v3.26.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Contract with Customer, Asset and Liability
The following table provides information about accounts receivables, contract assets, customer deposits and deferred
revenue from contracts with customers (in thousands):
September 30,December 31,
20262025
Accounts receivable$634,743 $371,796 
Contract assets858,646 241,186 
Customer deposits661,354 78,207 
Deferred revenue93,026 65,608 
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Beginning balance$428,298 $129,798 $241,186 $145,162 
Transferred to accounts receivable from contract assets recognized at the beginning of the period
(33,539)(31,638)(108,584)(99,699)
Revenue recognized and not billed as of the end of the period463,887 160,724 726,044 213,421 
Ending balance$858,646 $258,884 $858,646 $258,884 
Deferred revenue activity during the three and nine months ended September 30, 2026 and 2025, consisted of the following (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Beginning balance$84,478 $56,172 $65,608 $66,304 
Additions1,147,259 331,487 2,447,700 862,407 
Revenue recognized(1,138,711)(333,984)(2,420,282)(875,036)
Ending balance$93,026 $53,675 $93,026 $53,675 
Schedule of Disaggregation of Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Revenue from contracts with customers:
Product revenue$1,073,610 $384,314 $2,662,371 $892,794 
Installation revenue84,855 65,773 161,764 136,796 
Service revenue
67,557 58,607 198,459 166,604 
Electricity revenue5,006 4,637 15,581 32,655 
Total revenue from contract with customers1,231,028 513,331 3,038,175 1,228,849 
Revenue from contracts that contain leases:
Electricity revenue4,809 5,717 14,081 17,462 
Total revenue$1,235,837 $519,048 $3,052,256 $1,246,311 
Schedule of Weighted-Average Valuation Assumptions The following weighted-average assumptions were used to estimate the fair value of the Warrant on April 9, 2026, and the commitment to issue the Warrant on December 31, 2025:
April 9,December 31,
20262025
Risk-free interest rate3.7%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility115.0%96.2%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
Three Months Ended September 30,Nine Months Ended September 30,
20252025
Risk-free interest rate
 3.9%
3.9%—4.1%
Expected term (years)6.16.1
Expected dividend yield——
Expected volatility
93.9%
93.4%—93.9%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Risk-free interest rate
3.4%—4.2%
3.8%—4.3%
 3.4%—4.2%
3.8%—5.0%
Expected term (years)
0.5—2.0
0.5—2.0
0.5—2.0
0.5—2.0
Expected dividend yield
—
—
—
—
Expected volatility
96.7%—119.3%
80.5%—115.2%
80.5%—119.3%
66.2%—115.2%