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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
Primary geographical markets:
United States$233,491 $349,982 $694,242 $884,550 
International
59,838 60,445 173,841 245,114 
Total$293,329 $410,427 $868,083 $1,129,664 
Timing of revenue recognition:
Products delivered at a point in time$264,039 $383,001 $780,817 $1,034,952 
Products and services delivered over time29,290 27,426 87,266 94,712 
Total$293,329 $410,427 $868,083 $1,129,664 
Contract Balances
Accounts receivable, and contract assets and contract liabilities from contracts with customers were, as follows:
September 30,
2026		December 31,
2025
(In thousands)
Accounts receivable$249,939 $229,881 
Long-term accounts receivable (Other assets)$71,640 $— 
Short-term contract assets (Prepaid expenses and other current assets)$35,420 $35,976 
Long-term contract assets (Other assets)$141,525 $115,067 
Short-term contract liabilities (Deferred revenues, current)$170,565 $180,524 
Long-term contract liabilities (Deferred revenues, non-current)$355,141 $337,923 
The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional.
Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the nine months ended September 30, 2026.
Significant changes in the balances of contract assets (prepaid expenses and other assets) in the nine months ended September 30, 2026 were as follows (in thousands):
Contract Assets
Contract assets, beginning of period$151,043 
Amount recognized(28,918)
Increased due to billings54,820 
Contract assets, end of period$176,945 
Contract liabilities are recorded as deferred revenue on the condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
As of September 30, 2026, contract liabilities included approximately $51.7 million of cash prepayments or billings under the Investment Tax Credit Five Percent Safe Harbor method for products to be delivered in the fourth quarter of 2026, and approximately $46.8 million of cash prepayments or billings under the Physical Work Test beginning-of-construction method for products to be delivered through the second quarter of 2031.
Significant changes in contract liabilities (deferred revenue) in the nine months ended September 30, 2026 were as follows (in thousands):
Contract Liabilities
Contract liabilities, beginning of period$518,447 
Revenue recognized(205,319)
Increased due to billings212,578 
Contract liabilities, end of period$525,706 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that were unsatisfied or partially unsatisfied at the end of the reporting period were as follows:
September 30,
2026
(In thousands)
Fiscal year:
2026 (remaining three months)$83,621 
2027115,288 
2028114,187 
202995,198 
203063,855 
Thereafter53,557 
Total$525,706