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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 664,593 $ 348,498
Restricted cash [1] 46,821 51,515
Accounts receivable less allowance for credit losses of $119 as of December 31, 2023 and $119 as of December 31, 2022 [1],[2] 340,740 250,995
Contract assets [3] 41,366 46,727
Inventories [1] 502,515 268,394
Deferred cost of revenue, current [4] 45,984 46,191
Prepaid expense and other current assets [1],[5] 51,148 43,643
Total current assets 1,693,167 1,055,963
Property, plant and equipment, net [1] 493,352 600,414
Operating lease right-of-use assets [1],[6] 139,732 126,955
Restricted cash [1] 33,764 118,353
Deferred cost of revenue 3,454 4,737
Other long-term assets [1],[7] 50,208 40,205
Total assets 2,413,677 1,946,627
Current liabilities:    
Accounts payable [1] 132,078 161,770
Accrued warranty 19,326 17,332
Accrued expenses and other current liabilities [1],[8] 130,879 144,183
Deferred revenue and customer deposits [1],[9] 128,922 159,048
Operating lease liabilities [1],[10] 20,245 16,227
Financing obligations 38,972 17,363
Recourse debt 0 12,716
Non-recourse debt [1] 0 13,307
Total current liabilities 470,422 541,946
Deferred revenue and customer deposits [1],[11] 19,140 56,392
Operating lease liabilities [1],[12] 141,939 132,363
Financing obligations 405,824 442,063
Recourse debt 842,006 273,076
Non-recourse debt [1],[13] 4,627 112,480
Other long-term liabilities 9,049 9,491
Total liabilities 1,893,007 1,567,811
Commitments and contingencies
Stockholders’ equity:    
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 224,717,533 shares and 189,864,722 shares issued and outstanding and Class B shares — 600,000,000 shares authorized, and no shares and 15,799,968 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively. 21 20
Additional paid-in capital 4,370,343 3,906,491
Accumulated other comprehensive loss (1,687) (1,251)
Accumulated deficit (3,866,599) (3,564,483)
Total stockholders’ equity attributable to common stockholders 502,078 340,777
Noncontrolling interest 18,592 38,039
Total stockholders’ equity 520,670 378,816
Total liabilities and stockholders’ equity $ 2,413,677 $ 1,946,627
[1] We have variable interest entities related to the PPA* V (see Note 10 — Portfolio Financings) and a joint venture in the Republic of Korea (see Note 17 — SK ecoplant Strategic Investment), which represent a portion of the consolidated balances recorded within these financial statement line items.
In August 2023, we sold the PPA V as a result of the PPA V Repowering of the Energy Servers (see Note 10 — Portfolio Financings), as such the consolidated balances recorded within these financial statement line items as of December 31, 2023 exclude the PPA V balances.
[2] Including amounts from related parties of $262.0 million and $4.3 million as of December 31, 2023 and December 31, 2022, respectively.
[3] Including amounts from related parties of $6.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[5] Including amounts from related parties of $2.3 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[6] Including amounts from related parties of $2.0 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[7] Including amounts from related parties of $9.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
8 Including amounts from related parties of $0.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[8] Including amounts from related parties of $3.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[9] Including amounts from related parties of $1.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[10] Including amounts from related parties of $0.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[11] Including amounts from related parties of $6.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022
[12] Including amounts from related parties of $1.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.
[13] Including amounts from related parties of $4.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.