
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

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).


	September 30,		December 31,
	2026		2025

Accounts receivable	$	195,531	$	151,932
Contract assets, current	73,685		2,967
Deferred cost of revenue, current	20,494		—
Customer consideration asset, current1	90,967		—
Prepaid expenses and other current assets	—		1,247
Investments in unconsolidated affiliates	28,236		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).

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,
	2026		2025

Assets
Current assets:
Cash and cash equivalents	$	18,662	$	25,820
Accounts receivable	—		576
Inventories	23,944		33,075
Prepaid expenses and other current assets	11,668		5,688
Total current assets	54,274		65,159
Property and equipment, net	1,238		1,454
Operating lease right-of-use assets	634		1,134
Other long-term assets	360		210
Total assets	$	56,506	$	67,957
Liabilities
Current liabilities:
Accounts payable	$	7,828	$	16,342


	September 30,		December 31,
	2026		2025

Accrued expenses and other current liabilities	33,021		19,179
Operating lease liabilities	605		516
Non-recourse debt	2,950		4,153
Total current liabilities	44,404		40,190
Operating lease liabilities	54		484

Total liabilities	$	44,458	$	40,674