(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
or | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ____________to ____________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
( | |||||
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
Item 1 - Financial Statements (unaudited) | |||||
Condensed Consolidated Balance Sheets | |||||
Condensed Consolidated Statements of Operations | |||||
Condensed Consolidated Statements of Comprehensive Loss | |||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) | |||||
Condensed Consolidated Statements of Cash Flows | |||||
Notes to Unaudited Condensed Consolidated Financial Statements | |||||
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3 - Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4 - Controls and Procedures | |||||
PART II - OTHER INFORMATION | |||||
Item 1 - Legal Proceedings | |||||
Item 1A - Risk Factors | |||||
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 3 - Defaults Upon Senior Securities | |||||
Item 4 - Mine Safety Disclosures | |||||
Item 5 - Other Information | |||||
Item 6 - Exhibits | |||||
Signatures |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents1 | $ | $ | ||||||||||||
Restricted cash1 | ||||||||||||||
Accounts receivable less allowance for doubtful accounts of $ | ||||||||||||||
Contract assets3 | ||||||||||||||
Inventories1 | ||||||||||||||
Deferred cost of revenue4 | ||||||||||||||
Prepaid expenses and other current assets1 | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net1 | ||||||||||||||
Operating lease right-of-use assets1 | ||||||||||||||
Restricted cash1 | ||||||||||||||
Deferred cost of revenue | ||||||||||||||
Other long-term assets1 | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable1 | $ | $ | ||||||||||||
Accrued warranty | ||||||||||||||
Accrued expenses and other current liabilities1, 5 | ||||||||||||||
Deferred revenue and customer deposits1, 6 | ||||||||||||||
Operating lease liabilities1 | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred revenue and customer deposits1 | ||||||||||||||
Operating lease liabilities1 | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock: $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total equity attributable to common stockholders | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total stockholders’ equity | $ | $ | ||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Product | $ | $ | $ | $ | ||||||||||||||||||||||
Installation | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Electricity | ||||||||||||||||||||||||||
Total revenue1 | ||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Product | ||||||||||||||||||||||||||
Installation | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Electricity | ||||||||||||||||||||||||||
Total cost of revenue | ||||||||||||||||||||||||||
Gross (loss) profit | ( | |||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other (expense) income, net | ( | ( | ||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | |||||||||||||||||||||||
(Loss) gain on revaluation of embedded derivatives | ( | ( | ||||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Net gain (loss) attributable to noncontrolling interest | ( | ( | ( | |||||||||||||||||||||||
Net loss attributable to common stockholders | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Net loss attributable to redeemable noncontrolling interest | ( | |||||||||||||||||||||||||
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net loss per share available to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive loss, net of taxes: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive loss | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Comprehensive gain (loss) attributable to noncontrolling interest | ( | ( | ( | |||||||||||||||||||||||
Comprehensive loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Less: Comprehensive loss attributable to redeemable noncontrolling interest | ( | |||||||||||||||||||||||||
Comprehensive loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity Attributable to Common Stockholders | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Buyout of noncontrolling interest (Note 10) | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B redeemable convertible preferred stock (Note 16) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interest | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) gain | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity (Deficit) Attributable to Common Stockholders | Noncontrolling Interest | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Public share offering | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forward to purchase Class A Common Stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity Attributable to Common Stockholders | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Derecognition of the pre-modification forward contract fair value (Note 16) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity component of Series B redeemable convertible preferred stock (Note 16) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchase of capped call related to convertible notes (Note 7) | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Buyout of noncontrolling interest (Note 10) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Conversion of Series B redeemable convertible preferred stock (Note 16) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | $ | $ | ( | $ | ( | $ | $ | $ |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity (Deficit) Attributable to Common Stockholders | Noncontrolling Interest | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Public share offering | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forward to purchase Class A Common Stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss1 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Non-cash lease expense | ||||||||||||||
Loss (gain) on disposal of property, plant and equipment | ( | |||||||||||||
Revaluation of derivative contracts | ( | |||||||||||||
Impairment of assets related to PPA V and PPA IIIa | ||||||||||||||
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing (Note 16) | ||||||||||||||
Stock-based compensation | ||||||||||||||
Amortization of warrants and debt issuance costs | ||||||||||||||
Loss on extinguishment of debt | ||||||||||||||
Unrealized foreign currency exchange loss | ||||||||||||||
Other | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable1 | ( | |||||||||||||
Contract assets2 | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Deferred cost of revenue3 | ( | ( | ||||||||||||
Customer financing receivable | ||||||||||||||
Prepaid expenses and other current assets | ( | ( | ||||||||||||
Other long-term assets | ( | |||||||||||||
Operating lease right-of-use assets and operating lease liabilities | ( | |||||||||||||
Finance lease liabilities | ||||||||||||||
Accounts payable | ( | |||||||||||||
Accrued warranty | ( | |||||||||||||
Accrued expenses and other current liabilities4 | ( | |||||||||||||
Deferred revenue and customer deposits5 | ( | ( | ||||||||||||
Other long-term liabilities | ( | ( | ||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property, plant and equipment | ( | ( | ||||||||||||
Proceeds from sale of property, plant and equipment | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from issuance of debt | ||||||||||||||
Payment of debt issuance costs | ( | |||||||||||||
Repayment of debt of PPA V and PPA IIIa | ( | ( | ||||||||||||
Debt make-whole payment related to PPA IIIa debt | ( | |||||||||||||
Repayment of recourse debt | ( | ( | ||||||||||||
Proceeds from financing obligations | ||||||||||||||
Repayment of financing obligations | ( | ( | ||||||||||||
Distributions and payments to noncontrolling interests | ( | ( | ||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Proceeds from public share offering | ||||||||||||||
Public share offering costs | ( | |||||||||||||
Buyout of noncontrolling interest (Note 10) | ( | |||||||||||||
Proceeds from issuance of Series B redeemable convertible preferred stock | ||||||||||||||
Contributions from noncontrolling interest | ||||||||||||||
Purchase of capped call related to convertible notes (Note 7) | ( | |||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalent and restricted cash | ( | ( | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | ||||||||||||||
Cash, cash equivalents and restricted cash: | ||||||||||||||
Beginning of period | ||||||||||||||
End of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for interest | $ | $ | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Cash paid during the period for income taxes | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Transfer of customer financing receivable to property, plant and equipment, net | $ | $ | ||||||||||||
Forward to purchase Class A Common Stock | ||||||||||||||
Liabilities recorded for property, plant and equipment, net | ||||||||||||||
Recognition of operating lease right-of-use asset during the year-to-date period | ||||||||||||||
Recognition of finance lease right-of-use asset during the year-to-date period | ||||||||||||||
Derecognition of the pre-modification forward contract fair value (Note 16) | ||||||||||||||
Equity component of Series B redeemable convertible preferred stock (Note 16) | ||||||||||||||
Conversion of Series B redeemable convertible preferred stock (Note 16) | ||||||||||||||
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Contract assets | ||||||||||||||
Customer deposits | ||||||||||||||
Deferred revenue |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Transferred to accounts receivable from contract assets recognized at the beginning of the period | ( | ( | ( | ( | ||||||||||||||||||||||
Revenue recognized and not billed as of the end of the period | ||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Revenue recognized | ( | ( | ( | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Revenue from contracts with customers: | |||||||||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | |||||||||||||||||||||||||
Installation revenue | |||||||||||||||||||||||||||||
Services revenue | |||||||||||||||||||||||||||||
Electricity revenue | |||||||||||||||||||||||||||||
Total revenue from contract with customers | |||||||||||||||||||||||||||||
Revenue from contracts that contain leases: | |||||||||||||||||||||||||||||
Electricity revenue | |||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
As Held: | ||||||||||||||
Cash | $ | $ | ||||||||||||
Money market funds | ||||||||||||||
$ | $ | |||||||||||||
As Reported: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA V Entity1 | ||||||||||||||
$ | $ | |||||||||||||
Non-current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA V Entity1 | ||||||||||||||
$ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
September 30, 2023 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Embedded EPP derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
December 31, 2022 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Embedded EPP derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ |
Embedded EPP Derivative Liability | ||||||||
Liabilities at December 31, 2022 | $ | |||||||
EPP liability settlement | ( | |||||||
Changes in fair value | ||||||||
Liabilities at September 30, 2023 | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Net Carrying Value | Fair Value | Net Carrying Value | Fair Value | |||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||||||
Recourse: | ||||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||
Non-recourse: | ||||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
Work-in-progress | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Receivables from employees | $ | $ | ||||||||||||
Deferred expenses (Note 16) | ||||||||||||||
Prepaid managed services | ||||||||||||||
Prepaid hardware and software maintenance | ||||||||||||||
Tax receivables | ||||||||||||||
Prepaid workers compensation | ||||||||||||||
Advance income tax provision | ||||||||||||||
Prepaid rent | ||||||||||||||
Interest receivable | ||||||||||||||
Deposits made | ||||||||||||||
Prepaid deferred commissions | ||||||||||||||
Other prepaid expenses and other current assets | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Energy Servers | $ | $ | ||||||||||||
Machinery and equipment | ||||||||||||||
Leasehold improvements | ||||||||||||||
Construction-in-progress | ||||||||||||||
Buildings | ||||||||||||||
Computers, software and hardware | ||||||||||||||
Furniture and fixtures | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Deferred commissions | $ | $ | ||||||||||||
Long-term lease receivable | ||||||||||||||
Deposits made | ||||||||||||||
Deferred expenses (Note 16) | ||||||||||||||
Prepaid managed services | ||||||||||||||
Deferred tax asset | ||||||||||||||
Prepaid insurance | ||||||||||||||
Prepaid and other long-term assets | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Product performance | $ | $ | ||||||||||||
Product warranty | ||||||||||||||
$ | $ |
Balances at December 31, 2022 | $ | ||||
Accrued warranty, net | |||||
Warranty expenditures during the nine-month period | ( | ||||
Balances at September 30, 2023 | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Compensation and benefits | $ | $ | ||||||||||||
General invoice and purchase order accruals | ||||||||||||||
Interest payable | ||||||||||||||
Sales-related liabilities | ||||||||||||||
Accrued installation | ||||||||||||||
Accrued legal expenses | ||||||||||||||
Provision for income tax | ||||||||||||||
Sales tax liabilities | ||||||||||||||
VAT interim liability | ||||||||||||||
Accrued consulting expenses | ||||||||||||||
Accrued restructuring costs (Note 12) | ||||||||||||||
Finance lease liabilities | ||||||||||||||
PPA IV upgrade financing obligations | ||||||||||||||
Delaware grant (Note 13) | ||||||||||||||
Current portion of derivative liabilities | ||||||||||||||
Other | ||||||||||||||
$ | $ |
Unpaid Principal Balance | Net Carrying Value | Interest Rate | Maturity Dates | Entity | ||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||
June 2028 | Company | |||||||||||||||||||||||||||||||||||||||||||
August 2025 | Company | |||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
March 2026 | Korean Joint Venture | |||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Unpaid Principal Balance | Net Carrying Value | Interest Rate | Maturity Dates | Entity | ||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | March 2027 | Company | |||||||||||||||||||||||||||||||||||||||
August 2025 | Company | |||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
June 2031 | PPA V | |||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
$ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Operating Leases: | ||||||||||||||
Operating lease right-of-use assets, net 1, 2 | $ | $ | ||||||||||||
Current operating lease liabilities | ( | ( | ||||||||||||
Non-current operating lease liabilities | ( | ( | ||||||||||||
Total operating lease liabilities | $ | ( | $ | ( | ||||||||||
Finance Leases: | ||||||||||||||
$ | $ | |||||||||||||
( | ( | |||||||||||||
( | ( | |||||||||||||
Total finance lease liabilities | $ | ( | $ | ( | ||||||||||
Total lease liabilities | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating lease costs | $ | $ | $ | $ | ||||||||||||||||||||||
Financing lease costs: | ||||||||||||||||||||||||||
Amortization of right-of-use assets | ||||||||||||||||||||||||||
Interest on lease liabilities | ||||||||||||||||||||||||||
Total financing lease costs | ||||||||||||||||||||||||||
Short-term lease costs | ||||||||||||||||||||||||||
Total lease costs | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
Operating Leases | Finance Leases | |||||||||||||
Remainder of 2023 | $ | $ | ||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
Thereafter | ||||||||||||||
Total minimum lease payments | ||||||||||||||
Less: amounts representing interest or imputed interest | ( | ( | ||||||||||||
Present value of lease liabilities | $ | $ |
Financing Obligations | ||||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: imputed interest | ( | |||||||
Present value of net minimum lease payments | ||||||||
Less: current financing obligations | ( | |||||||
Long-term financing obligations | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Outstanding Options | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
(in thousands, except weighted average exercise price and remaining contractual life) | ||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | ||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Expired | ( | |||||||||||||||||||||||||
Balances at September 30, 2023 | ||||||||||||||||||||||||||
Vested and expected to vest at September 30, 2023 | ||||||||||||||||||||||||||
Exercisable at September 30, 2023 | $ | $ |
Number of Awards Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||
Unvested Balance at December 31, 2022 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested Balance at September 30, 2023 | $ |
Plan Shares Available for Grant | ||||||||
Balances at December 31, 2022 | ||||||||
Added to plan | ||||||||
Granted | ( | |||||||
Cancelled/forfeited | ||||||||
Expired | ( | |||||||
Balances at September 30, 2023 |
December 31, | ||||||||
2022 | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | |||||||
Restricted cash | ||||||||
Accounts receivable | ||||||||
Prepaid expenses and other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net | ||||||||
Restricted cash | ||||||||
Other long-term assets | ||||||||
Total assets | $ | |||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accrued expenses and other current liabilities | $ | |||||||
Deferred revenue and customer deposits | ||||||||
Non-recourse debt | ||||||||
Total current liabilities | ||||||||
Deferred revenue and customer deposits | ||||||||
Non-recourse debt | ||||||||
Total liabilities | $ | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Total revenue from related parties1 | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Contract assets | ||||||||||||||
Deferred cost of revenue, current | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Deferred revenue and customer deposits, current |
Three Months Ended, September 30, 2023 | |||||
Severance | |||||
Balance at June 30, 2023 | $ | ||||
Restructuring accruals | |||||
Payments | ( | ||||
Balance at September 30, 2023 | $ |
Three Months Ended, September 30, 2023 | |||||
Cost of product revenue | $ | ||||
Cost of service revenue | |||||
Operating expenses: | |||||
Sales and marketing | |||||
General and administrative | |||||
Total | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Convertible notes | ||||||||||||||||||||||||||
Redeemable convertible preferred stock | ||||||||||||||||||||||||||
Stock options and awards | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Non-recourse debt | ||||||||||||||
Total liabilities | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash (used in) provided by: | ||||||||||||||
Operating activities | $ | (494,364) | $ | (168,453) | ||||||||||
Investing activities | (67,482) | (80,907) | ||||||||||||
Financing activities | 682,161 | 305,211 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
PPA Entities ¹ | ||||||||||||||
Net cash provided by PPA operating activities | $ | 10,036 | $ | 95,445 | ||||||||||
Net cash used in PPA financing activities | (23,594) | (103,546) | ||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
Product accepted | 813 | 581 | 232 | 39.9 | % | 1,931 | 1,427 | 504 | 35.3 | % | ||||||||||||||||||||||||||||||||||||||||
Megawatts accepted, net | 81 | 58 | 23 | 39.9 | % | 193 | 143 | 50 | 35.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Direct purchase (including third-party PPAs and international channels) | 100 | % | 99 | % | 98 | % | 100 | % | ||||||||||||||||||
Traditional lease | — | % | 1 | % | 2 | % | — | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Direct purchase (including third-party PPAs and international channels) | 94 | % | 91 | % | 90 | % | 89 | % | ||||||||||||||||||
Traditional lease | — | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||
Managed services | 4 | % | 5 | % | 7 | % | 6 | % | ||||||||||||||||||
Portfolio financings | 2 | % | 3 | % | 2 | % | 4 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
Product costs of product accepted in the period | $2,040/kW | $2,456/kW | ($416/kW) | (16.9) | % | $2,126/kW | $2,485/kW | ($359/kW) | (14.4) | % | ||||||||||||||||||||||||||||||||||||||||
Period costs of manufacturing related expenses not included in product costs (in thousands) | $ | 17,330 | $ | 15,496 | $ | 1,834 | 11.8 | % | $ | 47,403 | $ | 38,672 | $ | 8,731 | 22.6 | % | ||||||||||||||||||||||||||||||||||
Installation costs on product accepted in the period | $318/kW | $488/kW | ($170/kW) | (34.8) | % | $402/kW | $405/kW | ($3/kW) | (0.7) | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | 304,976 | $ | 213,243 | $ | 91,733 | 43.0 | % | $ | 713,427 | $ | 520,415 | $ | 193,012 | 37.1 | % | ||||||||||||||||||||||||||||||||||
Installation | 21,916 | 22,682 | (766) | (3.4) | % | 66,762 | 48,964 | 17,798 | 36.3 | % | ||||||||||||||||||||||||||||||||||||||||
Service | 47,535 | 37,347 | 10,188 | 27.3 | % | 130,496 | 111,012 | 19,484 | 17.6 | % | ||||||||||||||||||||||||||||||||||||||||
Electricity | 25,841 | 19,002 | 6,839 | 36.0 | % | 65,869 | 56,158 | 9,711 | 17.3 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 400,268 | $ | 292,274 | $ | 107,994 | 36.9 | % | $ | 976,554 | $ | 736,549 | $ | 240,005 | 32.6 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | 182,832 | $ | 158,176 | $ | 24,656 | 15.6 | % | $ | 457,591 | $ | 393,337 | $ | 64,254 | 16.3 | % | ||||||||||||||||||||||||||||||||||
Installation | 25,902 | 28,333 | (2,431) | (8.6) | % | 77,881 | 57,836 | 20,045 | 34.7 | % | ||||||||||||||||||||||||||||||||||||||||
Service | 57,370 | 41,792 | 15,578 | 37.3 | % | 165,877 | 124,646 | 41,231 | 33.1 | % | ||||||||||||||||||||||||||||||||||||||||
Electricity | 139,378 | 13,029 | 126,349 | 969.8 | % | 169,802 | 83,819 | 85,983 | 102.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 405,482 | $ | 241,330 | $ | 164,152 | 68.0 | % | $ | 871,151 | $ | 659,638 | $ | 211,513 | 32.1 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||||||||||||||||||||
Product | $ | 122,144 | $ | 55,067 | $ | 67,077 | $ | 255,836 | $ | 127,078 | $ | 128,758 | ||||||||||||||||||||||||||
Installation | (3,986) | (5,651) | 1,665 | (11,119) | (8,872) | (2,247) | ||||||||||||||||||||||||||||||||
Service | (9,835) | (4,445) | (5,390) | (35,381) | (13,634) | (21,747) | ||||||||||||||||||||||||||||||||
Electricity | (113,537) | 5,973 | (119,510) | (103,933) | (27,661) | (76,272) | ||||||||||||||||||||||||||||||||
