | (153) |
Other comprehensive loss, net of taxes | (271) | (153) |
Comprehensive loss | (75,188) | (82,900) |
Less: Comprehensive loss attributable to noncontrolling interest | (3,520) | (4,088) |
Comprehensive loss attributable to Class A and Class B common stockholders | (71,668) | (78,812) |
Less: Comprehensive loss attributable to redeemable noncontrolling interest | 0 | (300) |
Comprehensive loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (71,668) | $ (78,512) |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands |
Total |
Total Equity Attributable to Class A and Class B Common Stockholders |
Class A and Class B Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Accumulated Deficit |
Noncontrolling Interest |
||
---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 176,460,407 | ||||||||
Beginning balance at Dec. 31, 2021 | $ (1,827) | $ (44,326) | $ 18 | $ 3,219,081 | $ (350) | $ (3,263,075) | $ 42,499 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of restricted stock awards (in shares) | 964,937 | ||||||||
ESPP purchase (in shares) | 420,689 | ||||||||
ESPP purchase | 5,981 | 5,981 | 5,981 | ||||||
Exercise of stock options (in shares) | 149,662 | ||||||||
Exercise of stock options | 980 | 980 | 980 | ||||||
Stock-based compensation | 25,586 | 25,586 | 25,586 | ||||||
Distributions and payments to noncontrolling interests | (2,876) | (500) | (500) | (2,376) | |||||
Foreign currency translation adjustment | (153) | (153) | (153) | ||||||
Net loss | [1] | (82,447) | (78,359) | (78,359) | (4,088) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 177,995,695 | ||||||||
Ending balance at Mar. 31, 2022 | (54,756) | (90,791) | $ 18 | 3,251,128 | (503) | (3,341,434) | 36,035 | ||
Beginning balance (in shares) at Dec. 31, 2022 | 205,664,690 | ||||||||
Beginning balance at Dec. 31, 2022 | 378,816 | 340,777 | $ 20 | 3,906,491 | (1,251) | (3,564,483) | 38,039 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of restricted stock awards (in shares) | 2,104,904 | ||||||||
ESPP purchase (in shares) | 449,525 | ||||||||
ESPP purchase | 7,756 | 7,756 | 7,756 | ||||||
Exercise of stock options (in shares) | 114,526 | ||||||||
Exercise of stock options | 769 | 769 | 769 | ||||||
Stock-based compensation | 29,294 | 29,294 | 29,294 | ||||||
Derecognition of the pre-modification forward contract fair value (Note 15) | 76,242 | 76,242 | 76,242 | ||||||
Equity component of redeemable convertible preferred stock, Series B (Note 15) | 16,145 | 16,145 | 16,145 | ||||||
Foreign currency translation adjustment | (271) | (101) | (101) | (170) | |||||
Net loss | (74,917) | (71,567) | (71,567) | (3,350) | |||||
Ending balance (in shares) at Mar. 31, 2023 | 208,333,645 | ||||||||
Ending balance at Mar. 31, 2023 | $ 433,834 | $ 399,315 | $ 20 | $ 4,036,697 | $ (1,352) | $ (3,636,050) | $ 34,519 | ||
|
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning redeemable noncontrolling interest | $ 300 |
Net loss attributable to redeemable NCI | 300 |
Ending redeemable noncontrolling interest | $ 0 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Cash flows from operating activities: | ||
Net loss | $ (74,917) | $ (82,747) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 18,150 | 14,384 |
Non-cash lease expense | 7,934 | 3,072 |
Loss on disposal of property, plant and equipment | 191 | 0 |
Revaluation of derivative contracts | (117) | 2,407 |
Stock-based compensation | 27,743 | 25,542 |
Amortization of warranty balance | 0 | 150 |
Amortization of warrants and debt issuance costs | 665 | 706 |
Unrealized foreign currency exchange loss | 28 | 210 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (78,872) | (23,046) |
Contract assets | (1,051) | 11,668 |
Inventories | (127,666) | (39,542) |
Deferred cost of revenue | 5,793 | 5,865 |
Customer financing receivable | 0 | 1,388 |
Prepaid expenses and other current assets | (4,527) | (6,340) |
Other long-term assets | (128) | 703 |
Operating lease right-of-use assets and operating lease liabilities | (7,507) | 3,436 |
Finance lease liabilities | 244 | 0 |
Accounts payable | (26,835) | 15,900 |
Accrued warranty | (7,876) | 2,925 |
Accrued expenses and other current liabilities | (32,277) | (25,144) |
Deferred revenue and customer deposits | (13,108) | (5,783) |
Other long-term liabilities | (577) | 1,803 |
Net cash used in operating activities | (314,710) | (92,443) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (26,574) | (18,510) |
Net cash used in investing activities | (26,574) | (18,510) |
Cash flows from financing activities: | ||
Repayment of debt | (9,892) | (4,774) |
Proceeds from financing obligations | 1,163 | 0 |
Repayment of financing obligations | (4,266) | (9,423) |
Distributions and payments to noncontrolling interests | 0 | (2,876) |
Proceeds from issuance of common stock | 8,525 | 6,961 |
Proceeds from issuance of redeemable convertible preferred stock | 310,957 | 0 |
Net cash provided by (used in) financing activities | 306,487 | (10,112) |
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (124) | (153) |
Net decrease in cash, cash equivalents and restricted cash | (34,921) | (121,218) |
Beginning of period | 518,366 | 615,114 |
End of period | 483,445 | 493,896 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 13,409 | 14,405 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 7,446 | 2,464 |
Operating cash flows from finance leases | 254 | 230 |
Cash paid during the period for income taxes | 213 | 381 |
Non-cash investing and financing activities: | ||
Liabilities recorded for property, plant and equipment, net | 4,517 | 6,775 |
Recognition of operating lease right-of-use asset during the year-to-date period | 6,535 | 147 |
Recognition of finance lease right-of-use asset during the year-to-date period | 244 | 0 |
Derecognition of the pre-modification forward contract fair value (Note 15) | 76,242 | 0 |
Equity component of redeemable convertible preferred stock, Series B (Note 15) | $ 16,145 | $ 0 |
Nature of Business, Liquidity and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Liquidity and Basis of Presentation | Nature of Business, Liquidity and Basis of Presentation Nature of Business For information on the nature of our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Nature of Business section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Liquidity We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extensions and conversions to equity that we completed during 2021, 2022 and the first quarter of 2023, we had $282.4 million of total outstanding recourse debt as of March 31, 2023, $269.4 million of which was classified as long-term debt. Our scheduled recourse debt repayments commenced in June 2022. On March 20, 2023, we entered into an Amendment (the “Amended SPA”) to the Securities Purchase Agreement with SK ecoplant, dated October 23, 2021 (the “SPA”), and the Investor Agreement, dated December 29, 2021, pursuant to which we issued and sold to SK ecoplant 13,491,701 shares of Series B redeemable convertible preferred stock (the “Series B RCPS”) for cash proceeds of $311.0 million. For additional information, please see Part I, Item 1, Note 15 - SK ecoplant Strategic Investment. On March 20, 2023, in connection with the Amended SPA we also entered into a Shareholders’ Loan Agreement with SK ecoplant (the “Loan Agreement”), pursuant to which we may draw down on a loan from SK ecoplant with a maximum principal amount of $311.0 million, should SK ecoplant send a redemption notice to us under the Amended SPA or otherwise reduce any portion of its current holdings of our Class A stock. The Loan Agreement has a maturity of five years and bears an interest rate of 4.6%. The proceeds of the loan may be used by us for working capital and general corporate purpose needs. Our future capital requirements will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds and the need for additional manufacturing space, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our product, our ability to secure financing for customer use of our Energy Servers, the timing of installations, and overall economic conditions, including the inflationary pressure in the US on our ongoing and future operations. The rising interest rate environment in the US has and will continue to adversely impact the cost of new capital deployment. In the opinion of management, the combination of our existing cash and cash equivalents and expected timing of operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q. Inflation Reduction Act of 2022 – New and Expanded Production and Tax Credits for Manufacturers and Projects to Support Clean Energy For information on the Inflation Reduction Act of 2022 (the “IRA”) signed into law on August 16, 2022, and its impact on our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Inflation Reduction Act of 2022 section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation For information on the principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Business Combinations For information on the business combinations, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Business Combinations section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Concentration of Risk Geographic Risk - The majority of our revenue and long-lived assets were attributable to operations in the United States for all periods presented. In addition to shipments in the US, we also ship our Energy Servers to other countries, primarily to the Republic of Korea, Japan and India (collectively, the “Asia Pacific region”). In the three months ended March 31, 2023 and 2022, total revenue in the Asia Pacific region was 5% and 65%, respectively, of our total revenue. Credit Risk - At March 31, 2023, two customers accounted for approximately 70% and 18% of accounts receivable. At December 31, 2022, one customer represented approximately 75% of accounts receivable. To date, we have not experienced any credit losses. Customer Risk - During the three months ended March 31, 2023, revenue from two customers accounted for approximately 41% and 25% of our total revenue. During the three months ended March 31, 2022, two customers each represented approximately 32% of our total revenue.
