BLOOM ENERGY CORP, 10-Q filed on 10/28/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-38598  
Entity Registrant Name BLOOM ENERGY CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0565408  
Entity Address, Address Line One 4353 North First Street  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95134  
City Area Code 408  
Local Phone Number 543-1500  
Title of 12(b) Security Class A Common Stock, $0.0001 par value  
Trading Symbol BE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   236,510,755
Entity Central Index Key 0001664703  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 595,055 $ 802,851
Restricted cash 8,474 110,622
Accounts receivable, less allowance for doubtful accounts [1],[2] 411,653 335,841
Contract assets [3] 258,884 145,162
Inventories [1] 704,996 544,656
Deferred cost of revenue 24,091 58,792
Prepaid expenses and other current assets [1],[4] 44,743 46,203
Total current assets 2,047,896 2,044,127
Property, plant and equipment, net [1] 400,360 403,475
Investments in unconsolidated affiliates [5] 5,939 0
Operating lease right-of-use assets [1],[6] 112,677 122,489
Restricted cash 23,486 37,498
Deferred cost of revenue 3,434 3,629
Other long-term assets [1],[7] 44,407 46,136
Total assets 2,638,199 2,657,354
Current liabilities:    
Accounts payable [1] 167,382 92,704
Accrued warranty [8] 14,682 16,559
Accrued expenses and other current liabilities [1],[9] 168,404 138,450
Deferred revenue and customer deposits [10] 56,065 243,314
Operating lease liabilities [1],[11] 21,438 19,642
Financing obligations 36,556 11,704
Recourse debt 0 114,385
Non-recourse debt [1] 1,424 0
Total current liabilities 465,951 636,758
Deferred revenue and customer deposits [12] 32,254 43,105
Operating lease liabilities [1],[13] 112,188 124,523
Financing obligations 209,768 244,132
Recourse debt 1,128,043 1,010,350
Non-recourse debt [1],[14] 2,849 4,057
Other long-term liabilities 9,667 9,213
Total liabilities 1,960,720 2,072,138
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 236,356,829 shares and 229,142,474 shares issued and outstanding, and Class B shares — 470,092,742 shares authorized, and no shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively 24 23
Additional paid-in capital 4,642,300 4,462,659
Accumulated other comprehensive loss (1,179) (2,593)
Accumulated deficit (3,988,075) (3,897,618)
Total equity attributable to common stockholders 653,070 562,471
Noncontrolling interest 24,409 22,745
Total stockholders’ equity 677,479 585,216
Total liabilities and stockholders’ equity $ 2,638,199 $ 2,657,354
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively.
[3] Including amounts from related parties of $88.2 million and $0.8 million as of September 30, 2025, and as of December 31, 2024, respectively.
[4] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025
[5] Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[6] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[7] Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[8] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[9] Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.
[10] Including amount from related parties of $8.9 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[11] Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[12] Including amount from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[13] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[14] Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
14 Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Allowance for credit losses $ 459 $ 119
Accounts receivable [1],[2] 411,653 335,841
Contract assets [3] 258,884 145,162
Prepaid expenses and other current assets [1],[4] 44,743 46,203
Operating lease right-of-use assets [1],[5] 112,677 122,489
Other long-term assets [1],[6] 44,407 46,136
Accrued warranty [7] 14,682 16,559
Accrued expenses and other current liabilities [1],[8] 168,404 138,450
Deferred revenue and customer deposits [9] 56,065 243,314
Operating lease liabilities [1],[10] 21,438 19,642
Deferred revenue and customer deposits [11] 32,254 43,105
Non-current operating lease liabilities [1],[12] 112,188 124,523
Non-recourse debt [1],[13] 2,849 4,057
Related Party    
Accounts receivable 38,513 93,510
Contract assets 88,198 800
Prepaid expenses and other current assets 0 1,215
Operating lease right-of-use assets 0 1,385
Other long-term assets 0 8,776
Accrued warranty 0 1,205
Accrued expenses and other current liabilities 3,468 3,989
Deferred revenue and customer deposits 0 8,857
Operating lease liabilities 0 442
Deferred revenue and customer deposits 0 3,300
Non-current operating lease liabilities 0 977
Non-recourse debt $ 0 $ 4,057
Class A common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 236,356,829 229,142,474
Common stock, outstanding (in shares) 236,356,829 229,142,474
Class B common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 470,092,742 470,092,742
Common stock, issued (in shares) 0 0
Common stock, outstanding (in shares) 0 0
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively.
[3] Including amounts from related parties of $88.2 million and $0.8 million as of September 30, 2025, and as of December 31, 2024, respectively.
[4] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025
[5] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[6] Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[7] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[8] Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.
[9] Including amount from related parties of $8.9 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[10] Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[11] Including amount from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[12] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[13] Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
14 Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Revenues [1] $ 519,048 $ 330,399 $ 1,246,311 $ 901,463
Cost of revenue:        
Total cost of revenue [2] 367,373 251,665 898,806 716,132
Gross profit 151,675 78,734 347,505 185,331
Operating expenses:        
Research and development 48,724 36,315 130,104 109,164
Sales and marketing 41,995 14,667 88,326 46,167
General and administrative [3] 53,110 37,403 143,802 111,797
Total operating expenses 143,829 88,385 362,232 267,128
Income (loss) from operations 7,846 (9,651) (14,727) (81,797)
Interest income 5,292 6,456 20,468 20,417
Interest expense [4] (14,390) (16,763) (43,241) (46,685)
Equity in loss of unconsolidated affiliates [5] (19,599) 0 (19,599) 0
Other (expense) income, net (1,362) 5,821 3,059 3,667
Loss on extinguishment of debt 0 0 (32,340) (27,182)
Loss on revaluation of embedded derivatives (411) (386) (402) (316)
Loss before income taxes (22,624) (14,523) (86,782) (131,896)
Income tax provision 336 109 1,784 464
Net loss (22,960) (14,632) (88,566) (132,360)
Less: Net income attributable to noncontrolling interest 133 79 960 1,662
Net loss attributable to common stockholders $ (23,093) $ (14,711) $ (89,526) $ (134,022)
Net loss per share available to common stockholders, basic (in dollars per share) $ (100) $ (60.00) $ (380) $ (590)
Net loss per share available to common stockholders, diluted (in dollars per share) $ (100) $ (60.00) $ (380) $ (590)
Weighted average shares used to compute net loss per share available to common stockholders, basic (in shares) 234,931 227,957 232,579 226,907
Weighted average shares used to compute net loss per share available to common stockholders, diluted (in shares) 234,931 227,957 232,579 226,907
Product        
Revenue:        
Revenues [1] $ 384,314 $ 233,770 $ 892,794 $ 613,442
Cost of revenue:        
Total cost of revenue [2] 249,794 155,124 588,113 432,213
Installation        
Revenue:        
Revenues [1] 65,773 32,052 136,796 86,229
Cost of revenue:        
Total cost of revenue [2] 59,921 35,688 131,460 95,339
Service        
Revenue:        
Revenues [1] 58,607 50,761 166,604 159,752
Cost of revenue:        
Total cost of revenue [2] 51,834 51,363 154,100 160,270
Electricity        
Revenue:        
Revenues [1] 10,354 13,816 50,117 42,040
Cost of revenue:        
Total cost of revenue [2] $ 5,824 $ 9,490 $ 25,133 $ 28,310
[1] Including related party revenue of $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively, and $126.6 million and $335.6 million for the three and nine months ended September 30, 2024, respectively.
[2] Including related party cost of revenue of $0.1 million for the nine months ended September 30, 2024. Related party cost of revenue for the three months ended September 30, 2024, was inconsequential. There were no related party cost of revenue for the three and nine months ended September 30, 2025.
[3] Including related party general and administrative expenses of $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.
[4] Including related party interest expense of $0.1 million for the nine months ended September 30, 2025, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential.
[5] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues [1] $ 519,048 $ 330,399 $ 1,246,311 $ 901,463
Cost of revenue [2] 367,373 251,665 898,806 716,132
General and administrative [3] 53,110 37,403 143,802 111,797
Interest expense [4] 14,390 16,763 43,241 46,685
Related Party        
Revenues 287,985 126,627 317,845 335,641
Cost of revenue 0 48 0 122
General and administrative 63 164 434 525
Interest expense $ 5 $ 51 $ 101 $ 153
[1] Including related party revenue of $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively, and $126.6 million and $335.6 million for the three and nine months ended September 30, 2024, respectively.
[2] Including related party cost of revenue of $0.1 million for the nine months ended September 30, 2024. Related party cost of revenue for the three months ended September 30, 2024, was inconsequential. There were no related party cost of revenue for the three and nine months ended September 30, 2025.
[3] Including related party general and administrative expenses of $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.