Total gross profit (loss) | $ | (5,214) | $ | 50,944 | $ | (56,158) | $ | 105,403 | $ | 76,911 | $ | 28,492 | ||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||
Product | 40 | % | 26 | % | 36 | % | 24 | % | ||||||||||||||||||||||||||||||
Installation | (18) | % | (25) | % | (17) | % | (18) | % | ||||||||||||||||||||||||||||||
Service | (21) | % | (12) | % | (27) | % | (12) | % | ||||||||||||||||||||||||||||||
Electricity | (439) | % | 31 | % | (158) | % | (49) | % | ||||||||||||||||||||||||||||||
Total gross margin | (1) | % | 17 | % | 11 | % | 10 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 35,126 | $ | 36,146 | $ | (1,020) | (2.8) | % | $ | 122,309 | $ | 112,286 | $ | 10,023 | 8.9 | % | ||||||||||||||||||||||||||||||||||
Sales and marketing | 20,002 | 23,275 | (3,273) | (14.1) | % | 73,935 | 65,084 | 8,851 | 13.6 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 43,366 | 44,115 | (749) | (1.7) | % | 131,004 | 119,965 | 11,039 | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 98,494 | $ | 103,536 | $ | (5,042) | (4.9) | % | $ | 327,248 | $ | 297,335 | $ | 29,913 | 10.1 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 5,581 | $ | 4,982 | $ | 599 | 12.0 | % | $ | 14,809 | $ | 13,609 | $ | 1,200 | 8.8 | % | ||||||||||||||||||||||||||||||||||
Research and development | 5,585 | 4,818 | 767 | 15.9 | % | 21,673 | 25,113 | (3,440) | (13.7) | % | ||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 3,015 | 3,948 | (933) | (23.6) | % | 15,089 | 13,528 | 1,561 | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 7,383 | 10,283 | (2,900) | (28.2) | % | 28,025 | 30,688 | (2,663) | (8.7) | % | ||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation | $ | 21,564 | $ | 24,031 | $ | (2,467) | (10.3) | % | $ | 79,596 | $ | 82,938 | $ | (3,342) | (4.0) | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 7,419 | $ | 1,109 | $ | 6,310 | $ | 13,771 | $ | 1,364 | $ | 12,407 | ||||||||||||||||||||||||||
Interest expense | (68,037) | (13,099) | (54,938) | (93,736) | (41,000) | (52,736) | ||||||||||||||||||||||||||||||||
Other (expense) income, net | (1,577) | 4,472 | (6,049) | (3,660) | 254 | (3,914) | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (1,415) | — | (1,415) | (4,288) | (4,233) | (55) | ||||||||||||||||||||||||||||||||
(Loss) gain on revaluation of embedded derivatives | (114) | 54 | (168) | (1,213) | 623 | (1,836) | ||||||||||||||||||||||||||||||||
Total | $ | (63,724) | $ | (7,464) | $ | (56,260) | $ | (89,126) | $ | (42,992) | $ | (46,134) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 646 | 336 | $ | 310 | 92.3 | % | 1,083 | 888 | $ | 195 | 22.0 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) attributable to noncontrolling interest | $ | 921 | $ | (3,315) | $ | 4,236 | (127.8) | % | $ | (5,427) | $ | (9,768) | $ | 4,341 | (44.4) | % | ||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | $ | — | $ | — | $ | — | — | % | — | (300) | $ | 300 | (100.0) | % |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||
3.1 | Amended and Restated Bylaws, as effective August 9, 2023 | 8-K | 001-38598 | 3.1 | 8/11/2023 | |||||||||||||||
Certificate of Retirement for Class B Common Stock | Filed herewith | |||||||||||||||||||
Certificate of Elimination of Certificate of Designations of Series B Convertible Preferred Stock | Filed herewith | |||||||||||||||||||
3.4 | Restated Certificate of Incorporation | 10-Q | 001-38598 | 3.1 | 9/07/2018 | |||||||||||||||
3.5 | Certificate of Amendment to the Restated Certificate of Incorporation | 10-Q | 001-38598 | 3.1 | 8/09/2022 | |||||||||||||||
Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
* | Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | ||||||||||||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | ||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
BLOOM ENERGY CORPORATION | ||||||||||||||
Date: | November 8, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
Founder, Chief Executive Officer, Chairman and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | November 8, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||
Date: | November 8, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
Founder, Chief Executive Officer, Chairman and Director | ||||||||||||||
(Principal Executive Officer) |
Date: | November 8, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
Date: | November 8, 2023 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
Founder, Chief Executive Officer, Chairman and Director | ||||||||||||||
(Principal Executive Officer) |
Date: | November 8, 2023 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
-*J=L1!-?W=']SO?\#MR_P 4L0I)8VBFN\;I_ '/#6H^,=
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||||||
Cash and cash equivalents | [1] | $ 557,384 | $ 348,498 | |||||||||||
Restricted cash, short-term | [1] | 42,614 | 51,515 | |||||||||||
Accounts receivable less allowance for doubtful accounts of $119 as of September 30, 2023 and December 31, 2022 | [1],[2] | 334,495 | 250,995 | |||||||||||
Contract assets | [3] | 143,875 | 46,727 | |||||||||||
Inventories | [1] | 475,649 | 268,394 | |||||||||||
Deferred cost of revenue, current | [4] | 62,212 | 46,191 | |||||||||||
Prepaid expenses and other current assets | [1] | 66,243 | 43,643 | |||||||||||
Total current assets | 1,682,472 | 1,055,963 | ||||||||||||
Property, plant and equipment, net | [1] | 490,535 | 600,414 | |||||||||||
Operating lease right-of-use assets | [1] | 127,973 | 126,955 | |||||||||||
Restricted cash, long-term | [1] | 37,698 | 118,353 | |||||||||||
Deferred cost of revenue | 4,286 | 4,737 | ||||||||||||
Other long-term assets | [1] | 33,208 | 40,205 | |||||||||||
Total assets | 2,376,172 | 1,946,627 | ||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | [1] | 153,793 | 161,770 | |||||||||||
Accrued warranty | 16,537 | 17,332 | ||||||||||||
Accrued expenses and other current liabilities | [1],[5] | 116,480 | 144,183 | |||||||||||
Deferred revenue and customer deposits | [1],[6] | 119,157 | 159,048 | |||||||||||
Operating lease liabilities | [1] | 16,666 | 16,227 | |||||||||||
Financing obligations | 39,093 | 17,363 | ||||||||||||
Recourse debt | 0 | 12,716 | ||||||||||||
Non-recourse debt, current | [1] | 0 | 13,307 | |||||||||||
Total current liabilities | 461,726 | 541,946 | ||||||||||||
Deferred revenue and customer deposits, current | [1] | 14,499 | 56,392 | |||||||||||
Operating lease liabilities | [1] | 133,602 | 132,363 | |||||||||||
Financing obligations | 410,365 | 442,063 | ||||||||||||
Recourse debt | 840,492 | 273,076 | ||||||||||||
Non-recourse debt, noncurrent | [1] | 1,483 | 112,480 | |||||||||||
Other long-term liabilities | 8,805 | 9,491 | ||||||||||||
Total liabilities | 1,870,972 | 1,567,811 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 223,860,870 shares and 189,864,722 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 0 shares and 15,799,968 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 21 | 20 | ||||||||||||
Additional paid-in capital | 4,360,080 | 3,906,491 | ||||||||||||
Accumulated other comprehensive loss | (2,378) | (1,251) | ||||||||||||
Accumulated deficit | (3,871,110) | (3,564,483) | ||||||||||||
Total equity attributable to common stockholders | 486,613 | 340,777 | ||||||||||||
Noncontrolling interest | 18,587 | 38,039 | ||||||||||||
Total stockholders’ equity | 505,200 | 378,816 | ||||||||||||
Total liabilities and stockholders’ equity | $ 2,376,172 | $ 1,946,627 | ||||||||||||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Allowance for doubtful accounts | $ 119 | $ 119 | ||||||||
Accounts receivable | [1],[2] | 334,495 | 250,995 | |||||||
Deferred costs, current | [3] | 62,212 | 46,191 | |||||||
Deferred costs, noncurrent | 4,286 | 4,737 | ||||||||
Deferred revenue and customer deposits, current | [1],[4] | 119,157 | 159,048 | |||||||
Deferred revenue and customer deposits, noncurrent | [1] | 14,499 | 56,392 | |||||||
Related Party | ||||||||||
Accounts receivable | 247,897 | 4,257 | ||||||||
Deferred costs, current | 23,424 | 0 | ||||||||
Deferred costs, noncurrent | 0 | |||||||||
Deferred revenue and customer deposits, current | 0 | |||||||||
Deferred revenue and customer deposits, noncurrent | $ 11,118 | $ 0 | ||||||||
Common Class A and B | ||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||
Class A common stock | ||||||||||
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 | ||||||||
Common stock, issued (in shares) | 223,860,870 | 189,864,722 | ||||||||
Common stock, outstanding (in shares) | 223,860,870 | 189,864,722 | ||||||||
Class B common stock | ||||||||||
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 | ||||||||
Common stock, issued (in shares) | 0 | 15,799,968 | ||||||||
Common stock, outstanding (in shares) | 0 | 15,799,968 | ||||||||
|
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Revenue: | ||||||
Total revenue | [1] | $ 400,268 | $ 292,274 | $ 976,554 | $ 736,549 | |
Cost of revenue: | ||||||
Total cost of revenue | 405,482 | 241,330 | 871,151 | 659,638 | ||
Gross (loss) profit | (5,214) | 50,944 | 105,403 | 76,911 | ||
Operating expenses: | ||||||
Research and development | 35,126 | 36,146 | 122,309 | 112,286 | ||
Sales and marketing | 20,002 | 23,275 | 73,935 | 65,084 | ||
General and administrative | 43,366 | 44,115 | 131,004 | 119,965 | ||
Total operating expenses | 98,494 | 103,536 | 327,248 | 297,335 | ||
Loss from operations | (103,708) | (52,592) | (221,845) | (220,424) | ||
Interest income | 7,419 | 1,109 | 13,771 | 1,364 | ||
Interest expense | (68,037) | (13,099) | (93,736) | (41,000) | ||
Other (expense) income, net | (1,577) | 4,472 | (3,660) | 254 | ||
Loss on extinguishment of debt | (1,415) | 0 | (4,288) | (4,233) | ||
(Loss) gain on revaluation of embedded derivatives | (114) | 54 | (1,213) | 623 | ||
Loss before income taxes | (167,432) | (60,056) | (310,971) | (263,416) | ||
Income tax provision | 646 | 336 | 1,083 | 888 | ||
Net loss | (168,078) | (60,392) | (312,054) | (264,304) | ||
Less: Net gain (loss) attributable to noncontrolling interest | 921 | (3,315) | (5,427) | (9,768) | ||
Net loss attributable to common stockholders | (168,999) | (57,077) | (306,627) | (254,536) | ||
Less: Net loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (300) | ||
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (168,999) | $ (57,077) | $ (306,627) | $ (254,236) | ||
Net loss per share available to common stockholders, basic (in dollars per share) | $ (0.80) | $ (0.31) | $ (1.47) | $ (1.41) | ||
Net loss per share available to common stockholders, diluted (in dollars per share) | $ (0.80) | $ (0.31) | $ (1.47) | $ (1.41) | ||
Weighted average shares used to compute net loss per share available to common stockholders, basic (in shares) | 210,930 | 186,487 | 208,798 | 180,762 | ||
Weighted average shares used to compute net loss per share available to common stockholders, diluted (in shares) | 210,930 | 186,487 | 208,798 | 180,762 | ||
Product | ||||||
Revenue: | ||||||
Total revenue | $ 304,976 | $ 213,243 | $ 713,427 | $ 520,415 | ||
Cost of revenue: | ||||||
Total cost of revenue | 182,832 | 158,176 | 457,591 | 393,337 | ||
Installation | ||||||
Revenue: | ||||||
Total revenue | 21,916 | 22,682 | 66,762 | 48,964 | ||
Cost of revenue: | ||||||
Total cost of revenue | 25,902 | 28,333 | 77,881 | 57,836 | ||
Service | ||||||
Revenue: | ||||||
Total revenue | 47,535 | 37,347 | 130,496 | 111,012 | ||
Cost of revenue: | ||||||
Total cost of revenue | 57,370 | 41,792 | 165,877 | 124,646 | ||
Electricity | ||||||
Revenue: | ||||||
Total revenue | 25,841 | 19,002 | 65,869 | 56,158 | ||
Cost of revenue: | ||||||
Total cost of revenue | $ 139,378 | $ 13,029 | $ 169,802 | $ 83,819 | ||
|
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Total revenue | [1] | $ 400,268 | $ 292,274 | $ 976,554 | $ 736,549 | |
Related Party | ||||||
Total revenue | $ 125,676 | $ 12,532 | $ 360,981 | $ 30,231 | ||
|
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (168,078) | $ (60,392) | $ (312,054) | $ (264,304) |
Other comprehensive loss, net of taxes: | ||||
Foreign currency translation adjustment | (527) | (1,027) | (1,520) | (1,774) |
Other comprehensive loss, net of taxes | (527) | (1,027) | (1,520) | (1,774) |
Comprehensive loss | (168,605) | (61,419) | (313,574) | (266,078) |
Less: Comprehensive gain (loss) attributable to noncontrolling interest | 719 | (3,811) | (5,820) | (10,361) |
Comprehensive loss attributable to common stockholders | (169,324) | (57,608) | (307,754) | (255,717) |
Less: Comprehensive loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (300) |
Comprehensive loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (169,324) | $ (57,608) | $ (307,754) | $ (255,417) |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Net loss attributable to redeemable NCI | $ 300 |
Beginning redeemable noncontrolling interest | 300 |
Ending redeemable noncontrolling interest | $ 0 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ (312,054) | $ (264,304) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 50,283 | 46,182 | ||||||||||
Non-cash lease expense | 24,540 | 18,153 | ||||||||||
Loss (gain) on disposal of property, plant and equipment | 177 | (523) | ||||||||||
Revaluation of derivative contracts | 1,213 | (9,640) | ||||||||||
Impairment of assets related to PPA V and PPA IIIa | 130,111 | 44,800 | ||||||||||
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing | 52,792 | 0 | ||||||||||
Stock-based compensation | 77,160 | 81,460 | ||||||||||
Amortization of warrants and debt issuance costs | 3,300 | 2,355 | ||||||||||
Loss on extinguishment of debt | 4,288 | 4,233 | ||||||||||
Unrealized foreign currency exchange loss | 3,029 | 3,086 | ||||||||||
Other | 0 | 3,487 | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | [1] | (83,851) | 15,758 | |||||||||
Contract assets | [2] | (97,148) | (567) | |||||||||
Inventories | (206,315) | (110,797) | ||||||||||
Deferred cost of revenue | [3] | (15,914) | (8,856) | |||||||||
Customer financing receivable | 0 | 2,510 | ||||||||||
Prepaid expenses and other current assets | (20,849) | (15,766) | ||||||||||
Other long-term assets | 13,634 | (730) | ||||||||||
Operating lease right-of-use assets and operating lease liabilities | (23,879) | 2,162 | ||||||||||
Finance lease liabilities | 907 | 499 | ||||||||||
Accounts payable | (5,695) | 38,642 | ||||||||||
Accrued warranty | (795) | 1,597 | ||||||||||
Accrued expenses and other current liabilities | [4] | (30,937) | 502 | |||||||||
Deferred revenue and customer deposits | [5] | (57,041) | (12,716) | |||||||||
Other long-term liabilities | (1,320) | (9,980) | ||||||||||
Net cash used in operating activities | (494,364) | (168,453) | ||||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of property, plant and equipment | (67,485) | (80,907) | ||||||||||
Proceeds from sale of property, plant and equipment | 3 | 0 | ||||||||||
Net cash used in investing activities | (67,482) | (80,907) | ||||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of debt | 633,983 | 0 | ||||||||||
Payment of debt issuance costs | (19,539) | 0 | ||||||||||
Repayment of debt of PPA V and PPA IIIa | (118,538) | (30,212) | ||||||||||
Debt make-whole payment related to PPA IIIa debt | 0 | (2,413) | ||||||||||
Repayment of recourse debt | (72,852) | (17,262) | ||||||||||
Proceeds from financing obligations | 2,702 | 0 | ||||||||||
Repayment of financing obligations | (13,475) | (28,821) | ||||||||||
Distributions and payments to noncontrolling interests | (2,265) | (5,972) | ||||||||||
Proceeds from issuance of common stock | 16,003 | 15,150 | ||||||||||
Proceeds from public share offering | 0 | 385,396 | ||||||||||
Public share offering costs | 0 | (13,407) | ||||||||||
Buyout of noncontrolling interest | (6,864) | 0 | ||||||||||
Proceeds from issuance of Series B redeemable convertible preferred stock | 310,957 | 0 | ||||||||||
Contributions from noncontrolling interest | 6,979 | 2,815 | ||||||||||
Purchase of capped call related to convertible notes | (54,522) | 0 | ||||||||||
Other | (408) | (63) | ||||||||||
Net cash provided by financing activities | 682,161 | 305,211 | ||||||||||
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (985) | (1,643) | ||||||||||
Net increase in cash, cash equivalents and restricted cash | 119,330 | 54,208 | ||||||||||
Beginning of period | 518,366 | 615,114 | ||||||||||
End of period | 637,696 | 669,322 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the period for interest | 32,741 | 39,664 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||
Operating cash flows from operating leases | 23,684 | 11,759 | ||||||||||
Operating cash flows from finance leases | 804 | 788 | ||||||||||
Cash paid during the period for income taxes | 1,332 | 1,296 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||
Transfer of customer financing receivable to property, plant and equipment, net | 0 | 42,758 | ||||||||||
Forward to purchase Class A Common Stock | 0 | 4,183 | ||||||||||
Liabilities recorded for property, plant and equipment, net | 5,702 | 13,373 | ||||||||||
Recognition of operating lease right-of-use asset during the year-to-date period | 14,157 | 17,623 | ||||||||||
Recognition of finance lease right-of-use asset during the year-to-date period | 907 | 0 | ||||||||||
Derecognition of the pre-modification forward contract fair value | 76,242 | 0 | ||||||||||
Equity component of Series B redeemable convertible preferred stock | 16,145 | 0 | ||||||||||
Conversion of Series B redeemable convertible preferred stock | $ 310,484 | $ 0 | ||||||||||
|
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||||
Accounts receivable | [1] | $ 83,851 | $ (15,758) | |||||||||
Contract assets | [2] | 97,148 | 567 | |||||||||
Deferred cost of revenue | [3] | 15,914 | 8,856 | |||||||||
Accrued expenses and other current liabilities | [4] | (30,937) | 502 | |||||||||
Deferred revenue and customer deposits | [5] | (57,041) | (12,716) | |||||||||
Related Party | ||||||||||||
Accounts receivable | 243,600 | 8,200 | ||||||||||
Contract assets | 3,400 | 0 | ||||||||||
Deferred cost of revenue | 23,400 | 0 | ||||||||||
Accrued expenses and other current liabilities | 5,700 | 0 | ||||||||||
Deferred revenue and customer deposits | $ 11,100 | $ 0 | ||||||||||
|
Nature of Business, Liquidity and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Liquidity and Basis of Presentation | Nature of Business, Liquidity and Basis of Presentation Nature of Business For information on the nature of our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Nature of Business section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Liquidity We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extinguishments, and conversions to equity that we completed during 2022 and the first three quarters of 2023, we had $840.5 million of total outstanding recourse debt as of September 30, 2023, which was classified as long-term debt. On March 20, 2023, we entered into an Amendment (the “Amended SPA”) to the Securities Purchase Agreement with SK ecoplant, dated October 23, 2021 (the “SPA”), and the Investor Agreement, dated December 29, 2021, pursuant to which we issued and sold to SK ecoplant 13,491,701 shares of Series B redeemable convertible preferred stock (the “Series B RCPS”) for cash proceeds of $311.0 million. For additional information, please see Part I, Item 1, Note 16 - SK ecoplant Strategic Investment. On March 20, 2023, in connection with the Amended SPA we also entered into a Shareholders’ Loan Agreement with SK ecoplant (the “Loan Agreement”), pursuant to which we were entitled to draw down on a loan from SK ecoplant with a maximum principal amount of $311.0 million, if SK ecoplant sent a redemption notice to us under the Amended SPA or otherwise reduced any portion of its holdings of our Class A common stock. On September 23, 2023, all 13,491,701 shares of the Series B RCPS were automatically converted into shares of our Class A common stock. For additional information, please see Part I, Item 1, Note 11 - Related Party Transactions and Note 16 - SK ecoplant Strategic Investment. On May 16, 2023, we issued 3% Green Convertible Senior Notes (the “3% Green Notes”) in an aggregate principal amount of $632.5 million due June 2028, unless earlier repurchased, redeemed or converted, less the initial purchasers’ discount of $15.8 million and other issuance costs of $4.0 million, resulting in net proceeds of $612.7 million. On June 1, 2023, we used approximately $60.9 million of the net proceeds from this offering to redeem all of the outstanding principal amount of our 10.25% Senior Secured Notes due March 2027. The redemption price equaled 104% of the principal amount redeemed plus accrued and unpaid interest. For additional information, please see Part I, Item 1, Note 7 - Outstanding Loans and Security Agreements. On August 24, 2023, as part of the repowering of PPA V Investment Company and Operating Company (“PPA V”), our Power Purchase Agreement (“PPA”) entity, we paid off the outstanding balance and related accrued interest of $118.5 million and $0.5 million, respectively, of our 3.04% Senior Secured Notes due June 30, 2031. For additional information, please see Part I, Item 1, Note 7 - Outstanding Loans and Security Agreements. Our future capital requirements depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds, and the need for additional manufacturing space, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our product, our ability to secure financing for customer use of our Energy Servers, the timing of installations, and overall economic conditions, including the inflationary pressure in the U.S. on our ongoing and future operations. The rising interest rate environment in the U.S. has and may continue to adversely impact the cost of new capital deployment. In the opinion of management, the combination of our existing cash and cash equivalents and the expected timing of operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q. Inflation Reduction Act of 2022 – New and Expanded Production and Tax Credits for Manufacturers and Projects to Support Clean Energy For information on the Inflation Reduction Act of 2022 (the “IRA”) signed into law on August 16, 2022, and its impact on our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Inflation Reduction Act of 2022 section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Principles of Consolidation For information on the principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Business Combinations For information on the business combinations, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Business Combinations section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Concentration of Risk Geographic Risk - The majority of our revenue for the three and nine months ended September 30, 2023 was attributable to operations in the United States and, for the three and nine months ended September 30, 2022, to operations in the Republic of Korea. A major portion of our long-lived assets is attributable to operations in the United States for all periods presented. In addition to shipments in the U.S. and the Republic of Korea, we also ship our Energy Servers to other countries, primarily Japan and India (the markets of the Republic of Korea, Japan and India, collectively referred to as the “Asia Pacific region”). In the three and nine months ended September 30, 2023, total revenue related to shipments to the Asia Pacific region was 35% and 24%, respectively. In the three and nine months ended September 30, 2022, total revenue related to shipments to the Asia Pacific region was 58% and 61%, respectively. Credit Risk - At September 30, 2023, two customers accounted for approximately 72% and 18% of accounts receivable. At December 31, 2022, one customer represented approximately 75% of accounts receivable. To date, we have not experienced any credit losses. Customer Risk - During the three months ended September 30, 2023, revenue from two customers accounted for approximately 40% and 31% of our total revenue. During the nine months ended September 30, 2023, two customers represented approximately 36% and 24% of our total revenue. During the three months ended September 30, 2022, two customers represented approximately 54% and 26% of our total revenue. During the nine months ended September 30, 2022, two customers represented approximately 48% and 16% of our total revenue.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Please refer to the accounting policies described in Part II, Item 8, Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Contract Balances The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Contract assets relate to contracts for which revenue is recognized upon transfer of control of performance obligations, but where billing milestones have not been reached. Customer deposits and deferred revenue include payments received from customers or invoiced amounts prior to transfer of controls of performance obligations. At December 31, 2022, customer deposits included $24.6 million related to transactions with SK ecoplant, and refundable fees received from customers. At September 30, 2023 there were no customer deposits related to transactions with SK ecoplant (see Note 16 - SK ecoplant Strategic Investment). Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the condensed consolidated balance sheets when both the milestones other than the passage of time, are expected to be complete and the customer is invoiced within one year of the balance sheet date, and as long-term when both the above-mentioned milestones are expected to be complete, and the customer is invoiced more than one year out from the balance sheet date. Contract liabilities are classified as current in the condensed consolidated balance sheets when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date. Contract Assets
