
	December 31,
	2023		2022

Raw materials	$	270,414	$	165,446
Work-in-progress	50,632		44,660
Finished goods	181,469		58,288
	$	502,515	$	268,394


	December 31,
	2023		2022

Prepaid workers compensation	$	6,851	$	5,536
Receivables from employees	6,538		6,553
Prepaid managed services	5,636		4,405
Prepaid hardware and software maintenance	5,202		4,290
Tax receivables	3,231		3,676
Advance income tax provision	2,557		783
Deferred expenses (Note 17)	2,257		—
Deposits made	1,702		1,409
Interest receivable	1,697		556
Prepaid rent	1,232		965
Prepaid deferred commissions	1,178		1,002
Other prepaid expenses and other current assets	13,067		14,468
	$	51,148	$	43,643


	December 31,
	2023		2022

Energy Servers	$	309,770	$	538,912
Machinery and equipment	174,549		145,555
Construction-in-progress	104,650		72,174
Leasehold improvements	94,646		104,528
Buildings	49,477		49,240
Computers, software and hardware	28,901		24,608
Furniture and fixtures	12,541		9,581
	774,534		944,598
Less: accumulated depreciation	(281,182)		(344,184)
	$	493,352	$	600,414

Depreciation expense related to property, plant and equipment was $62.6 million, $61.6 million and $53.4 million for the years ended December 31, 2023, 2022 and 2021, 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 were no property, plant and equipment under operating leases by PPA V as of December 31, 2023. Depreciation expense for property, plant and equipment under operating leases by PPA V (sold in August 2023) was $10.9 million for the year ended December 31, 2023. Depreciation expense for property, plant and equipment under operating leases by PPA V, PPA IV (sold in November 2022), and PPA IIIa (sold in June 2022) was $12.1 million and $23.5 million for the years ended December 31, 2022 and 2021, respectively.

In June 2022, we started a project (the “PPA IIIa Upgrade,” the “PPA IIIa Repowering”) to replace 9.8 megawatts of the Energy Servers (the “old PPA IIIa Energy Servers”) at PPA IIIa Investment Company and Operating Company (“PPA IIIa”)

with current generation Energy Servers (the “new PPA IIIa Energy Servers”). The replacement was complete in the fourth quarter of fiscal 2022. See Note 10 — Portfolio Financings for additional information.

In November 2022, we started a project (the “PPA IV Upgrade,” the “PPA IV Repowering”) to replace 19.3 megawatts of the Energy Servers (the “old PPA IV Energy Servers”) at PPA IV Investment Company and Operating Company (“PPA IV”) with current generation Energy Servers (the “new PPA IV Energy Servers”). The replacement was substantially complete as of December 31, 2023. See Note 10 — Portfolio Financings for additional information.

In August 2023, we started a project (the “PPA V Upgrade,” the “PPA V Repowering”) to replace 37.1 megawatts of the Energy Servers (the “old PPA V Energy Servers”) at PPA V with current generation Energy Servers (the “new PPA V Energy Servers”). The replacement was complete in the first quarter of fiscal 2024. See Note 10 — Portfolio Financings for additional information.


	December 31,
	2023		2022

Deferred commissions	$	9,373	$	8,320
Deferred expenses (Note 17)	9,069		—
Long-term lease receivable	7,335		8,076
Deposits made	3,157		2,672
Prepaid managed services	1,646		2,373
Deferred tax asset	1,385		1,151
Prepaid insurance	—		4,047

Prepaid and other long-term assets	18,243		13,566
	$	50,208	$	40,205


Balances at December 31, 2021	$	11,746
Accrued warranty and product performance liabilities, net	17,719
Warranty and product performance expenditures during the year	(12,133)
Balances at December 31, 2022	$	17,332
Accrued warranty and product performance liabilities, net	27,845
Warranty and product performance expenditures during the year	(25,851)
Balances at December 31, 2023	$	19,326


	December 31,
	2023		2022

Compensation and benefits	$	47,901	$	48,156
General invoice and purchase order accruals	36,266		44,010
Sales tax liabilities	17,412		6,172
Sales-related liabilities	5,121		7,147
Accrued installation	4,939		7,905
Interest payable	3,823		3,128
Accrued restructuring costs (Note 12)	3,793		—
Provision for income tax	3,374		1,140
Accrued consulting expenses	3,244		1,390
Accrued legal expenses	1,359		4,403
Finance lease liability	1,072		1,024
Delaware grant (Note 13)	—		9,495
PPA IV Upgrade financing obligations	—		6,076
Current portion of derivative liabilities	—		2,596
Other	2,575		1,541
	$	130,879	$	144,183

As of December 31, 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 Note 17 — SK ecoplant Strategic Investment.

The preferred stock had $0.0001 par value. There were no shares of preferred stock issued and outstanding as of December 31, 2023 and December 31, 2022.

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.