[4] Including related party interest expense of $0.1 million for the nine months ended September 30, 2025, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential.
v3.25.3
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (22,960) $ (14,632) $ (88,566) $ (132,360)
Other comprehensive (loss) income, net of taxes:        
Foreign currency translation adjustment (946) 1,155 2,118 (295)
Other comprehensive (loss) income, net of taxes (946) 1,155 2,118 (295)
Comprehensive loss (23,906) (13,477) (86,448) (132,655)
Less: Comprehensive (loss) income attributable to noncontrolling interest (440) 751 1,664 1,498
Comprehensive loss attributable to common stockholders $ (23,466) $ (14,228) $ (88,112) $ (134,153)
v3.25.3
Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Thousands
Total
Total Equity Attributable to Common Stockholders
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2023     224,717,533        
Beginning balance at Dec. 31, 2023 $ 520,670 $ 502,078 $ 21 $ 4,370,343 $ (1,687) $ (3,866,599) $ 18,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     2,592,393        
Issuance of restricted stock awards 2 2 $ 2        
ESPP purchase (in shares)     1,049,955        
ESPP purchase 10,344 10,344   10,344      
Exercise of stock options (in shares)     149,744        
Exercise of stock options 770 770   770      
Stock-based compensation 53,695 53,695   53,695      
Contributions from noncontrolling interest 3,958           3,958
Accrued dividend (1,620) (1,620)       (1,620)  
Legal reserve 147 147       147  
Subsidiary liquidation (319) (319)       (319)  
Foreign currency translation adjustment (295) (131)     (131)   (164)
Net (loss) income (132,360) (134,022)       (134,022) 1,662
Ending balance (in shares) at Sep. 30, 2024     228,509,625        
Ending balance at Sep. 30, 2024 454,992 430,944 $ 23 4,435,152 (1,818) (4,002,413) 24,048
Beginning balance (in shares) at Jun. 30, 2024     227,556,594        
Beginning balance at Jun. 30, 2024 446,550 423,253 $ 23 4,413,233 (2,301) (3,987,702) 23,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     504,414        
Issuance of restricted stock awards 0            
ESPP purchase (in shares)     417,267        
ESPP purchase 4,047 4,047   4,047      
Exercise of stock options (in shares)     31,350        
Exercise of stock options 94 94   94      
Stock-based compensation 17,778 17,778   17,778      
Foreign currency translation adjustment 1,155 483     483   672
Net (loss) income (14,632) (14,711)       (14,711) 79
Ending balance (in shares) at Sep. 30, 2024     228,509,625        
Ending balance at Sep. 30, 2024 454,992 430,944 $ 23 4,435,152 (1,818) (4,002,413) 24,048
Beginning balance (in shares) at Dec. 31, 2024     229,142,474        
Beginning balance at Dec. 31, 2024 585,216 562,471 $ 23 4,462,659 (2,593) (3,897,618) 22,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     4,358,653        
Issuance of restricted stock awards 1 1 $ 1        
ESPP purchase (in shares)     1,073,929        
ESPP purchase $ 11,354 11,354   11,354      
Exercise of stock options (in shares) 1,652,241   1,644,167        
Exercise of stock options $ 38,680 38,680   38,680      
Stock-based compensation 99,130 99,130   99,130      
Accrued dividend (1,024) (1,024)       (1,024)  
Legal reserve 93 93       93  
Premium on convertible debt (Note 8) 28,247 28,247   28,247      
Conversion of 2.5% Green Notes to common stock (Note 8) (in shares)     137,606        
Conversion of 2.5% Green Notes to common stock (Note 8) 2,230 2,230   2,230      
Foreign currency translation adjustment 2,118 1,414     1,414   704
Net (loss) income (88,566) (89,526)       (89,526) 960
Ending balance (in shares) at Sep. 30, 2025     236,356,829        
Ending balance at Sep. 30, 2025 677,479 653,070 $ 24 4,642,300 (1,179) (3,988,075) 24,409
Beginning balance (in shares) at Jun. 30, 2025     233,661,168        
Beginning balance at Jun. 30, 2025 619,430 594,581 $ 23 4,560,346 (806) (3,964,982) 24,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     634,737        
Issuance of restricted stock awards 1 1 $ 1        
ESPP purchase (in shares)     443,322        
ESPP purchase 4,937 4,937   4,937      
Exercise of stock options (in shares)     1,479,996        
Exercise of stock options 37,416 37,416   37,416      
Stock-based compensation 37,371 37,371   37,371      
Conversion of 2.5% Green Notes to common stock (Note 8) (in shares)     137,606        
Conversion of 2.5% Green Notes to common stock (Note 8) 2,230 2,230   2,230      
Foreign currency translation adjustment (946) (373)     (373)   (573)
Net (loss) income (22,960) (23,093)       (23,093) 133
Ending balance (in shares) at Sep. 30, 2025     236,356,829        
Ending balance at Sep. 30, 2025 $ 677,479 $ 653,070 $ 24 $ 4,642,300 $ (1,179) $ (3,988,075) $ 24,409
v3.25.3
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical)
Sep. 30, 2025
Dec. 31, 2024
Aug. 31, 2020
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes      
Debt instrument, interest rate, stated percentage 2.50% 2.50% 2.50%
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (88,566) $ (132,360)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 37,382 39,165
Non-cash lease expense 24,509 27,106
Equity in loss of unconsolidated affiliates, net of distributions [1] 19,599 0
Loss (gain) on disposal of property, plant and equipment 81 (32)
Revaluation of derivative contracts 402 316
Stock-based compensation 96,593 55,016
Amortization of debt issuance costs 5,537 4,936
Loss on extinguishment of debt 32,340 27,182
Net gain on failed sale-and-leaseback transactions (827) (5,003)
Allowance for credit losses 340 0
Inventory reserve and other assets impairment 21,846 0
Unrealized foreign currency exchange (gain) loss (2,092) 58
Other (31) 5
Changes in operating assets and liabilities:    
Accounts receivable [2] (75,681) (250,336)
Contract assets [3] (113,722) (79,708)
Inventories (179,162) (83,244)
Deferred cost of revenue [4] 34,409 5,205
Prepaid expenses and other current assets [5] 1,461 2,330
Other long-term assets [6] 1,728 691
Operating lease right-of-use assets and operating lease liabilities (25,235) (27,348)
Finance lease liabilities 1,188 493
Accounts payable [7] 76,175 (1,367)
Accrued warranty [8] (1,877) (4,317)
Accrued expenses and other current liabilities [9] 27,723 612
Deferred revenue and customer deposits [10] (198,100) 28,790
Other long-term liabilities (144) (420)
Net cash used in operating activities (304,124) (392,230)
Cash flows from investing activities:    
Purchase of property, plant and equipment (33,805) (47,746)
Proceeds from sale of property, plant and equipment 76 36
Investments in unconsolidated affiliates (24,570) 0
Net cash used in investing activities (58,299) (47,710)
Cash flows from financing activities:    
Proceeds from issuance of debt 0 402,500
Payment of debt issuance costs (3,348) (12,761)
Repayment of debt 0 (140,990)
Proceeds from financing obligations 0 1,798
Repayment of financing obligations (8,404) (19,766)
Proceeds from issuance of common stock 50,035 11,116
Dividend paid (947) (1,468)
Contributions from noncontrolling interest 0 3,958
Other 150 0
Net cash provided by financing activities 37,486 244,387
Effect of exchange rate changes on cash, cash equivalent, and restricted cash 981 (474)
Net decrease in cash, cash equivalents, and restricted cash (323,956) (196,027)
Beginning of period 950,971 745,178
End of period 627,015 549,151
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 30,576 34,551
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 24,979 27,160
Operating cash flows from finance leases 256 187
Cash paid during the period for income taxes 1,122 1,283
Non-cash investing and financing activities:    
Liabilities recorded for property, plant and equipment, net 2,266 2,278
Recognition of operating lease right-of-use asset during the year-to-date period 3,878 8,193
Recognition of finance lease right-of-use asset during the year-to-date period 1,162 493
Derecognition of financing obligations 0 21,387
Unfunded investment commitment (Note 11) 720 0
Premium on convertible debt (Note 8) 28,247 0
2.5% Green Convertible Senior Notes due August 2025    
Non-cash investing and financing activities:    
Conversion of common stock 2,230 0
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes    
Non-cash investing and financing activities:    
Notes/debt exchanged 112,769 0
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes    
Non-cash investing and financing activities:    
Notes/debt exchanged $ 115,725 $ 0
[1] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[2] Including changes in related party balances of $55.0 million and $87.5 million for the nine months ended September 30, 2025, and 2024, respectively.
[3] Including changes in related party balances of $87.4 million and $6.1 million for the nine months ended September 30, 2025, and 2024, respectively.
[4] Including changes in related party balances of $0.9 million for the nine months ended September 30, 2024. There were no related party balances as of September 30, 2025, and December 31, 2024.
[5] Including changes in related party balances of $1.2 million and $1.2 million for the nine months ended September 30, 2025, and 2024, respectively.
[6] Including changes in related party balances of $8.8 million for the nine months ended September 30, 2025. The change in related party balances for the nine months ended September 30, 2024, was inconsequential.
[7] Including changes in related party balances of $0.1 million for the nine months ended September 30, 2024. There were no related party balances as of September 30, 2025, and December 31, 2024.
[8] Including changes in related party balances of $1.2 million and $1.5 million for the nine months ended September 30, 2025, and 2024, respectively.
[9] Including changes in related party balances of $0.5 million and $4.2 million for the nine months ended September 30, 2025, and 2024, respectively.
[10] Including changes in related party balances of $12.2 million and $4.9 million for the nine months ended September 30, 2025, and 2024, respectively.
v3.25.3
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Increase (decrease) in accounts receivable [1] $ 75,681 $ 250,336  
Increase (decrease) in contract assets [2] 113,722 79,708  
Increase (decrease) in deferred charges [3] (34,409) (5,205)  
Increase (decrease) in prepaid expense and other assets [4] (1,461) (2,330)  
Increase (decrease) in other noncurrent assets [5] (1,728) (691)  
Increase (decrease) in accounts payable [6] 76,175 (1,367)  
Increase (decrease) on accrued warranty liability [7] (1,877) (4,317)  
Increase (decrease) in accrued expenses and other current liabilities [8] 27,723 612  
Increase (decrease) in deferred revenue and customer deposits [9] $ (198,100) 28,790  
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes      
Debt instrument, interest rate, stated percentage 2.50%   2.50%
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes      
Debt instrument, interest rate, stated percentage 3.00%   3.00%
Related Party      
Increase (decrease) in accounts receivable $ 55,000 87,500  
Increase (decrease) in contract assets 87,400 6,100  
Increase (decrease) in deferred charges 0 900 $ 0
Increase (decrease) in prepaid expense and other assets 1,200 1,200  
Increase (decrease) in other noncurrent assets 8,800 0  
Increase (decrease) in accounts payable 0 100 $ 0
Increase (decrease) on accrued warranty liability 1,200 1,500  
Increase (decrease) in accrued expenses and other current liabilities 500 4,200  
Increase (decrease) in deferred revenue and customer deposits $ 12,200 $ 4,900  
[1] Including changes in related party balances of $55.0 million and $87.5 million for the nine months ended September 30, 2025, and 2024, respectively.
[2] Including changes in related party balances of $87.4 million and $6.1 million for the nine months ended September 30, 2025, and 2024, respectively.
[3] Including changes in related party balances of $0.9 million for the nine months ended September 30, 2024. There were no related party balances as of September 30, 2025, and December 31, 2024.
[4] Including changes in related party balances of $1.2 million and $1.2 million for the nine months ended September 30, 2025, and 2024, respectively.
[5] Including changes in related party balances of $8.8 million for the nine months ended September 30, 2025. The change in related party balances for the nine months ended September 30, 2024, was inconsequential.
[6] Including changes in related party balances of $0.1 million for the nine months ended September 30, 2024. There were no related party balances as of September 30, 2025, and December 31, 2024.
[7] Including changes in related party balances of $1.2 million and $1.5 million for the nine months ended September 30, 2025, and 2024, respectively.
[8] Including changes in related party balances of $0.5 million and $4.2 million for the nine months ended September 30, 2025, and 2024, respectively.
[9] Including changes in related party balances of $12.2 million and $4.9 million for the nine months ended September 30, 2025, and 2024, respectively.
v3.25.3
Nature of Business, Liquidity and Basis of Presentation
 9 Months Ended
Sep. 30, 2025
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, section Liquidity and Basis of Presentation, sub-section Nature of Business in our 2024 Form 10-K.
Liquidity
While we have generally incurred operating losses and negative cash flows from operations since our inception, we generated $19.7 million of positive cash flows from operations during the three months ended September 30, 2025. With the series of new convertible debt offerings, debt extinguishments, debt exchanges and convertible debt conversions to equity that we completed since 2021, we had $1,128.0 million and $4.3 million of total outstanding recourse and non-recourse debt, respectively, as of September 30, 2025, $1.4 million and $1,130.9 million of which was classified as short-term debt and long-term debt, respectively. As of December 31, 2024, we had $1,124.7 million and $4.1 million of total outstanding recourse and non-recourse debt, respectively, $114.4 million and $1,014.4 million of which was classified as short-term debt and long-term debt, respectively.
On May 7, 2025, the Company entered into privately negotiated exchange agreements (the “Exchange Agreements”) with certain holders of its 2.5% Green Convertible Senior Notes due August 2025 (the “2.5% Green Notes”). Pursuant to the Exchange Agreements, $112.8 million in aggregate principal amount of the 2.5% Green Notes, and related accrued and unpaid interest of $0.7 million, were exchanged (the “Debt Exchange”) for $115.7 million in aggregate principal amount of the 3.0% Green Convertible Senior Notes due June 2029 (the “3.0% Green Notes due June 2029”). As a result of the Debt Exchange, the Company recorded a $32.3 million loss on early extinguishment of debt, included within the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2025. As of August 15, 2025, the maturity date, the remaining $2.2 million aggregate principal amount of the Company’s 2.5% Green Notes outstanding following the Debt Exchange, was settled through the issuance of the Company’s Class A common stock. For details of the Debt Exchange and debt settlement, see Note 8 — Outstanding Loans and Security Agreements, sections Convertible Senior Notes Debt Exchange and 2.5% Green Notes Settlement in this Quarterly Report on Form 10-Q.
Our future capital requirements depend on many factors, including the market acceptance of our products, 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 working capital, the expansion of sales and marketing activities both in domestic and international markets, our ability to secure financing for customer use of our products, the timing of installations, inventory build up and increase in factory capacity in anticipation of future sales and installations, and overall economic conditions. In order to support and achieve our future growth plans, we may need or seek advantageously to obtain additional funding through equity or debt financing. Failure to obtain this financing on favorable terms or at all in future quarters may affect our financial position and results of operations, including our revenues and cash flows.
In the opinion of management, the combination of our cash and cash equivalents and cash flow to be generated by our operations is expected to be sufficient to meet our anticipated cash flow needs for at least the next 12 months from the date of the issuance of this Quarterly Report on Form 10-Q.
Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act
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, section Inflation Reduction Act of 2022 in our 2024 Form 10-K.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, extending key provisions of 2017 Tax Act and modifying various federal clean energy tax provisions of the IRA. Under the OBBBA, fuel cell property is eligible for a 30% Investment Tax Credit (“ITC”) for projects beginning construction after December 31, 2025, under Section 48E. The Company also retains the 30% tax credit and the additional 10% tax credit for domestic content and 10% tax credit for energy communities for qualified fuel cell projects that properly utilize the safe harbor equipment the Company purchased in 2024 prior to the phaseout of such credits for fuel cell property under the IRA, provided such safe harbor equipment is placed in service by December 31, 2028. The OBBBA reinstituted accelerated depreciation that will be applicable to property purchased and placed in service after January 19, 2025, including fuel cell property that begins construction after December 31, 2026. The OBBBA also added “Foreign Entity of Concern” requirements for the Section 45E tax credit to deny credits from projects that are owned or controlled by certain foreign entities or use components from or make payments to these foreign entities. The OBBBA also restored the expensing of domestic research expenditures for years beginning after December 31, 2024. The addition of the 30% ITC for fuel cell property projects that begin construction after December 31, 2025, is expected to have a favorable impact on the continued adoption of the Company’s Energy Server systems and financial results.
Basis of Presentation
We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the U. S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the U.S. (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
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, section Principles of Consolidation in our 2024 Form 10-K.
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, section Use of Estimates in our 2024 Form 10-K.
Concentration of Risk
Geographic Risk — The majority of our revenue and long-lived assets are attributable to operations in the U.S. for all periods presented. In addition to shipments in the U.S., we also ship our Energy Server systems to other countries, primarily, the Republic of Korea, Japan, India and Taiwan (collectively referred to as the “Asia Pacific region”), and several European countries, namely Germany, UK and Italy. For the three and nine months ended September 30, 2025, total revenue in the U.S. was 92% and 72%, respectively, of our total revenue. For the three and nine months ended September 30, 2024, total revenue in the U.S. was 52% and 60%, respectively, of our total revenue.
Credit Risk — At September 30, 2025, three customers, accounted for approximately 26%, 22% and 17% of accounts receivable. At December 31, 2024, three customers, the first of which was a related party, accounted for approximately 28%, 28% and 20% of accounts receivable. To date, we have not experienced any material credit losses from these customers.
Customer Risk — During the three months ended September 30, 2025, one customer, which is our related party, accounted for approximately 55% of total revenue. During the nine months ended September 30, 2025, three customers, the first of which is our related party, accounted for approximately 23%, 19% and 15% of total revenue, respectively.
During the three months ended September 30, 2024, revenue from three customers, the first of which is our related party, accounted for approximately 38%, 20% and 10% and of our total revenue. During the nine months ended September 30, 2024, two customers, the first of which is our related party, represented approximately 37% and 21% of our total revenue.
For information on the related party transactions, see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Equity Method Investments
We account for investments in entities based on the level of ownership and the ability to exercise significant influence over operating and financial policies. If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is 50% or less, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. These investments are presented as investments in unconsolidated affiliates on our condensed consolidated balance sheets.
Income or loss from equity-method investees is reported in equity in earnings (loss) of unconsolidated affiliates on our condensed consolidated statements of operations, and the related carrying value is presented as investments in unconsolidated affiliates on our condensed consolidated balance sheets. Distributions received from equity method investees, if any, are recorded as reductions to the carrying value of the investment on our condensed consolidated balance sheets. Our equity in earnings (loss) of unconsolidated affiliates is adjusted for profit (loss) incurred from sales transactions. Such profit is amortized into equity in earnings (loss) of unconsolidated affiliates on our condensed consolidated statements of operations over the remaining useful lives of the underlying assets.
When timely financial information of an equity method investee is not available, we record our share of the investee’s results on a one-quarter reporting lag using the best estimate, consistent with ASC 323 Investments — Equity Method and Joint Ventures (“ASC 323”). We believe this approach is reasonable and consistently applied. We evaluate whether any events or transactions during the lag period would materially affect our consolidated financial position or results of operations and, if so, record appropriate adjustments in the current period.
An impairment of an investment in an unconsolidated affiliate is recognized when circumstances indicate that a decline in the investment value is other-than-temporary.
For a complete discussion of our accounting policies, refer to Part II, Item 8, Note 2 — Summary of Significant Accounting Policies in our 2024 Form 10-K.