Contract assets as of September 30, 2023 were primarily related to the PPA V Upgrade. For additional information, please see Part I, Item 1, Note 10 - Portfolio Financings. Deferred Revenue Deferred revenue activity, including deferred incentive revenue activity, during the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands):
Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. Primary component of deferred revenue at the end of the period consists of performance obligations relating to the provision of maintenance services under current contracts and future renewal periods. Some of these obligations provide customers with material rights over a period that we estimate to be largely commensurate with the period of their expected use of the associated Energy Server. As a result, we expect to recognize these amounts as revenue over a period of up to 21 years, predominantly on a relative standalone selling price basis that reflects the cost of providing these services. Deferred revenue also includes performance obligations relating to product acceptance and installation. A significant amount of this deferred revenue is reflected as additions and revenue recognized in the same 12-month period, and a portion of this deferred revenue is expected to be recognized beyond this 12-month period mainly due to deployment schedules. We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Disaggregated Revenue We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
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Financial Instruments |
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Financial Instruments | Financial Instruments Cash, Cash Equivalents, and Restricted Cash The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 As of December 31, 2022, we had a variable interest entity (“VIE”) related to our PPA entity, PPA V, that represented a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In August 2023, we sold the PPA V entity as a result of the PPA V Repowering of Energy Servers (see Note 10 - Portfolio Financings), and as such there were no balances related to PPA V in the condensed consolidated balance sheet as of September 30, 2023. In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2023 included $28.1 million and $0.9 million of current restricted cash, respectively, and $12.3 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, included $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs. Factoring Arrangements We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with certain financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $108.0 million and $167.6 million of accounts receivable during the three and nine months ended September 30, 2023, respectively. We derecognized $146.3 million and $283.3 million of accounts receivable during the three and nine months ended September 30, 2022, respectively. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 were $2.0 million and $2.7 million, respectively. The costs of factoring for the three and nine months ended September 30, 2022 were $2.5 million and $3.7 million, respectively. The costs of factoring are recorded in general and administrative expenses.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8 Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets. Embedded Escalation Protection Plan Derivative Liability in Sales Contracts - We estimate the fair value of the embedded EPP derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts’ terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability. The changes in the Level 3 financial liabilities during the nine months ended September 30, 2023 were as follows (in thousands):
In June 2023, per an EPP agreement with one of our customers, we paid $3.2 million, which was recorded as a reduction to our balance of embedded EPP derivative liability as of September 30, 2023. Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis Debt Instruments - The senior secured notes and convertible notes are based on rates currently offered for instruments with similar maturities and terms (Level 2). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
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Balance Sheet Components |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consisted of the following (in thousands):
The inventory reserves were $17.8 million and $17.2 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, the inventory balance was reduced by $2.2 million primarily due to the release of a portion of the grant liability, which was recorded as capitalized payroll expenses in the closing inventory balance. For additional information, please see Part I, Item 1, Note 13 - Commitments and Contingencies, Delaware Economic Development Authority section. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands):
Depreciation expense related to property, plant and equipment for the three and nine months ended September 30, 2023 was $14.6 million and $50.3 million, respectively. Depreciation expense related to property, plant and equipment for the three and nine months ended September 30, 2022 was $15.5 million and $46.2 million, respectively. Property, plant and equipment under operating leases by PPA V was $226.0 million and accumulated depreciation for these assets was $92.7 million as of December 31, 2022. There was no property, plant and equipment under operating leases by PPA V as of September 30, 2023. Depreciation expense for property, plant and equipment under operating leases by PPA V (sold in August 2023) and PPA IV (sold in November 2022) was $3.7 million and $10.9 million for the three and nine months ended September 30, 2023, respectively. Depreciation expense for these assets was $5.8 million and $17.3 million for the three and nine months ended September 30, 2022, respectively. PPA V Upgrade In August 2023, we started a project (the “PPA V Upgrade”, the “PPA V Repowering”) to replace 37.1 megawatts of Energy Servers (the “old Energy Servers”) at PPA V with current generation Energy Servers (the “new Energy Servers”). The replacement was ongoing as of September 30, 2023. See Note 10 - Portfolio Financings for additional information. Other Long-Term Assets Other long-term assets consisted of the following (in thousands):
Accrued Warranty Accrued warranty liabilities consisted of the following (in thousands):
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
Preferred Stock As of September 30, 2023, we had 20,000,000 shares of preferred stock authorized. 13,491,701 of these shares were designated as Series B RCPS and were converted to Class A common stock as of September 23, 2023, as a result of the SK ecoplant Second Tranche Closing. As of December 31, 2022, we had 20,000,000 shares of preferred stock authorized. 10,000,000 of these shares were designated as Series A redeemable convertible preferred stock and were converted to Class A common stock as of November 8, 2022, as a result of the SK ecoplant Initial Investment. For additional information, please see Part I, Item 1, Note 16 - SK ecoplant Strategic Investment. The preferred stock had $0.0001 par value. There were no shares of preferred stock issued and outstanding as of September 30, 2023 and December 31, 2022. Conversion of Class B Common Stock On July 27, 2023, in accordance with our Restated Certificate of Incorporation, each share of our Class B common stock entitled to ten votes per share automatically converted into one share of our Class A common stock entitled to one vote per share.
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Outstanding Loans and Security Agreements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Loans and Security Agreements | Outstanding Loans and Security Agreements The following is a summary of our debt as of September 30, 2023 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2022 (in thousands, except percentage data):
Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to deferred financing costs. We and all of our subsidiaries were in compliance with all financial covenants as of September 30, 2023 and December 31, 2022. Recourse Debt Facilities 3% Green Convertible Senior Notes due June 2028 - On May 16, 2023, we issued the 3% Green Notes in an aggregate principal amount of $632.5 million due on June 1, 2028, unless earlier repurchased, redeemed or converted, less an initial purchasers’ discount of $15.8 million and other issuance costs of $4.0 million (together, the “Transaction Costs”), resulting in net proceeds of $612.7 million. The 3% Green Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of May 16, 2023, between us and U.S. Bank Trust Company, National Association, as Trustee, in private placements to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the purchase agreement among the Company and the representatives of the initial purchasers of the 3% Green Notes, the Company granted the initial purchasers an option to purchase up to an additional $82.5 million aggregate principal amount of the 3% Green Notes (the “Greenshoe Option”). The 3% Green Notes issued on May 16, 2023, included $82.5 million aggregate principal amount pursuant to the full exercise by the initial purchasers of the Greenshoe Option. The 3% Green Notes are senior, unsecured obligations accruing interest at a rate of 3% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023. We may not redeem the 3% Green Notes prior to June 5, 2026, subject to a partial redemption limitation. We may elect to redeem, at face value, all or any portion of the 3% Green Notes at any time, and from time to time, on or after June 5, 2026 and on or before the forty-sixth scheduled trading day immediately before the maturity date, provided the share price for our Class A common stock exceeds 130% of the conversion price at redemption. Before March 1, 2028, the noteholders have the right to convert their 3% Green Notes only upon the occurrence of certain events, including satisfaction of a condition relating to the closing price of our common stock (the “Closing Price Condition”) or the trading price of the 3% Green Notes (the “Trading Price Condition”), a redemption event, or other specified corporate events. If the Closing Price Condition is met on at least 20 (whether or not consecutive) of the last 30 consecutive trading days in any calendar quarter, and only during such calendar quarter, the noteholders may convert their 3% Green Notes at any time during the immediately following quarter, commencing after the calendar quarter ending on September 30, 2023, subject to partial redemption limitation. Subject to the Trading Price Condition, the noteholders may convert their 3% Green Notes during the five business days immediately after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 3% Green Notes, as determined following a request by a holder of the 3% Green Notes, for each day of that period is less than 98% of the product of the closing price of our common stock and the then applicable conversion rate. From and after March 1, 2028, the noteholders may convert their 3% Green Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Should the noteholders elect to convert their 3% Green Notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our Class A common stock, $0.0001 par value per share, or a combination thereof, at our election. The initial conversion rate is 53.0427 shares of Class A common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $18.85 per share of Class A common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, we may increase the conversion rate at any time if our Board of Directors determines it is in the best interests of the Company or to avoid or diminish income tax to holders of common stock. In addition, if certain corporate events that constitute a Make-Whole Fundamental Change, as defined below, occur, then the conversion rate applicable to the conversion of the 3% Green Notes may, in certain circumstances, be increased by up to 22.5430 shares of Class A common stock per $1,000 principal amount of notes for a specified period of time. At September 30, 2023, the maximum number of shares into which the 3% Green Notes could have been potentially converted if the conversion features were triggered was 47,807,955 shares of Class A common stock. According to the Indenture, a Make-Whole Fundamental Change means (i) a Fundamental Change, that includes certain change-of-control events relating to us, certain business combination transactions involving us and certain delisting events with respect to our Class A common stock, or (ii) the sending of a redemption notice with respect to the 3% Green Notes. The 3% Green Notes contain certain customary provisions relating to the occurrence of Events of Default, as defined in the Indenture. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to us occurs, then the principal amount of, and all accrued and unpaid interest on, all of the 3% Green Notes then outstanding will immediately become due and payable without any further action or notice by any person. However, notwithstanding the foregoing, we may elect, at our option, that the sole remedy for an Event of Default relating to certain failures by us to comply with certain reporting covenants in the Indenture consists exclusively of the right of the noteholders to receive special interest on the 3% Green Notes for up to 180 days at a specified rate per annum not exceeding 0.50% on the principal amount of the 3% Green Notes. The Transaction Costs were recorded as debt issuance costs and presented a reduction to the 3% Green Notes on our condensed consolidated balance sheets and are amortized to interest expense at an effective interest rate of 3.8%. Total interest expense recognized related to the 3% Green Notes for the three and nine months ended September 30, 2023 was $5.7 million and $8.7 million, respectively, and was comprised of contractual interest expense of $4.7 million and $7.2 million, respectively, and amortization of the initial purchasers’ discount and other issuance costs of $1.0 million and $1.5 million, respectively. We have not recognized any special interest expense related to the 3% Green Notes to date. The amount of unamortized debt issuance costs as of September 30, 2023, was $18.3 million. Although the 3% Green Notes contain embedded conversion features, we account for the 3% Green Notes in its entirety as a liability. As of September 30, 2023, the net carrying value of the 3% Green Notes was classified as a long-term liability in our condensed consolidated balance sheets. Capped Calls - On May 11, 2023, in connection with the pricing of the 3% Green Notes, and on May 15, 2023, in connection with initial purchasers’ exercise of the Greenshoe Option, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain counterparties (the “Option Counterparties”). The Capped Calls cover, subject to customary anti-dilution adjustments substantially similar to those applicable to the 3% Green Notes, the aggregate number of shares of our Class A common stock that initially underlie the 3% Green Notes, and are expected generally to reduce potential dilution to holders of our common stock upon any conversion of the 3% Green Notes and at our election (subject to certain conditions) offset any cash payments we would be required to make in excess of the principal amount of converted 3% Green Notes. The Capped Calls expire on June 1, 2028 and are exercisable only at maturity, but may be early terminated in various circumstances, including if the 3% Green Notes are early converted or repurchased. The default settlement method for the Capped Calls is net share settlement. However, we may elect to settle the Capped Calls in cash. The Capped Calls have an initial strike price of approximately $18.85 per share of Class A common stock, subject to certain adjustments. The strike price of $18.85 corresponds to the initial conversion price of the 3% Green Notes. The number of shares underlying the Capped Calls is 33,549,508 shares of Class A common stock. The cap price of the Capped Calls is initially $26.46 per share of Class A common stock, which represents a premium of 100% over the last reported sale price of our common stock on May 11, 2023. The Capped Calls are freestanding financial instruments. We used a portion of the proceeds from the issuance of the 3% Green Notes to pay for the Capped Calls’ premium. As the Capped Calls meet certain accounting criteria, they are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $54.5 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital on our condensed consolidated balance sheets and will not be remeasured. Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022, for discussion of our 10.25% Senior Secured Notes due March 2027 and 2.5% Green Convertible Senior Notes due August 2025. 10.25% Senior Secured Notes due March 2027 - The outstanding unpaid principal balance of $57.6 million on the 10.25% Senior Secured Notes due March 2027 was called and retired at 104% during the nine months ended September 30, 2023. The 4% premium of $2.3 million and unpaid accrued interest of $1.0 million were included in the final payment to the noteholders. We recognized loss on extinguishment of debt of $2.9 million as a result of redemption of the 10.25% Senior Secured Notes. The current and non-current balance of the outstanding unpaid principal of the 10.25% Senior Secured Notes was $12.7 million and $48.9 million as of December 31, 2022, respectively. Interest on the 10.25% Senior Secured Notes for the nine months ended September 30, 2023 was $2.7 million, including $0.1 million amortization of issuance costs. Interest on the 10.25% Senior Secured Notes for the three and nine months ended September 30, 2022 was $1.9 million and $3.8 million, respectively, including amortization of issuance costs of $0.1 million and $0.2 million, respectively. Interest on the 2.5% Green Notes for the three and nine months ended September 30, 2023 was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively. Interest on the 2.5% Green Notes for the three and nine months ended September 30, 2022 was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively. Non-recourse Debt Facilities Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022 for discussion of our non-recourse debt. 3.04% Senior Secured Notes due June 2031 - On August 24, 2023, as part of the PPA V Upgrade, we paid off the outstanding balance and related accrued interest of $118.5 million and $0.5 million, respectively, of our 3.04% Senior Secured Notes due June 2031, and recognized a loss on extinguishment of debt of $1.4 million (for additional information, please see Note 10 - Portfolio Financings). The debt service reserve of $8.6 million was reclassified from restricted cash to cash and cash equivalents at the time of extinguishment of debt. Repayment Schedule and Interest Expense The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2023 (in thousands):
Interest expense of $68.0 million and $93.7 million for the three and nine months ended September 30, 2023, respectively, was recorded in interest expense on the condensed consolidated statements of operations. Interest expense for the three and nine months ended September 30, 2023 included $52.8 million as a result of the SK ecoplant Second Tranche Closing. For additional information, please see Part I, Item 1, Note 16 - SK ecoplant Strategic Investment. Interest expense of $13.1 million and $41.0 million for the three and nine months ended September 30, 2022, respectively, was recorded in interest expense on the condensed consolidated statements of operations.
