In June 2025, the Company committed to a plan to sell its Renewables business, which represents a strategic shift in operations. The decision was driven by a change in the Company's strategy to focus its asset portfolio and resources on its Residential, Agtech and Infrastructure segments. The Renewables business was classified as held for sale as of June 30, 2025, and met the criteria for discontinued operations. On February 20, 2026, the Company completed the sale of certain assets related to the Renewables business to a third-party, and on July 15, 2026, the Company completed the sale of the remaining portion of the Renewables business to a third-party, both transactions described below respectively. The Renewables business was previously reported under the Renewables segment in accordance with ASC Subtopic 280.

The following table presents the carrying amounts and a reconciliation of the major classes of assets and liabilities included in discontinued operations related to the Renewables business, which have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale, respectively, in the consolidated balance sheets at (in thousands):


	September 30, 2026		December 31, 2025
Assets of the discontinued operations:
Trade receivables, net	$	8,259	$	56,382
Costs in excess of billings, net	—		19,390
Inventories, net	—		30,954
Prepaid expenses and other current assets	3,083		4,540
Property, plant, and equipment, net	—		21,446
Operating lease assets	—		5,084
Goodwill	—		184,230
Acquired intangibles	—		46,303

Impairment and remeasurement adjustments	—		(175,967)
Total assets classified as discontinued operations (1)	$	11,342	$	192,362

Liabilities of the discontinued operations:
Accounts payable	$	—	$	28,320
Accrued expenses	14,893		27,135
Billings in excess of costs	—		34,202

Non-current operating lease liabilities	—		3,463
Total liabilities classified as discontinued operations (1)	$	14,893	$	93,120


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net sales	$	4,738	$	72,520	$	114,304	$	169,766
Operating expenses	11,998		72,996		156,937		178,745
Remeasurement adjustment and impairment	—		162,667		67,453		162,667
Other expenses (income), net	5,307		35		(15,066)		76
Loss before taxes from discontinued operations	$	(12,567)	$	(163,178)	$	(95,020)	$	(171,722)

During the three and nine months ended September 30, 2026, the Renewables business remained classified as held for sale and as a discontinued operation until the sale of the remaining portion of the Renewables business was completed on July 15, 2026. Accordingly, at the March 31, 2026 and June 30, 2026 interim reporting dates, the Company performed fair value less cost to sell analyses and concluded that its carrying amount exceeded fair value less costs to sell. As a result, the Company recorded remeasurement adjustments before income taxes totaling $67.4 million, which is included in the loss before taxes from discontinued operations on the consolidated statements of operations for the nine months ended September 30, 2026. Upon classifying the Renewables business as held for sale and as a discontinued operation at June 30, 2025, the Company conducted a fair value measurement analysis and determined that the Renewables business' fair value less cost to sell was greater that its carrying amount. Subsequently, the Company determined that the fair value of the Renewables business as of the quarter ended September 30, 2025 had declined due to various headwinds in the renewables sector and other geopolitical factors, resulting in lower credible purchase offers received from market participants during the quarter. As such, the carrying amount was written down to its fair value less the costs to sell as of September 30, 2025 resulting in the recognition of an impairment loss before income taxes of $162.7 million. This impairment loss is reflected in the consolidated statements of operations for the three and nine months ended September 30, 2025. The fair value measurement is categorized within Level 3 of the fair value hierarchy based on significant unobservable inputs in accordance with ASC Topic 820.

In April 2026, the Company entered into a settlement agreement to resolve certain disputed warranty claims related to the discontinued operation. The settlement amount of $25.0 million had been accrued and recognized in loss before taxes from discontinued operations in the consolidated statements of operations for the three months ended March 31, 2026. Accordingly, the related charge is reflected in loss before taxes from discontinued operations in the consolidated statements of operations for the nine months ended September 30, 2026. No additional charge related to this settlement was recognized during the three months ended September 30, 2026. The settlement was paid during the second quarter of 2026.

On February 20, 2026, the Company sold certain assets within its Renewables business pertaining to its electrical balance of systems products. The sale of these assets generated net proceeds of $74.9 million in cash, subject to working capital and other customary post-closing adjustments, and resulted in a pre-tax net gain of $17.2 million presented within loss before taxes from discontinued operations in the consolidated statements of operations.

On July 15, 2026, the Company sold assets related to its Renewables racking and foundations business. The sale of these assets generated net proceeds of $1.6 million in cash, subject to customary post-closing adjustments, and resulted in a pre-tax net loss of $1.8 million presented in loss before taxes from discontinued operations in the consolidated statements of operations. This sale completed the divestiture of the Company’s Renewables business, which was classified as held for sale and reported as discontinued operations in the Company's consolidated financial statements effective June 30, 2025.