RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Trina Group We have related party balances and transactions with Trina Solar (Schweiz) AG and its affiliates (the “Trina Group”) as a result of the business combination and through the normal course of business. Module sales of $64.6 million to the Trina Group are presented as net sales for the three months ended March 31, 2025. Deferred revenue from offtake agreements with the Trina Group of $51.5 million and $40.2 million is recognized under deferred revenue as of March 31, 2025 and December 31, 2024. In addition, the Company has agreements with the Trina Group to supply certain materials and components used in our solar module production. As of March 31, 2025 and December 31, 2024, payables to related parties of $88.9 million and $52.5 million were recognized in relation to these agreements. As consideration for the Trina Business Combination, we issued a note payable, a convertible note, and a derivative anti-dilution right to the Trina Group. In addition, the Company assumed an existing debt obligation to the Trina Group. Refer to Note 5 - Debt and Note 8 - Redeemable Preferred Stock, Anti-dilution Right, and Share Purchase Agreement for additional details on these instruments.
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