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Leases |
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Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2023, rent expense for all occupied facilities was $5.7 million and $17.0 million, respectively. For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $15.8 million of product revenue, $4.8 million of installation revenue, $2.7 million of financing obligations, and $9.3 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the nine months ended September 30, 2023. There were no successful sale and leaseback transactions for the three months ended September 30, 2023. We recognized $0.9 million of product revenue, $0.6 million of installation revenue, $0.3 million of financing obligations, and $0.6 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three and nine months ended September 30, 2022. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2023 was $2.6 million and $7.0 million, respectively. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $410.4 million and $442.1 million as of September 30, 2023 and December 31, 2022, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA entity that qualified as leases were accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. In August 2023, we sold our PPA entity, PPA V. For additional information, please see Part I, Item 1, Note 10 - Portfolio Financings.
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Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2023, rent expense for all occupied facilities was $5.7 million and $17.0 million, respectively. For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $15.8 million of product revenue, $4.8 million of installation revenue, $2.7 million of financing obligations, and $9.3 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the nine months ended September 30, 2023. There were no successful sale and leaseback transactions for the three months ended September 30, 2023. We recognized $0.9 million of product revenue, $0.6 million of installation revenue, $0.3 million of financing obligations, and $0.6 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three and nine months ended September 30, 2022. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2023 was $2.6 million and $7.0 million, respectively. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $410.4 million and $442.1 million as of September 30, 2023 and December 31, 2022, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA entity that qualified as leases were accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. In August 2023, we sold our PPA entity, PPA V. For additional information, please see Part I, Item 1, Note 10 - Portfolio Financings.
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Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2023, rent expense for all occupied facilities was $5.7 million and $17.0 million, respectively. For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $15.8 million of product revenue, $4.8 million of installation revenue, $2.7 million of financing obligations, and $9.3 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the nine months ended September 30, 2023. There were no successful sale and leaseback transactions for the three months ended September 30, 2023. We recognized $0.9 million of product revenue, $0.6 million of installation revenue, $0.3 million of financing obligations, and $0.6 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three and nine months ended September 30, 2022. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2023 was $2.6 million and $7.0 million, respectively. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $410.4 million and $442.1 million as of September 30, 2023 and December 31, 2022, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA entity that qualified as leases were accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. In August 2023, we sold our PPA entity, PPA V. For additional information, please see Part I, Item 1, Note 10 - Portfolio Financings.
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Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2023, rent expense for all occupied facilities was $5.7 million and $17.0 million, respectively. For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, Energy Servers, and vehicles’ lease costs for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2023 and December 31, 2022 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities Managed Services - We recognized $15.8 million of product revenue, $4.8 million of installation revenue, $2.7 million of financing obligations, and $9.3 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the nine months ended September 30, 2023. There were no successful sale and leaseback transactions for the three months ended September 30, 2023. We recognized $0.9 million of product revenue, $0.6 million of installation revenue, $0.3 million of financing obligations, and $0.6 million of right-of-use assets and lease liabilities from successful sale and leaseback transactions for the three and nine months ended September 30, 2022. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2023 was $2.6 million and $7.0 million, respectively. The recognized lease expense from successful sale and leaseback transactions for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $410.4 million and $442.1 million as of September 30, 2023 and December 31, 2022, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA entity that qualified as leases were accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. In August 2023, we sold our PPA entity, PPA V. For additional information, please see Part I, Item 1, Note 10 - Portfolio Financings.
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Stock-Based Compensation Expense and Employee Benefit Plans |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense and Employee Benefit Plans | Stock-Based Compensation and Employee Benefit Plans Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
Stock Option Activity The following table summarizes the stock option activity under our stock plans during the reporting period:
Stock Options - For the three and nine months ended September 30, 2023, we recognized $0.1 million and $0.3 million of stock-based compensation costs for stock options, respectively. For the three and nine months ended September 30, 2022, we recognized $1.2 million and $6.7 million of stock-based compensation expense for stock options, respectively. We did not grant options in the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, we had unrecognized compensation costs related to unvested stock options of $0.1 million and $0.4 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 0.5 years and 0.9 years, respectively. Cash received from stock options exercised totaled $1.1 million and $2.6 million for the three and nine months ended September 30, 2023, respectively. Cash received from stock options exercised totaled $2.2 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Stock Award Activity A summary of our stock awards activity and related information is as follows:
Stock Awards - The estimated fair value of restricted stock units (“RSUs”) and performance-based stock units (“PSUs”) is based on the fair value of our Class A common stock on the date of grant. For the three and nine months ended September 30, 2023, we recognized $19.3 million and $65.0 million of stock-based compensation costs for stock awards, respectively. For the three and nine months ended September 30, 2022, we recognized $18.4 million and $64.4 million of stock-based compensation expense for stock awards, respectively. As of September 30, 2023 and December 31, 2022, we had $129.3 million and $135.7 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted average period of 2.0 years and 1.9 years, respectively. Executive Awards On February 15, 2023 and July 11, 2023, the Company granted RSU and PSU awards (the “2023 Executive Awards”) to certain executive staff pursuant to the 2018 Equity Incentive Plan. The RSUs have time-based vesting schedules, started vesting on February 15, 2023 and shall vest over a three year period. The PSUs which started vesting on February 15, 2023 have either a three-year or one-year cliff vesting period, and the PSUs which started vesting on July 11, 2023, cliff vest on February 15, 2024. The PSUs will vest based on a combination of time and achievement against performance metrics targets assuming continued employment and service through each vesting date. Stock-based compensation costs associated with the 2023 Executive Awards are recognized over the service period as we evaluate the probability of the achievement of the performance conditions. The following table presents the stock activity and the total number of shares available for grant under our stock plans:
2018 Employee Stock Purchase Plan (“2018 ESPP”) For the three and nine months ended September 30, 2023, we recognized $0.1 million and $12.5 million of stock-based compensation costs for the 2018 ESPP, respectively. For the three and nine months ended September 30, 2022, we recognized $4.3 million and $11.2 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 426,170 and 875,695 shares in the three and nine months ended September 30, 2023, respectively. We issued 339,055 and 759,744 shares in the three and nine months ended September 30, 2022, respectively. During the nine months ended September 30, 2023 and 2022, we added an additional 2,239,563 and 12,055,792 shares, respectively, and there were 15,204,584 and 13,840,716 shares available for issuance as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, we had $12.1 million and $12.0 million of unrecognized stock-based compensation costs, respectively, expected to be recognized over a weighted average period of 1.1 years and 0.6 years, respectively.
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Portfolio Financings |
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Portfolio Financings | Portfolio Financings Overview We have developed various financing options that enable customers’ use of the Energy Servers through third-party ownership financing arrangements. For additional information on these financing options, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. PPA V Repowering of Energy Servers PPA V was established in 2015 and we, through a special purpose subsidiary (the “Project Company”), had previously entered into certain agreements for the purpose of developing, financing, owning, operating, maintaining and managing a portfolio of 37.1 megawatts of Energy Servers. On August 10, 2023, we acquired all of Solar TC Corp’s (“Intel”) interest in PPA V, as set forth in the Purchase and Sale Agreement (the “PPA V Buyout”). The aggregate purchase price of the transaction amounted to $6.9 million. After the acquisition, PPA V became wholly owned by us. The change in our ownership interest in PPA V was accounted for as an equity transaction in accordance with ASC 810 Consolidation. The carrying amount of the noncontrolling interest was eliminated to reflect the change in our ownership interest in PPA V, and the difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest immediately prior to the PPA V Buyout of $11.5 million was recognized as additional paid-in capital in our condensed consolidated statements of stockholders’ equity (deficit). On August 24, 2023, we entered into the Membership Interest Purchase Agreement (the “MIPA”) with Generate C&I Warehouse, LLC (the “Financier”). Following the PPA V Buyout and prior to signing the MIPA, we repaid all of the outstanding debt of the Project Company of $119.0 million, including accrued interest of $0.5 million, and recognized a loss on extinguishment of debt in an amount of $1.4 million, represented in its entirety by the derecognition of the related debt issuance costs. For additional information, please see Part I, Item 1, Note 7 - Outstanding Loans and Security Agreements, Non-recourse Debt Facilities section. On August 25, 2023, we sold our 100% interest in the Project Company to the Financier through the MIPA. Simultaneously, we entered into an agreement with the Project Company to upgrade the 37.1 megawatts of old Energy Servers by replacing them with the new Energy Servers and to provide related installation services, which was financed by the Financier (the “EPC Agreement”). We also amended and restated our operations and maintenance agreement with the Project Company to cover all new Energy Servers and old Energy Servers prior to their upgrade (“the O&M Agreement”). The operations and maintenance fees under the O&M Agreement are paid on a fixed dollar per kilowatt basis. Due to our repurchase option on the old Energy Servers, the Company concluded there was no transfer of control of the old Energy Servers upon sale of the membership interest to the Financier. Accordingly, we continued to recognize the old Energy Servers, despite the legal ownership of such assets having been transferred under the MIPA. We assessed the recorded assets for impairment. The carrying amount of the PPA V property. plant and equipment was determined to be not recoverable as the net undiscounted cash flows are less than the carrying amounts for PPA V property. plant and equipment. Therefore, we recognized the asset impairment charge as electricity cost, consistent with our depreciation expense classification for property, plant and equipment under leases. The PPA V Upgrade was in progress as of September 30, 2023 and resulted in the following summarized impacts on our condensed consolidated balance sheet as of September 30, 2023: (i) cash and cash equivalents decreased by $62.4 million primarily due to a $119.0 million repayment of outstanding debt and related accrued interest, partially offset by $60.3 million from the sale of the new Energy Servers to the Project Company, (ii) property plant and equipment, net decreased by $124.0 million due to the impairment of the old Energy Servers of $123.7 million and accelerated depreciation of $0.3 million of the old Energy Servers (we revised the expected useful life of the old Energy Servers from 7.5 years to approximately 0.3 years which resulted in recognized accelerated depreciation of $0.3 million recorded in electricity cost of revenue), (iii) contract assets increased by $116.5 million and inventories decreased by $70.0 million, (iv) deferred revenue and customer deposits, current and long-term, increased by $12.4 million, (v) restricted cash, current and long-term, decreased by $8.7 million, (vi) accounts receivable, net decreased by $3.3 million, (vii) other long-term assets decreased by $1.6 million, (viii) prepaid expenses and other current assets decreased by $1.9 million, (ix) financing obligations increased by $0.3 million, and (x) accrued expenses and other current liabilities decreased by $0.5 million. Impacts on our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 are summarized as follows: (i) product and installation revenue increased by $151.6 million and $9.5 million, respectively, as a result of the sale of the new Energy Servers; (ii) electricity revenue increased by $1.1 million related to the old Energy Servers, (iii) cost of electricity revenue increased by $125.5 million, primarily including the impairment of the old Energy Servers of $123.7 million and accelerated depreciation of $0.3 million prior to the completion of installation; (iv) cost of product revenue and cost of installation revenue increased by $62.6 million and $7.4 million, respectively, due to the sale of the new Energy Servers; (v) general and administrative expenses increased by $6.4 million due to the impairment of non-recoverable production insurance; (vi) loss on extinguishment of debt increased by $1.4 million, (vii) interest expense increased by $0.3 million, and (viii) net loss attributable to noncontrolling interest decreased by $1.0 million. Impacts on our consolidated statements of cash flows for the nine months ended September 30, 2023 are summarized as follows: net cash provided by financing activities decreased by $118.5 million due to the repayment of debt related to PPA V, and acquisition of all of interest in PPA V from Intel for $6.9 million net of distributions to Intel’s noncontrolling interest of $2.3 million. PPA Entity’s Aggregate Assets and Liabilities Generally, the assets of an operating company owned by an investment company can be used to settle only the operating company obligations, and the operating company creditors do not have recourse to us. The following were the aggregate carrying values of our VIE’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including the PPA V Entity in the PPA V transaction as of December 31, 2022 (in thousands):
Before the sale on August 24, 2023, we consolidated the PPA V Entity as a VIE in the PPA V transaction, as we had determined that we were the primary beneficiary of this VIE. The PPA V Entity contained debt that was non-recourse to us and owned Energy Server assets for which we did not have title.
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions On September 23, 2023, all 13,491,701 shares of the Series B RCPS (the “Second Tranche Shares”) were automatically converted into shares of our Class A common stock. For more information on the Second Tranche Closing, see Part I, Item 1, Note 16 - SK ecoplant Strategic Investment. Consequently, SK ecoplant became a principal owner of an aggregate of 23,491,701 shares of our Class A common stock, including (i) 10,000,000 shares held with sole voting and investment power (as a result of the conversion of 10,000,000 shares of our Series A redeemable convertible preferred stock (the “Series A RCPS”) into 10,000,000 shares of our Class A common stock on November 8, 2022) and (ii) 13,491,701 shares held with shared voting and investing power with Econovation LLC, of which SK ecoplant is the sole member, as the assignee of the Second Tranche Shares. SK ecoplant is considered to be a related party as of September 23, 2023, and became entitled to nominate a member to the Board of Directors of Bloom. As of September 30, 2023, SK ecoplant’s beneficial ownership of our Class A common stock represents 10.5% of our outstanding Class A common stock. Other than noted above, there have been no changes in our related party transactions during the nine months ended September 30, 2023. For information on our related party transactions, see Part II, Item 8, Note 12 - Related Party Transactions in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Our operations included the following related party transactions (in thousands):
1 Includes revenue from SK ecoplant for the three and nine months ended September 30, 2023, which became a related party on September 23, 2023, however we had transactions with SK ecoplant in prior periods (see Part II, Item 8, Note 17 - SK ecoplant Strategic Investment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and Part I, Item 1, Note 16 - SK ecoplant Strategic Investment). Below is the summary of outstanding related party balances as of September 30, 2023 and December 31, 2022 (in thousands):
Debt to/from Related Parties We had no material debt or convertible notes to/from investors considered to be related parties as of September 30, 2023 and December 31, 2022.