|
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Please refer to the accounting policies described in Part II, Item 8, Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
|
Revenue Recognition |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Contract Balances The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Contract assets relate to contracts for which revenue is recognized upon transfer of control of performance obligations, but where billing milestones have not been reached. Customer deposits and deferred revenue include payments received from customers or invoiced amounts prior to transfer of controls of performance obligations. At December 31, 2022, customer deposits included $24.6 million related to transactions with SK ecoplant and refundable fees received from customers. At March 31, 2023 there were no customer deposits related to transactions with SK ecoplant (see Note 15 - SK ecoplant Strategic Investment). Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the condensed consolidated balance sheets when both the milestones other than the passage of time, are expected to be complete and the customer is invoiced within one year of the balance sheet date, and as long-term when both the above-mentioned milestones are expected to be complete, and the customer is invoiced more than one year out from the balance sheet date. Contract liabilities are classified as current in the condensed consolidated balance sheets when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date. Contract Assets
Deferred Revenue Deferred revenue activity, including deferred incentive revenue activity, during the three months ended March 31, 2023 and 2022 consisted of the following (in thousands):
Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. Primary component of deferred revenue at the end of the period consists of performance obligations relating to the provision of maintenance services under current contracts and future renewal periods. Some of these obligations provide customers with material rights over a period that we estimate will be largely commensurate with the period of their expected use of the associated Energy Server. As a result, we expect to recognize these amounts as revenue over a period of up to 21 years, predominantly on a relative standalone selling price basis that reflects the cost of providing these services. Deferred revenue also includes performance obligations relating to product acceptance and installation. A significant amount of this deferred revenue is reflected as additions and revenue recognized in the same 12-month period, and a portion of this deferred revenue is expected to be recognized beyond 12-month period mainly due to deployment schedules. We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Disaggregated Revenue We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
|
Financial Instruments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 We have VIE related to PPA V that represents a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of March 31, 2023, included $33.3 million and $0.7 million of current restricted cash, respectively, and $21.4 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, included $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs. Factoring Arrangements We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with certain financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $59.6 million and $46.1 million of accounts receivable during the three months ended March 31, 2023 and 2022, respectively. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three months ended March 31, 2023 were $0.7 million. The costs of factoring for three months ended March 31, 2022, were not material. The cost of factoring are recorded in general and administrative expenses.
|
Fair Value |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8 Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets. Embedded Escalation Protection Plan Derivative Liability in Sales Contracts - We estimate the fair value of the embedded EPP derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts’ terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability. The changes in the Level 3 financial liabilities during the three months ended March 31, 2023 were as follows (in thousands):
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis Debt Instruments - The senior secured notes and convertible notes are based on rates currently offered for instruments with similar maturities and terms (Level 3). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
|
Balance Sheet Components |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consisted of the following (in thousands):
The inventory reserves were $16.5 million and $17.2 million as of March 31, 2023 and December 31, 2022, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands):
Depreciation expense related to property, plant and equipment was $18.2 million and $14.4 million for the three months ended March 31, 2023 and 2022, respectively. Property, plant and equipment under operating leases by PPA V was $226.0 million and $226.0 million and accumulated depreciation for these assets was $96.3 million and $92.7 million as of March 31, 2023 and December 31, 2022, respectively. Depreciation expense for property, plant and equipment under operating leases by PPA V and PPA IV (sold in November 2022) was $3.6 million and $5.9 million for the three months ended March 31, 2023 and 2022, respectively. Other Long-Term Assets Other long-term assets consisted of the following (in thousands):
Accrued Warranty Accrued warranty liabilities consisted of the following (in thousands):
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
Preferred Stock As of March 31, 2023, we had 20,000,000 shares of preferred stock authorized, of which 13,491,701 shares were designated as Series B redeemable convertible preferred stock. As of December 31, 2022, we had 20,000,000 shares of preferred stock authorized, of which 10,000,000 shares were designated as Series A redeemable convertible preferred stock. The preferred stock had $0.0001 par value. There were 13,491,701 shares and no shares of preferred stock issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
|
Outstanding Loans and Security Agreements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Loans and Security Agreements | Outstanding Loans and Security Agreements The following is a summary of our debt as of March 31, 2023 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2022 (in thousands, except percentage data):
Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to deferred financing costs. We and all of our subsidiaries were in compliance with all financial covenants as of March 31, 2023 and December 31, 2022. Recourse Debt Facilities Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022, for discussion of our 10.25% Senior Secured Notes due March 2027 and 2.5% Green Convertible Senior Notes due August 2025. The non-current balance of the outstanding unpaid principal of the 10.25% Senior Secured Notes was $44.7 million and $48.9 million as of March 31, 2023 and December 31, 2022, respectively. The current balance of the outstanding unpaid principal of the 10.25% Senior Secured Notes was $13.0 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively. Interest on the 2.5% Green Notes for the three months ended March 31, 2023 and 2022 was $1.9 million and $1.9 million, respectively, including amortization of issuance costs of 0.5 million and $0.5 million, respectively. Interest on the 10.25% Senior Secured Notes for the three months ended March 31, 2023 and 2022 was $1.7 million and $1.7 million, respectively, including amortization of issuance costs of $0.1 million and $0.1 million, respectively. Non-recourse Debt Facilities Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022 for discussion of our non-recourse debt. The purchase and credit agreement for our 3.04% Senior Secured Notes due June 2031 requires us to maintain a debt service reserve, the balance of which was $8.0 million and $8.0 million as of March 31, 2023 and December 31, 2022, respectively, and was included as part of long-term restricted cash in the condensed consolidated balance sheets. Repayment Schedule and Interest Expense The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2023 (in thousands):
Interest expense of $11.7 million and $14.1 million for the three months ended March 31, 2023 and 2022, respectively, was recorded in interest expense on the condensed consolidated statements of operations.
|
Leases |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three months ended March 31, 2023 and 2022, rent expense for all occupied facilities was $5.6 million and $4.5 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of March 31, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $7.3 million of product revenue, $3.0 million of installation revenue, $1.2 million of financing obligations, and $5.5 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2023. There were no successful sale and leaseback transactions for the three months ended March 31, 2022. The recognized lease expense from successful sale and leaseback transactions for the three months ended March 31, 2023 and 2022 was $2.1 million and $1.3 million, respectively. At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $436.3 million and $442.1 million as of March 31, 2023 and December 31, 2022, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA V Entity as of March 31, 2023, were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three months ended March 31, 2023 and 2022, rent expense for all occupied facilities was $5.6 million and $4.5 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of March 31, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $7.3 million of product revenue, $3.0 million of installation revenue, $1.2 million of financing obligations, and $5.5 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2023. There were no successful sale and leaseback transactions for the three months ended March 31, 2022. The recognized lease expense from successful sale and leaseback transactions for the three months ended March 31, 2023 and 2022 was $2.1 million and $1.3 million, respectively. At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $436.3 million and $442.1 million as of March 31, 2023 and December 31, 2022, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA V Entity as of March 31, 2023, were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three months ended March 31, 2023 and 2022, rent expense for all occupied facilities was $5.6 million and $4.5 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of March 31, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $7.3 million of product revenue, $3.0 million of installation revenue, $1.2 million of financing obligations, and $5.5 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2023. There were no successful sale and leaseback transactions for the three months ended March 31, 2022. The recognized lease expense from successful sale and leaseback transactions for the three months ended March 31, 2023 and 2022 was $2.1 million and $1.3 million, respectively. At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $436.3 million and $442.1 million as of March 31, 2023 and December 31, 2022, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA V Entity as of March 31, 2023, were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three months ended March 31, 2023 and 2022, rent expense for all occupied facilities was $5.6 million and $4.5 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of March 31, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $7.3 million of product revenue, $3.0 million of installation revenue, $1.2 million of financing obligations, and $5.5 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2023. There were no successful sale and leaseback transactions for the three months ended March 31, 2022. The recognized lease expense from successful sale and leaseback transactions for the three months ended March 31, 2023 and 2022 was $2.1 million and $1.3 million, respectively. At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $436.3 million and $442.1 million as of March 31, 2023 and December 31, 2022, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA V Entity as of March 31, 2023, were as follows (in thousands):
|
Stock-Based Compensation and Employee Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation and Employee Benefit Plans | Stock-Based Compensation and Employee Benefit Plans Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
Stock Option Activity The following table summarizes the stock option activity under our stock plans during the reporting period:
Stock Options - During the three months ended March 31, 2023 and 2022, we recognized $0.2 million and $2.1 million of stock-based compensation costs for stock options, respectively. We did not grant options in the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, we had unrecognized compensation costs related to unvested stock options of $0.2 million and $0.4 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.0 year and 0.9 years, respectively. Cash received from stock options exercised totaled $0.8 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively. Stock Award Activity A summary of our stock awards activity and related information is as follows:
Stock Awards - The estimated fair value of RSUs and PSUs is based on the fair value of our Class A common stock on the date of grant. For the three months ended March 31, 2023 and 2022, we recognized $22.6 million and $21.0 million of stock-based compensation costs for stock awards, respectively. As of March 31, 2023 and December 31, 2022, we had $187.0 million and $135.7 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted average period of 2.2 years and 1.9 years, respectively. Executive Awards On February 15, 2023, the Company granted RSU and PSU awards (the “2023 Executive Awards”) to certain executive staff pursuant to the 2018 Plan. The RSUs have time-based vesting schedules, started vesting on February 15, 2023 and shall vest over a three year period. PSUs started vesting on February 15, 2023 and have a three-year cliff vesting period. PSUs will vest based on a combination of time and achievement against performance metrics targets assuming continued employment and service through each vesting date. Stock-based compensation costs associated with the 2023 Executive Awards are recognized over the service period as we evaluate the probability of the achievement of the performance conditions. The following table presents the stock activity and the total number of shares available for grant under our stock plans:
2018 Employee Stock Purchase Plan During the three months ended March 31, 2023 and 2022, we recognized $6.5 million and $2.5 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 449,525 and 420,689 shares in the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023 and 2022, we added an additional 2,239,563 and 2,055,792 shares and there were 15,630,754 and 13,840,716 shares available for issuance as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, we had $21.3 million and $12.0 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.9 years and 0.6 years, respectively.
