BUSINESS ACQUISITIONS |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS On April 22, 2026, the Company acquired 100% of the assets of raicoon GmbH (“raicoon”). raicoon is a Vienna-based software company focused on automated fault detection and event management for solar asset performance. The total transaction consideration to acquire raicoon was $4.3 million, payable solely in the form of the Company’s common stock. The transaction costs associated with the asset acquisition were immaterial. The acquisition of raicoon was accounted for as a business combination under ASC 805, Business Combinations (“ASC 805”). Pursuant to ASC 805, the purchase price was allocated to the identifiable assets acquired based on their estimated fair values at the date of acquisition. The Company recorded approximately $0.1 million for other current assets, and $1.7 million for separately identifiable intangible assets other than goodwill. The intangible assets include $1.5 million for developed technology with an estimated useful life of 5 years, and $0.2 million for customer relationships with an estimated useful life of 5 years. Developed technology represents the fair value of raicoon’s autonomous software platform that uses artificial intelligence and machine learning to manage and optimize operations and energy allocation of solar power plants and renewable energy systems using the multiple-period excess earnings method. Customer relationships represent the estimated fair values of the underlying relationships with raicoon customers measured using the loss profits method, also referred to as the “with and without method.” The excess of the amount paid over the estimated fair values of the identifiable net assets acquired of approximately $2.5 million was allocated to goodwill, primarily attributable to the assembled workforce and expected synergies from integrating raicoon’s platform into the Company's PowerTrack product suite. Goodwill is not deductible for tax purposes. The Company has included the financial results of the acquired company in its condensed consolidated financial statements from the date of acquisition. Pro forma financial information is not presented because the acquisition is not significant under SEC Regulation S-X Rule 3-05, Financial Statements of Businesses Acquired or to be Acquired.
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