v3.26.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue:        
Total revenue [1] $ 1,235,837 $ 519,048 $ 3,052,256 $ 1,246,311
Cost of revenue:        
Total cost of revenue 818,733 367,373 2,054,036 898,806
Gross profit 417,104 151,675 998,220 347,505
Operating expenses:        
Research and development 64,146 48,724 179,868 130,104
Sales and marketing 52,409 41,995 133,893 88,326
General and administrative [2] 75,100 53,110 204,583 143,802
Total operating expenses 191,655 143,829 518,344 362,232
Income (loss) from operations 225,449 7,846 479,876 (14,727)
Interest income 22,129 5,292 63,611 20,468
Interest expense [3] (7,525) (14,390) (25,035) (43,241)
Equity in loss of unconsolidated affiliates [4] (2,897) (19,599) (15,553) (19,599)
Other income (expense), net 12,627 (1,362) 21,131 3,059
Loss on extinguishment of debt 0 0 0 (32,340)
Gain (loss) on revaluation of embedded derivatives 10 (411) 225 (402)
Income (loss) before income taxes 249,793 (22,624) 524,255 (86,782)
Income tax provision 817 336 2,732 1,784
Net income (loss) 248,976 (22,960) 521,523 (88,566)
Less: Net (loss) income attributable to noncontrolling interest (1,295) 133 4,309 960
Net income (loss) attributable to common stockholders $ 250,271 $ (23,093) $ 517,214 $ (89,526)
Net earnings (loss) per share available to common stockholders:        
Basic (in dollars per share) $ 0.85 $ (0.10) $ 1.80 $ (0.38)
Diluted (in dollars per share) $ 0.78 $ (0.10) $ 1.64 $ (0.38)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:        
Basic (in shares) 294,757 234,931 287,970 232,579
Diluted (in shares) 324,289 234,931 323,307 232,579
Product        
Revenue:        
Total revenue [1] $ 1,073,610 $ 384,314 $ 2,662,371 $ 892,794
Cost of revenue:        
Total cost of revenue 666,978 249,794 1,690,167 588,113
Installation        
Revenue:        
Total revenue [1] 84,855 65,773 161,764 136,796
Cost of revenue:        
Total cost of revenue 88,954 59,921 176,863 131,460
Service        
Revenue:        
Total revenue [1] 67,557 58,607 198,459 166,604
Cost of revenue:        
Total cost of revenue 55,508 51,834 165,320 154,100
Electricity        
Revenue:        
Total revenue [1] 9,815 10,354 29,662 50,117
Cost of revenue:        
Total cost of revenue $ 7,293 $ 5,824 $ 21,686 $ 25,133
[1] Including related party revenue of $321.6 million and $697.7 million for the three and nine months ended September 30, 2026, respectively, and $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively.
[2] There were no related party general and administrative expenses for the three and nine months ended September 30, 2026. Including related party general and administrative expenses of $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively.
[3] There were no related party interest expense for the three and nine months ended September 30, 2026. Including related party interest expense of $0.1 million for the nine months ended September 30, 2025. Related party interest expense for the three months ended September 30, 2025, was inconsequential.
[4] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).