|
Portfolio Financings |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Financings | Portfolio Financings Overview We have developed various financing options that enable customers’ use of the Energy Servers through third-party ownership financing arrangements. For additional information on these financing options, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. PPA Entity's Aggregate Assets and Liabilities Generally, the assets of an operating company owned by an investment company can be used to settle only the operating company obligations, and the operating company creditors do not have recourse to us. The following were the aggregate carrying values of our VIE’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including for the PPA Entity in the PPA V transaction as of March 31, 2023 and December 31, 2022 (in thousands):
We consolidated the PPA Entity as a VIE in the PPA V transaction, as we have determined that we are the primary beneficiary of this VIE. This PPA Entity contains debt that is non-recourse to us and owns Energy Server assets for which we do not have title.
|
Related Party Transactions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions There have been no changes in related party relationships during the three months ended March 31, 2023. For information on our related party transactions, see Part II, Item 8, Note 12 - Related Party Transactions in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Our operations include the following related party transactions (in thousands):
Below is the summary of outstanding related party balances as of March 31, 2023 and December 31, 2022 (in thousands):
Debt to Related Parties We had no debt or convertible notes from investors considered to be related parties as of March 31, 2023 and December 31, 2022.
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Purchase Commitments with Suppliers and Contract Manufacturers - In order to reduce manufacturing lead-times and to ensure an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we issue purchase orders to our component suppliers and third-party manufacturers that may not be cancellable. As of March 31, 2023 and December 31, 2022, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable. Performance Guarantees - We guarantee the performance of Energy Servers at certain levels of output and efficiency to our customers over the contractual term. We monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded contra service revenue in the condensed consolidated statements of operations. We paid $15.8 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively, for such performance guarantees. Letters of Credit - In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative development and established a cash-collateralized letter of credit facility for this purpose. As of March 31, 2023, the balance of this cash-collateralized letter of credit was $54.7 million, of which $33.3 million and $21.4 million is recognized as short-term and long-term restricted cash, respectively. As of December 31, 2022, the balance of this cash-collateralized letter of credit was $69.1 million, of which $40.6 million and $28.5 million is recognized as short-term and long-term restricted cash, respectively. Pledged Funds - In 2019, pursuant to the PPA IIIb upgrade of Energy Servers, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. All or a portion of such funds would be released if we meet certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If we do not meet the required criteria within the first five-year period, the funds would still be released to us over the following two years as long as the Energy Servers continue to perform in compliance with our warranty obligations. As of March 31, 2023 and December 31, 2022, the balance of the long-term restricted cash fund was $6.7 million and $6.7 million, respectively. Contingencies Indemnification Agreements - We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. Delaware Economic Development Authority - In March 2012, we entered into an agreement with the Delaware Economic Development Authority to provide a grant of $16.5 million to us as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full time workers at the facility over a certain period of time. We have so far received $12.0 million of the grant, which is contingent upon meeting the milestones through September 30, 2023. In the event that we do not meet the milestones, we may have to repay the Delaware Economic Development Authority, up to an additional $2.5 million on September 30, 2023. We repaid $1.5 million and $1.0 million of the grant in 2017 and 2021, respectively. As of September 30, 2022 the grant became current, and we have recorded $9.5 million in accrued expenses and other current liabilities for future repayments of this grant as of March 31, 2023 and December 31, 2022, respectively. Investment Tax Credits - Our Energy Servers are eligible for federal ITCs that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed of or otherwise ceases to be qualified investment credit property before the close of the five-year recapture period is fulfilled, it could result in a partial reduction of the incentives. Energy Servers are purchased by the PPA Entities, other financial sponsors, or customers and, therefore, these parties bear the risk of repayment if the assets placed in service do not meet the ITC operational criteria in the future although in certain limited circumstances we do provide indemnification for such risk. Legal Matters - We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matters may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our condensed consolidated balance sheets, results of operations or cash flows for the period in which the resolution occurs or in future periods. In March 2019, the Lincolnshire Police Pension Fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara, against us, certain members of our senior management, certain of our directors and the underwriters in our July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”) for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al. was filed on April 22, 2019 and Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs’ consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be without merit and in contravention of our forum selection clause in our Restated Certificate of Incorporation and we intend to defend this action vigorously. We are unable to estimate any range of reasonably possible losses. In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors alleging violations under Sections 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. On September 3, 2019, the court appointed a lead plaintiff and lead plaintiffs’ counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in the IPO and our auditor as defendants for the Section 11 claim, as well as adding claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against us, and certain members of our senior management team. The amended complaint alleged a class period for all claims from the time of our IPO until September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint, which continued to make the same claims and added allegations pertaining to the restatement and, as to claims under the Exchange Act, extended the putative class period through February 12, 2020. On July 1, 2020, we and the other defendants filed motions to dismiss the second amended complaint. On September 29, 2021, the court entered an order dismissing with leave to amend (1) five of seven statements or groups of statements alleged to violate Sections 11 and 15 of the Securities Act and (2) all allegations under the Exchange Act. All allegations against our auditors were also dismissed. Plaintiffs elected not to amend the complaint and instead on October 22, 2021 filed a motion for entry of final judgment in favor of our auditors so that plaintiffs could appeal the dismissal of those claims. The court denied that motion on December 1, 2021 and in response plaintiffs filed a motion asking the court to certify an interlocutory appeal as to the accounting claims. The court denied plaintiffs’ motion on April 14, 2022. The claims for violation of Sections 11 and 15 of the Securities Act that were not dismissed by the court entered the discovery phase. On January 6, 2023, Bloom and the plaintiffs’ entered into an agreement in principle to settle the claims against Bloom, its executives and directors, and the IPO underwriters for a payment of $3 million, which will be funded entirely by our insurers. If the settlement becomes effective, it will result in a dismissal with prejudice of all claims against us, our executives and directors, and the underwriters. The settlement does not constitute an acknowledgement of liability or wrongdoing. This settlement is conditioned on the execution of a definitive settlement agreement containing the foregoing terms and customary terms for class action settlements, and approval of the settlement by the court. If the court does not approve the settlement and all of its material terms, or the settlement does not otherwise become final or effective, proceedings in the action will continue. In June 2021, we filed a petition for writ of mandate and a complaint for declaratory and injunctive relief in the Santa Clara Superior Court against the City of Santa Clara for failure to issue building permits for two of our customer installations and asking the court to require the City of Santa Clara to process and issue the building permits. In October 2021, we filed an amended petition and complaint that asserts additional constitutional and tort claims based on the City’s failure to timely issue the Energy Server permits. Discovery has commenced and we are aggressively pursuing all claims. On February 4, 2022, the City of Santa Clara filed a demurrer seeking to dismiss all of the Company’s claims. The trial judge rejected the demurrer on all claims except one, and allowed Bloom leave to amend that claim. The second amended petition was filed on July 5, 2022. The City of Santa Clara demurred only to the amended cause of action seeking damages for tortious conduct. The trial judge granted that demurrer and struck the tort claim on October 27, 2022; the writ of mandate and constitutional claims were allowed to proceed. The parties are currently briefing the writ of mandate claims which seek immediate issuance of the building permits. On April 21, 2023, the parties executed a settlement agreement which allows our two pending customer installations to proceed under building permits and requires the City to amend its zoning code so that future installations of Bloom Energy Servers in Santa Clara require only building permits. In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland (“WIPO”), for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint seeks the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint seeks to recover damages we have suffered in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). We filed our opposition on June 30, 2022, Plansee/GTP filed its reply on July 14, 2022 and we filed our sur-reply on July 22, 2022. On February 9, 2023, Magistrate Judge Payne issued a report and recommendation to stay the district court action pending an arbitrability determination by the arbitrator for each claim. On February 23, 2023, we filed an amended complaint adding additional causes of action and filed objections to the Magistrate’s report and recommendation. On April 26, 2023, Judge Gilstrap overruled our objections to the Magistrate’s report and recommendation and stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. The arbitration had been held in abeyance awaiting the District Court’s decision. Given that the District Court matter is stayed and the WIPO arbitration had been held in abeyance, the cases are still in their early stages. We are unable to predict the ultimate outcome of the arbitration and district court action at this time.
