v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 44,660 $ 54,842
Restricted cash 36,883 38,303
Accounts receivable, net of allowance for credit losses of $0.5 million and $0.8 million as of June 30, 2026 and December 31, 2025, respectively 25,719 15,748
Interest rate swap assets, current 4,358 3,791
Prepaid expenses and other current assets 2,710 3,189
Total current assets 114,330 115,873
Investment related to SEMTH master lease agreement 131,779 132,843
Property and equipment, net 544,765 561,388
Interest rate swap assets, non-current 10,567 9,990
Intangible assets, net 7,269 7,830
Deferred rent assets 5,596 4,872
Right-of-use assets, net 3,820 4,208
Other assets 274 269
Total assets [1] 818,400 837,273
Current liabilities    
Accounts payable 1,409 1,916
Accrued expenses and other current liabilities 16,093 20,308
Non-recourse debt, current 269,617 213,826
Deferred revenue, current 1,146 1,222
Lease liability, current 941 945
Interest rate swap liabilities, current 173 545
Total current liabilities 289,379 238,762
Non-recourse debt, non-current 392,958 462,942
Deferred revenue, non-current 4,503 3,831
Lease liability, non-current 3,718 4,181
Unfavorable solar renewable energy agreements, net 380 807
Interest rate swap liabilities, non-current 448 1,633
Other long-term liabilities 4,096 3,865
Total liabilities [2] 695,482 716,021
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.0001 par value; 350,000,000 shares authorized at June 30, 2026 and December 31, 2025; 21,120,498 and 19,249,671 shares issued and outstanding at June 30, 2026, respectively, and 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively 2 2
Additional paid-in capital 482,502 481,327
Accumulated deficit (354,010) (354,404)
Treasury stock at cost, 1,870,827 shares and 1,870,827 at June 30, 2026 and December 31, 2025, respectively (8,095) (8,095)
Total stockholders’ equity 120,399 118,830
Noncontrolling interests 2,519 2,422
Total equity 122,918 121,252
Total liabilities, stockholders’ equity and noncontrolling interests $ 818,400 $ 837,273
[1] The Company’s consolidated assets include $34.7 million of assets from consolidated variable interest entities (“VIEs”) as of June 30, 2026 that can only be used to settle obligations of VIEs, see Note 11 Noncontrolling Interests.
[2] The Company’s consolidated liabilities include $1.9 million of liabilities from consolidated variable interest entities (“VIEs”) as of June 30, 2026, for which creditors do not have recourse to the general credit of the Company, see Note 11 Noncontrolling Interests