Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Related party transactions

16. Related party transactions

We have related party receivables at June 30, 2025 and December 31, 2024, totaling $4.0 million and $3.1 million, respectively, for future material cost discounts contractually owed to us by Alpha Steel in connection with the expected receipt of manufacturing incentives available to Alpha Steel under the Inflation Reduction Act, as costs are incurred by Alpha Steel to purchase raw materials and manufacture torque tubes and other products that will be used to fulfill purchase orders we issue to Alpha Steel.

We also have related party liabilities to Alpha Steel at June 30, 2025 and December 31, 2024, totaling $5.9 million and $1.7 million, respectively, for (i) the accrued cost of revenue recognized on certain of our customer projects associated with the cost of products that are being manufactured for us by Alpha Steel and (ii) $4.0 million in incurred contractual obligations involving minimum purchase commitments.

During the three and six months ended June 30, 2025, we received invoices from Alpha Steel for purchases totaling $2.9 million and $7.6 million, respectively. Our balances of remaining vendor deposits with Alpha Steel as of June 30, 2025 and December 31, 2024 are shown in Note 5, "Prepaids and other current assets" above as "Vendor deposits with related party". After payments and application of vendor deposits to invoices received, we owe $3.2 million to Alpha Steel, which is included in our accounts payable balance at June 30, 2025 ($0.5 million at December 31, 2024) in our Condensed Consolidated Balance Sheets.