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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 802,851 $ 664,593
Restricted cash [1] 110,622 46,821
Accounts receivable, less allowance for credit losses [1],[2] 335,841 340,740
Contract assets [3] 145,162 41,366
Inventories [1] 544,656 502,515
Deferred cost of revenue [4] 58,792 45,984
Prepaid Expense and Other Assets, Current [1],[5] 46,203 51,148
Total current assets 2,044,127 1,693,167
Property, plant and equipment, net [1] 403,475 493,352
Operating lease right-of-use assets [1],[6] 122,489 139,732
Restricted cash [1] 37,498 33,764
Deferred cost of revenue 3,629 3,454
Other long-term assets [1],[7] 46,136 50,208
Total assets 2,657,354 2,413,677
Current liabilities:    
Accounts payable [1],[8] 92,704 132,078
Accrued warranty [9] 16,559 19,326
Accrued expenses and other current liabilities [1],[10] 138,450 130,879
Deferred revenue and customer deposits [1],[11] 243,314 128,922
Operating lease liabilities [1],[12] 19,642 20,245
Financing obligations 11,704 38,972
Recourse debt 114,385 0
Total current liabilities 636,758 470,422
Deferred revenue and customer deposits [1],[13] 43,105 19,140
Operating lease liabilities [1],[14] 124,523 141,939
Financing obligations 244,132 405,824
Recourse debt 1,010,350 842,006
Non-recourse debt [1],[15] 4,057 4,627
Other long-term liabilities 9,213 9,049
Total liabilities 2,072,138 1,893,007
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock: 0.0001 par value; Class A shares — 600,000,000 shares and 600,000,000 shares authorized, and 229,142,474 shares and 224,717,533 shares issued and outstanding, and Class B shares — 470,092,742 shares and 600,000,000 shares authorized, and no shares issued and outstanding at December 31, 2024, and 2023, respectively. 23 21
Additional paid-in capital 4,462,659 4,370,343
Accumulated other comprehensive loss (2,593) (1,687)
Accumulated deficit (3,897,618) (3,866,599)
Total stockholders’ equity attributable to common stockholders 562,471 502,078
Noncontrolling interest 22,745 18,592
Total stockholders’ equity 585,216 520,670
Total liabilities and stockholders’ equity $ 2,657,354 $ 2,413,677
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 17 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $93.5 million and $262.0 million as of December 31, 2024, and 2023, respectively.
[3] Including amounts from related parties of $0.8 million and $6.9 million as of December 31, 2024, and 2023, respectively.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
[5] Including amounts from related parties of $1.2 million and $2.3 million as of December 31, 2024, and 2023, respectively.
[6] Including amounts from related parties of $1.4 million and $2.0 million as of December 31, 2024, and 2023, respectively.
[7] Including amounts from related parties of $8.8 million and $9.1 million as of December 31, 2024, and 2023, respectively.
[8] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
[9] Including amounts from related parties of $1.2 million and $1.3 million as of December 31, 2024, and 2023, respectively.
[10] Including amounts from related parties of $4.0 million and $3.4 million as of December 31, 2024, and 2023, respectively.
[11] Including amounts from related parties of $8.9 million and $1.7 million as of December 31, 2024, and 2023, respectively.
[12] Including amounts from related parties of $0.4 million and $0.4 million as of December 31, 2024, and 2023, respectively.
[13] Including amounts from related parties of $3.3 million and $6.7 million as of December 31, 2024, and 2023, respectively.
[14] Including amounts from related parties of $1.0 million and $1.6 million as of December 31, 2024, and 2023, respectively.
[15] Including amounts from related parties of $4.1 million and $4.6 million as of December 31, 2024, and 2023, respectively.