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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 515,957 $ 664,593
Restricted cash [1] 51,387 46,821
Accounts receivable less allowance for credit losses of $119 as of March 31, 2024 and December 31, 2023 [1],[2] 348,422 340,740
Contract assets [3] 33,788 41,366
Inventories [1] 526,351 502,515
Deferred cost of revenue [4] 56,051 45,984
Prepaid expenses and other current assets [1],[5] 47,639 51,148
Total current assets 1,579,595 1,693,167
Property, plant and equipment, net [1] 496,225 493,352
Operating lease right-of-use assets [1],[6] 138,941 139,732
Restricted cash [1] 15,378 33,764
Deferred cost of revenue 3,552 3,454
Other long-term assets [1],[7] 52,363 50,208
Total assets 2,286,054 2,413,677
Current liabilities:    
Accounts payable [1],[8] 94,231 132,078
Accrued warranty 9,197 19,326
Accrued expenses and other current liabilities [1],[9] 99,307 130,879
Deferred revenue and customer deposits [1],[10] 94,696 128,922
Operating lease liabilities [1],[11] 20,513 20,245
Financing obligations 36,727 38,972
Total current liabilities 354,671 470,422
Deferred revenue and customer deposits [1],[12] 39,912 19,140
Operating lease liabilities [1],[13] 141,024 141,939
Financing obligations 404,728 405,824
Recourse debt 843,477 842,006
Non-recourse debt [1],[14] 4,458 4,627
Other long-term liabilities 8,634 9,049
Total liabilities 1,796,904 1,893,007
Commitments and contingencies
Stockholders’ equity:    
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 226,933,763 shares and 224,717,533 shares issued and outstanding and Class B shares — 600,000,000 shares authorized and no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 21 21
Additional paid-in capital 4,394,148 4,370,343
Accumulated other comprehensive loss (2,139) (1,687)
Accumulated deficit (3,925,915) (3,866,599)
Total equity attributable to common stockholders 466,115 502,078
Noncontrolling interest 23,035 18,592
Total stockholders’ equity 489,150 520,670
Total liabilities and stockholders’ equity $ 2,286,054 $ 2,413,677
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $3.5 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[5] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[6] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
[8] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[9] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
[10] Including amounts from related parties of $5.7 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively.
[11] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[12] Including amounts from related parties of $3.5 million and $6.7 million as of March 31, 2024 and December 31, 2023, respectively.
[13] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
[14] Including amounts from related parties of $4.5 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively.