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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue [1] $ 401,242 $ 335,767 $ 727,263 $ 571,065
Cost of revenue:        
Total cost of revenue [2] 294,119 267,245 531,433 464,467
Gross profit 107,123 68,522 195,830 106,598
Operating expenses:        
Research and development 40,768 37,364 81,380 72,849
Sales and marketing 24,066 17,901 46,331 31,500
General and administrative [3] 45,792 36,385 90,692 74,394
Total operating expenses 110,626 91,650 218,403 178,743
Loss from operations (3,503) (23,128) (22,573) (72,145)
Interest income 6,623 6,430 15,176 13,961
Interest expense [4] (14,440) (15,376) (28,851) (29,922)
Other income (expense), net 2,373 (985) 4,421 (2,155)
Loss on extinguishment of debt (32,340) (27,182) (32,340) (27,182)
Gain (loss) on revaluation of embedded derivatives 112 (88) 9 70
Loss before income taxes (41,175) (60,329) (64,158) (117,373)
Income tax provision 1,017 856 1,448 355
Net loss (42,192) (61,185) (65,606) (117,728)
Less: Net income attributable to noncontrolling interest 427 602 827 1,583
Net loss attributable to common stockholders $ (42,619) $ (61,787) $ (66,433) $ (119,311)
Net loss per share available to common stockholders, basic (in dollars per share) $ (0.18) $ (0.27) $ (0.29) $ (0.53)
Net loss per share available to common stockholders, diluted (in dollars per share) $ (0.18) $ (0.27) $ (0.29) $ (0.53)
Weighted average shares used to compute net loss per share available to common stockholders, basic (in shares) 232,542 227,167 231,383 226,377
Weighted average shares used to compute net loss per share available to common stockholders, diluted (in shares) 232,542 227,167 231,383 226,377
Product        
Revenue:        
Total revenue [1] $ 296,611 $ 226,308 $ 508,480 $ 379,672
Cost of revenue:        
Total cost of revenue [2] 198,746 161,332 338,319 277,089
Installation        
Revenue:        
Total revenue [1] 37,372 42,733 71,023 54,177
Cost of revenue:        
Total cost of revenue [2] 38,224 44,298 71,539 59,651
Service        
Revenue:        
Total revenue [1] 54,449 52,531 107,997 108,991
Cost of revenue:        
Total cost of revenue [2] 49,408 52,401 102,266 108,907
Electricity        
Revenue:        
Total revenue [1] 12,810 14,195 39,763 28,225
Cost of revenue:        
Total cost of revenue [2] $ 7,741 $ 9,214 $ 19,309 $ 18,820
[1] Including related party revenue of $27.1 million and $29.9 million for the three and six months ended June 30, 2025, respectively, and $86.8 million and $209.0 million for the three and six months ended June 30, 2024, respectively.
[2] Including related party cost of revenue of $0.1 million and $0.1 million for the three and six months ended June 30, 2024, respectively. There was no related party cost of revenue for the three and six months ended June 30, 2025.
[3] Including related party general and administrative expenses of $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2024, respectively.
[4] Including related party interest expense of $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2024, respectively.