Accounting Guidance Not Yet Adopted
Refer to the accounting guidance not yet adopted described in Part II, Item 8, Note 2 — Summary of Significant Accounting Policies, section Accounting Guidance Not Yet Adopted in our 2024 Form 10-K. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2025-05 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient for all entities when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606 Revenue from Contracts with Customers. Under the practical expedient, when developing reasonable and supportable forecast as part of estimating expected credit losses, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is effective for annual reporting period beginning after December 15, 2025, and interim reporting within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. We are currently evaluating the impact of ASU 2025-05 on our condensed consolidated financial statements.
In September 2025, FASB issued ASU 2025-06 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40). The ASU eliminates references to prescriptive and sequential software development stages within Subtopic 350-40. Under the revised guidance, entities must begin capitalizing software costs once both of the following conditions are met: (a) management has approved and committed funding for the software project; (b) it is probable that the project will be completed and the software will be used as intended (the “probable-to-complete” threshold). The ASU is effective for annual reporting period beginning after December 15, 2027, and interim reporting within those annual reporting periods. Early adoption is
permitted as of the beginning of an annual reporting period. We are currently evaluating the impact of ASU 2025-06 on our condensed consolidated financial statements.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
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):
September 30,December 31,
 20252024
Accounts receivable$411,653 $335,841 
Contract assets258,884 145,162 
Customer deposits34,644 220,115 
Deferred revenue 53,675 66,304 
Accounts receivable and contract assets increased by $75.8 million and $113.7 million, respectively, for the nine months ended September 30, 2025, primarily due to the timing of billing milestones.
The decrease in customer deposits of $185.5 million for the nine months ended September 30, 2025, was primarily driven by certain deposits becoming non-refundable, partially offset by receipt of new deposits.
For additional information on contract assets and liabilities, see Part II, Item 8, Note 3 — Revenue Recognition, section Contract Balances in our 2024 Form 10-K.
Contract Assets
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
 
Beginning balance$129,798 $90,388 $145,162 $41,366 
Transferred to accounts receivable from contract assets recognized at the beginning of the period(31,638)(17,193)(99,699)(28,926)
Revenue recognized and not billed as of the end of the period160,724 47,879 213,421 108,634 
Ending balance$258,884 $121,074 $258,884 $121,074 
Deferred Revenue
Deferred revenue activity during the three and nine months ended September 30, 2025, and 2024, consisted of the following (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
 
Beginning balance$56,172 $55,965 $66,304 $72,328 
Additions331,487 245,547 862,407 651,461 
Revenue recognized(333,984)(246,167)(875,036)(668,444)
Ending balance$53,675 $55,345 $53,675 $55,345 
As of September 30, 2025, we have unsatisfied performance obligations of $88.5 million, primarily related to product sales and installation services. We expect to recognize the associated revenue within the next 1 to 2 years, consistent with customers’ project deployment schedules. In addition, we had unsatisfied performance obligations of $15.9 million related mainly to deferred service contracts which we expect to recognize over the remaining contractual terms ranging from 1 to 18 years.
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.
For additional information on deferred revenue, see Part II, Item 8, Note 3 — Revenue Recognition, section Deferred Revenue in our 2024 Form 10-K.
Disaggregated Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenue from contracts with customers: 
Product revenue $384,314 $233,770 $892,794 $613,442 
Installation revenue 65,773 32,052 136,796 86,229 
Service revenue
 58,607 50,761 166,604 159,752 
Electricity revenue 4,637 5,213 32,655 15,012 
Total revenue from contract with customers513,331 321,796 1,228,849 874,435 
Revenue from contracts that contain leases:
Electricity revenue5,717 8,603 17,462 27,028 
Total revenue$519,048 $330,399 $1,246,311 $901,463 
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
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):
September 30,December 31,
 20252024
As Held:
Cash$102,776 $201,613 
Money market funds524,239 749,358 
$627,015 $950,971 
As Reported:
Cash and cash equivalents$595,055 $802,851 
Restricted cash31,960 148,120 
$627,015 $950,971 
Restricted cash consisted of the following (in thousands):
September 30,December 31,
 20252024
Restricted cash, current
$8,474 $110,622 
Restricted cash, non-current
23,486 37,498 
$31,960 $148,120 
In December 2024, we issued a $100.0 million letter of credit in favor of one of our major customers to guarantee the performance in accordance with the limited indemnity and cooperation agreement dated November 14, 2024, related to the supply of 100 MW of Energy Server systems. This letter of credit was recorded in restricted cash, current on our consolidated balance sheets as of December 31, 2024, and was released in the first quarter of the fiscal year 2025.
Factoring Arrangements
We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with a financial institution. To date, these have primarily been trade receivables from SK ecoplant Co., Ltd. (“SK ecoplant”, formerly known as SK Engineering & Construction Co., Ltd.), a subsidiary of the SK Group, primarily resulting from extended payment terms. These transactions are accounted for as sales, and cash proceeds are included in cash used in operating activities.
We derecognized $81.9 million and $184.2 million of accounts receivable for the three and nine months ended September 30, 2024, respectively. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three and nine months ended September 30, 2024, were $1.6 million and $4.0 million, respectively. The cost of factoring is recorded in general and administrative expenses.
There were no new factoring arrangements entered into during the three and nine months ended September 30, 2025.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
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 2024 Form 10-K.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below set forth, by level, our financial assets and liabilities 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):
Fair Value Measured at Reporting Date Using
September 30, 2025Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$524,239 $— $— $524,239 
$524,239 $— $— $524,239 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,472 $5,472 
$— $— $5,472 $5,472 
 Fair Value Measured at Reporting Date Using
December 31, 2024Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$749,358 $— $— $749,358 
$749,358 $— $— $749,358 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,070 $5,070 
$— $— $5,070 $5,070 
The changes in the Level 3 financial liabilities during the nine months ended September 30, 2025, were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2024
$5,070 
Changes in fair value402 
Liabilities at September 30, 2025
$5,472 
For additional information on money market funds and EPP derivatives, see Part II, Item 8, Note 5 — Fair Value, section Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis in our 2024 Form 10-K.
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis
Debt Instruments — The term loans and convertible senior 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):
 September 30, 2025December 31, 2024
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
3.0% Green Convertible Senior Notes due June 20291
$505,995 $2,188,257 $391,239 $532,789 
3.0% Green Convertible Senior Notes due June 20281
622,048 2,906,844 619,111 872,344 
2.5% Green Convertible Senior Notes due August 2025
— — 114,385 163,875 
Non-recourse:
4.6% Term Loan due October 2026
$2,849 $3,035 $2,705 $2,856 
4.6% Term Loan due April 2026
1,424 1,567 1,352 1,482 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.
On May 7, 2025, the Company entered into the Exchange Agreements with certain holders of its 2.5% Green Notes. Pursuant to the Exchange Agreements, $112.8 million in aggregate principal amount of the 2.5% Green Notes, and related accrued and unpaid interest, were exchanged for $115.7 million in aggregate principal amount of the 3.0% Green Notes due June 2029. As of August 15, 2025, the maturity date, the remaining $2.2 million aggregate principal amount of the Company’s 2.5% Green Notes, outstanding following the Debt Exchange, was settled through the issuance of the Company’s Class A common stock. For details of the Debt Exchange and debt settlement, see Note 8 — Outstanding Loans and Security Agreements, sections Convertible Senior Notes Debt Exchange and 2.5% Green Notes Settlement in this Quarterly Report on Form 10-Q.
v3.25.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2025
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):
September 30,December 31,
 20252024
Raw materials$353,186 $315,735 
Work-in-progress110,492 79,601 
Finished goods241,318 149,320 
$704,996 $544,656 
During the three and nine months ended September 30, 2025, we recorded a reserve of $19.7 million related to our Electrolyzer inventory as we ceased our efforts to market and sell the first-generation of the product. The affected inventory has no alternative use and is not expected to be sold or utilized in other programs. The related expenses were recognized within cost of product revenue in our condensed consolidated statements of operations.
The inventory reserves were $38.9 million and $15.9 million as of September 30, 2025, and December 31, 2024, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
September 30,December 31,
 20252024
 
Tax receivables$7,315 $4,981 
Prepaid hardware and software maintenance7,205 7,972 
Prepaid managed services4,470 5,230 
Receivables from employees2,275 3,259 
Prepaid rent1,899 21 
Interest receivable1,657 1,316 
Deferred expenses1,562 1,215 
Prepaid corporate insurance1,534 6,774 
Prepaid deferred commissions1,416 1,123 
Deposits made300 348 
Prepaid medical insurance259 177 
Prepaid workers compensation52 620 
Other prepaid expenses and other current assets14,799 13,167 
$44,743 $46,203 
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
September 30,December 31,
 20252024
  
Vehicles, machinery and equipment$226,312 $200,004 
Energy Server systems165,629 165,629 
Leasehold improvements133,158 122,413 
Construction-in-progress80,537 86,731 
Building53,370 53,221 
Computers, software and hardware35,420 33,910 
Furniture and fixtures11,726 10,943 
706,152 672,851 
Less: accumulated depreciation(305,792)(269,376)
$400,360 $403,475 
Depreciation expense related to property, plant and equipment was $12.8 million and $37.4 million for the three and nine months ended September 30, 2025, respectively. Depreciation expense related to property, plant and equipment was $13.3 million and $39.2 million for the three and nine months ended September 30, 2024, respectively.
Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
September 30,December 31,
20252024
 
Deferred commissions$13,329 $13,372 
Deferred expenses8,126 8,776 
Deposits made3,187 3,123 
Long-term lease receivable2,456 3,159 
Deferred tax asset1,853 1,888 
Prepaid managed services1,324 1,317 
Prepaid and other long-term assets14,132 14,501 
$44,407 $46,136 
Accrued Warranty and Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
September 30,December 31,
20252024
Product performance$11,035 $13,697 
Product warranty3,647 2,862 
$14,682 $16,559 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2024
$16,559 
Accrued warranty, net and product performance liabilities
15,101 
Product performance expenditures during the period
(16,978)
Balances at September 30, 2025
$14,682 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
September 30,December 31,
 20252024
 
Compensation and benefits$63,874 $67,682 
General invoice and purchase order accruals59,599 43,652 
Sales-related liabilities13,407 4,714 
Interest payable11,947 3,927 
Accrued legal expenses4,587 1,198 
Accrued installation3,730 1,660 
Sales tax liabilities3,513 10,215 
Interim VAT liability2,197 1,109 
Provision for income tax1,470 784 
Finance lease liability1,113 981 
Unfunded investment commitment (Note 11)
720 — 
Accrued consulting expenses659 1,254 
Current portion of derivative liabilities483 482 
Accrued service fees159 — 
Accrued restructuring costs99 341 
Other847 451 
$168,404 $138,450 
Preferred Stock
As of September 30, 2025, and December 31, 2024, we had 20,000,000 shares of preferred stock authorized. 13,491,701 of these shares were previously designated as the Series B redeemable convertible preferred stock, par value $0.0001 per share, and were converted to Class A common stock as of September 23, 2023, as a result of the Second Tranche Closing of SK ecoplant. For additional information, please see Part II, Item 8, Note 17 — SK ecoplant Strategic Investment in our 2024 Form 10-K.
The preferred stock had $0.0001 par value. There were no shares of preferred stock issued and outstanding as of September 30, 2025, and December 31, 2024.
v3.25.3
Investments in Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates
In August 2025, Bloom Energy concluded a transaction with Brookfield Asset Management (“Brookfield”) for a prospective financing framework structure (the “Financing Structure”) of up to $5.0 billion over five years for future Bloom Energy fuel cell projects that meet certain investment criteria and contractual criteria or are otherwise approved by Brookfield. The Financing Structure is housed in an AI Infrastructure Fund created by Brookfield (the “AI Fund”). Generally, Bloom fuel cell projects financed through the Financing Structure will be owned by the AI Fund under one of two categories of the Financing Structure. For each Bloom fuel cell project that has a term less than five years under the Financing Structure (Short
Term AI Fund), Bloom Energy will contribute sufficient funds for a passive equity holding not to exceed 9.9%. For each Bloom fuel cell project that has a term greater than or equal to five years under the Financing Structure (Long Term AI Fund) Bloom Energy will contribute sufficient funds for a passive equity holding not to exceed the lesser of (i) 9.9% of the equity amount and (ii) 2% of the projected investment amount, and these projects that are five years or longer will entitle Bloom to a put right back to the AI Fund at a set rate of return. For each category, the AI Fund and Bloom have agreed on target returns for projects, and Bloom Energy expects to receive its proportional distribution with respect to each project. Bloom Energy and Brookfield have also entered into a project under the Financing Structure but outside of Short Term AI Fund and Long Term AI Fund pursuant to which Bloom Energy contributed a passive equity investment of 15%, and the parties retain the ability to enter into other such JVs outside the AI Fund (the “Other JVs”).
The Financing Structure contains provisions that provide Brookfield (i) exclusivity over certain types of Bloom fuel cell projects, (ii) periodic review by Brookfield of Bloom’s fuel cell project pipeline and, consequently, (iii) a stand still arrangement restricting Brookfield and certain of its affiliates from owning and trading Bloom Energy stock.
The Company accounts for each investment in both the AI Fund JVs and the Other JVs (collectively, the “Fund JVs”) as an investment under the equity method of accounting in accordance with ASC 323. The AI Fund and Brookfield hold the remaining ownership interests and serve as the primary beneficiaries; accordingly, both the AI Fund JVs, whether the Short Term AI Fund or Long Term AI Fund, and the Other JVs are not consolidated by the Company. As of September 30, 2025, the Company holds equity interests in the following Fund JVs:

Bloom Equity Interest as of September 30, 2025
AI Fund JVs
Bolt US Class A JVCo LLC4.3%
Bolt US JVCo LLC4.3%
Other JVs
ORC HoldCo LLC15.0%
The Company’s total capital commitment to the Fund JVs as of September 30, 2025 is $41.8 million. Capital contributions are made in tranches, pursuant to funding requests issued by the AI Fund or Brookfield, and are tied to specific project milestones and operational needs.
The Company’s results of operations include its proportionate share of each Fund JV’s net earnings or loss, which are reported net of Fund JV’s income tax provisions and presented as a single line item, equity in earnings (loss) of unconsolidated affiliates, in our condensed consolidated statements of operations.
The Company records its share of profit from sales of Energy Server systems to the Fund JVs as a reduction of equity in earnings (loss) of unconsolidated affiliates. During the three and nine months ended September 30, 2025, we recognized $19.6 million in accordance with ASC 323, which will be realized over the useful lives of the underlying assets as they are depreciated.
Changes in the investment balance for the nine months ended September 30, 2025, were as follows (in thousands):
Balances at December 31, 2024
$— 
Current period investment in unconsolidated affiliates
25,290 
Equity in loss of unconsolidated affiliates
(19,599)
Accrued expense and other current liabilities
248 
Balances at September 30, 2025
$5,939 
The Company records its share of the Fund JVs’ results of operations on a one-quarter reporting lag because the Fund JVs’ financial information is not available in sufficient time to apply the equity method as of the Company’s reporting date. The Company believes that the use of this lag time is reasonable in the circumstances and does not materially affect the results of operations. Any material transactions or events occurring during the lag period that would significantly affect the Company’s consolidated financial position or results of operations are recognized in the current reporting period.
Management evaluates each investment in each of the Fund JVs for impairment in accordance with ASC 323. Through September 30, 2025, no indicators of impairment were identified related to the investments.
v3.25.3
Outstanding Loans and Security Agreements
 9 Months Ended
Sep. 30, 2025
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, 2025 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3.0% Green Convertible Senior Notes due June 2029
$518,225 $— $505,995 $505,995 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
632,500 — 622,048 622,048 3.0%June 2028Company
Total recourse debt1,150,725 — 1,128,043 1,128,043 
4.6% Term Loan due October 2026
2,849 — 2,849 2,849 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,424 1,424 — 1,424 4.6%April 2026Korean JV
Total non-recourse debt4,273 1,424 2,849 4,273 
Total debt$1,154,998 $1,424 $1,130,892 $1,132,316 
The following is a summary of our debt as of December 31, 2024 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3.0% Green Convertible Senior Notes due June 2029
$402,500 $— $391,239 $391,239 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
632,500 — 619,111 619,111 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
115,000 114,385 — 114,385 2.5%August 2025Company
Total recourse debt1,150,000 114,385 1,010,350 1,124,735 
4.6% Term Loan due October 2026
2,705 — 2,705 2,705 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,352 — 1,352 1,352 4.6%April 2026Korean JV
Total non-recourse debt4,057 — 4,057 4,057 
Total debt$1,154,057 $114,385 $1,014,407 $1,128,792 
Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiary, Bloom SK Fuel Cell, LLC, a joint venture in the Republic of Korea with SK ecoplant (the “Korean JV”). The differences between the unpaid principal balances and the net carrying values apply to the deferred financing costs. We and our subsidiary were in compliance with all financial covenants as of September 30, 2025, and December 31, 2024.
Recourse Debt Facilities
3.0% Green Convertible Senior Notes due June 2029
Please refer to Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Recourse Debt Facilities in our 2024 Form 10-K, for discussion of the 3.0% Green Notes due June 2029.
The noteholders could not convert their 3.0% Green Notes due June 2029 during the quarter ended September 30, 2025, as the Closing Price Condition, as defined in the indenture, dated as of May 29, 2024, between us and U.S. Bank Trust Company, National Association, as Trustee, was not met during the three months ended June 30, 2025.
On September 30, 2025, and December 31, 2024, the maximum number of shares into which the 3.0% Green Notes due June 2029 could have been potentially converted if the conversion features were triggered were 32,944,961 and 25,588,011 shares of Class A common stock, respectively.
Total interest expense recognized related to the 3.0% Green Notes due June 2029 for three and nine months ended September 30, 2025, was $4.7 million and $12.6 million, respectively, and consisted of contractual interest expense of $3.9 million and $10.4 million, respectively, and amortization of issuance costs of $0.8 million and $2.2 million, respectively.
Total interest expense recognized related to the 3.0% Green Notes due June 2029 for the three and nine months ended September 30, 2024, was $3.7 million and $5.0 million, respectively, and consisted of contractual interest expense of $3.0 million and $4.1 million, respectively, and amortization of issuance costs of $0.7 million and $0.9 million, respectively.
To date, there have been no events necessitating the recognition of special interest expense related to the 3.0% Green Notes due June 2029.
The amounts of unamortized debt issuance costs as of September 30, 2025, and December 31, 2024, were $12.2 million and $11.3 million, respectively.
3.0% Green Convertible Senior Notes due June 2028 and Capped Call Transactions
Please refer to Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Recourse Debt Facilities in our 2024 Form 10-K, for discussion of our 3.0% Green Convertible Senior Notes due June 2028 (the “3.0% Green Notes due June 2028”) and privately negotiated capped call transactions in connection with the pricing of the 3.0% Green Notes due June 2028.