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended March 31, 2023 and 2022, we recorded an income tax provisions of $0.3 million and $0.6 million on pre-tax losses of $74.7 million and $82.2 million for effective tax rates of (0.3)% and (0.7)%, respectively. The effective tax rate for the three months ended March 31, 2023 and 2022 is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
|
Net Loss per Share Available to Common Stockholders |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share Available to Common Stockholders | Net Loss per Share Available to Common Stockholders Please refer to the condensed consolidated statements of operations for computation of our net loss per share available to common stockholders, basic and diluted. The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive (in thousands):
|
SK ecoplant Strategic Investment |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SK ecoplant Strategic Investment | SK ecoplant Strategic Investment In October 2021, we expanded our existing relationship with SK ecoplant. As part of this arrangement, we amended the previous Preferred Distribution Agreement (“PDA”) and Joint Venture Agreement (“JVA”) with SK ecoplant. The restated PDA establishes SK ecoplant’s purchase commitments for our Energy Servers for the three year period on a take or pay basis as well as the basis for determining the prices at which the Energy Servers and related components will be sold. The restated JVA increases the scope of assembly done by the joint venture facility in the Republic of Korea, which was established in 2019, for the procurement of local parts for our Energy Servers and the assembly of certain portions of the Energy Servers for the South Korean market. The joint venture is a VIE of Bloom and we consolidate it in our financial statements as we are the primary beneficiary and therefore have the power to direct activities which are most significant to the joint venture. The following are the aggregate carrying values of the Korean joint venture’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of March 31, 2023 and December 31, 2022 (in thousands):
In October 2021, we also entered into a new Commercial Cooperation Agreement (the “CCA”) regarding initiatives pertaining to the hydrogen market and general market expansion for our products. The Initial Investment Simultaneous with the execution of the above agreements, we entered into the SPA pursuant to which we agreed to sell and issue to SK ecoplant 10,000,000 shares of Series A redeemable convertible preferred stock (the “Series A RCPS”), par value $0.0001 per share, at a purchase price of $25.50 per share for an aggregate purchase price of $255.0 million. On December 29, 2021, the closing of the sale of the Series A RCPS was completed and we issued the 10,000,000 shares of the Series A RCPS (the “Initial Investment”). In addition to the Initial Investment, the SPA provided SK ecoplant with an option to acquire a variable number of shares of Class A Common Stock (the “Option”). According to the SPA, SK ecoplant was entitled to exercise the Option through August 31, 2023, and the transaction must have been completed by November 30, 2023. The sale of Series A RCPS was recorded at its fair value of $218.0 million on the date of issuance. Accordingly, we allocated the excess of the cash proceeds received of $255.0 million plus the change in fair value of the Series A RCPS between October 23, 2021, and December 29, 2021, of $9.7 million, over the fair value of the Series A RCPS on December 29, 2021, and the fair value of the Option on October 23, 2021, to the PDA. This excess amounted to $37.0 million and is recognized as revenue over the take or pay period based on an estimate of the revenue we expect to receive under the PDA. Accordingly, during the three months ended March 31, 2022, we recognized Product Revenue of $1.2 million in connection with this arrangement. No Product Revenue was recognized during the three months ended March 31, 2023 in connection with this arrangement. As of December 31, 2022, the unrecognized amount of $24.6 million included $10.0 million in current deferred revenue and customer deposits and $14.6 million in non-current deferred revenue and customer deposits on the condensed consolidated balance sheets. As of March 31, 2023, the unrecognized amount of deferred revenue and customer deposits was reduced to zero as a result of the Second Tranche Closing (see details below in section “The Second Tranche Closing”). PDA, JVA, CCA and the SPA entered into with SK ecoplant concurrently were evaluated as a combined contract in accordance with ASC 606 Revenue from Contracts with Customers and, to the extent applicable for separated components, under the guidance of Topic 815 Derivatives and Hedging and applicable subsections and ASC 480 Distinguishing Liabilities from Equity. We concluded that the Option was a freestanding financial instrument that should have been separately recorded at fair value on the date the SPA was executed. On August 10, 2022, pursuant to the SPA, SK ecoplant notified us of its intent to exercise its option to purchase additional shares of our Class A common stock, pursuant to a Second Tranche Exercise Notice (as defined in the SPA) electing to purchase 13,491,701 shares at a purchase price of $23.05 per share (the “Second Tranche Closing”). Upon receipt of SK’s notice the purchase price and the number of shares of Class A Common Stock that SK will purchase under the Option became fixed. Upon the receipt of the notice from SK ecoplant the Option met the criteria of an equity award and was classified as a forward contract as part of additional paid-in capital. On November 8, 2022, each share of the Series A RCPS was converted into 10,000,000 shares of Class A Common Stock. On December 6, 2022, SK ecoplant and Bloom mutually agreed to delay the Second Tranche Closing Date for the purchase of the 13,491,701 shares of Class A Common Stock of the Issuer until March 31, 2023, unless an earlier date is mutually agreed upon and subject to and assuming the satisfaction of applicable regulatory clearance. The mutual agreement to modify the Second Tranche Closing date did not change the accounting or valuation of the equity-classified forward recorded. For further information, see Part II, Item 8, Note 17 - SK ecoplant Strategic Investment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Second Tranche Closing On March 20, 2023, SK ecoplant entered into the Amended SPA with us, pursuant to which on March 23, 2023, we issued and sold to SK ecoplant 13,491,701 shares of non-voting Series B redeemable convertible preferred stock, par value $0.0001 per share (the “Series B RCPS”), at a purchase price of $23.05 per share for cash proceeds of $311.0 million. The Amended SPA triggered the modification of the equity-classified forward contract on Class A common stock, which resulted in the derecognition of the pre-modification fair value of the forward contract given to SK ecoplant of $76.2 million. The derecognition of the pre-modification fair value was recorded in additional paid-in capital in our condensed consolidated balance sheets as of March 31, 2023. The Series B RCPS was accounted for as a stock award with liability and equity components. The liability component of the Series B RCPS was recognized at the redemption value of $311.0 million and the equity component of the Series B RCPS was recognized at its fair value of $16.1 million on March 20, 2023, and these were recorded in current liabilities and additional paid-in capital, respectively, in our condensed consolidated balance sheets as of March 31, 2023. On March 20, 2023, in connection with the Amended SPA, we also entered into the Loan Agreement, pursuant to which we have the option to draw on a loan from SK ecoplant with a maximum principal amount of $311.0 million, should SK ecoplant send a redemption notice to us under the Amended SPA. The Loan Agreement has a maturity of five years and bears an interest rate of 4.6%. The Loan Agreement is a freestanding financial instrument; accordingly, we recognized a loan commitment asset at its fair value of $52.8 million, of which $5.3 million was classified as current and $47.5 million was classified as non-current in our condensed consolidated balance sheets as of March 31, 2023. The Amended SPA and the Loan Agreement provided us with cash proceeds of $311.0 million and a loan commitment asset of $52.8 million from SK ecoplant for total consideration of $363.8 million. In return, SK ecoplant received consideration of $403.3 million, comprising of the release from the obligation to close on the original transaction fair valued at $76.2 million, the obligation from us to issue the Series B RCPS at redemption value of $311.0 million, and the option to convert the Series B RCPS to Class A common stock, which has an estimated fair value of $16.1 million. The excess consideration provided by us amounted to $39.5 million, which resulted in a reduction of our deferred revenue and customer deposits by $24.6 million related to the Initial Investment, as of March 31, 2023. The net excess consideration of $14.9 million was recognized as $8.2 million in prepaid expenses and other current assets and $6.7 million was classified as other long-term assets in our condensed consolidated balance sheets as of March 31, 2023. The deferred expense will be recognized as contra-revenue over the take or pay period based on an estimate of the revenue we expect to receive under the remaining term of the PDA. Description of Series B RCPS - The significant rights and preferences of the Series B RCPS are as follows: Liquidation: Upon the liquidation or dissolution of Bloom, or a deemed liquidation event (which includes a change in control or the sale or other disposition of all or substantially all of our assets), the holders of the Series B RCPS are entitled to receive in preference to the holders of the Common Stock, the greater of (i) their liquidation preference or (ii) an amount they would be entitled to receive on an as-converted basis. After payment of the liquidation preference to the holders of the Series B RCPS, our remaining assets are available for distribution to the holders of Common Stock on a pro rata basis. Redemption rights: The Series B RCPS may be redeemed upon election of SK ecoplant at the redemption price per share of $311.0 million divided by the number of then outstanding shares of Series B RCPS, which shall be payable in one installment, commencing on a date not less than sixty days after and not more than ninety days after SK ecoplant deliver written notice of the redemption to the Company (the “Redemption Notice”). SK ecoplant shall not send the Redemption Notice until four months have passed from the Series B RCPS issue date and the delivery of the Redemption Notice shall be irrevocable. The Series B RCPS shall not be redeemable upon the election of the Company. Conversion: The Series B RCPS are convertible at any time at SK ecoplant’s option into Class A common stock (subject to adjustment in the event of stock splits or combinations, and dividends or other distributions on the Class A Common Stock which are payable in shares of Class A Common Stock). In addition, on the 6-month anniversary of the issuance date, the Series B RCPS shall automatically convert into shares of Class A common stock at the conversion price in effect at that time. The automatic conversion will not occur should SK ecoplant elect to redeem the Series B RCPS prior to six months after the original issuance date, but not earlier than four months have passed from the original issue date. Protective provisions: Bloom is prohibited from the following actions without the affirmative vote of a majority of the holders of the Series B RCPS: (i) increasing the authorized number of shares of Series B RCPS; (ii) authorizing or creating any new class of stock that is senior to or on a parity with the Series B RCPS or increasing or decreasing the authorized number of shares of any such new class of stock; (iii) amending the rights, preferences or privileges of the Series B RCPS; and (iv) redeeming the Series B RCPS. Voting and dividend rights: The holders of the Series B RCPS have no voting rights, except on matters related to the RCPS, and are not entitled to dividends.