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring In September 2023, as a result of a review of current strategic priorities and resource allocation, we approved a restructuring plan (the “Plan”) intended to realign our operational focus to support our multi-year growth, scale the business, and improve our cost structure and operating margins. The Plan included (i) an optimization of our workforce across multiple functions, (ii) a relocation of our repair and overhaul (“R&O”) department of our manufacturing and warehousing facility in Newark, Delaware, to Mexico, and (iii) a closure of a manufacturing, warehousing, research and development (“R&D”) facility in Sunnyvale, California. We began executing the Plan in September 2023 and expect these efforts to continue in subsequent quarters. The restructuring activities are expected to be completed in the first half of fiscal 2024, subject to local law and consultation requirements, as well as our business needs. We evaluate restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”). According to the Plan, 74 full-time employees and 48 contractors separated from the Company in September 2023. An additional 71 full-time employees and 8 contractors separated from the Company in October 2023. Both full-time employees and contractors who were impacted by the restructuring were eligible to receive severance benefits. In the third quarter of fiscal 2023, we incurred $2.2 million in restructuring costs recorded as severance expenses. We expect to incur another $16.4 million in restructuring costs in subsequent quarters, out of which we expect $10.0 million will relate to the closure of our manufacturing, warehousing, and R&D facility in Sunnyvale, California, $3.0 million will relate to severance costs, $2.7 million will relate to relocation costs, and $0.7 million will relate to other one-time employee termination benefits. However, the actual timing and amount of costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. The following table presents our current and non-current liability as accrued for restructuring charges on our condensed consolidated balance sheets. The table sets forth an analysis of the components of the restructuring charges and payments and other deductions made against the accrual for the three months ended September 30, 2023 (in thousands):
Severance expense recorded in the third quarter of fiscal 2023 in accordance with ASC 420 was a result of the separation of 74 full-time employees and 48 contractors associated with the Plan. At September 30, 2023, $1.2 million of accrued severance-related costs were included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. The following table summarizes restructuring costs included in the accompanying condensed consolidated statements of operations (in thousands):
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Commitments and Contingencies |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Purchase Commitments with Suppliers and Contract Manufacturers - In order to reduce manufacturing lead-times for an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we occasionally issue purchase orders to our component suppliers and third-party manufacturers that may not be cancellable. As of September 30, 2023 and December 31, 2022, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable. Performance Guarantees - We guarantee the performance of Energy Servers at certain levels of output and efficiency to our customers over the contractual term. We monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded as service revenue in the condensed consolidated statements of operations. We paid $4.5 million and $24.4 million for the three and nine months ended September 30, 2023, respectively, for such performance guarantees. We paid $0.8 million and $10.5 million for the three and nine months ended September 30, 2022, respectively, for such performance guarantees. Letters of Credit - In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative developments and established a cash-collateralized letter of credit facility for this purpose. As of September 30, 2023 and December 31, 2022, the balance of this cash-collateralized letter of credit was $40.4 million and $69.1 million, respectively. In August 2023, as part of the PPA V Upgrade, the debt service reserve of $8.6 million was reclassified from restricted cash to cash and cash equivalents at the time of repayment of the 3.04% Senior Secured Notes due June 2031. For additional information, please see Part I, Item 1, Note 7 – Outstanding Loans and Security Agreements and Note 10 – Portfolio Financings. The restricted cash held in the PPA V entity as of December 31, 2022, was $8.6 million. In addition, we have other outstanding letters of credit issued to our customers and other counterparties in the U.S. and international locations under different performance and financial obligations. These letters of credit are collateralized through cash deposited in the controlled bank accounts with the issuing banks, and are classified as restricted cash in our condensed consolidated balance sheets. In September 2023, we canceled certain existing cash-collateralized letters of credit with an approximate value of $60.4 million issued to our customers in the Republic of Korea under long-term service agreements (the “LTSAs”), and replaced them with surety bonds on a non-collateralized basis. As of September 30, 2023 and December 31, 2022, the balances of the cash-collateralized letters of credit issued to our customers and other counterparties in the U.S. and international locations were $32.3 million and $84.3 million, respectively. Pledged Funds - In 2019, pursuant to the PPA IIIb upgrade of Energy Servers, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. All or a portion of such funds would be released if we meet certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If we do not meet the required criteria within the first five-year period, the funds would still be released to us over the following two years as long as the Energy Servers continue to perform in compliance with our warranty obligations. As of September 30, 2023 and December 31, 2022, the balance of the restricted cash fund was $7.6 million and $7.9 million, respectively. Contingencies Indemnification Agreements - We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. Delaware Economic Development Authority - In March 2012, we entered into an agreement with the Delaware Economic Development Authority (the “Authority”) to provide a grant of $16.5 million to us as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full time workers at the facility over a certain period of time. The approved grant consisted of two components - a performance grant of $12.0 million that was received in 2012-2013 and was tied to total compensation paid to full time workers and a supplier incentive grant of $4.5 million that we would have received if we had employed 900 full time employees by pre-established dates. We forfeited the entire $4.5 million supplier incentive component of the grant. We forfeited and repaid two portions of the performance grant based on our achievement of one out of three milestones for the total compensation paid to full time workers, as follows: ■$108 million in total compensation over the four-year period ended September 30, 2017, which we did not meet, requiring us to repay $1.5 million of the grant, ■$144 million in total compensation over the four-year period ended September 30, 2021, which we did not meet, requiring us to repay $1.0 million of the grant, and ■$72 million in total compensation over the two-year period ended September 30, 2023, which we met, so no repayment was required. We account for grants by analogizing to the grant accounting model under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). As of December 31, 2022, we recorded $9.5 million of grant related liability in accrued expenses and other current liabilities for future repayment of the grant. As of September 30, 2023, we concluded there was reasonable assurance that we had met the grant requirements, and as such, the grant related liability of $9.5 million was recognized in (a) the condensed consolidated statements of operations as a reduction in (i) cost of product revenue of $3.1 million, (ii) cost of service revenue of $2.9 million, (iii) general and administrative expenses of $0.6 million, (iv) research and development expenses of $0.5 million, and (v) sales and marketing expenses of $0.2 million for the three months ended September 30, 2023, and in (b) the condensed consolidated balance sheets as of September 30, 2023 as a reduction of inventories of $2.2 million, which is represented by capitalized payroll expenses and will be realized in the condensed consolidated statements of operations in future periods upon sale of these inventories. Investment Tax Credits - Our Energy Servers are eligible for federal investment tax credits (“ITCs”) that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed of or otherwise ceases to be qualified investment credit property before the close of the five-year recapture period is fulfilled, it could result in a partial reduction of the incentives. Legal Matters - We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matters may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our condensed consolidated balance sheets, results of operations or cash flows for the period in which the resolution occurs or in future periods. In March 2019, the Lincolnshire Police Pension Fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara, against us, certain members of our senior management, certain of our directors and the underwriters in our July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al. was filed on April 22, 2019 and Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs’ consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be without merit and in contravention of our forum selection clause in our Restated Certificate of Incorporation and we intend to defend this action vigorously. We are unable to estimate any range of reasonably possible losses. In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors alleging violations under Sections 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. On September 3, 2019, the court appointed a lead plaintiff and lead plaintiffs’ counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in the IPO and our auditor as defendants for the Section 11 claim, as well as adding claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against us, and certain members of our senior management team. The amended complaint alleged a class period for all claims from the time of our IPO until September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint, which continued to make the same claims and added allegations pertaining to the restatement and, as to claims under the Exchange Act, extended the putative class period through February 12, 2020. On July 1, 2020, we and the other defendants filed motions to dismiss the second amended complaint. On September 29, 2021, the court entered an order dismissing with leave to amend (1) five of seven statements or groups of statements alleged to violate Sections 11 and 15 of the Securities Act and (2) all allegations under the Exchange Act. All allegations against our auditors were also dismissed. Plaintiffs elected not to amend the complaint and instead on October 22, 2021 filed a motion for entry of final judgment in favor of our auditors so that plaintiffs could appeal the dismissal of those claims. The court denied that motion on December 1, 2021 and in response plaintiffs filed a motion asking the court to certify an interlocutory appeal as to the accounting claims. The court denied plaintiffs’ motion on April 14, 2022. The claims for violation of Sections 11 and 15 of the Securities Act that were not dismissed by the court entered the discovery phase. On January 6, 2023, Bloom and the plaintiffs’ entered into an agreement in principle to settle the claims against Bloom, its executives and directors, and the IPO underwriters for a payment of $3 million, which we expect to be funded entirely by our insurers. If the settlement becomes effective, we expect it to result in a dismissal with prejudice of all claims against us, our executives and directors, and the underwriters. The settlement does not constitute an acknowledgement of liability or wrongdoing. On June 30, 2023, Bloom and the plaintiff’s executed a definitive settlement agreement containing the foregoing terms and customary terms for class action settlements, and on the same date, filed the settlement agreement with the court to seek its approval. The judge issued a preliminary approval of the settlement on October 31, 2023. In June 2021, we filed a petition for writ of mandate and a complaint for declaratory and injunctive relief in the Santa Clara Superior Court against the City of Santa Clara for failure to issue building permits for two of our customer installations and asking the court to require the City of Santa Clara to process and issue the building permits. In October 2021, we filed an amended petition and complaint that asserts additional constitutional and tort claims based on the City’s failure to timely issue the Energy Server permits. Discovery has commenced and we are aggressively pursuing all claims. On February 4, 2022, the City of Santa Clara filed a demurrer seeking to dismiss all of the Company’s claims. The trial judge rejected the demurrer on all claims except one, and allowed Bloom leave to amend that claim. The second amended petition was filed on July 5, 2022. The City of Santa Clara demurred only to the amended cause of action seeking damages for tortious conduct. The trial judge granted that demurrer and struck the tort claim on October 27, 2022; the writ of mandate and constitutional claims were allowed to proceed. The parties are currently briefing the writ of mandate claims which seek immediate issuance of the building permits. On April 21, 2023, the parties executed a settlement agreement which allows our two pending customer installations to proceed under building permits and requires the City to amend its zoning code so that future installations of Bloom Energy Servers in Santa Clara require only building permits. In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland (“WIPO”), for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint seeks the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint seeks to recover damages we have suffered in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). We filed our opposition on June 30, 2022, Plansee/GTP filed its reply on July 14, 2022 and we filed our sur-reply on July 22, 2022. On February 9, 2023, Magistrate Judge Payne issued a report and recommendation to stay the district court action pending an arbitrability determination by the arbitrator for each claim. On February 23, 2023, we filed an amended complaint adding additional causes of action and filed objections to the Magistrate’s report and recommendation. On April 26, 2023, Judge Gilstrap overruled our objections to the Magistrate’s report and recommendation and stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. The arbitration had been held in abeyance awaiting the District Court’s decision. A hearing by the arbitrator in WIPO on arbitrability took place on June 27, 2023. Further proceedings in the arbitration are confidential pursuant to the WIPO rules. Given that the WIPO arbitration had been held in abeyance, the arbitration is in an early stage. We are unable to predict the ultimate outcome of the arbitration at this time.
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Income Taxes |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and nine months ended September 30, 2023, we recorded an income tax provisions of $0.6 million and $1.1 million, respectively, on pre-tax losses of $167.4 million and $311.0 million for effective tax rates of (0.4)% and (0.3)%, respectively. For the three and nine months ended September 30, 2022, we recorded an income tax benefit and income tax provision of $0.3 million and $0.9 million, respectively, on pre-tax losses of $60.1 million and $263.4 million for effective tax rates of (0.6)% and (0.3)%, respectively. The effective tax rate for the three and nine months ended September 30, 2023 and 2022 was lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
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Net Loss per Share Available to Common Stockholders |
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Net Loss per Share Available to Common Stockholders | Net Loss per Share Available to Common Stockholders Please refer to the condensed consolidated statements of operations for computation of our net loss per share available to common stockholders, basic and diluted. The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three and nine months presented as their inclusion would have been antidilutive:
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SK ecoplant Strategic Investment |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SK ecoplant Strategic Investment | SK ecoplant Strategic Investment In October 2021, we expanded our existing relationship with SK ecoplant. As part of this arrangement, we amended the previous Preferred Distribution Agreement (“PDA”) and Joint Venture Agreement (“JVA”) with SK ecoplant. The restated PDA establishes SK ecoplant’s purchase commitments for our Energy Servers for the three year period on a take or pay basis as well as the basis for determining the prices at which the Energy Servers and related components will be sold. The restated JVA increases the scope of assembly done by the joint venture facility in the Republic of Korea, which was established in 2019, for the procurement of local parts for our Energy Servers and the assembly of certain portions of the Energy Servers for the South Korean market. The joint venture is a VIE of Bloom and we consolidate it in our financial statements as we are the primary beneficiary and therefore have the power to direct activities which are most significant to the joint venture. On September 15, 2023, we entered into the Amended and Restated JVA and the Share Purchase Agreement (together, the “Amended JV Agreements”) with SK ecoplant which changed the share of our voting rights in the Korean joint venture to 40% and increases the scope of assembly done by the joint venture facility in the Republic of Korea to full assembly. Neither the Amended JV Agreements, nor the fact that SK ecoplant is considered to be our related party after the conversion of Series B RCPS into shares of our Class A common stock (for additional information, please see Part I, Item 1, Note 11 - Related Party Transactions) changed our status as the primary beneficiary of the Korean joint venture. Therefore, we continue to consolidate this VIE in our financial statements as of September 30, 2023. The following are the aggregate carrying values of the Korean joint venture’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of September 30, 2023 and December 31, 2022 (in thousands):
In October 2021, we also entered into a new Commercial Cooperation Agreement (the “CCA”) regarding initiatives pertaining to the hydrogen market and general market expansion for our products. The Initial Investment In October 2021, we entered into the SPA pursuant to which we agreed to sell and issue to SK ecoplant 10,000,000 shares of Series A RCPS, par value $0.0001 per share, at a purchase price of $25.50 per share for an aggregate purchase price of $255.0 million. On December 29, 2021, the closing of the sale of the Series A RCPS was completed and we issued the 10,000,000 shares of the Series A RCPS (the “Initial Investment”). In addition to the Initial Investment, the SPA provided SK ecoplant with an option to acquire a variable number of shares of Class A Common Stock (the “Option”). According to the SPA, SK ecoplant was entitled to exercise the Option through August 31, 2023, and the transaction must have been completed by November 30, 2023. The sale of Series A RCPS was recorded at its fair value of $218.0 million on the date of issuance. Accordingly, we allocated the excess of the cash proceeds received of $255.0 million plus the change in fair value of the Series A RCPS between October 23, 2021, and December 29, 2021, of $9.7 million, over the fair value of the Series A RCPS on December 29, 2021, and the fair value of the Option on October 23, 2021, to the PDA. This excess amounted to $37.0 million and was recorded in deferred revenue and customer deposits. Accordingly, during the three and nine months ended September 30, 2022, we recognized product revenue of $3.2 million and $7.9 million, respectively, in connection with this arrangement. No product revenue was recognized during the three and nine months ended September 30, 2023 in connection with this arrangement. As of December 31, 2022, the unrecognized amount of $24.6 million included $10.0 million in current deferred revenue and customer deposits and $14.6 million in non-current deferred revenue and customer deposits on the condensed consolidated balance sheets. As of September 30, 2023, the unrecognized amount of deferred revenue and customer deposits was reduced to zero as a result of the Second Tranche Closing (see details below in section “The Second Tranche Closing”). PDA, JVA, CCA and the SPA entered into with SK ecoplant concurrently were evaluated as a combined contract in accordance with ASC 606 Revenue from Contracts with Customers and, to the extent applicable for separated components, under the guidance of Topic 815 Derivatives and Hedging and applicable subsections and ASC 480 Distinguishing Liabilities from Equity. We concluded that the Option was a freestanding financial instrument that should have been separately recorded at fair value on the date the SPA was executed. On August 10, 2022, pursuant to the SPA, SK ecoplant notified us of its intent to exercise its option to purchase additional shares of our Class A common stock, pursuant to a Second Tranche Exercise Notice (as defined in the SPA) electing to purchase 13,491,701 shares at a purchase price of $23.05 per share (the “Second Tranche Closing”). As of December 31, 2022, this option was accounted for as the equity-classified forward contract. For further information, see Part II, Item 8, Note 17 - SK ecoplant Strategic Investment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Second Tranche Closing On March 20, 2023, SK ecoplant entered into the Amended SPA with us, pursuant to which on March 23, 2023, we issued and sold to SK ecoplant 13,491,701 shares of non-voting Series B RCPS, par value $0.0001 per share, at a purchase price of $23.05 per share for cash proceeds of $311.0 million, excluding issuance cost of $0.5 million. The Amended SPA triggered the modification of the equity-classified forward contract on Class A common stock, which resulted in the derecognition of the pre-modification fair value of the forward contract given to SK ecoplant of $76.2 million. The derecognition of the pre-modification fair value was recorded in additional paid-in capital in our condensed consolidated balance sheets as of September 30, 2023. The Series B RCPS was accounted for as a stock award with liability and equity components. The liability component of the Series B RCPS was recognized at the redemption value of $311.0 million, less issuance costs of $0.5 million, and the equity component of the Series B RCPS was recognized at its fair value of $16.1 million on March 20, 2023 and recorded in current liabilities and additional paid-in capital, respectively, in our condensed consolidated balance sheets as of September 30, 2023. On March 20, 2023, in connection with the Amended SPA we also entered into the Loan Agreement, pursuant to which we had the option to draw on a loan from SK ecoplant with a maximum principal amount of $311.0 million, a maturity of five years and an interest rate of 4.6%, should SK ecoplant have sent a redemption notice to us under the Amended SPA. The Amended SPA and the Loan Agreement provided us with cash proceeds of $311.0 million and a loan commitment asset of $52.8 million from SK ecoplant for total consideration of $363.8 million. In return, SK ecoplant received consideration of $403.3 million, consisting of the release from the obligation to close on the original transaction fair valued at $76.2 million, the obligation from us to issue the Series B RCPS at redemption value of $311.0 million, and the option to convert the Series B RCPS to Class A common stock, which had an estimated fair value of $16.1 million. The excess consideration provided by us amounted to $39.5 million, which resulted in a reduction of our deferred revenue and customer deposits by $24.6 million related to the Initial Investment, as of September 30, 2023. The net excess consideration of $14.9 million was recognized as $8.2 million in prepaid expenses and other current assets and $6.7 million was classified as other long-term assets in our condensed consolidated balance sheets as of March 31, 2023. The deferred expense is recognized as contra-revenue over the take or pay period based on an estimate of the revenue we expect to receive under the remaining term of the PDA. During the three and nine months ended September 30, 2023, the deferred expense recognized as contra-revenue was $3.0 million. As a result, as of September 30, 2023, we recognized the net excess consideration of $11.9 million, of which $9.9 million was classified as prepaid expenses and other current assets and $2.0 million was classified as other long-term assets, in our condensed consolidated balance sheet. On September 23, 2023, all 13,491,701 shares of the Series B RCPS were automatically converted into shares of our Class A common stock pursuant to the Certificate of Designation, dated as of March 20, 2023, setting forth the rights, preferences, privileges, and restrictions of the Series B RCPS, as amended by the Certificate of Amendment to the Certificate of Designation, dated as of April 18, 2023. As a result of the conversion: (i) the liability component of the Series B RCPS of $310.5 million was reclassified to additional paid-in capital, less par value of the issued 13,491,701 shares of our Class A common stock, and (ii) the loan commitment asset was recorded at its fair value of $52.8 million, of which $5.3 million was classified as current and $47.5 million was classified as non-current in our condensed consolidated balance sheets, and was expensed immediately and recognized in interest expense in our condensed consolidated statements of operations. Upon conversion of all Series B RCPS into shares of our Class A common stock, SK ecoplant is considered to be a related party. For additional information, please see Part I, Item 1, Note 11 - Related Party Transactions.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There have been no material subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented. |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”).
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Principles of Consolidation | Principles of Consolidation For information on the principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
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Business Combinations | Business Combinations For information on the business combinations, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Business Combinations section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
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Use of Estimates | Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract with Customer, Asset and Liability | The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Deferred revenue activity, including deferred incentive revenue activity, during the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands):
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Schedule of Disaggregation of Revenue | We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
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Financial Instruments (Tables) |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
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Schedule of Restrictions on Cash and Cash Equivalents | The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 As of December 31, 2022, we had a variable interest entity (“VIE”) related to our PPA entity, PPA V, that represented a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In August 2023, we sold the PPA V entity as a result of the PPA V Repowering of Energy Servers (see Note 10 - Portfolio Financings), and as such there were no balances related to PPA V in the condensed consolidated balance sheet as of September 30, 2023. In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2023 included $28.1 million and $0.9 million of current restricted cash, respectively, and $12.3 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, included $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs.
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
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Schedule of Change in Level 3 Financial Liabilities | The changes in the Level 3 financial liabilities during the nine months ended September 30, 2023 were as follows (in thousands):
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Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments | The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
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Balance Sheet Components (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | The components of inventory consisted of the following (in thousands):
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Schedule of Prepaid Expense and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
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Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following (in thousands):
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Schedule of Other Long-Term Assets | Other long-term assets consisted of the following (in thousands):
Accrued Warranty Accrued warranty liabilities consisted of the following (in thousands):
Changes in the product warranty and product performance liabilities were as follows (in thousands):
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Schedule of Accrued Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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Outstanding Loans and Security Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of our debt as of September 30, 2023 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2022 (in thousands, except percentage data):
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Schedule of Repayment and Interest Expense | The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2023 (in thousands):
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Leases | Operating and financing lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets.