The noteholders could not convert their 3.0% Green Notes due June 2028 during the quarter ended September 30, 2025, as the Closing Price Condition, as defined in the indenture, dated as of May 16, 2023, between us and U.S. Bank Trust Company, National Association, as Trustee, was not met during the three months ended June 30, 2025.
On both September 30, 2025, and December 31, 2024, the maximum number of shares into which the 3.0% Green Notes due June 2028 could have been potentially converted if the conversion features were triggered was 47,807,955 shares of Class A common stock.
Total interest expense recognized related to the 3.0% Green Notes due June 2028 was $5.7 million and $17.1 million for the three and nine months ended September 30, 2025, and 2024, respectively. These amounts consisted of contractual interest expense of $4.7 million and $14.1 million, respectively, and amortization of issuance costs of $1.0 million and $3.0 million, respectively.
To date, there have been no events necessitating the recognition of special interest expense related to the 3.0% Green Notes due June 2028.
The amounts of unamortized debt issuance costs as of September 30, 2025, and December 31, 2024, were $10.4 million and $13.4 million, respectively.
2.5% Green Convertible Senior Notes due August 2025
Please refer to Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Recourse Debt Facilities in our 2024 Form 10-K, for discussion of our 2.5% Green Notes.
Total interest expense recognized related to the 2.5% Green Notes for the nine months ended September 30, 2025, was $1.4 million, and consisted of contractual interest expense of $1.1 million and amortization of issuance costs of $0.3 million. Total interest expense recognized related to the 2.5% Green Notes for the three months ended September 30, 2025, was immaterial.
Total interest expense recognized related to the 2.5% Green Notes for the three and nine months ended September 30, 2024, was $1.0 million and $4.5 million, respectively, and consisted of contractual interest expense of $0.7 million and $3.3 million, respectively, and amortization of issuance costs of $0.3 million and $1.2 million, respectively.
To date, there have been no events necessitating the recognition of special interest expense related to the 2.5% Green Notes.
The amount of unamortized debt issuance costs as of December 31, 2024, was $0.6 million.
Convertible Senior Notes Debt Exchange
On May 7, 2025, the Company entered into the Exchange Agreements with certain holders of its 2.5% Green Notes. Pursuant to the Exchange Agreements, $112.8 million in aggregate principal amount of the 2.5% Green Notes, and related accrued and unpaid interest of $0.7 million, were exchanged for $115.7 million in aggregate principal amount of the 3.0% Green Notes due June 2029, which had the same terms and conditions as the 3.0% Green Notes due June 2029 issued on May 29, 2024. The Debt Exchange was accounted for as an extinguishment of debt in accordance with ASC 470 Debt. As a result of the Debt Exchange, the Company recorded a $32.3 million loss on early extinguishment of debt within the condensed consolidated statements of operations for the nine months ended September 30, 2025. This loss included a $0.2 million write-off of unamortized debt issuance costs as of the date of the Debt Exchange. Additionally, the condensed consolidated balance sheets reflect an increase of $28.2 million to additional paid-in capital, as the 3.0% Green Notes due June 2029 pertaining to this Debt Exchange were issued at a premium. Total debt issuance costs related to the Debt Exchange amounted to $3.3 million.
Following the Debt Exchange, the effective interest rates of the 2.5% Green Notes and the 3.0% Green Notes due June 2029 decreased from 3.3% to 1.7% and from 3.8% to 3.2%, respectively.
2.5% Green Notes Settlement
Upon completion of the Debt Exchange, $2.2 million aggregate principal amount of the Company’s 2.5% Green Notes remained outstanding. Pursuant to the terms of the 2.5% Green Notes Indenture, unless the Company made an irrevocable election to settle the notes in cash prior to May 15, 2025, the notes were required to be settled in shares of the Company’s Class A common stock upon maturity. The Company did not make such an election by the specified deadline. Accordingly, as of August 15, 2025, the maturity date, the notes were fully settled in equity through the issuance of 137,606 shares of Class A common stock. As a result, the Company recorded $2.2 million of additional paid-in capital in its condensed consolidated balance sheets. The impact on other line items within the condensed consolidated balance sheets and the condensed consolidated statements of operations was not material. On December 31, 2024, the maximum number of shares into which the 2.5% Green Notes could have been potentially converted if the conversion features were triggered was 8,866,615 shares of Class A common stock.
Non-recourse Debt Facilities
Please refer to Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2024 Form 10-K, for discussion of our non-recourse debt.
Repayment Schedule and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2025 (in thousands):
Remainder of 2025$— 
20264,273 
2027— 
2028632,500 
2029518,225 
Thereafter— 
$1,154,998 
For the three and nine months ended September 30, 2025, interest expense of $14.4 million and $43.2 million, respectively, including total interest expense related to our debt of $10.4 million and $31.3 million, respectively, was recorded in interest expense on the condensed consolidated statements of operations.
For the three and nine months ended September 30, 2024, interest expense of $16.8 million and $46.7 million, respectively, including total interest expense related to our debt of $10.5 million and $26.8 million, respectively, was recorded in interest expense on the condensed consolidated statements of operations.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three and nine months ended September 30, 2025, rent expense for all occupied facilities were $5.3 million and $15.8 million, respectively. For the three and nine months ended September 30, 2024, rent expense for all occupied facilities were $5.6 million and $16.8 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025, and December 31, 2024, were as follows (in thousands):
September 30,December 31,
20252024
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$112,677 $122,489 
Current operating lease liabilities(21,438)(19,642)
Non-current operating lease liabilities(112,188)(124,523)
Total operating lease liabilities(133,626)(144,165)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
3,495 3,214 
Current finance lease liabilities5
(1,113)(981)
Non-current finance lease liabilities6
(2,648)(2,450)
Total finance lease liabilities(3,761)(3,431)
Total lease liabilities$(137,387)$(147,596)
1 These assets primarily include leases for facilities, Energy Server systems, 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 lease costs for the three and nine months ended September 30, 2025, and 2024, were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating lease costs$8,044 $9,048 $23,967 $26,990 
Financing lease costs:
Amortization of right-of-use assets308 120 699 611 
Interest on lease liabilities88 61 259 190 
Total financing lease costs396 181 958 801 
Short-term lease costs616 36 1,853 68 
Total lease costs$9,056 $9,265 $26,778 $27,859 
Weighted average remaining lease terms and discount rates for our leases as of September 30, 2025, and December 31, 2024, were as follows:
September 30,December 31,
20252024
Weighted average remaining lease term:
Operating leases6.2 years6.7 years
Finance leases3.5 years3.7 years
Weighted average discount rate:
Operating leases10.5 %10.6 %
Finance leases9.2 %9.2 %
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
For additional information on leases, see Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
Managed Services Financing
For details on Managed Services Financing refer to Part I, Item 7, Section Purchase and Financing Options, sub-section Managed Services Financing and Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
We recognized $2.3 million and $9.4 million of product revenue and $2.2 million and $4.5 million of installation revenue from successful sale-and leaseback transactions for the three and nine months ended September 30, 2024, respectively. There were no successful sale-and-leaseback transactions for the three and nine months ended September 30, 2025. Operating lease expense recognized from successful sale-and-leaseback transactions was $3.3 million and $10.1 million for the three and nine months ended September 30, 2025, respectively, compared to $3.2 million and $9.5 million for the same periods in 2024.
Operating lease right-of-use assets from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $41.2 million and $47.2 million, respectively. Operating lease liabilities from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $44.4 million and $50.4 million, including long-term operating lease liability of $35.3 million and $42.1 million, respectively. Financing obligations from successful sale-and leaseback transactions as of September 30, 2025, and December 31, 2024, were $9.4 million and $11.0 million, including long term financing obligations of $7.1 million and $8.9 million, respectively.
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $246.3 million and $255.8 million as of September 30, 2025, and December 31, 2024, 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 Server systems at the end of the lease and the remainder recognized as either a net gain or a net loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three and nine months ended September 30, 2025, rent expense for all occupied facilities were $5.3 million and $15.8 million, respectively. For the three and nine months ended September 30, 2024, rent expense for all occupied facilities were $5.6 million and $16.8 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025, and December 31, 2024, were as follows (in thousands):
September 30,December 31,
20252024
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$112,677 $122,489 
Current operating lease liabilities(21,438)(19,642)
Non-current operating lease liabilities(112,188)(124,523)
Total operating lease liabilities(133,626)(144,165)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
3,495 3,214 
Current finance lease liabilities5
(1,113)(981)
Non-current finance lease liabilities6
(2,648)(2,450)
Total finance lease liabilities(3,761)(3,431)
Total lease liabilities$(137,387)$(147,596)
1 These assets primarily include leases for facilities, Energy Server systems, 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 lease costs for the three and nine months ended September 30, 2025, and 2024, were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating lease costs$8,044 $9,048 $23,967 $26,990 
Financing lease costs:
Amortization of right-of-use assets308 120 699 611 
Interest on lease liabilities88 61 259 190 
Total financing lease costs396 181 958 801 
Short-term lease costs616 36 1,853 68 
Total lease costs$9,056 $9,265 $26,778 $27,859 
Weighted average remaining lease terms and discount rates for our leases as of September 30, 2025, and December 31, 2024, were as follows:
September 30,December 31,
20252024
Weighted average remaining lease term:
Operating leases6.2 years6.7 years
Finance leases3.5 years3.7 years
Weighted average discount rate:
Operating leases10.5 %10.6 %
Finance leases9.2 %9.2 %
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
For additional information on leases, see Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
Managed Services Financing
For details on Managed Services Financing refer to Part I, Item 7, Section Purchase and Financing Options, sub-section Managed Services Financing and Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
We recognized $2.3 million and $9.4 million of product revenue and $2.2 million and $4.5 million of installation revenue from successful sale-and leaseback transactions for the three and nine months ended September 30, 2024, respectively. There were no successful sale-and-leaseback transactions for the three and nine months ended September 30, 2025. Operating lease expense recognized from successful sale-and-leaseback transactions was $3.3 million and $10.1 million for the three and nine months ended September 30, 2025, respectively, compared to $3.2 million and $9.5 million for the same periods in 2024.