|
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There have been no subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
|
Principles of Consolidation | Principles of Consolidation For information on the principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
|
Business Combinations | Business Combinations For information on the business combinations, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Business Combinations section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
|
Use of Estimates | Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
|
Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
|
Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract with Customer, Asset and Liability | The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Deferred revenue activity, including deferred incentive revenue activity, during the three months ended March 31, 2023 and 2022 consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
|
Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restrictions on Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 We have VIE related to PPA V that represents a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of March 31, 2023, included $33.3 million and $0.7 million of current restricted cash, respectively, and $21.4 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, included $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs.
|
Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Level 3 Financial Liabilities | The changes in the Level 3 financial liabilities during the three months ended March 31, 2023 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments | The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
|
Balance Sheet Components (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | The components of inventory consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expense and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Assets | Other long-term assets consisted of the following (in thousands):
Accrued Warranty Accrued warranty liabilities consisted of the following (in thousands):
Changes in the product warranty and product performance liabilities were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
|
Outstanding Loans and Security Agreements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of our debt as of March 31, 2023 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2022 (in thousands, except percentage data):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repayment and Interest Expense | The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2023 (in thousands):
|
Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Leases | Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease, Cost | The components of our facilities, Energy Servers, and vehicles’ lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of March 31, 2023 and December 31, 2022 were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Lease, Liability, Fiscal Year Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lessee, Operating Lease, Liability, Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of March 31, 2023 were as follows (in thousands):
At March 31, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sales-type Leases, Lease Receivable, Maturity | Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA V Entity as of March 31, 2023, were as follows (in thousands):
|
Stock-Based Compensation and Employee Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The following table summarizes the stock option activity under our stock plans during the reporting period:
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Award Activity | A summary of our stock awards activity and related information is as follows:
|
Portfolio Financings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following were the aggregate carrying values of our VIE’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including for the PPA Entity in the PPA V transaction as of March 31, 2023 and December 31, 2022 (in thousands):
|
Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Our operations include the following related party transactions (in thousands):
Below is the summary of outstanding related party balances as of March 31, 2023 and December 31, 2022 (in thousands):
|
Net Loss per Share Available to Common Stockholders (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive (in thousands):
|
SK ecoplant Strategic Investment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | The following are the aggregate carrying values of the Korean joint venture’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of March 31, 2023 and December 31, 2022 (in thousands):
|
Nature of Business, Liquidity and Basis of Presentation (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 20, 2023
USD ($)
shares
|
Mar. 31, 2023
USD ($)
customer
|
Mar. 31, 2022
customer
|
Dec. 31, 2022
USD ($)
customer
|
|
Subsidiary, Sale of Stock [Line Items] | ||||
Long-term debt | $ 402,352 | $ 411,579 | ||
Non-recourse debt | $ 377,946 | $ 385,556 | ||
Accounts Receivable | Customer Concentration Risk | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of customers | customer | 2 | 1 | ||
Accounts Receivable | Customer Concentration Risk | Customer One | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Concentration risk, percentage | 70.00% | 75.00% | ||
Accounts Receivable | Customer Concentration Risk | Customer Two | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Concentration risk, percentage | 18.00% | |||
Sales Revenue, Net | Customer Concentration Risk | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of customers | customer | 2 | 2 | ||
Sales Revenue, Net | Customer Concentration Risk | Customer One | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Concentration risk, percentage | 41.00% | 32.00% | ||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Concentration risk, percentage | 25.00% | |||
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Concentration risk, percentage | 5.00% | 65.00% | ||
Second Tranche Closing | SK Ecoplant | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Net proceeds from stock offering | $ 311,000 | |||
Loan agreement term | 5 years | |||
Interest rate | 4.60% | |||
Second Tranche Closing | Series B preferred | SK Ecoplant | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares sold in offering (in shares) | shares | 13,491,701 | |||
Recourse Debt | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Long-term debt | $ 282,353 | $ 285,792 | ||
Non-recourse debt | $ 269,382 | $ 273,076 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Revenue from Contract with Customer [Abstract] | ||||
Accounts receivable | $ 329,757 | $ 250,995 | ||
Contract assets | 47,778 | 46,727 | $ 13,533 | $ 25,201 |
Customer deposits | 89,741 | 121,085 | ||
Deferred revenue | $ 87,848 | $ 94,355 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 29, 2021 |
---|---|---|---|
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 87,848 | $ 94,355 | |
SK Ecoplant | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 0 | $ 24,600 | $ 37,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 21 years |
Revenue Recognition - Contract Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 46,727 | $ 25,201 |
Transferred to accounts receivable from contract assets recognized at the beginning of the period | (10,787) | (14,576) |
Revenue recognized and not billed as of the end of the period | 11,838 | 2,908 |
Ending balance | $ 47,778 | $ 13,533 |
Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Contract With Customer, Liability, Deferred Revenue [Roll Forward] | ||
Beginning balance | $ 94,355 | $ 115,476 |
Additions | 224,939 | 166,676 |
Revenue recognized | (231,446) | (178,663) |
Ending balance | $ 87,848 | $ 103,489 |
Revenue Recognition - Revenue by Source (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue from contract with customers | $ 258,771 | $ 185,021 |
Total revenue | 275,191 | 201,039 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contract with customers | 193,745 | 133,547 |
Total revenue | 193,745 | 133,547 |
Installation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contract with customers | 20,525 | 13,553 |
Total revenue | 20,525 | 13,553 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contract with customers | 40,663 | 35,239 |
Total revenue | 40,663 | 35,239 |
Electricity | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contract with customers | 3,838 | 2,682 |
Electricity revenue | 16,420 | 16,018 |
Total revenue | $ 20,258 | $ 18,700 |
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 320,431 | $ 348,498 | |||
Restricted cash | 163,014 | 169,868 | ||||
Cash, cash equivalents and restricted cash | 483,445 | 518,366 | $ 493,896 | $ 615,114 | ||
Cash | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | 319,744 | 226,463 | ||||
Money market funds | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | $ 163,701 | $ 291,903 | ||||
|
Financial Instruments - Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2019 |
||
---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | [1] | $ 47,241 | $ 51,515 | ||
Restricted cash related to PPA Entities | [1] | 115,773 | 118,353 | ||
Restricted cash | 163,014 | 169,868 | |||
Consolidated Entity, Excluding Consolidated VIE | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 46,891 | 50,965 | |||
Restricted cash related to PPA Entities | 107,773 | 110,353 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 350 | 550 | |||
Restricted cash related to PPA Entities | 8,000 | 8,000 | |||
Variable Interest Entity, Primary Beneficiary | Power Purchase Agreements Entities | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 350 | 550 | |||
