v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 521,523 $ (88,566)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 40,830 37,382
Non-cash lease expense 25,888 24,509
Equity in loss of unconsolidated affiliates [1] 15,553 19,599
Stock-based compensation expense 157,641 96,593
Amortization of debt issuance costs 9,978 5,537
Loss on extinguishment of debt 0 32,340
Net gain on failed sale-and-leaseback transactions (22,927) (827)
Share-based consideration payable to customer’s customer (Note 3) [2] 1,402 0
Allowance for credit losses 3,080 340
Inventory reserve and asset impairments 3,143 21,846
Unrealized foreign currency exchange loss (gain) 1,391 (2,092)
Other [3] 879 452
Changes in operating assets and liabilities:    
Accounts receivable [4] (264,825) (75,681)
Contract assets [5] (618,002) (113,722)
Inventories (285,458) (179,162)
Deferred cost of revenue [6] (82,697) 34,409
Prepaid expenses and other current assets [7] (128,439) 1,461
Other long-term assets [8] (274,668) 1,728
Operating lease right-of-use assets and operating lease liabilities (25,699) (25,235)
Financing lease liabilities 469 1,188
Accounts payable 285,086 76,175
Accrued warranty [9] 50,254 (1,877)
Accrued expenses and other current liabilities [10] 248,149 27,723
Deferred revenue and customer deposits [11] 610,565 (198,100)
Deferred profit with equity method investees and other long-term liabilities [12] (221) (144)
Net cash provided by (used in) operating activities 272,895 (304,124)
Cash flows from investing activities:    
Purchase of property, plant and equipment (231,310) (33,805)
Proceeds from sale of property, plant and equipment 187 76
Investments in unconsolidated affiliates [13] (26,577) (24,570)
Net cash used in investing activities (257,700) (58,299)
Cash flows from financing activities:    
Payment of debt issuance costs (787) (3,348)
Repayment of debt (1,347) 0
Repayment of financing obligations (17,195) (8,404)
Proceeds from issuance of common stock 33,941 50,035
Dividend paid (925) (947)
Other (38) 150
Net cash provided by financing activities 13,649 37,486
Effect of exchange rate changes on cash, cash equivalent, and restricted cash (2,278) 981
Net increase (decrease) in cash, cash equivalents, and restricted cash 26,566 (323,956)
Beginning of period 2,481,580 950,971
End of period 2,508,146 627,015
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 14,635 30,576
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 25,699 24,979
Operating cash flows from finance leases 326 256
Cash paid during the period for income taxes 5,689 1,122
Non-cash investing and financing activities:    
Liabilities recorded for property, plant and equipment, net 18,138 2,266
Derecognition of financing obligations 42,635 0
Recognition of operating lease right-of-use asset during the year-to-date period 7,867 3,878
Recognition of finance lease right-of-use asset during the year-to-date period 452 1,162
Unfunded investment commitment (Note 11) [14] 1,438 720
Senior Secured Notes    
Non-cash investing and financing activities:    
Premium on convertible debt 0 28,247
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Non-cash investing and financing activities:    
Conversions of the Green Notes (Note 8) 149,481 2,230
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes    
Non-cash investing and financing activities:    
Notes/debt exchanged 0 112,769
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes    
Non-cash investing and financing activities:    
Notes/debt exchanged $ 0 $ 115,725
[1] 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).
[2] Represent related party consideration payable to customer’s customer (see Note 3—Revenue Recognition in this Quarterly Report on Form 10-Q).
[3] Includes $1.0 million related party distributions received from unconsolidated affiliates for the nine months ended September 30, 2026 (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[4] Including changes in related party balances of $43.6 million and $55.0 million for the nine months ended September 30, 2026 and 2025, respectively
[5] Including changes in related party balances of $73.7 million and $87.4 million for the nine months ended September 30, 2026 and 2025, respectively
[6]
3 Including changes in related party balances of $20.5 million for the nine months ended September 30, 2026. There were no changes in related party balances for the nine months ended September 30, 2025.
[7] Including changes in related party balances of $1.2 million and $1.2 million for the nine months ended September 30, 2026 and 2025, respectively
[8] Including changes in related party balances of $6.0 million and $8.8 million for the nine months ended September 30, 2026 and 2025, respectively
[9] Including changes in related party balances of $4.2 million and $1.2 million for the nine months ended September 30, 2026 and 2025, respectively
[10] Including changes in related party balances of $2.0 million and $0.5 million for the nine months ended September 30, 2026 and 2025, respectively
[11] Including changes in related party balances of $1.2 million and $12.2 million for the nine months ended September 30, 2026 and 2025, respectively
[12] Including changes in related party balances of $6.1 million for the nine months ended September 30, 2026. There were no changes in related party balances for the nine months ended September 30, 2025.
[13] Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q)
[14] Represents related party unfunded investment commitment pertaining to unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q)