Operating lease right-of-use assets from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $41.2 million and $47.2 million, respectively. Operating lease liabilities from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $44.4 million and $50.4 million, including long-term operating lease liability of $35.3 million and $42.1 million, respectively. Financing obligations from successful sale-and leaseback transactions as of September 30, 2025, and December 31, 2024, were $9.4 million and $11.0 million, including long term financing obligations of $7.1 million and $8.9 million, respectively.
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $246.3 million and $255.8 million as of September 30, 2025, and December 31, 2024, 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 Server systems at the end of the lease and the remainder recognized as either a net gain or a net loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three and nine months ended September 30, 2025, rent expense for all occupied facilities were $5.3 million and $15.8 million, respectively. For the three and nine months ended September 30, 2024, rent expense for all occupied facilities were $5.6 million and $16.8 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025, and December 31, 2024, were as follows (in thousands):
September 30,December 31,
20252024
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$112,677 $122,489 
Current operating lease liabilities(21,438)(19,642)
Non-current operating lease liabilities(112,188)(124,523)
Total operating lease liabilities(133,626)(144,165)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
3,495 3,214 
Current finance lease liabilities5
(1,113)(981)
Non-current finance lease liabilities6
(2,648)(2,450)
Total finance lease liabilities(3,761)(3,431)
Total lease liabilities$(137,387)$(147,596)
1 These assets primarily include leases for facilities, Energy Server systems, 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 lease costs for the three and nine months ended September 30, 2025, and 2024, were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating lease costs$8,044 $9,048 $23,967 $26,990 
Financing lease costs:
Amortization of right-of-use assets308 120 699 611 
Interest on lease liabilities88 61 259 190 
Total financing lease costs396 181 958 801 
Short-term lease costs616 36 1,853 68 
Total lease costs$9,056 $9,265 $26,778 $27,859 
Weighted average remaining lease terms and discount rates for our leases as of September 30, 2025, and December 31, 2024, were as follows:
September 30,December 31,
20252024
Weighted average remaining lease term:
Operating leases6.2 years6.7 years
Finance leases3.5 years3.7 years
Weighted average discount rate:
Operating leases10.5 %10.6 %
Finance leases9.2 %9.2 %
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
For additional information on leases, see Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
Managed Services Financing
For details on Managed Services Financing refer to Part I, Item 7, Section Purchase and Financing Options, sub-section Managed Services Financing and Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
We recognized $2.3 million and $9.4 million of product revenue and $2.2 million and $4.5 million of installation revenue from successful sale-and leaseback transactions for the three and nine months ended September 30, 2024, respectively. There were no successful sale-and-leaseback transactions for the three and nine months ended September 30, 2025. Operating lease expense recognized from successful sale-and-leaseback transactions was $3.3 million and $10.1 million for the three and nine months ended September 30, 2025, respectively, compared to $3.2 million and $9.5 million for the same periods in 2024.
Operating lease right-of-use assets from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $41.2 million and $47.2 million, respectively. Operating lease liabilities from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $44.4 million and $50.4 million, including long-term operating lease liability of $35.3 million and $42.1 million, respectively. Financing obligations from successful sale-and leaseback transactions as of September 30, 2025, and December 31, 2024, were $9.4 million and $11.0 million, including long term financing obligations of $7.1 million and $8.9 million, respectively.
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $246.3 million and $255.8 million as of September 30, 2025, and December 31, 2024, 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 Server systems at the end of the lease and the remainder recognized as either a net gain or a net loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three and nine months ended September 30, 2025, rent expense for all occupied facilities were $5.3 million and $15.8 million, respectively. For the three and nine months ended September 30, 2024, rent expense for all occupied facilities were $5.6 million and $16.8 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025, and December 31, 2024, were as follows (in thousands):
September 30,December 31,
20252024
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$112,677 $122,489 
Current operating lease liabilities(21,438)(19,642)
Non-current operating lease liabilities(112,188)(124,523)
Total operating lease liabilities(133,626)(144,165)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
3,495 3,214 
Current finance lease liabilities5
(1,113)(981)
Non-current finance lease liabilities6
(2,648)(2,450)
Total finance lease liabilities(3,761)(3,431)
Total lease liabilities$(137,387)$(147,596)
1 These assets primarily include leases for facilities, Energy Server systems, 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 lease costs for the three and nine months ended September 30, 2025, and 2024, were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating lease costs$8,044 $9,048 $23,967 $26,990 
Financing lease costs:
Amortization of right-of-use assets308 120 699 611 
Interest on lease liabilities88 61 259 190 
Total financing lease costs396 181 958 801 
Short-term lease costs616 36 1,853 68 
Total lease costs$9,056 $9,265 $26,778 $27,859 
Weighted average remaining lease terms and discount rates for our leases as of September 30, 2025, and December 31, 2024, were as follows:
September 30,December 31,
20252024
Weighted average remaining lease term:
Operating leases6.2 years6.7 years
Finance leases3.5 years3.7 years
Weighted average discount rate:
Operating leases10.5 %10.6 %
Finance leases9.2 %9.2 %
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
For additional information on leases, see Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
Managed Services Financing
For details on Managed Services Financing refer to Part I, Item 7, Section Purchase and Financing Options, sub-section Managed Services Financing and Part II, Item 8, Note 8 — Leases, section Facilities, Energy Server Systems, and Vehicles in our 2024 Form 10-K.
We recognized $2.3 million and $9.4 million of product revenue and $2.2 million and $4.5 million of installation revenue from successful sale-and leaseback transactions for the three and nine months ended September 30, 2024, respectively. There were no successful sale-and-leaseback transactions for the three and nine months ended September 30, 2025. Operating lease expense recognized from successful sale-and-leaseback transactions was $3.3 million and $10.1 million for the three and nine months ended September 30, 2025, respectively, compared to $3.2 million and $9.5 million for the same periods in 2024.
Operating lease right-of-use assets from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $41.2 million and $47.2 million, respectively. Operating lease liabilities from successful sale-and-leaseback transactions as of September 30, 2025, and December 31, 2024, were $44.4 million and $50.4 million, including long-term operating lease liability of $35.3 million and $42.1 million, respectively. Financing obligations from successful sale-and leaseback transactions as of September 30, 2025, and December 31, 2024, were $9.4 million and $11.0 million, including long term financing obligations of $7.1 million and $8.9 million, respectively.
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $246.3 million and $255.8 million as of September 30, 2025, and December 31, 2024, 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 Server systems at the end of the lease and the remainder recognized as either a net gain or a net loss at that point.
v3.25.3
Stock-Based Compensation and Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Disclosure [Abstract]  
Stock-Based Compensation and Employee Benefit Plans Stock-Based Compensation and Employee Benefit Plans
Share-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. For details on our Equity Incentive Plans, refer to Part II, Item 8, Note 9 — Stock-Based Compensation and Employee Benefit Plans, sections 2012 Equity Incentive Plan and 2018 Equity Incentive Plan in our 2024 Form 10-K.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Cost of revenue$5,719 $3,778 $16,262 $11,702 
Research and development8,205 5,313 23,945 16,405 
Sales and marketing7,145 2,684 16,975 8,044 
General and administrative17,084 5,282 43,350 19,189 
$38,153 $17,057 $100,532 $55,340 
For the three and nine months ended September 30, 2025, and 2024, stock-based compensation expense capitalized on inventory and deferred cost of goods sold were not material.
Stock Option and Stock Award Activity
Stock Options
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
 (in thousands)
Balances at December 31, 2024
7,432,821 $18.72 4.1$53,453 
Granted111,504 22.24 
PSOs adjustment431,249 — 
Exercised(1,652,241)23.77 
Forfeited / Expired
(228,973)30.62 
Balances at September 30, 2025
6,094,360 16.30 4.5416,054 
Vested and expected to vest at September 30, 2025
5,921,046 16.46 4.4403,305 
Exercisable at September 30, 2025
5,137,484 $17.32 3.7$345,525 
During the three and nine months ended September 30, 2025, we recognized $1.6 million and $4.2 million of stock-based compensation costs for stock options, respectively. During the three and nine months ended September 30, 2024, we recognized $0.9 million and $2.1 million of stock-based compensation costs for stock options, respectively.