Restricted cash related to PPA Entities | 8,000 | 8,000 | |||
Variable Interest Entity, Primary Beneficiary | PPA II | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 33,300 | 40,600 | |||
Restricted cash related to PPA Entities | 21,400 | 28,500 | |||
Restricted cash | 54,700 | 69,100 | |||
Variable Interest Entity, Primary Beneficiary | PPA IIIB | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 700 | 1,200 | |||
Restricted cash related to PPA Entities | $ 6,700 | $ 6,700 | |||
Restricted cash | $ 20,000 | ||||
|
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Cash and Cash Equivalents [Abstract] | ||
Accounts receivable, derecognized | $ 59.6 | $ 46.1 |
Cost of factoring | $ 0.7 |
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Total assets | $ 163,701 | $ 291,903 |
Liabilities | ||
Total liabilities | 5,778 | 5,895 |
Money market funds | ||
Assets | ||
Money market funds | 163,701 | 291,903 |
Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 5,778 | 5,895 |
Level 1 | ||
Assets | ||
Total assets | 163,701 | 291,903 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 1 | Money market funds | ||
Assets | ||
Money market funds | 163,701 | 291,903 |
Level 1 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 2 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 2 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 5,778 | 5,895 |
Level 3 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 3 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | $ 5,778 | $ 5,895 |
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 5,895 |
Changes in fair value | (117) |
Ending balance | $ 5,778 |
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
10.25% Senior Secured Notes due March 2027 | Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 10.25% | 10.25% |
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 2.50% | 2.50% |
3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 3.04% | |
Net Carrying Value | 10.25% Senior Secured Notes due March 2027 | Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | $ 57,029 | $ 60,960 |
Net Carrying Value | 2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | 225,324 | 224,832 |
Net Carrying Value | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | 119,999 | 125,787 |
Fair Value | 10.25% Senior Secured Notes due March 2027 | Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | 55,991 | 60,472 |
Fair Value | 2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | 316,664 | 309,488 |
Fair Value | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument | $ 112,252 | $ 117,028 |
Balance Sheet Components - Inventories, Net (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Raw materials | $ 195,680 | $ 165,446 | ||
Finished goods | 147,004 | 58,288 | ||
Work-in-progress | 55,005 | 44,660 | ||
Inventory, net | [1] | 397,689 | 268,394 | |
Inventory reserves | $ 16,500 | $ 17,200 | ||
|
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Receivables from employees | $ 13,548 | $ 6,553 | ||
Deferred expenses | 8,215 | 0 | ||
Prepaid hardware and software maintenance | 4,094 | 4,290 | ||
Tax receivables | 3,783 | 3,676 | ||
Prepaid managed services | 3,607 | 4,405 | ||
Advance income tax provision | 3,343 | 783 | ||
Prepaid workers compensation | 3,265 | 5,536 | ||
Prepaid rent | 1,811 | 965 | ||
Deposits made | 1,723 | 1,409 | ||
Prepaid deferred commissions | 905 | 1,002 | ||
State incentive receivable | 186 | 204 | ||
Other prepaid expenses and other current assets | 11,904 | 14,820 | ||
Prepaid expenses and other current assets | [1] | $ 56,384 | $ 43,643 | |
|
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 961,921 | $ 944,598 | ||
Less: accumulated depreciation | (358,960) | (344,184) | ||
Property, plant and equipment, net | [1] | 602,961 | 600,414 | |
Energy Servers | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 538,912 | 538,912 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 146,710 | 145,555 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 104,758 | 104,528 | ||
Construction-in-progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 87,042 | 72,174 | ||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 49,419 | 49,240 | ||
Computers, software and hardware | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 25,286 | 24,608 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 9,794 | $ 9,581 | ||
|
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and amortization | $ 18,150 | $ 14,384 | |
Variable Interest Entity, Primary Beneficiary | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, plant and equipment | 226,000 | $ 226,000 | |
Accumulated depreciation | 96,300 | $ 92,700 | |
Operating leases, depreciation expense | 3,600 | 5,900 | |
Property, plant and equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and amortization | $ 18,200 | $ 14,400 |
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Deferred commissions | $ 8,980 | $ 8,320 | ||
Long-term lease receivable | 7,971 | 8,076 | ||
Deferred expenses | 6,636 | 0 | ||
Prepaid insurance | 3,772 | 4,047 | ||
Deposits made | 2,672 | 2,672 | ||
Prepaid managed services | 2,215 | 2,373 | ||
Deferred tax asset | 1,398 | 1,151 | ||
Prepaid and other long-term assets | 13,326 | 13,566 | ||
Other long-term assets | [1] | $ 46,970 | $ 40,205 | |
|
Balance Sheet Components - Accrued Warranty (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Product performance | $ 9,075 | $ 16,901 |
Product warranty | 381 | 431 |
Accrued warranty liabilities | $ 9,456 | $ 17,332 |
Balance Sheet Components - Standard Product Warranty Liability (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Accrued warranty beginning balance | $ 17,332 |
Accrued warranty, net | 7,924 |
Warranty expenditures during the quarter | (15,800) |
Accrued warranty ending balance | $ 9,456 |
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
General invoice and purchase order accruals | $ 35,635 | $ 44,010 | ||
Compensation and benefits | 30,474 | 48,156 | ||
Delaware grant | 9,495 | 9,495 | ||
Accrued installation | 8,930 | 7,905 | ||
Sales-related liabilities | 6,387 | 7,147 | ||
Accrued legal expenses | 3,896 | 4,403 | ||
Provision for income tax | 3,970 | 1,140 | ||
Current portion of derivative liabilities | 3,160 | 2,596 | ||
PPA IV Upgrade financing obligations | 2,958 | 6,076 | ||
Accrued consulting expenses | 1,950 | 1,390 | ||
Sales tax liabilities | 1,612 | 6,172 | ||
Finance lease liabilities | 1,062 | 1,024 | ||
Interest payable | 719 | 3,128 | ||
Other | 1,513 | 1,541 | ||
Accrued other current liabilities | [1] | $ 111,761 | $ 144,183 | |
|
Balance Sheet Components - Preferred Stock (Details) - $ / shares |
Mar. 20, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Class of Stock [Line Items] | |||
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock, par or stated (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Series B preferred | SK Ecoplant | Second Tranche Closing | |||
Class of Stock [Line Items] | |||
Shares sold in offering (in shares) | 13,491,701 | ||
Series A preferred | |||
Class of Stock [Line Items] | |||
Preferred stock, authorized (in shares) | 10,000,000 |
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 409,191 | $ 419,083 |
Current portion of debt | 24,406 | 26,023 |
Long-term portion of debt | 377,946 | 385,556 |
Total | 402,352 | 411,579 |
Unused Borrowing Capacity | 409,191 | |
Notes | 10.25% Senior Secured Notes due March 2027 | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | 57,645 | 61,653 |
Current portion of debt | 12,971 | 12,716 |
Long-term portion of debt | 44,058 | 48,244 |
Total | 57,029 | $ 60,960 |
Unused Borrowing Capacity | $ 57,645 | |
Interest rate percentage | 10.25% | 10.25% |
Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025 | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 230,000 | $ 230,000 |
Current portion of debt | 0 | 0 |
Long-term portion of debt | 225,324 | 224,832 |
Total | 225,324 | $ 224,832 |
Unused Borrowing Capacity | $ 230,000 | |
Interest rate percentage | 2.50% | 2.50% |
Senior Secured Notes | 3.04% Senior Secured Notes due June 30, 2031 | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 121,546 | $ 127,430 |
Current portion of debt | 11,435 | 13,307 |
Long-term portion of debt | 108,564 | 112,480 |
Total | 119,999 | $ 125,787 |
Unused Borrowing Capacity | $ 121,546 | |
Interest rate percentage | 3.04% | 3.04% |
Recourse Debt | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 287,645 | $ 291,653 |
Current portion of debt | 12,971 | 12,716 |
Long-term portion of debt | 269,382 | 273,076 |
Total | 282,353 | 285,792 |
Unused Borrowing Capacity | 287,645 | |
Non-recourse Debt | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | 121,546 | 127,430 |
Current portion of debt | 11,435 | 13,307 |
Long-term portion of debt | 108,564 | 112,480 |
Total | 119,999 | $ 125,787 |
Unused Borrowing Capacity | $ 121,546 |
Outstanding Loans and Security Agreements - Recourse Debt Facilities Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||
Non-recourse debt | $ 24,406 | $ 26,023 | |
Contractual interest expense | $ 11,746 | $ 14,087 | |
10.25% Senior Secured Notes due March 2027 | Notes | |||
Debt Instrument [Line Items] | |||
Interest rate percentage | 10.25% | 10.25% | |
Secured long-term debt, noncurrent | $ 44,700 | $ 48,900 | |
Non-recourse debt | 12,971 | $ 12,716 | |
10.25% Senior Secured Notes due March 2027 | Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 1,700 | 1,700 | |
Amortization of debt issuance costs | $ 100 | 100 | |
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate percentage | 2.50% | 2.50% | |
Non-recourse debt | $ 0 | $ 0 | |
Contractual interest expense | 1,900 | 1,900 | |
Amortization of debt issuance costs | $ 500 | $ 500 |
