v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 50,017 $ 54,842
Restricted cash 35,608 38,303
Accounts receivable, net of allowance for credit losses of $0.6 million and $0.8 million as of March 31, 2026 and December 31, 2025, respectively 18,806 15,748
Interest rate swap assets, current 4,025 3,791
Prepaid expenses and other current assets 2,890 3,189
Total current assets 111,346 115,873
Investment related to SEMTH master lease agreement 133,181 132,843
Property and equipment, net 553,057 561,388
Interest rate swap assets, non-current 9,998 9,990
Intangible assets, net 7,550 7,830
Deferred rent assets 4,964 4,872
Right-of-use assets, net 3,998 4,208
Other assets 274 269
Total assets [1] 824,368 837,273
Current liabilities    
Accounts payable 1,135 1,916
Accrued expenses and other current liabilities 19,443 20,308
Non-recourse debt, current 207,923 213,826
Deferred revenue, current 1,168 1,222
Lease liability, current 945 945
Interest rate swap liabilities, current 399 545
Total current liabilities 231,013 238,762
Non-recourse debt, non-current 460,340 462,942
Deferred revenue, non-current 3,947 3,831
Lease liability, non-current 3,952 4,181
Unfavorable solar renewable energy agreements, net 606 807
Interest rate swap liabilities, non-current 1,222 1,633
Other long-term liabilities 3,949 3,865
Total liabilities [2] 705,029 716,021
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.0001 par value; 350,000,000 shares authorized at March 31, 2026 and December 31, 2025; 20,041,252 and 18,170,425 shares issued and outstanding at March 31, 2026, respectively, and 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively 2 2
Additional paid-in capital 482,340 481,327
Accumulated deficit (357,329) (354,404)
Treasury stock at cost, 1,870,827 shares and 1,870,827 at March 31, 2026 and December 31, 2025, respectively (8,095) (8,095)
Total stockholders’ equity 116,918 118,830
Noncontrolling interests 2,421 2,422
Total equity 119,339 121,252
Total liabilities, stockholders’ equity and noncontrolling interests $ 824,368 $ 837,273
[1] The Company’s consolidated assets include $34.3 million of assets from consolidated variable interest entities (“VIEs”) as of March 31, 2026 that can only be used to settle obligations of VIEs, see Note 11 Noncontrolling Interests.
[2] The Company’s consolidated liabilities include $1.7 million of liabilities from consolidated variable interest entities (“VIEs”) as of March 31, 2026, for which creditors do not have recourse to the general credit of the Company, see Note 11 Noncontrolling Interests