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Schedule of Lease, Cost | The components of our facilities, Energy Servers, and vehicles’ lease costs for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2023 and December 31, 2022 were as follows:
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Schedule of Finance Lease, Liability, Fiscal Year Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
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Schedule of Lessee, Operating Lease, Liability, Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2023 were as follows (in thousands):
At September 30, 2023, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
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Stock-Based Compensation Expense and Employee Benefit Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The following table summarizes the stock option activity under our stock plans during the reporting period:
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Award Activity | A summary of our stock awards activity and related information is as follows:
|
Portfolio Financings (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following were the aggregate carrying values of our VIE’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including the PPA V Entity in the PPA V transaction as of December 31, 2022 (in thousands):
|
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Our operations included the following related party transactions (in thousands):
1 Includes revenue from SK ecoplant for the three and nine months ended September 30, 2023, which became a related party on September 23, 2023, however we had transactions with SK ecoplant in prior periods (see Part II, Item 8, Note 17 - SK ecoplant Strategic Investment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and Part I, Item 1, Note 16 - SK ecoplant Strategic Investment). Below is the summary of outstanding related party balances as of September 30, 2023 and December 31, 2022 (in thousands):
|
Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring | The table sets forth an analysis of the components of the restructuring charges and payments and other deductions made against the accrual for the three months ended September 30, 2023 (in thousands):
The following table summarizes restructuring costs included in the accompanying condensed consolidated statements of operations (in thousands):
|
Net Loss per Share Available to Common Stockholders (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three and nine months presented as their inclusion would have been antidilutive:
|
SK ecoplant Strategic Investment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | The following are the aggregate carrying values of the Korean joint venture’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of September 30, 2023 and December 31, 2022 (in thousands):
|
Nature of Business, Liquidity and Basis of Presentation (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 23, 2023
shares
|
Aug. 24, 2023
USD ($)
|
Jun. 01, 2023
USD ($)
|
May 16, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
customer
shares
|
Sep. 30, 2022
customer
|
Sep. 30, 2023
USD ($)
customer
shares
|
Sep. 30, 2022
customer
|
Dec. 31, 2022
USD ($)
customer
shares
|
Aug. 31, 2023 |
Mar. 20, 2023
shares
|
|
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Long-term debt | $ 841,975,000 | $ 841,975,000 | $ 411,579,000 | ||||||||
Preferred stock, issued (in shares) | shares | 0 | 0 | 13,491,701 | ||||||||
Preferred stock, outstanding (in shares) | shares | 0 | 13,491,701 | |||||||||
Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of customers | customer | 2 | 2 | 2 | 2 | |||||||
Sales Revenue, Net | Customer Concentration Risk | Customer One | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Concentration risk, percentage | 40.00% | 54.00% | 36.00% | 48.00% | |||||||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Concentration risk, percentage | 31.00% | 26.00% | 24.00% | 16.00% | |||||||
Accounts Receivable | Customer Concentration Risk | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of customers | customer | 2 | 1 | |||||||||
Accounts Receivable | Customer Concentration Risk | Customer One | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Concentration risk, percentage | 72.00% | 75.00% | |||||||||
Accounts Receivable | Customer Concentration Risk | Customer Two | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Concentration risk, percentage | 18.00% | ||||||||||
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Concentration risk, percentage | 35.00% | 58.00% | 24.00% | 61.00% | |||||||
3% Green Convertible Senior Notes due June 2028 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Debt instrument, unamortized discount | $ 7,200,000 | $ 7,200,000 | |||||||||
Debt other issuance costs, net | 1,500,000 | 1,500,000 | |||||||||
Redemption price, percentage | 130.00% | ||||||||||
10.25% Senior Secured Notes due March 2027 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Interest rate percentage | 10.25% | ||||||||||
Proceeds from debt, net of issuance costs | $ 60,900,000 | ||||||||||
Redemption price, percentage | 104.00% | ||||||||||
3.04% Senior Secured Notes due June 30, 2031 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Interest rate percentage | 3.04% | ||||||||||
SK Ecoplant | Series B preferred | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Conversion of shares (in shares) | shares | 13,491,701 | ||||||||||
Recourse Debt | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Long-term debt | 840,492,000 | 840,492,000 | $ 285,792,000 | ||||||||
Senior Secured Notes | 3% Green Convertible Senior Notes due June 2028 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Long-term debt | $ 614,183,000 | $ 614,183,000 | |||||||||
Interest rate percentage | 3.00% | 3.00% | 3.00% | ||||||||
Debt face amount | $ 632,500,000 | ||||||||||
Debt instrument, unamortized discount | 15,800,000 | $ 4,700,000 | $ 4,700,000 | ||||||||
Debt other issuance costs, net | 4,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||
Proceeds from debt, net of issuance costs | $ 612,700,000 | ||||||||||
Senior Secured Notes | 10.25% Senior Secured Notes due March 2027 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Long-term debt | $ 60,960,000 | ||||||||||
Interest rate percentage | 10.25% | 10.25% | 10.25% | ||||||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Interest rate percentage | 3.04% | 3.04% | |||||||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | PPA Company 5 | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Interest rate percentage | 3.04% | ||||||||||
Repayments of debt | $ 118,500,000 | ||||||||||
Accrued interest | $ 500,000 |
Summary of Significant Accounting Policies (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 23, 2023
shares
|
Aug. 24, 2023
USD ($)
|
Jun. 01, 2023
USD ($)
|
May 16, 2023
USD ($)
|
Mar. 20, 2023
USD ($)
shares
|
Sep. 30, 2023
USD ($)
customer
shares
|
Sep. 30, 2022
customer
|
Sep. 30, 2023
USD ($)
customer
shares
|
Sep. 30, 2022
customer
|
Dec. 31, 2022
USD ($)
customer
shares
|
Aug. 31, 2023 |
|
Property, Plant and Equipment [Line Items] | |||||||||||
Long-term debt | $ 841,975,000 | $ 841,975,000 | $ 411,579,000 | ||||||||
Preferred stock, issued (in shares) | shares | 13,491,701 | 0 | 0 | ||||||||
Preferred stock, outstanding (in shares) | shares | 13,491,701 | 0 | |||||||||
Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of customers | customer | 2 | 2 | 2 | 2 | |||||||
Sales Revenue, Net | Customer Concentration Risk | Customer One | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Concentration risk, percentage | 40.00% | 54.00% | 36.00% | 48.00% | |||||||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Concentration risk, percentage | 31.00% | 26.00% | 24.00% | 16.00% | |||||||
Accounts Receivable | Customer Concentration Risk | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of customers | customer | 2 | 1 | |||||||||
Accounts Receivable | Customer Concentration Risk | Customer One | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Concentration risk, percentage | 72.00% | 75.00% | |||||||||
Accounts Receivable | Customer Concentration Risk | Customer Two | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Concentration risk, percentage | 18.00% | ||||||||||
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Concentration risk, percentage | 35.00% | 58.00% | 24.00% | 61.00% | |||||||
3% Green Convertible Senior Notes due June 2028 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Debt instrument, unamortized discount | $ 7,200,000 | $ 7,200,000 | |||||||||
Debt other issuance costs, net | 1,500,000 | 1,500,000 | |||||||||
Redemption price, percentage | 130.00% | ||||||||||
10.25% Senior Secured Notes due March 2027 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Interest rate | 10.25% | ||||||||||
Proceeds from debt, net of issuance costs | $ 60,900,000 | ||||||||||
Redemption price, percentage | 104.00% | ||||||||||
3.04% Senior Secured Notes due June 30, 2031 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Interest rate | 3.04% | ||||||||||
SK Ecoplant | Series B preferred | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Conversion of shares (in shares) | shares | 13,491,701 | ||||||||||
SK Ecoplant | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Total purchase price | $ 310,500,000 | ||||||||||
SK Ecoplant | Second Tranche Closing | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Total purchase price | $ 311,000,000 | ||||||||||
Recourse Debt | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Long-term debt | 840,492,000 | 840,492,000 | $ 285,792,000 | ||||||||
Senior Secured Notes | 3% Green Convertible Senior Notes due June 2028 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Long-term debt | $ 614,183,000 | $ 614,183,000 | |||||||||
Interest rate | 3.00% | 3.00% | 3.00% | ||||||||
Debt face amount | $ 632,500,000 | ||||||||||
Debt instrument, unamortized discount | 15,800,000 | $ 4,700,000 | $ 4,700,000 | ||||||||
Debt other issuance costs, net | 4,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||
Proceeds from debt, net of issuance costs | $ 612,700,000 | ||||||||||
Senior Secured Notes | 10.25% Senior Secured Notes due March 2027 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Long-term debt | $ 60,960,000 | ||||||||||
Interest rate | 10.25% | 10.25% | 10.25% | ||||||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Interest rate | 3.04% | 3.04% | |||||||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | PPA Company 5 | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Interest rate | 3.04% | ||||||||||
Repayments of debt | $ 118,500,000 | ||||||||||
Accrued interest | $ 500,000 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Revenue from Contract with Customer [Abstract] | ||||||
Accounts receivable | $ 334,495 | $ 250,995 | ||||
Contract assets | 143,875 | $ 35,182 | 46,727 | $ 25,768 | $ 33,374 | $ 25,201 |
Customer deposits | 66,043 | 121,085 | ||||
Deferred revenue | $ 67,613 | $ 94,355 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 29, 2021 |
---|---|---|---|
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 67,613 | $ 94,355 | |
SK Ecoplant | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 0 | $ 24,600 | $ 37,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 21 years |
Revenue Recognition - Contract Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 35,182 | $ 33,374 | $ 46,727 | $ 25,201 |
Transferred to accounts receivable from contract assets recognized at the beginning of the period | (8,284) | (21,677) | (31,968) | (21,304) |
Revenue recognized and not billed as of the end of the period | 116,977 | 14,071 | 129,116 | 21,871 |
Ending balance | $ 143,875 | $ 25,768 | $ 143,875 | $ 25,768 |
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Contract With Customer, Liability, Deferred Revenue [Roll Forward] | ||||
Beginning balance | $ 85,110 | $ 96,377 | $ 94,355 | $ 115,476 |
Additions | 243,545 | 248,574 | 733,891 | 597,318 |
Revenue recognized | (261,042) | (241,795) | (760,633) | (609,638) |
Ending balance | $ 67,613 | $ 103,156 | $ 67,613 | $ 103,156 |
Revenue Recognition - Revenue by Source (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contract with customers | $ 383,439 | $ 276,147 | $ 927,501 | $ 688,743 | ||
Total revenue | [1] | 400,268 | 292,274 | 976,554 | 736,549 | |
Product | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contract with customers | 304,976 | 213,243 | 713,427 | 520,415 | ||
Total revenue | 304,976 | 213,243 | 713,427 | 520,415 | ||
Installation | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contract with customers | 21,916 | 22,682 | 66,762 | 48,964 | ||
Total revenue | 21,916 | 22,682 | 66,762 | 48,964 | ||
Service | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contract with customers | 47,535 | 37,347 | 130,496 | 111,012 | ||
Total revenue | 47,535 | 37,347 | 130,496 | 111,012 | ||
Electricity | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contract with customers | 9,012 | 2,875 | 16,816 | 8,352 | ||
Electricity revenue | 16,829 | 16,127 | 49,053 | 47,806 | ||
Total revenue | $ 25,841 | $ 19,002 | $ 65,869 | $ 56,158 | ||
|
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 557,384 | $ 348,498 | |||
Restricted cash | 80,312 | 169,868 | ||||
Cash, cash equivalents and restricted cash | 637,696 | 518,366 | $ 669,322 | $ 615,114 | ||
Cash | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | 148,301 | 226,463 | ||||
Money market funds | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | $ 489,395 | $ 291,903 | ||||
|
Financial Instruments - Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2019 |
||
---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | [1] | $ 42,614 | $ 51,515 | ||
Restricted cash, long-term | [1] | 37,698 | 118,353 | ||
Restricted cash | 80,312 | 169,868 | |||
Consolidated Entity, Excluding Consolidated VIE | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | 42,614 | 50,965 | |||
Restricted cash, long-term | 37,698 | 110,353 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | 550 | ||||
Restricted cash, long-term | 8,000 | ||||
Variable Interest Entity, Primary Beneficiary | Power Purchase Agreements Entities | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | 0 | 550 | |||
Restricted cash, long-term | 0 | 8,000 | |||
Variable Interest Entity, Primary Beneficiary | PPA II | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | 28,100 | 40,600 | |||
Restricted cash, long-term | 12,300 | 28,500 | |||
Restricted cash | 40,400 | 69,100 | |||
Variable Interest Entity, Primary Beneficiary | PPA IIIB | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, short-term | 900 | 1,200 | |||
Restricted cash, long-term | $ 6,700 | $ 6,700 | |||
Restricted cash | $ 20,000 | ||||
|
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash and Cash Equivalents [Abstract] | ||||
Cash proceeds from derecognition of accounts receivable | $ 108.0 | $ 146.3 | $ 167.6 | $ 283.3 |
Cost of factoring | $ 2.0 | $ 2.5 | $ 2.7 | $ 3.7 |
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Total assets | $ 489,395 | $ 291,903 |
Liabilities | ||
Total liabilities | 3,948 | 5,895 |
Money market funds | ||
Assets | ||
Money market funds | 489,395 | 291,903 |
Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 3,948 | 5,895 |
Level 1 | ||
Assets | ||
Total assets | 489,395 | 291,903 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 1 | Money market funds | ||
Assets | ||
Money market funds | 489,395 | 291,903 |
Level 1 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 2 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 2 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 3,948 | 5,895 |
Level 3 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 3 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | $ 3,948 | $ 5,895 |
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2023 |
Sep. 30, 2023 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 5,895 | |
EPP liability settlement | $ (3,200) | (3,160) |
Changes in fair value | 1,213 | |
Ending balance | $ 3,948 |
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 01, 2023 |
May 16, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 3.00% | 3.00% | ||
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 2.50% | 2.50% | ||
10.25% Senior Secured Notes due March 2027 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 10.25% | |||
10.25% Senior Secured Notes due March 2027 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 10.25% | 10.25% | ||
3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 3.04% | |||
4.6% Term Loan due March 2026 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 4.60% | |||
4.6% Term Loan due March 2026 | Term Loan | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 4.60% | |||
Net Carrying Value | 3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | $ 614,183 | $ 0 | ||
Net Carrying Value | 2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 226,309 | 224,832 | ||
Net Carrying Value | 10.25% Senior Secured Notes due March 2027 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 0 | 60,960 | ||
Net Carrying Value | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 0 | 125,787 | ||
Net Carrying Value | 4.6% Term Loan due March 2026 | Term Loan | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 1,483 | 0 | ||
Fair Value | 3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 613,298 | 0 | ||
Fair Value | 2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 249,665 | 309,488 | ||
Fair Value | 10.25% Senior Secured Notes due March 2027 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 0 | 60,472 | ||
Fair Value | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 0 | 117,028 | ||
Fair Value | 4.6% Term Loan due March 2026 | Term Loan | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | $ 1,345 | $ 0 |
Balance Sheet Components - Inventories, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Raw materials | $ 238,716 | $ 165,446 | ||
Finished goods | 183,078 | 58,288 | ||
Work-in-progress | 53,855 | 44,660 | ||
Inventory, net | [1] | 475,649 | 268,394 | |
Inventory reserves | 17,800 | $ 17,200 | ||
Inventory balance reduction | $ 2,200 | |||
|
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Receivables from employees | $ 10,314 | $ 6,553 | ||
Deferred expenses | 9,909 | 0 | ||
Prepaid managed services | 5,868 | 4,405 | ||
Prepaid hardware and software maintenance | 5,243 | 4,290 | ||
Tax receivables | 4,428 | 3,676 | ||
Prepaid workers compensation | 3,993 | 5,536 | ||
Advance income tax provision | 2,349 | 783 | ||
Prepaid rent | 2,060 | 965 | ||
Interest receivable | 1,854 | 556 | ||
Deposits made | 1,683 | 1,409 | ||
Prepaid deferred commissions | 911 | 1,002 | ||
Other prepaid expenses and other current assets | 17,631 | 14,468 | ||
Prepaid expenses and other current assets | [1] | $ 66,243 | $ 43,643 | |
|
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 778,397 | $ 944,598 | ||
Less: accumulated depreciation | (287,862) | (344,184) | ||
Property, plant and equipment, net | [1] | 490,535 | 600,414 | |
Energy Servers | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 313,866 | 538,912 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 165,814 | 145,555 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 107,209 | 104,528 | ||
Construction-in-progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 105,787 | 72,174 | ||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 49,424 | 49,240 | ||
Computers, software and hardware | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 26,455 | 24,608 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 9,842 | $ 9,581 | ||
|
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Property Subject to or Available for Operating Lease [Line Items] | |||||
Depreciation and amortization | $ 50,283 | $ 46,182 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Property, plant and equipment | $ 226,000 | ||||
Accumulated depreciation | $ 92,700 | ||||
Operating leases, depreciation expense | $ 3,700 | $ 5,800 | 10,900 | 17,300 | |
Property, plant and equipment | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Depreciation and amortization | $ 14,600 | $ 15,500 | $ 50,300 | $ 46,200 |
Balance Sheet Components - Additional Information (Details) - MW |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Aug. 25, 2023 |
Aug. 31, 2023 |
Sep. 30, 2023 |
|
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | |||
Property, Plant and Equipment [Line Items] | |||
Energy servers power | 37.1 | 37.1 | 37.1 |
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Deferred commissions | $ 8,901 | $ 8,320 | ||
Long-term lease receivable | 7,604 | 8,076 | ||
Deferred expenses | 1,980 | 0 | ||
Prepaid insurance | 0 | 4,047 | ||
Deposits made | 2,926 | 2,672 | ||
Prepaid managed services | 1,896 | 2,373 | ||
Deferred tax asset | 1,384 | 1,151 | ||
Prepaid and other long-term assets | 8,517 | 13,566 | ||
Other long-term assets | [1] | $ 33,208 | $ 40,205 | |
|
Balance Sheet Components - Accrued Warranty (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Product performance | $ 15,622 | $ 16,901 |
