v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 2,486,702 $ 2,454,108
Restricted cash 852 1,973
Accounts receivable, less allowance for credit losses of $2,998 and $460 as of September 30, 2026 and December 31, 2025, respectively [1],[2] 634,743 371,796
Contract assets [3] 792,833 178,928
Inventories [1] 927,670 643,306
Deferred cost of revenue, current [4] 95,743 30,651
Customer consideration asset [5] 90,967 0
Prepaid expenses and other current assets [1],[6] 178,244 49,805
Total current assets 5,207,754 3,730,567
Property, plant and equipment, net [1] 539,726 398,507
Investments in unconsolidated affiliates [7] 28,236 10,037
Operating lease right-of-use assets [1] 99,947 108,541
Restricted cash 20,592 25,499
Contract assets [8] 65,813 62,258
Deferred cost of revenue 21,867 4,099
Customer consideration asset [5] 215,533 0
Other long-term assets [1],[9] 372,115 57,203
Total assets 6,571,583 4,396,711
Current liabilities:    
Accounts payable [1] 493,033 203,129
Accrued warranty [10] 70,267 20,013
Accrued expenses and other current liabilities [1],[11] 479,782 222,254
Deferred revenue and customer deposits [12] 278,985 100,975
Operating lease liabilities [1] 24,022 22,000
Financing obligations 42,783 51,308
Non-recourse debt [1] 2,950 4,153
Total current liabilities 1,391,822 623,832
Deferred revenue and customer deposits 475,395 42,840
Operating lease liabilities [1] 96,509 106,935
Financing obligations 142,212 192,460
Recourse debt 2,473,499 2,613,726
Deferred profit in transactions with unconsolidated affiliates [13] 20,062 13,928
Other long-term liabilities 8,974 10,027
Total liabilities 4,608,473 3,603,748
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively14 [14] 30 28
Additional paid-in capital 5,403,998 4,755,965
Accumulated other comprehensive loss (457) (369)
Accumulated deficit (3,470,694) (3,986,983)
Total stockholders’ equity attributable to common stockholders 1,932,877 768,641
Noncontrolling interest 30,233 24,322
Total stockholders’ equity 1,963,110 792,963
Total liabilities and stockholders’ equity $ 6,571,583 $ 4,396,711
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $195.5 million and $151.9 million as of September 30, 2026, and December 31, 2025, respectively.
[3] Including amounts from related parties of $73.7 million and $3.0 million as of September 30, 2026, and December 31, 2025, respectively.
[4] Including amount from related parties of $20.5 million as of September 30, 2026. There was no related party balance as of December 31, 2025.
[5] Represent related party upfront share‑based consideration payable to a customer’s customer (see Note 3 — Revenue Recognition in this Quarterly Report on Form 10-Q).
[6] There was no related party balance as of September 30, 2026. Including amount from related parties of $1.2 million as of December 31, 2025.
[7] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[8] Including amounts from related parties of $51.7 million and $48.8 million as of September 30, 2026, and December 31, 2025, respectively.
[9] There was no related party balance as of September 30, 2026. Including amount from related parties of $6.0 million as of December 31, 2025.
[10] Including amounts from related parties of $5.0 million and $0.8 million as of September 30, 2026, and December 31, 2025, respectively.
[11] Including amounts from related parties of $2.1 million and $0.04 million as of September 30, 2026, and December 31, 2025, respectively.
[12] Including amounts from related parties of $8.1 million and $6.9 million as of September 30, 2026, and December 31, 2025, respectively.
[13] Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[14] On May 27, 2026, the Company filed with the Delaware Secretary of State a Certificate of Second Amendment to its Restated Certificate of Incorporation which (among other things) renamed its Class A common stock as common stock and eliminated outdated references to Class B common stock. Prior to such amendment, the Company had 470,092,742 shares of Class B common stock authorized, but as of December 31, 2025, no such shares were issued or outstanding. References in this Quarterly Report on Form 10-Q to Class A common stock have been updated to refer to common stock.