v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
Our operating leases primarily consist of our G1_Dallas solar module facility in Wilmer, Texas, our G2_Austin solar cell manufacturing in Rockdale, Texas, storage facility in Baytown, Texas, and our corporate office space in Austin, Texas. The aforementioned Baytown facility and our corporate offices were added during the three months ended June 30, 2026 and included in the disclosures herein. In Norway, we also lease office space for the administration of our Norwegian operations and related European assets and the Customer Qualification Plant, which includes support facilities. We also lease other office spaces to support additional personnel in various jurisdictions. We have short-term leases for which we elected to apply the short-term lease exemption to leases with a term of twelve months or less, and accordingly, have not recognized a right-of-use asset or lease liability. We have no other leases that are presented as continuing operations.
During the year ended December 31, 2025, certain amounts related to our European businesses that had previously been classified as held for sale as of December 31, 2024, were reclassified to held and used as it was determined that certain assets were no longer available for immediate sale or would be disposed of by means other than a sale and thus no longer met
the criteria for classification as held for sale. Refer to Note 1 - Summary of Significant Accounting Policies for further details.
Our right-of-use asset under operating leases and lease liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Assets
Right-of-use asset under operating leases$218,320 $151,166 
Liabilities:
Accrued liabilities and other (short-term)$22,393 $14,931 
Operating lease liability (long-term)206,161 143,534 
Total lease liabilities$228,554 $158,465 
Operating lease expense was $6.3 million and $11.4 million for the three and six months ended June 30, 2026, respectively.
The remaining minimum lease payments due on our long-term leases as of June 30, 2026 are as follows (in thousands):
Remaining 2026*$10,893 
202725,678 
202825,534 
202925,922 
203026,670 
203127,136 
Thereafter245,965 
Total undiscounted lease payments$387,798 
Less: Imputed interest(157,144)
Present value of lease liabilities$230,654 
*Excludes $2.1 million of lease incentives to be received.
Weighted-average remaining lease term and discount rate were as follows: 
June 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)13.814.7
Weighted-average discount rate7.5 %7.1 %