Product warranty | 915 | 431 |
Accrued warranty liabilities | $ 16,537 | $ 17,332 |
Balance Sheet Components - Standard Product Warranty Liability (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Accrued warranty beginning balance | $ 17,332 |
Accrued warranty, net | 23,565 |
Warranty expenditures during the nine-month period | (24,360) |
Accrued warranty ending balance | $ 16,537 |
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Compensation and benefits | $ 43,590 | $ 48,156 | ||||
General invoice and purchase order accruals | 34,452 | 44,010 | ||||
Interest payable | 7,919 | 3,128 | ||||
Sales-related liabilities | 7,666 | 7,147 | ||||
Accrued installation | 6,094 | 7,905 | ||||
Accrued legal expenses | 3,666 | 4,403 | ||||
Provision for income tax | 2,600 | 1,140 | ||||
Sales tax liabilities | 2,517 | 6,172 | ||||
VAT interim liability | 2,194 | 418 | ||||
Accrued consulting expenses | 1,869 | 1,390 | ||||
Accrued restructuring costs | 1,172 | 0 | ||||
Finance lease liabilities | 1,142 | 1,024 | ||||
PPA IV upgrade financing obligations | 276 | 6,076 | ||||
Delaware grant | 0 | 9,495 | ||||
Current portion of derivative liabilities | 0 | 2,596 | ||||
Other | 1,323 | 1,123 | ||||
Total current liabilities | [1],[2] | $ 116,480 | $ 144,183 | |||
|
Balance Sheet Components - Preferred Stock (Details) - $ / shares |
Jul. 27, 2023 |
Sep. 30, 2023 |
May 16, 2023 |
Mar. 20, 2023 |
Dec. 31, 2022 |
Nov. 08, 2022 |
---|---|---|---|---|---|---|
Class of Stock [Line Items] | ||||||
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 | ||||
Preferred stock, par or stated (in dollars per share) | $ 0.0001 | |||||
Preferred stock, issued (in shares) | 0 | 13,491,701 | ||||
Preferred stock, outstanding (in shares) | 13,491,701 | 0 | ||||
Series B preferred | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, authorized (in shares) | 13,491,701 | |||||
Class A common stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, authorized (in shares) | 10,000,000 | |||||
Convertible stock price (in dollars per share) | $ 26,460 | |||||
Debt conversion, shares issued (in shares) | 1 | |||||
Class B common stock | ||||||
Class of Stock [Line Items] | ||||||
Convertible stock price (in dollars per share) | $ 10 |
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 01, 2023 |
May 16, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 863,983 | $ 419,083 | ||
Current portion of debt | 0 | 26,023 | ||
Long-term portion of debt | 841,975 | 385,556 | ||
Total | 841,975 | 411,579 | ||
4.6% Term Loan due March 2026 | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | 1,483 | |||
Current portion of debt | 0 | |||
Long-term portion of debt | 1,483 | |||
Total | $ 1,483 | |||
Interest rate percentage | 4.60% | |||
10.25% Senior Secured Notes due March 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 10.25% | |||
Senior Secured Notes | 3% Green Convertible Senior Notes due June 2028 | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 632,500 | |||
Current portion of debt | 0 | |||
Long-term portion of debt | 614,183 | |||
Total | $ 614,183 | |||
Interest rate percentage | 3.00% | 3.00% | ||
Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025 | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 230,000 | 230,000 | ||
Current portion of debt | 0 | 0 | ||
Long-term portion of debt | 226,309 | 224,832 | ||
Total | $ 226,309 | $ 224,832 | ||
Interest rate percentage | 2.50% | 2.50% | ||
Senior Secured Notes | 10.25% Senior Secured Notes due March 2027 | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 61,653 | |||
Current portion of debt | 12,716 | |||
Long-term portion of debt | 48,244 | |||
Total | $ 60,960 | |||
Interest rate percentage | 10.25% | 10.25% | ||
Senior Secured Notes | 3.04% Senior Secured Notes due June 30, 2031 | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 127,430 | |||
Current portion of debt | 13,307 | |||
Long-term portion of debt | 112,480 | |||
Total | $ 125,787 | |||
Interest rate percentage | 3.04% | |||
Recourse Debt | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | $ 862,500 | $ 291,653 | ||
Current portion of debt | 0 | 12,716 | ||
Long-term portion of debt | 840,492 | 273,076 | ||
Total | 840,492 | 285,792 | ||
Non-recourse Debt | ||||
Debt Instrument [Line Items] | ||||
Unpaid Principal Balance | 1,483 | 127,430 | ||
Current portion of debt | 0 | 13,307 | ||
Long-term portion of debt | 1,483 | 112,480 | ||
Total | $ 1,483 | $ 125,787 | ||
Term Loan | 4.6% Term Loan due March 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 4.60% |
Outstanding Loans and Security Agreements - Recourse Debt Facilities Narrative (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023
day
|
Jun. 01, 2023
USD ($)
|
May 16, 2023
USD ($)
shares
$ / shares
|
May 11, 2023
USD ($)
|
Aug. 31, 2020
day
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Interest expense | $ (68,000,000) | $ 13,100,000 | $ 93,700,000 | $ 41,000,000 | ||||||
Purchase of capped call related to convertible notes | $ 54,500,000 | 54,522,000 | ||||||||
Loss on extinguishment of debt | 1,415,000 | 0 | 4,288,000 | 4,233,000 | ||||||
Non-recourse debt | 0 | 0 | $ 26,023,000 | |||||||
Contractual interest expense | 68,037,000 | 13,099,000 | 93,736,000 | 41,000,000 | ||||||
SK Ecoplant | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest expense | 52,800,000 | 52,800,000 | ||||||||
Class A common stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.1000 | |||||||||
Number of shares underlying the Capped Calls (in shares) | shares | 33,549,508 | |||||||||
Convertible stock price (in dollars per share) | $ / shares | $ 26,460 | |||||||||
Convertible stock price premium | 100.00% | |||||||||
3% Green Convertible Senior Notes due June 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, unamortized discount | 7,200,000 | 7,200,000 | ||||||||
Debt other issuance costs, net | $ 1,500,000 | $ 1,500,000 | ||||||||
Redemption price, percentage | 130.00% | |||||||||
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.00% | 3.00% | 3.00% | |||||||
Debt face amount | $ 632,500,000 | |||||||||
Debt instrument, unamortized discount | 15,800,000 | $ 4,700,000 | $ 4,700,000 | |||||||
Debt other issuance costs, net | 4,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||
Proceeds from debt, net of issuance costs | 612,700,000 | |||||||||
Additional purchase option | $ 82,500,000 | |||||||||
Debt instrument, percentage of product closing price | 98.00% | |||||||||
Period to receive special interest in event of default | 180 days | |||||||||
Special interest received in event of default as percentage of principal | 0.50% | 0.50% | ||||||||
Convertible, conversion ratio | 0.0530427 | |||||||||
Effective percentage | 3.80% | |||||||||
Interest expense | $ 5,700,000 | $ 8,700,000 | ||||||||
Unamortized debt issuance cost | 18,300,000 | 18,300,000 | ||||||||
Non-recourse debt | $ 0 | $ 0 | ||||||||
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Debt Conversion Terms One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold trading days | day | 20 | |||||||||
Threshold consecutive trading days | day | 30 | |||||||||
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Debt Conversion Terms Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold trading days | day | 5 | |||||||||
Threshold consecutive trading days | day | 5 | |||||||||
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Class A common stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initial strike price (in dollars per share) | $ / shares | $ 18,850 | |||||||||
Number of shares convertible from notes | shares | 47,807,955 | 47,807,955 | ||||||||
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Maximum | Class A common stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible, number of equity instruments (in shares) | shares | 22,543 | |||||||||
10.25% Senior Secured Notes due March 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 10.25% | |||||||||
Proceeds from debt, net of issuance costs | $ 60,900,000 | |||||||||
Redemption price, percentage | 104.00% | |||||||||
10.25% Senior Secured Notes due March 2027 | Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 10.25% | 10.25% | 10.25% | |||||||
Non-recourse debt | $ 12,716,000 | |||||||||
Contractual interest expense | 1,900,000 | $ 2,700,000 | 3,800,000 | |||||||
Amortization of issuance costs | 100,000 | 100,000 | 200,000 | |||||||
10.25% Senior Secured Notes due March 2027 | Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 10.25% | |||||||||
Secured long-term debt, noncurrent | $ 57,600,000 | $ 57,600,000 | $ 48,900,000 | |||||||
Called and retired, percentage | 1.04 | |||||||||
Premium percentage | 0.04 | 0.04 | ||||||||
Debt instrument, unamortized premium | $ 2,300,000 | $ 2,300,000 | ||||||||
Accrued interest | $ 1,000,000 | 1,000,000 | ||||||||
Loss on extinguishment of debt | $ 2,900,000 | |||||||||
Non-recourse debt | $ 12,700,000 | |||||||||
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | |||||||
Non-recourse debt | $ 0 | $ 0 | $ 0 | |||||||
Contractual interest expense | 1,900,000 | 1,900,000 | 5,800,000 | 5,800,000 | ||||||
Amortization of issuance costs | $ 500,000 | $ 500,000 | $ 1,500,000 | $ 1,500,000 |
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 24, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Aug. 31, 2023 |
Dec. 31, 2022 |
|||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ 1,415 | $ 0 | $ 4,288 | $ 4,233 | |||||
Cash and cash equivalents | [1] | $ 557,384 | $ 557,384 | $ 348,498 | |||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.04% | 3.04% | |||||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | PPA Company 5 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.04% | ||||||||
Repayments of debt | $ 118,500 | ||||||||
Accrued interest | 500 | ||||||||
Loss on extinguishment of debt | 1,400 | ||||||||
Cash and cash equivalents | $ 8,600 | $ 8,600 | |||||||
|
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Remainder of 2023 | $ 0 | $ 0 | |||
2024 | 0 | 0 | |||
2025 | 230,000 | 230,000 | |||
2026 | 1,483 | 1,483 | |||
2027 | 0 | 0 | |||
Thereafter | 632,500 | 632,500 | |||
Total | 863,983 | 863,983 | $ 419,083 | ||
Interest expense | $ (68,000) | $ 13,100 | $ 93,700 | $ 41,000 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Leases [Abstract] | |||||
Rent expense | $ 5,700 | $ 5,000 | $ 17,000 | $ 14,200 | |
Financing obligations | $ 410,365 | $ 410,365 | $ 442,063 |
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Assets and Liabilities, Lessee: | ||||
Operating lease right-of-use assets, net | [1] | $ 127,973 | $ 126,955 | |
Current operating lease liabilities | [1] | (16,666) | (16,227) | |
Non-current operating lease liabilities | [1] | (133,602) | (132,363) | |
Total operating lease liabilities | $ (150,268) | $ (148,590) | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | ||
Finance lease right-of-use assets, net | $ 2,899 | $ 2,824 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | ||
Less: current financing obligations | $ (1,142) | $ (1,024) | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
Non-current finance lease liabilities | $ (1,956) | $ (1,971) | ||
Present value of net minimum lease payments | (3,098) | (2,995) | ||
Total lease liabilities | $ (153,366) | $ (151,585) | ||
|
Leases - Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Operating lease costs | $ 8,408 | $ 6,097 | $ 24,373 | $ 17,962 |
Amortization of right-of-use assets | 294 | 230 | 689 | 750 |
Interest on lease liabilities | 72 | 53 | 203 | 160 |
Total financing lease costs | 366 | 283 | 892 | 910 |
Short-term lease costs | 384 | 538 | 1,561 | 699 |
Total lease costs | $ 9,158 | $ 6,918 | $ 26,826 | $ 19,571 |
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Weighted average remaining lease term: | ||
Operating leases | 7 years 10 months 24 days | 8 years 7 months 6 days |
Finance leases | 3 years 4 months 24 days | 3 years 3 months 18 days |
Weighted average discount rate: | ||
Operating leases | 10.40% | 10.30% |
Finance leases | 9.30% | 6.90% |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Operating Leases | |||||
Remainder of 2023 | $ 8,513 | $ 8,513 | |||
2024 | 29,803 | 29,803 | |||
2025 | 29,863 | 29,863 | |||
2026 | 29,769 | 29,769 | |||
2027 | 28,500 | 28,500 | |||
Thereafter | 99,736 | 99,736 | |||
Total minimum lease payments | 226,184 | 226,184 | |||
Less: amounts representing interest or imputed interest | (75,916) | (75,916) | |||
Present value of lease liabilities | 150,268 | 150,268 | $ 148,590 | ||
Finance Leases | |||||
Remainder of 2023 | 357 | 357 | |||
2024 | 1,289 | 1,289 | |||
2025 | 839 | 839 | |||
2026 | 598 | 598 | |||
2027 | 412 | 412 | |||
Thereafter | 98 | 98 | |||
Total minimum lease payments | 3,593 | 3,593 | |||
Less: imputed interest | (495) | (495) | |||
Present value of net minimum lease payments | 3,098 | 3,098 | 2,995 | ||
Less: current financing obligations | (1,142) | (1,142) | (1,024) | ||
Long-term financing obligations | 1,956 | 1,956 | $ 1,971 | ||
Total revenue from contract with customers | 383,439 | $ 276,147 | 927,501 | $ 688,743 | |
Total lease costs | 9,158 | 6,918 | 26,826 | 19,571 | |
Product | |||||
Finance Leases | |||||
Total revenue from contract with customers | 304,976 | 213,243 | 713,427 | 520,415 | |
Installation | |||||
Finance Leases | |||||
Total revenue from contract with customers | 21,916 | 22,682 | 66,762 | 48,964 | |
Managed Services | Variable Interest Entity, Primary Beneficiary | |||||
Finance Leases | |||||
Remainder of 2023 | 11,466 | 11,466 | |||
2024 | 43,368 | 43,368 | |||
2025 | 42,358 | 42,358 | |||
2026 | 37,778 | 37,778 | |||
2027 | 21,441 | 21,441 | |||
Thereafter | 37,237 | 37,237 | |||
Total minimum lease payments | 193,648 | 193,648 | |||
Less: imputed interest | (103,046) | (103,046) | |||
Present value of net minimum lease payments | 90,602 | 90,602 | |||
Less: current financing obligations | (39,093) | (39,093) | |||
Long-term financing obligations | 51,509 | 51,509 | |||
Recognition of right-of-use assets and lease liabilities from sale and leaseback transactions | 0 | 600 | 9,300 | ||
Total lease costs | $ 2,600 | 1,300 | 7,000 | 3,900 | |
Managed Services | Variable Interest Entity, Primary Beneficiary | Product | |||||
Finance Leases | |||||
Total revenue from contract with customers | 900 | 15,800 | 900 | ||
Managed Services | Variable Interest Entity, Primary Beneficiary | Installation | |||||
Finance Leases | |||||
Total revenue from contract with customers | 600 | 4,800 | 600 | ||
Managed Services | Variable Interest Entity, Primary Beneficiary | Financing Obligations | |||||
Finance Leases | |||||
Total revenue from contract with customers | $ 300 | $ 2,700 | $ 300 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 21,564 | $ 24,031 | $ 79,596 | $ 82,938 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 5,581 | 4,982 | 14,809 | 13,609 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 5,585 | 4,818 | 21,673 | 25,113 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 3,015 | 3,948 | 15,089 | 13,528 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 7,383 | $ 10,283 | $ 28,025 | $ 30,688 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Outstanding Options/RSUs, Number of Shares | ||
Outstanding, beginning (in shares) | 8,748,309 | |
Exercised (in shares) | (332,293) | |
Expired (in Shares) | (541,302) | |
Outstanding, ending (in shares) | 7,874,714 | 8,748,309 |
Vested and expected to vest (in shares) | 7,873,962 | |
Exercisable (in shares) | 7,844,713 | |
Outstanding Options Weighted Average Exercise Price | ||
Outstanding, beginning (in dollars per share) | $ 20.70 | |
Exercised (in dollar per shares) | 7.94 | |
Expired (in dollar per shares) | 26.95 | |
Outstanding, ending (in dollars per share) | 20.81 | $ 20.70 |
Vested and expected to vest (in dollars per share) | 20.81 | |
Exercisable (in dollars per share) | $ 20.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding, remaining contractual life | 3 years 9 months 18 days | 4 years 7 months 6 days |
Outstanding, aggregate intrinsic value | $ 17,890 | $ 40,532 |
Vested and expected to vest, remaining contractual life | 3 years 9 months 18 days | |
Vested and expected to vest, aggregate intrinsic value | $ 17,885 | |
Exercisable, remaining contractual life | 3 years 9 months 18 days | |
Exercisable, aggregate intrinsic value | $ 17,707 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Unrecognized compensation cost related to unvested stock options | $ 0.1 | $ 0.1 | $ 0.4 | ||
Expense expected to be recognized over remaining weighted-average period | 6 months | 10 months 24 days | |||
Cash received from stock options exercised | $ 1.1 | $ 2.2 | $ 2.6 | $ 3.6 | |
Class A common stock | |||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Granted (in shares) | 0 | 0 | 0 | 0 | |
Employee Stock Option | |||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Allocated share-based compensation expense | $ 0.1 | $ 1.2 | $ 0.3 | $ 6.7 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Award Activity (Details) - Restricted Stock Units |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Number of Awards Outstanding | |
Unvested balance (in shares) | shares | 9,549,035 |
Granted (in shares) | shares | 4,814,465 |
Vested (in shares) | shares | (3,496,491) |
Forfeited (in shares) | shares | (1,428,026) |
Unvested balance (in shares) | shares | 9,438,983 |
Weighted Average Grant Date Fair Value | |
Unvested balance (in dollars per share) | $ / shares | $ 19.99 |
Granted (in dollars per share) | $ / shares | 18.37 |
Vested (in dollars per share) | $ / shares | 18.87 |
Forfeited (in dollars per share) | $ / shares | 21.44 |
Unvested balance (in dollars per share) | $ / shares | $ 19.36 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Awards Narrative (Details) - Restricted Stock Units - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation expense | $ 19.3 | $ 18.4 | $ 65.0 | $ 64.4 | |
Unrecognized stock-based compensation cost | $ 129.3 | $ 129.3 | $ 135.7 | ||
Expense expected to be recognized over a weighted-average period | 2 years | 1 year 10 months 24 days |
Stock-Based Compensation Expense and Employee Benefit Plans - Executive Awards Narrative (Details) - 2023 Executive Awards |
Jul. 11, 2023 |
Feb. 15, 2023 |
---|---|---|
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation vesting period | 3 years | |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation vesting period | 3 years | |
Stock-based compensation cliff vesting period | 1 year |
Stock-Based Compensation Expense and Employee Benefit Plans - Number of Shares Available for Grant (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward] | |
Beginning balance (in shares) | 28,340,641 |
Added to plan (in shares) | 8,948,255 |
Granted (in shares) | (4,734,700) |
Cancelled/Forfeited (in shares) | 1,899,563 |
Expired (in shares) | (504,347) |
Ending Balance (in shares) | 33,949,412 |
Stock-Based Compensation Expense and Employee Benefit Plans - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee stock ownership plan (ESOP), compensation expense | $ 0.1 | $ 4.3 | $ 12.5 | $ 11.2 | |
Number of shares issued (in shares) | 426,170 | 339,055 | 875,695 | 759,744 | |
Number of additional shares authorized (in shares) | 2,239,563 | 12,055,792 | |||
Number of common stock reserved for issuance (in shares) | 15,204,584 | 15,204,584 | 13,840,716 | ||
Unrecognized stock-based compensation cost | $ 12.1 | $ 12.1 | $ 12.0 | ||
Expense expected to be recognized over a weighted-average period | 1 year 1 month 6 days | 7 months 6 days |
Portfolio Financings - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 25, 2023
MW
|
Aug. 24, 2023
USD ($)
|
Aug. 31, 2023
MW
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
MW
|
Sep. 30, 2022
USD ($)
|
Aug. 01, 2023 |
Dec. 31, 2022
USD ($)
|
|||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Aggregate purchase price of transaction | $ 6,864 | $ 6,864 | |||||||||||||
Repayment of debt | 118,538 | $ 30,212 | |||||||||||||
Loss on extinguishment of debt | 1,415 | $ 0 | 4,288 | 4,233 | |||||||||||
Impairment of assets related to PPA V and PPA IIIa | 130,111 | 44,800 | |||||||||||||
Depreciation and amortization | 50,283 | 46,182 | |||||||||||||
Contract assets | [1] | 97,148 | 567 | ||||||||||||
Inventories | (206,315) | (110,797) | |||||||||||||
Decrease in restricted cash | 80,312 | 80,312 | $ 169,868 | ||||||||||||
Accounts receivable | [2] | (83,851) | 15,758 | ||||||||||||
Other long-term assets | 13,634 | (730) | |||||||||||||
Prepaid expenses and other current assets | (20,849) | (15,766) | |||||||||||||
Financing obligations | 410,365 | 410,365 | $ 442,063 | ||||||||||||
Total revenue | [3] | 400,268 | 292,274 | 976,554 | 736,549 | ||||||||||
Total cost of revenue | 405,482 | 241,330 | 871,151 | 659,638 | |||||||||||
General and administrative | 43,366 | 44,115 | 131,004 | 119,965 | |||||||||||
Less: Net gain (loss) attributable to noncontrolling interest | 921 | (3,315) | (5,427) | (9,768) | |||||||||||
Net cash provided by financing activities | 682,161 | 305,211 | |||||||||||||
