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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 10. Income Taxes
The following table presents the Company’s consolidated income tax benefit (expense) as well as the effective tax rates for the following periods:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2026202520262025
Income tax (expense) benefit$998 $(3,317)$(5,175)$7,057 
Effective tax rate2.6 %(10.3)%(8.6)%8.7 %
The effective tax rate varies from the statutory U.S. federal income tax rate of 21.0% primarily due to the change in valuation allowance and the tax impact of net loss attributable to noncontrolling interests.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The results of this assessment are included in the Company’s tax provision and deferred tax assets as of June 30, 2026. For the six months ended June 30, 2026, the total valuation allowance decrease was $32.8 million. For federal tax purposes, a valuation allowance decrease of $28.0 million has been recorded against federal net operating losses and tax credits where it is not more likely than not that they will be utilized. For state tax purposes, a valuation allowance decrease of $4.8 million has been recorded against state net operating loss carryforwards where it is not more likely than not that they will be utilized within the loss carryforward period. The decrease in the valuation allowance was primarily attributable to an increase in the scheduled reversal of taxable temporary differences associated with the expected contributions under the Cider Solar Holdings LLC ECCA in 2026. Refer to Note 4. Variable Interest Entities for further information on the Cider Solar Holdings LLC ECCA.
The Company assessed its tax positions for all open tax years as of June 30, 2026 for all U.S. federal and state, and foreign tax jurisdictions for the years 2015 through 2025. The results of this assessment are included in the Company’s tax provision and deferred tax assets as of June 30, 2026.

The One Big Beautiful Bill Act (the “OBBBA”) enacted into law in July 2025, scaled back clean energy tax incentives of the Inflation Reduction Act of 2022 and brought back accelerated depreciation for property acquired and placed in service after January 19, 2025. Among the significant changes to the clean energy provisions are those related to the rollback of Sections 48E and 45Y clean electricity tax credits. Other than the reinstatement of the 100% bonus depreciation, the enactment of the OBBBA did not have a material impact on the Company’s Consolidated Financial Statements for the six months ended June 30, 2026. The Company continues to monitor the effects of the OBBBA and will reflect any future impacts in future reporting periods.