In June 2025, the Company committed to a plan to sell its Renewables business, which represents a strategic shift in operations. The decision was driven by a change in the Company's strategy to focus its asset portfolio and resources on its Residential, Agtech and Infrastructure segments. The Renewables business was classified as held for sale as of June 30, 2025, and met the criteria for discontinued operations. On February 20, 2026, the Company completed the sale of certain assets related to the Renewables business to a third-party, as described below. Subsequent to June 30, 2026, the Company completed the sale of the remaining portion of the Renewables business to a third-party, refer to Note 14 "Subsequent Event" for additional information. The Renewables business was previously reported under the Renewables segment in accordance with ASC Subtopic 280.

During the three and six months ended June 30, 2026, and as of December 31, 2025, the Renewables business remained classified as held for sale and as a discontinued operation. As of March 31, 2026, the Company performed a fair value less cost to sell analysis at each reporting date and determined that its carrying amount exceeded fair value less costs to sell. As a result, the Company recorded a remeasurement adjustment before income taxes of $47.4 million, which is included in the loss before taxes from discontinued operations on the consolidated statements of operations for the six months ended June 30, 2026. As of June 30, 2026, the Company updated its fair value less cost to sell analysis and again determined that its carrying amount exceeded fair value less costs to sell. Accordingly, the Company recorded an additional remeasurement adjustment before income taxes of $20.0 million, which is included in the loss before taxes from discontinued operations on the consolidated statements of operations for the three months ended June 30, 2026. Total remeasurement adjustments before income taxes recorded during the six months ended June 30, 2026 were $67.4 million. The fair value measurement is categorized within Level 3 of the fair value hierarchy based on significant unobservable inputs in accordance with ASC Topic 820.

The following table presents the carrying amounts and a reconciliation of the major classes of assets and liabilities included in discontinued operations related to the Renewables business, which have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale, respectively, in the consolidated balance sheets at (in thousands):


	June 30, 2026		December 31, 2025
Assets of the discontinued operations:
Trade receivables, net	$	46,376	$	56,382
Costs in excess of billings, net	19,528		19,390
Inventories, net	20,673		30,954
Prepaid expenses and other current assets	4,866		4,540
Property, plant, and equipment, net	20,400		21,446
Operating lease assets	4,434		5,084
Goodwill	152,215		184,230
Acquired intangibles	46,026		46,303

Impairment and remeasurement adjustments	(243,420)		(175,967)
Total assets classified as discontinued operations (1)	$	71,098	$	192,362

Liabilities of the discontinued operations:
Accounts payable	$	22,103	$	28,320
Accrued expenses	23,596		27,135
Billings in excess of costs	23,865		34,202

Non-current operating lease liabilities	2,740		3,463
Total liabilities classified as discontinued operations (1)	$	72,304	$	93,120

(1) Total held for sale assets and liabilities of the discontinued operations are classified as current on the June 30, 2026 and December 31, 2025 consolidated balance sheets as the Company remained committed to the sale plan and continued to meet the criteria for discontinued operations. The sale was completed subsequent to June 30, 2026 as described in Note 14 "Subsequent Event."


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net sales	$	60,180	$	53,588	$	109,566	$	97,246
Operating expenses	61,399		58,946		144,939		105,749
Remeasurement adjustment	20,006		—		67,453		—
Other expenses (income), net	1,357		23		(20,373)		41
Loss before taxes from discontinued operations	$	(22,582)	$	(5,381)	$	(82,453)	$	(8,544)

In April 2026, the Company entered into a settlement agreement to resolve certain disputed warranty claims related to the discontinued operation. The settlement amount of $25.0 million had been accrued as of March 31, 2026, included in accrued expenses of discontinued operations, and was recognized as a charge included in loss before taxes from discontinued operations in the consolidated statements of operations for the three months ended March 31, 2026. Accordingly, the charge is also reflected in loss before taxes from discontinued operations in the consolidated statements of operations for the six months ended June 30, 2026. The settlement was paid during the second quarter of 2026.

On February 20, 2026, the Company sold certain assets within its Renewables business pertaining to its electrical balance of systems products. The sale of these assets generated net proceeds of $74.9 million in cash, subject to working capital and other customary post-closing adjustments, and resulted in a pre-tax net gain of $20.6 million presented within loss before taxes from discontinued operations in the consolidated statements of operations.