Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Our operations include the following related party transactions (in thousands):

	Three Months Ended
	March 31,
	2026		2025
Total revenue from related parties1	$	373,263	$	2,783
General and administrative expenses2	—		173
Interest expense3	—		47
Equity in loss of unconsolidated affiliates4	17,002		—

1 Includes total revenue related to (a) the Fund JVs and (b) SK ecoplant, which was a related party from September 23, 2023 through July 10, 2025.

2 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV.

3 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2023 (see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2025 Form 10-K).

4 Represent equity in loss of the Fund JVs. Cash distributions from the Fund JVs during the three months ended March 31, 2026, was $0.1 million (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).

Below is the summary of outstanding related party balances as of March 31, 2026, and December 31, 2025 (in thousands):

	March 31,		December 31,
	2026		2025
Accounts receivable	$	592	$	151,932
Contract assets, current	74,063		2,967
Prepaid expenses and other current assets	1,523		1,247
Investments in unconsolidated affiliates	23,261		10,037
Contract assets, non-current	48,015		48,763
Other long-term assets	6,680		5,968
Accrued warranty	4,143		799
Accrued expenses and other current liabilities1	1,710		39
Deferred revenue and customer deposits, current	8,078		6,879
Deferred profit in transactions with unconsolidated affiliates	22,774		13,928

1 Includes an unfunded investment commitment of $1.4 million related to the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).

The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of March 31, 2026, and December 31, 2025 (in

thousands):

	March 31,		December 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	14,722	$	25,820
Accounts receivable	12,100		576
Inventories	14,103		33,075
Prepaid expenses and other current assets	7,444		5,688
Total current assets	48,369		65,159
Property and equipment, net	1,330		1,454
Operating lease right-of-use assets	992		1,134
Other long-term assets	196		210
Total assets	$	50,887	$	67,957
Liabilities
Current liabilities:
Accounts payable	$	9,704	$	16,342
Accrued expenses and other current liabilities	28,421		19,179
Operating lease liabilities	508		516
Non-recourse debt	3,959		4,153
Total current liabilities	42,592		40,190
Operating lease liabilities	328		484
Total liabilities	$	42,920	$	40,674