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Details) - Senior Secured Notes - 3.04% Senior Secured Notes due June 2031 - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Interest Rate | 3.04% | |
Debt minimum debt service reserves required | $ 8.0 | $ 8.0 |
PPA Company IIIA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.04% |
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Remainder of 2023 | $ 20,143 | ||
2024 | 25,623 | ||
2025 | 258,322 | ||
2026 | 30,912 | ||
2027 | 18,116 | ||
Thereafter | 56,075 | ||
Total | 409,191 | $ 419,083 | |
Interest expense | $ 11,700 | $ 14,100 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Leases [Abstract] | |||
Rent expense | $ 5,600 | $ 4,500 | |
Financing obligations | $ 436,306 | $ 442,063 |
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Assets and Liabilities, Lessee: | ||||
Operating lease right-of-use assets, net | [1] | $ 129,377 | $ 126,955 | |
Current operating lease liabilities | [1] | (16,148) | (16,227) | |
Non-current operating lease liabilities | [1] | (135,287) | (132,363) | |
Total operating lease liabilities | $ (151,435) | $ (148,590) | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | ||
Finance lease right-of-use assets, net | $ 2,814 | $ 2,824 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | ||
Finance Lease, Liability, Current | $ (1,062) | $ (1,024) | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
Non-current finance lease liabilities | $ (1,925) | $ (1,971) | ||
Total finance lease liabilities | (2,987) | (2,995) | ||
Total lease liabilities | $ (154,422) | $ (151,585) | ||
|
Leases - Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Operating lease costs | $ 7,799 | $ 5,818 |
Amortization of right-of-use assets | 201 | 258 |
Interest on lease liabilities | 62 | 54 |
Total financing lease costs | 263 | 312 |
Short-term lease costs | 444 | 36 |
Total lease costs | $ 8,506 | $ 6,166 |
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Weighted average remaining lease term: | ||
Operating leases | 8 years 4 months 24 days | 8 years 7 months 6 days |
Finance leases | 3 years 3 months 18 days | 3 years 3 months 18 days |
Weighted average discount rate: | ||
Operating leases | 10.40% | 10.30% |
Finance leases | 8.80% | 6.90% |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Operating Leases | |||
Remainder of 2023 | $ 23,382 | ||
2024 | 27,421 | ||
2025 | 28,158 | ||
2026 | 28,304 | ||
2027 | 27,014 | ||
Thereafter | 95,503 | ||
Total minimum lease payments | 229,782 | ||
Less: amounts representing interest or imputed interest | (78,347) | ||
Present value of lease liabilities | 151,435 | $ 148,590 | |
Finance Leases | |||
Remainder of 2023 | 989 | ||
2024 | 1,147 | ||
2025 | 662 | ||
2026 | 421 | ||
2027 | 249 | ||
Thereafter | 27 | ||
Total minimum lease payments | 3,495 | ||
Less: imputed interest | (508) | ||
Present value of lease liabilities | 2,987 | 2,995 | |
Less: current financing obligations | (1,062) | (1,024) | |
Long-term financing obligations | 1,925 | $ 1,971 | |
Total revenue from contract with customers | 258,771 | $ 185,021 | |
Total lease costs | 8,506 | 6,166 | |
Product | |||
Finance Leases | |||
Total revenue from contract with customers | 193,745 | 133,547 | |
Installation | |||
Finance Leases | |||
Total revenue from contract with customers | 20,525 | 13,553 | |
Managed Services | Variable Interest Entity, Primary Beneficiary | |||
Finance Leases | |||
Remainder of 2023 | 33,874 | ||
2024 | 43,014 | ||
2025 | 41,998 | ||
2026 | 37,410 | ||
2027 | 21,065 | ||
Thereafter | 36,608 | ||
Total minimum lease payments | 213,969 | ||
Less: imputed interest | (116,158) | ||
Present value of lease liabilities | 97,811 | ||
Less: current financing obligations | (20,272) | ||
Long-term financing obligations | 77,539 | ||
Recognition of right-of-use assets and lease liabilities from sale and leaseback transactions | 5,500 | ||
Total lease costs | 2,100 | $ 1,300 | |
Managed Services | Variable Interest Entity, Primary Beneficiary | Product | |||
Finance Leases | |||
Total revenue from contract with customers | 7,300 | ||
Managed Services | Variable Interest Entity, Primary Beneficiary | Installation | |||
Finance Leases | |||
Total revenue from contract with customers | 3,000 | ||
Managed Services | Variable Interest Entity, Primary Beneficiary | Financing Obligations | |||
Finance Leases | |||
Total revenue from contract with customers | $ 1,200 |
Leases - Payment to be Received (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Lessor, Lease, Description [Line Items] | |
Total minimum lease payments | $ 188,203 |
Variable Interest Entity, Primary Beneficiary | Portfolio Financing | |
Lessor, Lease, Description [Line Items] | |
Remainder of 2023 | 15,668 |
2024 | 21,238 |
2025 | 21,630 |
2026 | 22,092 |
2027 | 22,566 |
Thereafter | $ 85,009 |
Stock-Based Compensation and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 29,553 | $ 26,308 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 4,161 | 3,860 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 8,410 | 7,082 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 5,817 | 4,775 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 11,165 | $ 10,591 |
Stock-Based Compensation and Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Outstanding Options/RSUs, Number of Shares | ||
Outstanding, beginning (in shares) | 8,748,309 | |
Exercised (in shares) | (114,526) | |
Expired (in Shares) | (156,405) | |
Outstanding, ending (in shares) | 8,477,378 | 8,748,309 |
Vested and expected to vest (in shares) | 8,474,492 | |
Exercisable (in shares) | 8,417,352 | |
Outstanding Options Weighted Average Exercise Price | ||
Outstanding, beginning (in dollars per share) | $ 20.70 | |
Exercised (in dollar per shares) | 6.71 | |
Expired (in dollar per shares) | 30.45 | |
Outstanding, ending (in dollars per share) | 20.71 | $ 20.70 |
Vested and expected to vest (in dollars per share) | 20.71 | |
Exercisable (in dollars per share) | $ 20.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding, remaining contractual life | 4 years 4 months 24 days | 4 years 7 months 6 days |
Outstanding, aggregate intrinsic value | $ 42,208 | $ 40,532 |
Vested and expected to vest, remaining contractual life | 4 years 4 months 24 days | |
Vested and expected to vest, aggregate intrinsic value | $ 42,171 | |
Exercisable, remaining contractual life | 4 years 4 months 24 days | |
Exercisable, aggregate intrinsic value | $ 41,425 |
Stock-Based Compensation and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Unrecognized compensation cost related to unvested stock options | $ 0.2 | $ 0.4 | |
Expense expected to be recognized over remaining weighted-average period | 1 year | 10 months 24 days | |
Cash received from stock options exercised | $ 0.8 | $ 1.0 | |
Class A common stock | |||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Granted (in shares) | 0 | 0 | |
Employee Stock Option | |||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Allocated share-based compensation expense | $ 0.2 | $ 2.1 |
Stock-Based Compensation and Employee Benefit Plans - Stock Award Activity (Details) - Restricted Stock Units |
3 Months Ended |
---|---|
Mar. 31, 2023
$ / shares
shares
| |
Number of Awards Outstanding | |
Unvested balance (in shares) | shares | 9,549,035 |
Granted (in shares) | shares | 4,115,300 |
Vested (in shares) | shares | (2,104,904) |
Forfeited (in shares) | shares | (126,807) |
Unvested balance (in shares) | shares | 11,432,624 |
Weighted Average Grant Date Fair Value | |
Unvested balance (in dollars per share) | $ / shares | $ 19.99 |
Granted (in dollars per share) | $ / shares | 18.99 |
Vested (in dollars per share) | $ / shares | 17.81 |
Forfeited (in dollars per share) | $ / shares | 28.80 |
Unvested balance (in dollars per share) | $ / shares | $ 19.93 |
Stock-Based Compensation and Employee Benefit Plans - Stock Awards Narrative (Details) - Restricted Stock Units - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 22.6 | $ 21.0 | |
Unrecognized stock-based compensation cost | $ 187.0 | $ 135.7 | |
Expense expected to be recognized over a weighted-average period | 2 years 2 months 12 days | 1 year 10 months 24 days |
Stock-Based Compensation and Employee Benefit Plans - Executive Awards Narrative (Details) - 2023 Executive Awards |
Feb. 15, 2023 |
---|---|
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation vesting period | 3 years |
Performance Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation vesting period | 3 years |
Stock-Based Compensation and Employee Benefit Plans - Number of Shares Available for Grant (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward] | |
Beginning balance (in shares) | 28,340,641 |
Added to plan (in shares) | 8,948,255 |
Granted (in shares) | (3,851,435) |
Cancelled/Forfeited (in shares) | 223,447 |
Expired (in shares) | (138,839) |
Ending Balance (in shares) | 33,522,069 |
Stock-Based Compensation and Employee Benefit Plans - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock ownership plan (ESOP), compensation expense | $ 6.5 | $ 2.5 | |
Number of shares issued (in shares) | 449,525 | 420,689 | |
Number of additional shares authorized (in shares) | 2,239,563 | 2,055,792 | |
Number of common stock reserved for issuance (in shares) | 15,630,754 | 13,840,716 | |
Unrecognized stock-based compensation cost | $ 21.3 | $ 12.0 | |
Expense expected to be recognized over a weighted-average period | 10 months 24 days | 7 months 6 days |
Portfolio Financings - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | [1] | $ 320,431 | $ 348,498 | |
Restricted cash | [1] | 47,241 | 51,515 | |
Accounts receivable | [1] | 329,757 | 250,995 | |
Prepaid expenses and other current assets | [1] | 56,384 | 43,643 | |
