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Related Party Transactions
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
There have been no changes in related party relationships during the three and nine months ended September 30, 2026.
Our operations include the following related party transactions (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Total revenue from related parties1
$321,644 $287,985 $697,725 $317,845 
General and administrative expenses2
— 63 — 434 
Interest expense3
— 5 — 101 
Equity in loss of unconsolidated affiliates4
2,897 19,599 15,553 19,599 
1 Includes total revenue related to (a) the Fund JVs and (b) SK ecoplant, which was a related party from September 23, 2023 through July 10, 2025.
2 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV.
3 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2023 (see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2025 Form 10-K).
4 Represent equity in loss of the Fund JVs. Cash distributions from the Fund JVs during the three and nine months ended September 30, 2026, were $0.8 million and $1.0 million, respectively (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
Below is the summary of outstanding related party balances as of September 30, 2026, and December 31, 2025 (in thousands):
September 30,December 31,
20262025
Accounts receivable$195,531 $151,932 
Contract assets, current
73,685 2,967 
Deferred cost of revenue, current20,494 — 
Customer consideration asset, current1
90,967 — 
Prepaid expenses and other current assets
— 1,247 
Investments in unconsolidated affiliates28,236 10,037 
Contract assets, non-current
51,749 48,763 
Customer consideration asset, non-current1
215,533 — 
Other long-term assets
— 5,968 
Accrued warranty
5,002 799 
Accrued expenses and other current liabilities2
2,069 39 
Deferred revenue and customer deposits, current
8,096 6,879 
Deferred profit in transactions with unconsolidated affiliates
20,062 13,928 
1 See Note 3—Revenue Recognition—Commitment to Issue Share-Based Consideration Payable to Customer’s Customer in this Quarterly Report on Form 10-Q for additional information.
2 Includes an unfunded investment commitment of $1.4 million related to the Fund JVs and $0.6 million of 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).
SK ecoplant Joint Venture
For information on SK ecoplant Joint Venture, see Part II, Item 8, Note 12—Related Party Transactions, section SK ecoplant Joint Venture in our 2025 Form 10-K.
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of September 30, 2026, and December 31, 2025 (in thousands):
September 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$18,662 $25,820 
Accounts receivable— 576 
Inventories23,944 33,075 
Prepaid expenses and other current assets11,668 5,688 
Total current assets54,274 65,159 
Property and equipment, net1,238 1,454 
Operating lease right-of-use assets634 1,134 
Other long-term assets360 210 
Total assets$56,506 $67,957 
Liabilities
Current liabilities:
Accounts payable$7,828 $16,342 
September 30,December 31,
20262025
Accrued expenses and other current liabilities33,021 19,179 
Operating lease liabilities605 516 
Non-recourse debt2,950 4,153 
Total current liabilities44,404 40,190 
Operating lease liabilities54 484 
Total liabilities$44,458 $40,674