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REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Primary geographical markets:
United States$226,846 $271,330 $460,751 $534,568 
International
65,008 91,823 114,003 184,669 
Total$291,854 $363,153 $574,754 $719,237 
Timing of revenue recognition:
Products delivered at a point in time$262,796 $329,065 $516,778 $651,951 
Products and services delivered over time29,058 34,088 57,976 67,286 
Total$291,854 $363,153 $574,754 $719,237 
Contract Balances
Accounts receivable, and contract assets and contract liabilities from contracts with customers, were as follows:
June 30,
2026		December 31,
2025
(In thousands)
Accounts receivable$273,607 $229,881 
Long-term accounts receivable (Other assets)$46,131 $— 
Short-term contract assets (Prepaid expenses and other current assets)$34,814 $35,976 
Long-term contract assets (Other assets)$135,150 $115,067 
Short-term contract liabilities (Deferred revenues, current)$224,272 $180,524 
Long-term contract liabilities (Deferred revenues, non-current)$358,233 $337,923 
The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional.
Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the six months ended June 30, 2026.
Significant changes in the balances of contract assets (prepaid expenses and other assets) in the six months ended June 30, 2026 were as follows (in thousands):
Contract Assets
Contract assets, beginning of period$151,043 
Amount recognized(19,477)
Increased due to billings38,398 
Contract assets, end of period$169,964 
Contract liabilities are recorded as deferred revenue on the condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
As of June 30, 2026, contract liabilities include approximately $105.8 million cash prepayments or billings under the Investment Tax Credit Five Percent Safe Harbor method for products to be delivered in the third and fourth quarters of 2026, and approximately $45.6 million cash prepayments or billings under the Physical Work Test beginning-of-construction method for products to be delivered through the second quarter of 2031.
Significant changes in contract liabilities (deferred revenue) in the six months ended June 30, 2026 were as follows (in thousands):
Contract Liabilities
Contract liabilities, beginning of period$518,447 
Revenue recognized(123,141)
Increased due to billings187,199 
Contract liabilities, end of period$582,505 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that were unsatisfied or partially unsatisfied at the end of the reporting period were as follows:
June 30,
2026
(In thousands)
Fiscal year:
2026 (remaining six months)$167,786 
2027110,291 
2028110,644 
202991,655 
203060,268 
Thereafter41,861 
Total$582,505