Total current assets | 1,244,929 | 1,055,963 | ||
Restricted cash | [1] | 115,773 | 118,353 | |
Other long-term assets | [1] | 46,970 | 40,205 | |
Total assets | 2,192,210 | 1,946,627 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | [1] | 111,761 | 144,183 | |
Deferred revenue and customer deposits | [1] | 148,530 | 159,048 | |
Non-recourse debt | [1] | 11,435 | 13,307 | |
Total current liabilities | 771,591 | 541,946 | ||
Deferred revenue and customer deposits | [1] | 29,059 | 56,392 | |
Non-recourse debt | [1] | 108,564 | 112,480 | |
Total liabilities | 1,758,376 | 1,567,811 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Current assets: | ||||
Cash and cash equivalents | 1,815 | 5,008 | ||
Restricted cash | 350 | 550 | ||
Accounts receivable | 1,820 | 2,072 | ||
Prepaid expenses and other current assets | 1,322 | 1,927 | ||
Total current assets | 5,307 | 9,557 | ||
Property, plant and equipment, net | 129,722 | 133,285 | ||
Restricted cash | 8,000 | 8,000 | ||
Other long-term assets | 1,742 | 1,869 | ||
Total assets | 144,771 | 152,711 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | 19 | 1,037 | ||
Deferred revenue and customer deposits | 662 | 662 | ||
Non-recourse debt | 11,435 | 13,307 | ||
Total current liabilities | 12,116 | 15,006 | ||
Deferred revenue and customer deposits | 4,585 | 4,748 | ||
Non-recourse debt | 108,564 | 112,480 | ||
Total liabilities | $ 125,265 | $ 132,234 | ||
|
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | |||
Total revenue from related parties | $ 833 | $ 7,466 | |
Accounts receivable | 0 | $ 4,257 | |
Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Total revenue from related parties | $ 0 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 06, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2019 |
Dec. 31, 2021 |
Dec. 31, 2017 |
|||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash | $ 169,868 | $ 163,014 | |||||||
Restricted cash | [1] | 51,515 | 47,241 | ||||||
Restricted cash | [1] | 118,353 | 115,773 | ||||||
Grants receivable | $ 16,500 | ||||||||
Proceeds from government grants | 12,000 | ||||||||
Grant agreement, maximum possible repayment amount, recapture period three | 2,500 | ||||||||
Grant agreement, recapture provision repayments | $ 1,000 | $ 1,500 | |||||||
Delaware grant | 9,500 | 9,500 | |||||||
Settlement amount | $ 3,000 | ||||||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash | 550 | 350 | |||||||
Restricted cash | 8,000 | 8,000 | |||||||
PPA II | Variable Interest Entity, Primary Beneficiary | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash | 69,100 | 54,700 | |||||||
Restricted cash | 40,600 | 33,300 | |||||||
Restricted cash | 28,500 | 21,400 | |||||||
PPA IIIB | Variable Interest Entity, Primary Beneficiary | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash | $ 20,000 | ||||||||
Restricted cash | 1,200 | 700 | |||||||
Restricted cash | $ 6,700 | 6,700 | |||||||
Term of customer contract for negotiated rates | 7 years | ||||||||
PPA IIIB | Variable Interest Entity, Primary Beneficiary | Customer Contract Tranche One | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Term of customer contract for negotiated rates | 5 years | ||||||||
PPA IIIB | Variable Interest Entity, Primary Beneficiary | Customer Contract Tranche Two | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Term of customer contract for negotiated rates | 2 years | ||||||||
PPA Company 5 | |||||||||
Operating Leased Assets [Line Items] | |||||||||
PPA expenses | $ 15,800 | $ 300 | |||||||
|
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 259 | $ 564 |
Pre-tax loss | $ 74,658 | $ 82,183 |
Effective income tax rate | (0.30%) | (0.70%) |
Net Loss per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 21,949 | 30,136 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 14,187 | 14,187 |
Redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,349 | 11,000 |
Stock options and awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 6,413 | 4,949 |
SK ecoplant Strategic Investment - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
|
Mar. 20, 2023
USD ($)
installment
$ / shares
shares
|
Oct. 23, 2021
USD ($)
|
Oct. 31, 2021
$ / shares
shares
|
Dec. 29, 2021
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | ||||||||
Deferred revenue | $ 87,848 | $ 87,848 | $ 94,355 | |||||
Derecognition of the pre-modification forward contract fair value | 76,242 | |||||||
Loan commitment asset | 5,259 | 5,259 | 0 | |||||
Loan commitment asset | 47,533 | 47,533 | 0 | |||||
Deferred revenue and customer deposits | 13,108 | $ 5,783 | ||||||
Second Tranche Closing | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Change in fair value | $ 16,100 | |||||||
Second Tranche Closing | SK Ecoplant | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Net proceeds from stock offering | $ 311,000 | |||||||
Loan agreement term | 5 years | |||||||
Interest rate | 4.60% | |||||||
Total consideration | $ 363,800 | |||||||
Number of installments | installment | 1 | |||||||
Redemption notice period | 4 months | |||||||
Conversion period | 6 months | |||||||
Second Tranche Closing | SK Ecoplant | Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Installment period following written notice of redemption | 60 days | |||||||
Conversion period | 4 months | |||||||
Second Tranche Closing | SK Ecoplant | Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Installment period following written notice of redemption | 90 days | |||||||
Conversion period | 6 months | |||||||
Second Tranche Closing | SK Ecoplant | SK Ecoplant | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total consideration | $ 403,300 | |||||||
Series B preferred | Second Tranche Closing | SK Ecoplant | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Shares sold in offering (in shares) | shares | 13,491,701 | |||||||
SK Ecoplant | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase commitment period | 3 years | |||||||
Redeemable convertible preferred stock, Series B | $ 218,000 | |||||||
Change in fair value | $ 9,700 | |||||||
Deferred revenue | 0 | $ 37,000 | 0 | 24,600 | ||||
Revenue recognized | 0 | $ 1,200 | ||||||
Deferred revenue, current | 10,000 | |||||||
Deferred revenue, noncurrent | $ 14,600 | |||||||
SK Ecoplant | Initial Investment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Deferred revenue and customer deposits | $ 24,600 | |||||||
SK Ecoplant | Second Tranche Closing | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Deferred revenue | 39,500 | 39,500 | ||||||
Loan commitment asset | 52,800 | 52,800 | ||||||
Loan commitment asset | 5,300 | 5,300 | ||||||
Loan commitment asset | 47,500 | 47,500 | ||||||
Excess consideration | 14,900 | 14,900 | ||||||
SK Ecoplant | Second Tranche Closing | Prepaid Expenses and Other Current Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Excess consideration | 8,200 | 8,200 | ||||||
SK Ecoplant | Second Tranche Closing | Other long-term assets | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Excess consideration | 6,700 | $ 6,700 | ||||||
SK Ecoplant | Series A Redeemable Convertible Preferred Stock | Initial Investment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Shares sold in offering (in shares) | shares | 10,000,000 | |||||||
Temporary equity, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Offering price per share (in dollars per share) | $ / shares | $ 25.50 | |||||||
Net proceeds from stock offering | $ 255,000 | |||||||
SK Ecoplant | Series A Redeemable Convertible Preferred Stock | Second Tranche Closing | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Derecognition of the pre-modification forward contract fair value | $ 76,200 | |||||||
SK Ecoplant | Series B preferred | Second Tranche Closing | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Temporary equity, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Offering price per share (in dollars per share) | $ / shares | $ 23.05 |
SK ecoplant Strategic Investment - Schedule of Aggregate Carrying Values (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | [1] | $ 320,431 | $ 348,498 | |
Accounts receivable | [1] | 329,757 | 250,995 | |
Inventories | [1] | 397,689 | 268,394 | |
Prepaid expenses and other current assets | [1] | 56,384 | 43,643 | |
Total current assets | 1,244,929 | 1,055,963 | ||
Operating lease right-of-use assets | [1] | 129,377 | 126,955 | |
Other long-term assets | [1] | 46,970 | 40,205 | |
Total assets | 2,192,210 | 1,946,627 | ||
Current liabilities: | ||||
Accounts payable | [1] | 130,061 | 161,770 | |
Accrued expenses and other current liabilities | [1] | 111,761 | 144,183 | |
Deferred revenue and customer deposits | [1] | 148,530 | 159,048 | |
Operating lease liabilities | [1] | 16,148 | 16,227 | |
Total current liabilities | 771,591 | 541,946 | ||
Operating lease liabilities | [1] | 135,287 | 132,363 | |
Total liabilities | 1,758,376 | 1,567,811 | ||
SK Ecoplant | ||||
Current assets: | ||||
Cash and cash equivalents | 902 | 2,591 | ||
Accounts receivable | 0 | 4,257 | ||
Inventories | 14,524 | 13,412 | ||
Prepaid expenses and other current assets | 1,070 | 2,645 | ||
Total current assets | 16,496 | 22,905 | ||
Property and equipment, net | 1,081 | 1,141 | ||
Operating lease right-of-use assets | 2,332 | 2,390 | ||
Other long-term assets | 47 | 47 | ||
Total assets | 19,956 | 26,483 | ||
Current liabilities: | ||||
Accounts payable | 1,105 | 5,607 | ||
Accrued expenses and other current liabilities | 685 | 1,355 | ||
Deferred revenue and customer deposits | 5 | 2 | ||
Operating lease liabilities | 396 | 393 | ||
Total current liabilities | 2,191 | 7,357 | ||
Operating lease liabilities | 1,945 | 2,000 | ||
Total liabilities | $ 4,136 | $ 9,357 | ||
|