v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenue by Reportable Operating Segment
The following table presents the Company’s revenue by reportable operating segment:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2026202520262025
Energy revenue$39,303 $50,100 $73,608 $94,080 
Other revenue924 1,290 1,371 1,591 
Contract amortization, net$(2,715)$(3,067)(5,174)(146)
Total IPP revenue$37,512 $48,323 $69,805 $95,525 
Investment Management revenue$4,373 $2,286 $6,891 $5,546 
Total net revenue$41,885 $50,609 $76,696 $101,071 
Schedule of Reportable Segment Financial Results
Information on segments and reconciliations to consolidated revenues, consolidated operating expenses, consolidated operating income, consolidated loss before income taxes and consolidated depreciation and amortization for the periods indicated below were as follows:
Three months ended June 30, 2026
(in thousands)
Independent Power ProducerInvestment ManagementAll OtherConsolidated
Total segment net revenue$37,512 $4,373 $— $41,885 
Operating expenses
Direct operating costs(1) (2)
$18,582 $2,005 $— $20,587 
General and administrative(3)
1,510 791 11,464 13,765 
Depreciation, amortization and accretion15,296 898 — 16,194 
(Gain) loss on asset disposition(1,789)— — (1,789)
Impairment of long-lived assets, net and termination costs26,942 — — 26,942 
Total segment operating expense$60,541 $3,694 $11,464 $75,699 
Total segment operating income (loss)$(23,029)$679 $(11,464)$(33,814)
Interest expense, net$(4,325)
Change in fair value of investments, net617 
Income from sale-leaseback transfer of tax benefits— 
Gain on liability extinguishment— 
Other income (expense), net(1,236)
Loss before income taxes$(38,758)
Income tax (expense) benefit998 
Net loss$(37,760)
Less: Net loss attributable to noncontrolling interests(49,080)
Net income (loss) attributable to Greenbacker Renewable Energy Company LLC$11,320 
Three months ended June 30, 2025
(in thousands)
Independent Power ProducerInvestment ManagementAll OtherConsolidated
Total segment net revenue$48,323 $2,286 $— $50,609 
Operating expenses
Direct operating costs(1) (2)
$22,077 $2,677 $— $24,754 
General and administrative(3)
3,700 1,189 5,453 10,342 
Change in fair value of contingent consideration— — (300)(300)
Depreciation, amortization and accretion19,233 (354)— 18,879 
(Gain) loss on asset disposition13,801 — — 13,801 
Impairment of long-lived assets, net and termination costs4,980 — — 4,980 
Total segment operating expense$63,791 $3,512 $5,153 $72,456 
Total segment operating income (loss)$(15,468)$(1,226)$(5,153)$(21,847)
Interest expense, net$(25,900)
Change in fair value of investments, net(652)
Gain on liability extinguishment15,417 
Other income (expense), net646 
Loss before income taxes$(32,336)
Six months ended June 30, 2026
(in thousands)
Independent Power ProducerInvestment ManagementAll OtherConsolidated
Total segment net revenue$69,805 $6,891 $— $76,696 
Operating expenses
Direct operating costs(1) (2)
$35,711 $3,991 $— $39,702 
General and administrative(3)
4,340 1,944 19,543 25,827 
Depreciation, amortization and accretion30,952 2,073 — 33,025 
(Gain) loss on asset disposition(1,584)— — (1,584)
Impairment of long-lived assets, net and termination costs27,405 — — 27,405 
Total segment operating expense$96,824 $8,008 $19,543 $124,375 
Total segment operating income (loss)$(27,019)$(1,117)$(19,543)$(47,679)
Interest expense, net$(16,397)
Change in fair value of investments, net(5,128)
Income from sale-leaseback transfer of tax benefits10,188 
Gain on liability extinguishment— 
Other income (expense), net(1,083)
Loss before income taxes$(60,099)
Income tax (expense) benefit(5,175)
Net loss$(65,274)
Less: Net loss attributable to noncontrolling interests(49,268)
Net income (loss) attributable to Greenbacker Renewable Energy Company LLC$(16,006)
Six months ended June 30, 2025
(in thousands)
Independent Power ProducerInvestment ManagementAll OtherConsolidated
Total segment net revenue$95,525 $5,546 $— $101,071 
Operating expenses
Direct operating costs(1) (2)
$40,711 $7,941 $— $48,652 
General and administrative(3)
6,984 2,491 17,913 27,388 
Change in fair value of contingent consideration— — (300)(300)
Depreciation, amortization and accretion38,449 2,058 — 40,507 
(Gain) loss on asset disposition13,814 — — 13,814 
Impairment of long-lived assets, net and termination costs18,645 — — 18,645 
Total segment operating expense$118,603 $12,490 $17,613 $148,706 
Total segment operating income (loss)$(23,078)$(6,944)$(17,613)$(47,635)
Interest expense, net$(62,466)
Change in fair value of investments, net338 
Income from sale-leaseback transfer of tax benefits10,188 
Gain on liability extinguishment15,417 
Other income (expense), net794 
Loss before income taxes$(83,364)
(1)Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance and property taxes, and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP. The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs in the tables above and on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.
(2)Direct operating costs within the IM segment represent the costs for the investment management services for the managed funds. This includes the costs to raise and deploy capital for such funds.
(3)General and administrative costs for the IPP and IM segments primarily consist of allocable portions of salaries and other compensation, professional services and consulting fees and other related costs for overhead functions. Unallocated All Other expenses represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses including stock-based compensation, and other expenses not directly attributable to the reportable segments.