v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 61,924 $ 72,802
Restricted cash 34,545 36,346
Accounts receivable, net of allowance of $0.6 million and $0.8 million as of March 31, 2025 and December 31, 2024, respectively 19,545 15,010
Interest rate swap assets, current 5,408 6,258
Prepaid expenses and other current assets 4,448 6,014
Total current assets 125,870 136,430
Investment related to SEMTH master lease agreement 137,621 136,942
Property and equipment, net 582,849 589,014
Interest rate swap assets, non-current 14,240 18,414
Intangible assets, net 8,675 8,957
Deferred rent assets 3,975 3,717
Right-of-use assets, net 4,502 4,750
Other assets 255 255
Total assets (Note 11. Consolidated VIEs and Noncontrolling Interests) 877,987 898,479
Current liabilities    
Accounts payable 775 987
Non-recourse debt, current 28,347 28,310
Accrued expenses and other current liabilities 28,096 28,125
Deferred revenue, current 1,199 1,194
Lease liability, current 841 892
Interest rate swap liabilities, current 90 0
Current liabilities of discontinued operations 48 61
Total current liabilities 59,396 59,569
Non-recourse debt, non-current 671,775 677,021
Deferred revenue, non-current 2,946 2,790
Lease liability, non-current 4,631 4,848
Unfavorable solar renewable energy agreements, net 3,295 4,134
Interest rate swap liabilities, non-current 1,508 385
Other long-term liabilities 3,620 3,540
Long-term liabilities of discontinued operations 37 40
Total liabilities (Note 11. Consolidated VIEs and Noncontrolling Interests) 747,208 752,327
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.0001 par value; 350,000,000 shares authorized at March 31, 2025 and December 31, 2024; 19,431,994 and 18,040,834 shares issued and outstanding at March 31, 2025, respectively, and 19,403,262 and 18,311,054 shares issued and outstanding at December 31, 2024, respectively 2 2
Additional paid-in capital 479,192 478,366
Accumulated deficit (343,715) (328,377)
Treasury stock at cost, 1,391,160 shares and 1,092,208 at March 31, 2025 and December 31, 2024, respectively (7,085) (6,277)
Noncontrolling interests 2,385 2,438
Total stockholders’ equity 130,779 146,152
Total liabilities, noncontrolling interests and stockholders’ equity $ 877,987 $ 898,479