v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The primary measure of segment profit or loss is consolidated net income as presented below and is used by the CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Net revenues$291,854 $363,153 $574,754 $719,237 
Less:
Other cost of revenues(1)
220,260 247,799 433,528 483,454 
Fair value of AMPTC generated(64,922)(61,040)(119,514)(114,671)
Loss from sale of AMPTC generated during 2025— — 18,905 — 
Tariff refunds(2)
(43,411)— (43,411)— 
Stock-based compensation expense43,554 53,896 92,545 109,529 
Acquisition related expenses and amortization(3)
4,251 4,467 9,419 8,896 
Other restructuring and asset impairment charges(4)
784 3,243 4,633 5,896 
Other research and development(5)
28,089 24,940 54,122 53,467 
Other sales and marketing(6)
30,533 31,174 61,102 60,877 
Other general and administrative(7)
21,197 21,667 41,549 42,860 
Income from operations51,519 37,007 21,876 68,929 
Total other income, net10,380 5,198 26,163 20,169 
Income before income taxes61,899 42,205 48,039 89,098 
Income tax provision(25,820)(5,153)(19,366)(22,316)
Net income $36,079 $37,052 $28,673 $66,782 
(1)    Represents consolidated cost of revenue excluding stock-based compensation, acquisition related amortization, fair value of AMPTC generated, loss from sale of AMPTC generated during 2025 and IEEPA tariff refunds.
(2)    Of the $45.4 million refunds recognized as a reduction to cost of revenues in the three and six months ended June 30, 2026, $43.4 million of the tariff costs incurred were previously recorded as a cost of revenues in prior periods.
(3)    Represents costs incurred in connection with acquisition-related activities, which are not indicative of normal, recurring operating expenses, and acquisition related amortization.
(4)    Represents consolidated restructuring and asset impairment charges excluding stock-based compensation.
(5)    Represents consolidated research and development excluding stock-based compensation.
(6)    Represents consolidated sales and marketing excluding stock-based compensation and acquisition related amortization.
(7)    Represents consolidated general and administrative excluding stock-based compensation and acquisition related expenses.
Refer to Note 2, “Revenue Recognition”, for the table presenting net revenues (based on the destination of shipments)