v3.26.1
Lease Accounting
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Lease Accounting Lease Accounting
Lessee Accounting
The Company has entered into agreements with Site Hosts, which allow the Company to operate charging stations on the Site Hosts’ property. Additionally, the Company leases offices, a warehouse and laboratory space under agreements with third-party landlords. The agreements with the Site Hosts and landlords are deemed to be operating leases. Original lease terms generally range from one to 15 years, and most leases contain renewal options that can extend the term for at least five years and certain leases have renewal options for up to an additional 30 years. The Company has not entered into any finance leases.
The Company has estimated operating lease commitments of $68.4 million for leases where the Company has not yet taken possession of the underlying asset as of June 30, 2026. As such, the related operating lease ROU assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheets as of June 30, 2026.
The Company’s lease costs consisted of the following:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Operating lease costs
Charging network cost of sales$3,767 $2,784 $7,337 $5,445 
Other cost of sales660 696 1,398 1,386 
General and administrative expenses1,322 953 2,477 2,082 
Variable lease costs
Charging network cost of sales602 653 1,170 1,183 
General and administrative expenses5 33 10 46 
Short-term lease costs9 — 18 — 
Total operating and variable lease costs$6,365 $5,119 $12,410 $10,142 
As of June 30, 2026, the maturities of operating lease liabilities for the periods ending December 31, were as follows:
(in thousands)
2026$10,563 
202721,565 
202821,756 
202921,911 
203021,449 
Thereafter93,251 
Total undiscounted operating lease payments190,495 
Imputed interest(72,190)
Total discounted operating lease liabilities$118,305 
Other supplemental and cash flow information consisted of the following:
Six Months Ended June 30,
(dollars in thousands)20262025
Weighted-average remaining lease term (in years)8.68.5
Weighted-average discount rate11.4 %9.4 %
Cash paid for amounts included in measurement of operating lease liabilities$8,808 $8,990 
ROU assets obtained in exchange for new operating lease liabilities$15,331 $10,073 
Lessor Accounting
Operating Leases
The Company leases charging equipment, charging stations and other technical installations, and subleases properties leased from Site Hosts to third parties. Initial lease terms are generally one to 10 years and may contain renewal options. For operating leases, the underlying asset is carried at its carrying value as property and equipment, net, or included in operating lease ROU assets on the condensed consolidated balance sheets.
The Company’s operating lease income consisted of the following components:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
AV and ancillary revenue
Operating lease income$146 $1,459 $1,255 $3,530 
Sublease income25 71 102 108 
$171 $1,530 $1,357 $3,638 
As of June 30, 2026, future minimum rental payments due to the Company as lessor under operating leases (including subleases) for the periods ending December 31, were as follows:
(in thousands)
2026$1,156 
20272,077 
20282,077 
20291,512 
2030946 
Thereafter4,218 
$11,986 
The components of charging stations and subleased host sites leased to third parties under operating leases, which are included within the Company’s property and equipment, net, and operating lease ROU assets were as follows as of:
(in thousands)June 30, 2026December 31, 2025
Charging stations$2,194 $13,018 
Accumulated depreciation(1,695)(3,151)
Property and equipment, net$499 $9,867 
Operating lease ROU assets$8,575 $2,090 
Sales-Type Leases
The Company enters into sales-type leases with third-parties for charging stations. The following table presents amounts included in the condensed consolidated statements of operations related to income generated from sales-type leases:
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Ancillary revenue$— $5,269 $17,176 $5,269 
Other cost of sales(86)(2,769)(12,941)(2,769)
Gross margin$(86)$2,500 $4,235 $2,500 
Minimum discounted lease payments due under sales-type leases were as follows as of June 30, 2026 for the periods ending December 31:
(in thousands)
2026$1,440 
20272,879 
20282,879 
20292,879 
20302,879 
20312,214 
Thereafter2,646 
Total expected sales-type lease payments17,816 
Less: imputed interest(1,521)
Total net investment in sales-type leases$16,295 
The following table presents amounts included in the condensed consolidated balance sheets related to sales-type leases:
(in thousands)June 30, 2026
Prepaid and other current assets
Net investment in lease, current$2,564 
Other assets
Net investment in lease, noncurrent13,731 
Total sales-type lease assets$16,295 
During the three months ended June 30, 2026, the Company derecognized $0.1 million of leased assets and recognized no net investment in leases under sales-type lease arrangements. No impairments of net investment in lease were recognized during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company derecognized $12.9 million of leased assets and recognized net investment in lease of $17.2 million under sales-type lease arrangements. No impairments of net investment in lease were recognized during the six months ended June 30, 2026.