Distributions and payments to noncontrolling interests | 2,265 | 5,972 | |||||||||||||
Additional Paid-In Capital | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Aggregate purchase price of transaction | (11,482) | (11,482) | |||||||||||||
PPA Company 5 | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Accrued interest | $ 500 | ||||||||||||||
Loss on extinguishment of debt | 1,400 | ||||||||||||||
Product | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total revenue | 304,976 | 213,243 | 713,427 | 520,415 | |||||||||||
Total cost of revenue | 182,832 | 158,176 | 457,591 | 393,337 | |||||||||||
Electricity | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total revenue | 25,841 | 19,002 | 65,869 | 56,158 | |||||||||||
Total cost of revenue | 139,378 | $ 13,029 | 169,802 | $ 83,819 | |||||||||||
Variable Interest Entity, Primary Beneficiary | Product | PPA 5 Upgrade | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total cost of revenue | 7,400 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | Electricity | PPA 5 Upgrade | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total revenue | $ 1,100 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Energy servers power | MW | 37.1 | 37.1 | 37.1 | ||||||||||||
Repayment of debt | 119,000 | ||||||||||||||
Loss on extinguishment of debt | $ 1,400 | ||||||||||||||
Contract assets | $ 116,500 | ||||||||||||||
Inventories | 70,000 | ||||||||||||||
Decrease in restricted cash | $ 8,700 | 8,700 | |||||||||||||
Net cash provided by financing activities | 118,500 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | PPA 5 Upgrade | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Repayment of debt | 119,000 | ||||||||||||||
Loss on extinguishment of debt | 1,400 | ||||||||||||||
Payments for upgrade project | 62,400 | ||||||||||||||
Proceeds from sale of energy servers | 60,300 | ||||||||||||||
Property, plant and equipment, net | 124,000 | ||||||||||||||
Impairment of assets related to PPA V and PPA IIIa | 123,700 | ||||||||||||||
Depreciation and amortization | $ 300 | ||||||||||||||
Estimated depreciable life | 3 months 18 days | 3 months 18 days | 7 years 6 months | ||||||||||||
Contract assets | $ 12,400 | ||||||||||||||
Accounts receivable | 3,300 | ||||||||||||||
Other long-term assets | 1,600 | ||||||||||||||
Prepaid expenses and other current assets | 1,900 | ||||||||||||||
Financing obligations | $ 300 | 300 | |||||||||||||
Decrease in other liabilities | 500 | ||||||||||||||
General and administrative | 6,400 | ||||||||||||||
Interest expense increase | 300 | ||||||||||||||
Less: Net gain (loss) attributable to noncontrolling interest | 1,000 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | Product | PPA 5 Upgrade | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total revenue | 151,600 | ||||||||||||||
Total cost of revenue | 62,600 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | Electricity | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Total cost of revenue | 125,500 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | Electricity | PPA 5 Upgrade | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Impairment of assets related to PPA V and PPA IIIa | 123,700 | ||||||||||||||
Total revenue | $ 9,500 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Percent interest sold | 100.00% | ||||||||||||||
|
Portfolio Financings - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||
Cash and cash equivalents | [1] | $ 557,384 | $ 348,498 | |||||||
Restricted cash, short-term | [1] | 42,614 | 51,515 | |||||||
Accounts receivable | [1],[2] | 334,495 | 250,995 | |||||||
Prepaid expenses and other current assets | [1] | 66,243 | 43,643 | |||||||
Total current assets | 1,682,472 | 1,055,963 | ||||||||
Restricted cash, long-term | [1] | 37,698 | 118,353 | |||||||
Other long-term assets | [1] | 33,208 | 40,205 | |||||||
Total assets | 2,376,172 | 1,946,627 | ||||||||
Current liabilities: | ||||||||||
Accrued expenses and other current liabilities | [1],[3] | 116,480 | 144,183 | |||||||
Deferred revenue and customer deposits | [1],[4] | 119,157 | 159,048 | |||||||
Non-recourse debt | [1] | 0 | 13,307 | |||||||
Total current liabilities | 461,726 | 541,946 | ||||||||
Deferred revenue and customer deposits | [1] | 14,499 | 56,392 | |||||||
Non-recourse debt | [1] | 1,483 | 112,480 | |||||||
Total liabilities | $ 1,870,972 | 1,567,811 | ||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 5,008 | |||||||||
Restricted cash, short-term | 550 | |||||||||
Accounts receivable | 2,072 | |||||||||
Prepaid expenses and other current assets | 1,927 | |||||||||
Total current assets | 9,557 | |||||||||
Property, plant and equipment, net | 133,285 | |||||||||
Restricted cash, long-term | 8,000 | |||||||||
Other long-term assets | 1,869 | |||||||||
Total assets | 152,711 | |||||||||
Current liabilities: | ||||||||||
Accrued expenses and other current liabilities | 1,037 | |||||||||
Deferred revenue and customer deposits | 662 | |||||||||
Non-recourse debt | 13,307 | |||||||||
Total current liabilities | 15,006 | |||||||||
Deferred revenue and customer deposits | 4,748 | |||||||||
Non-recourse debt | 112,480 | |||||||||
Total liabilities | $ 132,234 | |||||||||
|
Related Party Transactions - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 23, 2023 |
Nov. 08, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 15, 2023 |
|
Related Party Transaction [Line Items] | |||||
Shares converted (in shares) | 13,491,701 | ||||
SK Ecoplant | |||||
Related Party Transaction [Line Items] | |||||
Percentage of voting interests acquired | 40.00% | ||||
Class A common stock | SK Ecoplant | |||||
Related Party Transaction [Line Items] | |||||
Percentage of voting interests acquired | 10.50% | 10.50% | |||
Class A common stock | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Shares sold in offering (in shares) | 23,491,701 | ||||
Series A Redeemable Convertible Preferred Stock | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Conversion of shares (in shares) | 10,000,000 | ||||
Shares sold in offering (in shares) | 10,000,000 | ||||
Shares converted (in shares) | 10,000,000 | ||||
Series B preferred | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Conversion of shares (in shares) | 13,491,701 | ||||
Shares sold in offering (in shares) | 13,491,701 |
Related Party Transactions - Results of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Related Party Transaction [Line Items] | ||||||
Total revenue from related parties | [1] | $ 400,268 | $ 292,274 | $ 976,554 | $ 736,549 | |
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Total revenue from related parties | $ 125,676 | $ 12,532 | $ 360,981 | $ 30,231 | ||
|
Related Party Transactions - Related Party Transactions and Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | ||||||||||||
Accounts receivable | [1],[2] | $ 334,495 | $ 250,995 | |||||||||
Contract assets | [3] | 143,875 | 46,727 | |||||||||
Deferred cost of revenue, current | [4] | 62,212 | 46,191 | |||||||||
Accrued expenses and other current liabilities | [1],[5] | 116,480 | 144,183 | |||||||||
Deferred revenue and customer deposits, current | [1] | 14,499 | 56,392 | |||||||||
Related Party | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Accounts receivable | 247,897 | 4,257 | ||||||||||
Contract assets | 3,415 | 0 | ||||||||||
Deferred cost of revenue, current | 23,424 | 0 | ||||||||||
Accrued expenses and other current liabilities | 5,722 | 0 | ||||||||||
Deferred revenue and customer deposits, current | $ 11,118 | $ 0 | ||||||||||
|
Restructuring - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023
employee
contractor
|
Sep. 30, 2023
USD ($)
contractor
employee
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | $ 2,219 | |||
Remaining restructuring cost | $ 16,400 | 16,400 | ||
Restructuring reserve | $ 1,172 | 1,172 | $ 0 | |
Full-Time Employees | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of positions eliminated | employee | 74 | |||
Full-Time Employees | Subsequent Event | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of positions eliminated | employee | 71 | |||
Contractors | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of positions eliminated | contractor | 48 | |||
Contractors | Subsequent Event | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of positions eliminated | contractor | 8 | |||
Closure of facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining restructuring cost | $ 10,000 | 10,000 | ||
Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining restructuring cost | 3,000 | 3,000 | ||
Relocation costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining restructuring cost | 2,700 | 2,700 | ||
One-time Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining restructuring cost | $ 700 | $ 700 |
Restructuring - Restructuring Charges and Payments and Other Deductions (Details) $ in Thousands |
3 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | $ 0 |
Restructuring accruals | 2,219 |
Payments | (1,047) |
Restructuring Reserve, Ending Balance | $ 1,172 |
Restructuring - Restructuring Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Total cost of revenue | $ 405,482 | $ 241,330 | $ 871,151 | $ 659,638 |
Sales and marketing | 20,002 | 23,275 | 73,935 | 65,084 |
General and administrative | 43,366 | 44,115 | 131,004 | 119,965 |
Total | 2,219 | |||
Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Sales and marketing | 1,387 | |||
General and administrative | 107 | |||
Total | 2,219 | |||
Product | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total cost of revenue | 182,832 | 158,176 | 457,591 | 393,337 |
Product | Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total cost of revenue | 677 | |||
Service | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total cost of revenue | 57,370 | $ 41,792 | $ 165,877 | $ 124,646 |
Service | Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total cost of revenue | $ 48 |
Commitments and Contingencies - Performance Guarantees (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
PPA Company 5 | ||||
Operating Leased Assets [Line Items] | ||||
PPA expenses | $ 4.5 | $ 0.8 | $ 24.4 | $ 10.5 |
Commitments and Contingencies - Letters of Credit (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Other Commitments [Line Items] | ||||
Cash-collateralized letter of credit | $ 80,312 | $ 169,868 | ||
Cash and cash equivalents | [1] | $ 557,384 | 348,498 | |
3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | ||||
Other Commitments [Line Items] | ||||
Interest rate | 3.04% | |||
Variable Interest Entity, Primary Beneficiary | ||||
Other Commitments [Line Items] | ||||
Cash and cash equivalents | 5,008 | |||
Variable Interest Entity, Primary Beneficiary | PPA II | ||||
Other Commitments [Line Items] | ||||
Cash-collateralized letter of credit | $ 40,400 | 69,100 | ||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | ||||
Other Commitments [Line Items] | ||||
Cash-collateralized letter of credit | 32,300 | $ 84,300 | ||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | KOREA, REPUBLIC OF | ||||
Other Commitments [Line Items] | ||||
Cash-collateralized letter of credit | $ 60,400 | |||
|
Commitments and Contingencies - Pledged Funds (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2019 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
Other Commitments [Line Items] | ||||||
Decrease in restricted cash | $ 80,312 | $ 169,868 | ||||
Restricted cash, long-term | [1] | 37,698 | 118,353 | |||
Variable Interest Entity, Primary Beneficiary | ||||||
Other Commitments [Line Items] | ||||||
Restricted cash, long-term | 8,000 | |||||
Variable Interest Entity, Primary Beneficiary | PPA IIIB | ||||||
Other Commitments [Line Items] | ||||||
Decrease in restricted cash | $ 20,000 | |||||
Restricted cash, long-term | 6,700 | 6,700 | ||||
Restricted cash fund, pledge length | 7 years | |||||
Restricted cash fund, initial period for release of funds | 5 years | |||||
Restricted cash fund, secondary period for release of funds | 2 years | |||||
Variable Interest Entity, Primary Beneficiary | PPA Company 5 | ||||||
Other Commitments [Line Items] | ||||||
Decrease in restricted cash | 32,300 | 84,300 | ||||
Restricted cash, long-term | $ 7,600 | $ 7,900 | ||||
|
Commitments and Contingencies - Delaware Economic Development Authority (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2017
employer
|
Mar. 31, 2012
USD ($)
|
|
Other Commitments [Line Items] | |||||
Grants receivable | $ 16.5 | ||||
Proceeds from government grants | $ 12.0 | ||||
Supplier incentive grant | $ 4.5 | 4.5 | |||
Number of employees to be hired per incentive grant agreement | employer | 900 | ||||
Forfeited supplier incentive component grant | 4.5 | 4.5 | |||
Delaware grant | $ 9.5 | ||||
Inventory balance reduction | 2.2 | 2.2 | |||
Period 1 | |||||
Other Commitments [Line Items] | |||||
Total compensation paid | 108.0 | 108.0 | |||
Grant agreement, recapture provision repayments | 1.5 | $ 1.5 | |||
Payment period | 4 years | ||||
Period 2 | |||||
Other Commitments [Line Items] | |||||
Total compensation paid | 144.0 | $ 144.0 | |||
Grant agreement, recapture provision repayments | 1.0 | $ 1.0 | |||
Payment period | 4 years | ||||
Period 3 | |||||
Other Commitments [Line Items] | |||||
Total compensation paid | 72.0 | $ 72.0 | |||
Payment period | 2 years | ||||
General and administrative | |||||
Other Commitments [Line Items] | |||||
Delaware grant | 0.6 | ||||
Research and development | |||||
Other Commitments [Line Items] | |||||
Delaware grant | 0.5 | ||||
Sales and marketing | |||||
Other Commitments [Line Items] | |||||
Delaware grant | 0.2 | ||||
Product | Cost of revenue | |||||
Other Commitments [Line Items] | |||||
Delaware grant | 3.1 | ||||
Service | Cost of revenue | |||||
Other Commitments [Line Items] | |||||
Delaware grant | $ 2.9 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
Jan. 06, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Settlement amount | $ 3 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 646 | $ 336 | $ 1,083 | $ 888 |
Pre-tax loss | $ 167,432 | $ 60,056 | $ 310,971 | $ 263,416 |
Effective income tax rate | (0.40%) | (0.60%) | (0.30%) | (0.30%) |
Net Loss per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 63,407 | 30,632 | 49,122 | 29,690 |
Convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 47,736 | 14,187 | 31,146 | 14,187 |
Redeemable convertible preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 12,319 | 10,000 | 13,096 | 10,000 |
Stock options and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 3,352 | 6,445 | 4,880 | 5,503 |
SK ecoplant Strategic Investment - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 23, 2023 |
Mar. 31, 2023 |
Mar. 20, 2023 |
Aug. 10, 2022 |
Dec. 29, 2021 |
Oct. 31, 2021 |
Dec. 29, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 15, 2023 |
Dec. 31, 2022 |
|||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Deferred revenue | $ 67,613 | $ 67,613 | $ 94,355 | ||||||||||||
Less issuance cost | 0 | $ 13,407 | |||||||||||||
Derecognition of the pre-modification forward contract fair value | 76,242 | ||||||||||||||
Reduction to deferred revenue and customer deposits | [1] | $ 57,041 | 12,716 | ||||||||||||
SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Percentage of voting interests acquired | 40.00% | ||||||||||||||
Second Tranche Closing | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Change in fair value | $ 16,100 | ||||||||||||||
Second Tranche Closing | SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Total consideration | 403,300 | ||||||||||||||
Series A Redeemable Convertible Preferred Stock | Initial Investment | SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Shares sold in offering (in shares) | 10,000,000 | 10,000,000 | |||||||||||||
Class A common stock | SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Percentage of voting interests acquired | 10.50% | 10.50% | |||||||||||||
Series B preferred | SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Conversion of shares (in shares) | 13,491,701 | ||||||||||||||
SK Ecoplant | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Purchase commitment period | 3 years | ||||||||||||||
Net proceeds from stock offering | 310,500 | ||||||||||||||
Series B redeemable convertible preferred stock | $ 218,000 | ||||||||||||||
Change in fair value | $ 9,700 | ||||||||||||||
Deferred revenue | $ 37,000 | $ 37,000 | $ 0 | $ 0 | 24,600 | ||||||||||
Revenue recognized | 0 | $ 3,200 | 0 | $ 7,900 | |||||||||||
Deferred revenue and customer deposits, current | 10,000 | ||||||||||||||
Customer deposits | $ 14,600 | ||||||||||||||
Deferred expense recognized as contra-revenue | 3,000 | 3,000 | |||||||||||||
SK Ecoplant | Initial Investment | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Reduction to deferred revenue and customer deposits | 24,600 | ||||||||||||||
SK Ecoplant | Second Tranche Closing | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Net proceeds from stock offering | 311,000 | ||||||||||||||
Sale of stock excluding issuance cost | 500 | ||||||||||||||
Deferred revenue | 39,500 | 39,500 | |||||||||||||
Less issuance cost | $ 500 | ||||||||||||||
Loan agreement term | 5 years | ||||||||||||||
Interest rate | 4.60% | ||||||||||||||
Loan commitment asset, fair value | 52,800 | 52,800 | |||||||||||||
Loan commitment asset, current | 5,300 | 5,300 | |||||||||||||
Loan commitment asset, noncurrent | 47,500 | 47,500 | |||||||||||||
Total consideration | $ 363,800 | ||||||||||||||
Excess consideration | $ 14,900 | 11,900 | 11,900 | ||||||||||||
SK Ecoplant | Second Tranche Closing | Prepaid Expenses and Other Current Assets | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Excess consideration | 8,200 | 9,900 | 9,900 | ||||||||||||
SK Ecoplant | Second Tranche Closing | Other long-term assets | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Excess consideration | 6,700 | $ 2,000 | $ 2,000 | ||||||||||||
SK Ecoplant | Series A Redeemable Convertible Preferred Stock | Initial Investment | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Temporary equity, par value (in dollars per share) | $ 0.0001 | ||||||||||||||
Offering price per share (in dollars per share) | $ 25.50 | ||||||||||||||
Net proceeds from stock offering | $ 255,000 | ||||||||||||||
SK Ecoplant | Series A Redeemable Convertible Preferred Stock | Second Tranche Closing | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Derecognition of the pre-modification forward contract fair value | $ 76,200 | ||||||||||||||
SK Ecoplant | Class A common stock | Option To Purchase | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Shares sold in offering (in shares) | 13,491,701 | ||||||||||||||
SK Ecoplant | Series B preferred | Second Tranche Closing | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Shares sold in offering (in shares) | 13,491,701 | ||||||||||||||
Temporary equity, par value (in dollars per share) | $ 0.0001 | ||||||||||||||
Offering price per share (in dollars per share) | $ 23.05 | ||||||||||||||
|
SK ecoplant Strategic Investment - Schedule of Aggregate Carrying Values (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||
Cash and cash equivalents | [1] | $ 557,384 | $ 348,498 | |||||||
Accounts receivable | [1],[2] | 334,495 | 250,995 | |||||||
Inventories | [1] | 475,649 | 268,394 | |||||||
Prepaid expenses and other current assets | [1] | 66,243 | 43,643 | |||||||
Total current assets | 1,682,472 | 1,055,963 | ||||||||
Operating lease right-of-use assets | [1] | 127,973 | 126,955 | |||||||
Other long-term assets | [1] | 33,208 | 40,205 | |||||||
Total assets | 2,376,172 | 1,946,627 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | [1] | 153,793 | 161,770 | |||||||
Accrued expenses and other current liabilities | [1],[3] | 116,480 | 144,183 | |||||||
Deferred revenue and customer deposits | [1],[4] | 119,157 | 159,048 | |||||||
Operating lease liabilities | [1] | 16,666 | 16,227 | |||||||
Total current liabilities | 461,726 | 541,946 | ||||||||
Operating lease liabilities | [1] | 133,602 | 132,363 | |||||||
Non-recourse debt | [1] | 1,483 | 112,480 | |||||||
Total liabilities | 1,870,972 | 1,567,811 | ||||||||
SK Ecoplant | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 1,012 | 2,591 | ||||||||
Accounts receivable | 20,483 | 4,257 | ||||||||
Inventories | 10,617 | 13,412 | ||||||||
Prepaid expenses and other current assets | 1,574 | 2,645 | ||||||||
Total current assets | 33,686 | 22,905 | ||||||||
Property, plant and equipment, net | 1,705 | 1,141 | ||||||||
Operating lease right-of-use assets | 2,249 | 2,390 | ||||||||
Other long-term assets | 44 | 47 | ||||||||
Total assets | 37,684 | 26,483 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 4,828 | 5,607 | ||||||||
Accrued expenses and other current liabilities | 3,324 | 1,355 | ||||||||
Deferred revenue and customer deposits | 0 | 2 | ||||||||
Operating lease liabilities | 409 | 393 | ||||||||
Total current liabilities | 8,561 | 7,357 | ||||||||
Operating lease liabilities | 1,665 | 2,000 | ||||||||
Non-recourse debt | 1,483 | 0 | ||||||||
Total liabilities | $ 11,709 | $ 9,357 | ||||||||
|
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