v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (505,506) $ (556,155)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 382,344 359,603
Deferred income taxes 3,094 (206,653)
Stock-based compensation expense 47,421 50,029
Unrealized (gain) loss on derivatives (43,317) 62,625
Other noncash items 173,036 138,806
Changes in operating assets and liabilities:    
Accounts receivable 12,154 (27,139)
Inventories (70,495) (89,066)
Prepaid expenses and other assets (249,985) (254,329)
Accounts payable 69,290 36,364
Accrued expenses and other liabilities (52,733) 983
Deferred revenue 28,522 88,067
Deferred tax liabilities 30,619 0
Net cash used in operating activities (175,556) (396,865)
Investing activities:    
Payments for the costs of energy systems (853,785) (1,346,780)
Purchase of equity investment (19,253) 0
Purchases of property and equipment, net (4,696) (1,062)
Net cash used in investing activities (877,734) (1,347,842)
Financing activities:    
Proceeds from state tax credits, net of recapture 12,384 9,668
Proceeds from trade receivable financing 0 71,323
Repayment of trade receivable financing 0 (124,261)
Proceeds from line of credit 184,000 150,686
Repayment of line of credit (268,622) (198,390)
Repurchase of convertible senior notes (5,457) (2,124)
Proceeds from issuance of non-recourse debt 2,259,156 2,048,429
Repayment of non-recourse debt (1,839,323) (913,749)
Payment of debt fees (42,947) (28,258)
Payment of finance lease obligations (12,266) (12,786)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 821,556 935,284
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (148,285) (118,800)
Acquisition of noncontrolling interest (16,878) (16,219)
Proceeds from transfer of investment tax credits 646,614 860,874
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (646,614) (860,874)
Net proceeds related to stock-based award activities 9,369 8,565
Net cash provided by financing activities 952,687 1,809,368
Net change in cash and restricted cash (100,603) 64,661
Cash and restricted cash, beginning of period 1,236,988 947,416
Cash and restricted cash, end of period 1,136,385 1,012,077
Supplemental disclosures of cash flow information    
Cash paid for interest 401,851 353,909
Cash paid for income taxes 0 0
Supplemental disclosures of noncash investing and financing activities    
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses 18,789 69,783
Right-of-use assets obtained in exchange for new finance lease liabilities 41 2,027
Purchases of energy systems included in inventory $ 58,071 $ 0