v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 54,842 $ 72,802
Restricted cash 38,303 36,346
Accounts receivable, net of allowance of $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively 15,748 15,010
Interest rate swap assets, current 3,791 6,258
Prepaid expenses and other current assets 3,189 6,014
Total current assets 115,873 136,430
Investment related to SEMTH master lease agreement 132,843 136,942
Property and equipment, net 561,388 589,014
Interest rate swap assets, non-current 9,990 18,414
Intangible assets, net 7,830 8,957
Deferred rent assets 4,872 3,717
Right-of-use assets, net 4,208 4,750
Other assets 269 255
Total assets [1] 837,273 898,479
Current liabilities    
Accounts payable 1,916 987
Non-recourse debt, current 213,826 28,310
Accrued expenses and other current liabilities 20,308 28,125
Deferred revenue, current 1,210 1,194
Lease liability, current 945 892
Interest rate swap liabilities, current 545 0
Current liabilities of discontinued operations 12 61
Total current liabilities 238,762 59,569
Non-recourse debt, non-current 462,942 677,021
Deferred revenue, non-current 3,831 2,790
Lease liability, non-current 4,181 4,848
Unfavorable solar renewable energy agreements, net 779 4,134
Interest rate swap liabilities, non-current 1,633 385
Other long-term liabilities 3,865 3,540
Long-term liabilities of discontinued operations 28 40
Total liabilities [2] 716,021 752,327
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively, and 19,403,262 and 18,311,054 issued and outstanding at December 31, 2024, respectively 2 2
Additional paid-in capital 481,327 478,366
Accumulated deficit (354,404) (328,377)
Treasury stock at cost, 1,870,827 shares and 1,092,208 at December 31, 2025 and 2024, respectively (8,095) (6,277)
Noncontrolling interests 2,422 2,438
Total equity 121,252 146,152
Total liabilities, stockholders’ equity and noncontrolling interests $ 837,273 $ 898,479
[1] The company’s consolidated assets include $35.1 million of assets from consolidated variable interest entities (“VIEs”) as of December 31, 2025 that can only be used to settle obligations of VIEs, see Note 13 Noncontrolling Interests.
[2] The company’s consolidated liabilities include $2.0 million of liabilities from consolidated variable interest entities (“VIEs”) as of December 31, 2025, for which creditors do not have recourse to the general credit of the Company, see Note 13 Noncontrolling Interests