During the first and third quarters of fiscal year 2025, we granted 111,504 and 11,504 stock options, respectively. The first-quarter grant included 100,000 performance-based stock options (“PSOs”) issued to a non-executive employee, which are subject to vesting upon achievement of specified corporate milestones. No PSOs were granted during the three months ended September 30, 2025. During the three and nine months ended September 30, 2024, we granted 180,000 and 1,355,348 stock options, respectively, including 1,135,000 PSOs granted to certain executive employees in the first quarter of the fiscal year 2024. PSOs have a 10-year term, an exercise price equal to the fair market value of our Class A common stock on the date of grant, and vest at the end of three-year performance period and over a three- or four-year requisite service period.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Risk-free interest rate3.9%3.7%
3.9% - 4.1%
3.7% - 4.4%
Expected term (years)6.16.06.16.0
Expected dividend yield————
Expected volatility93.9%95.3%
93.4% - 93.9%
95.3% - 97.1%
During the three and nine months ended September 30, 2025, the intrinsic value of stock options exercised was $26.8 million and $29.9 million, respectively. During the three and nine months ended September 30, 2024, the intrinsic value of stock options exercised was $0.1 million and $0.8 million, respectively.
As of September 30, 2025, and December 31, 2024, we had unrecognized compensation costs related to unvested stock options of $4.5 million and $7.2 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.4 years and 2.1 years, respectively. Cash received from stock options exercised totaled $37.4 million and $38.7 million for the three and nine months ended September 30, 2025, respectively. Cash received from stock options exercised totaled $0.1 million and $0.8 million for the three and nine months ended September 30, 2024, respectively.
Stock Awards
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2024
12,896,465 $16.29 
Granted4,994,872 23.46 
Vested(4,358,653)14.41 
Forfeited(2,133,845)14.51 
Unvested Balance at September 30, 2025
11,398,839 $19.84 
The estimated fair value of restricted stock units (“RSUs”) and performance 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, 2025, we recognized $33.1 million and $87.7 million of stock-based compensation costs for stock awards, respectively. For the three and nine months ended September 30, 2024, we recognized $13.4 million and $46.8 million of stock-based compensation costs for stock awards, respectively.
As of September 30, 2025, and December 31, 2024, we had $236.6 million and $161.8 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted average period of 2.2 years and 2.2 years, respectively.
Executive Awards
On February 18, May 13, and August 28, 2025, the Company granted RSUs and PSUs to certain executive officers under the 2018 Plan (collectively, the “2025 Executive Awards”).
The RSUs granted to certain executive officers are subject to time-based vesting conditions. These RSUs vest under one of two schedules: (1) 40% of the RSUs vest on the first anniversary of the vesting commencement date of March 15, 2025, with the remaining 60% vesting in equal quarterly installments over the subsequent two years; or (2) the RSUs vest over a four-year period, with 25% vesting on the first anniversary of the vesting commencement date of December 15, 2024, and the remaining 75% vesting in equal quarterly installments over the following three years.
PSUs vest either (i) 100% at the end of a three-year performance period (cliff vesting) or (ii) in three annual installments based on the achievement of performance targets for each year, in each case subject to continued employment through the applicable vesting date(s). Stock-based compensation related to the 2025 Executive Awards is recognized over the three-year service period based on the estimated probability of achieving the performance conditions.
As of September 30, 2025, the unamortized compensation expense for these RSUs and the PSUs was $26.2 million.
For details on the 2021 — 2024 Executive Awards refer to Part II, Item 8, Note 9 — Stock-Based Compensation and Employee Benefit Plans, section Executive Awards in our 2024 Form 10-K.
As of September 30, 2025, and December 31, 2024, the unamortized compensation expense for the RSUs, the PSUs, the time-based stock options and PSOs per the 2024 Executive Awards and the Replacement Awards (as defined in Part II, Item 8, Note 9 — Stock-Based Compensation and Employee Benefit Plans, section Executive Awards, sub-section Fiscal Year 2024 in our 2024 Form 10-K) was $86.0 million and $66.8 million, respectively.
As of September 30, 2025, and December 31, 2024, the unamortized compensation expense for the 2023 Executive Awards was $0.9 million and $1.8 million, respectively.
As of September 30, 2025, and December 31, 2024, the unamortized compensation expense for the 2022 Executive Awards was $0.4 million and $1.0 million, respectively.
As of September 30, 2025, and December 31, 2024, the unamortized compensation expense for the 2021 Executive Awards was $0.9 million and $3.7 million.
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
 Plan Shares Available
for Grant
Balances at December 31, 2024
35,263,475 
Added to plan9,978,870 
Granted(5,537,994)
Cancelled/Forfeited2,362,805 
Expired(214,023)
Balances at September 30, 2025
41,853,133 
2018 Employee Stock Purchase Plan
For details on the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), refer to Part II, Item 8, Note 9 — Stock-Based Compensation and Employee Benefit Plans, section 2018 Employee Stock Purchase Plan in our 2024 Form 10-K.
During the three and nine months ended September 30, 2025, we recognized $2.7 million and $7.2 million of stock-based compensation costs for the 2018 ESPP, respectively. During the three and nine months ended September 30, 2024, we recognized $2.7 million and $4.0 million of stock-based compensation costs for the 2018 ESPP, respectively.
We issued 443,322 and 417,267 shares during the three months ended September 30, 2025, and 2024, respectively, and 1,073,929 and 1,049,955 shares during the nine months ended September 30, 2025, and 2024, respectively. During the nine months ended September 30, 2025, and 2024, we added an additional 2,494,717 and 2,418,528 shares, respectively. There were 17,993,945 and 16,573,157 shares available for issuance as of September 30, 2025, and December 31, 2024, respectively.
As of September 30, 2025, and December 31, 2024, we had $11.4 million and $5.9 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.9 years and 0.8 years, respectively.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Risk-free interest rate
3.8% - 4.3%
4.1% - 5.3%
 3.8% - 5.0%
4.1% - 5.6%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected dividend yield————
Expected volatility
80.5% - 115.2%
62.4% - 78.7%
66.2% - 115.2%
54.1% - 78.7%
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
SK ecoplant Reduction in Ownership
On July 10, 2025, SK ecoplant sold 10.0 million shares of the Company’s Class A common stock. As a result of this transaction, SK ecoplant’s ownership interest in the Company decreased to 5.8%. Accordingly, effective as of that date, SK ecoplant is no longer a related party. Subsequently, on August 14, 2025, and September 29, 2025, SK ecoplant sold another 2.6 million and 3.9 million shares of the Company’s Class A common stock, respectively. As of September 30, 2025, SK ecoplant’s ownership interest in the Company was 2.9%.
The Fund JVs
During the three months ended September 30, 2025, the Company and Brookfield established the Fund JVs, which qualify as related parties under the guidance of ASC 850, Related Party Disclosures. For details, refer to Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q. For the three months ended September 30, 2025, we recognized $255.7 million and $32.3 million of product and installation revenue, respectively, from sales of Energy Server systems to the Fund JVs, which were transacted at arms-length basis and prevailing market terms. The accounts receivable due from the Fund JVs were $38.5 million as of September 30, 2025.
As discussed in Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q, we recognized equity in loss of unconsolidated affiliates of $19.6 million for the three months ended September 30, 2025. Our contributions of $24.6 million to the Fund JVs were made during the three months ended September 30, 2025, and our total funding commitment under the Fund JVs’ agreements is $41.8 million. As of September 30, 2025, the Company had an unfunded investment commitment of $0.7 million related to the Fund JVs.
There have been no other changes in related party relationships during the nine months ended September 30, 2025. For information on our related party transactions, see Part II, Item 8, Note 11 — Related Party Transactions in our 2024 Form 10-K. For details of the strategic investment with SK ecoplant, please refer to Part II, Item 8, Note 17 — SK ecoplant Strategic Investment in our 2024 Form 10-K.
Our operations include the following related party transactions (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Total related party revenue1
$287,985 $126,627 $317,845 $335,641 
Cost of product revenue2
— 48 — 122 
General and administrative expenses3
63 164 434 525 
Interest expense4
5 51 101 153 
Equity in loss of unconsolidated affiliates5
19,599 — 19,599 — 
1 Includes total revenue related to (a) Korean JV, (b) the Fund JVs and (c) SK ecoplant, which no longer a related party since July 10, 2025.
2 Includes expenses billed by SK ecoplant to Korean JV for headcount support, maintenance and other services.
3 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV.
4 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2024 (see Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our Annual Form 10-K for the fiscal year ended December 31, 2024).
5 Represent equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).    
Below is the summary of outstanding related party balances as of September 30, 2025, and December 31, 2024 (in thousands):
 September 30,December 31,
20252024
   
Accounts receivable
$38,513 $93,510 
Contract assets
88,198 800 
Prepaid expenses and other current assets
— 1,215 
Investments in unconsolidated affiliates5,939 — 
Operating lease right-of-use assets1
— 1,385 
Other long-term assets
— 8,776 
Accrued warranty— 1,205 
Accrued expenses and other current liabilities
3,468 3,989 
Deferred revenue and customer deposits, current
— 8,857 
Operating lease liabilities, current1
— 442 
Deferred revenue and customer deposits, long-term
— 3,335 
Operating lease liabilities, non-current1
— 977 
Non-recourse debt, non-current2
— 4,057 
1 Balances relate to operating leases entered between Korean JV and SK ecoplant.
2 Represents the total balance of two term loans entered between Korean JV and SK ecoplant in fiscal year 2024 (see Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2024 Form 10-K).
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of September 30, 2025, and December 31, 2024 (in thousands):
September 30,December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$14,895 $15,767 
Accounts receivable19 2,515 
Inventories17,249 15,020 
Prepaid expenses and other current assets4,069 3,361 
Total current assets36,232 36,663 
Property, plant and equipment, net
1,524 1,796 
Operating lease right-of-use assets1,271 1,663 
Other long-term assets42 40 
Total assets$39,069 $40,162 
September 30,December 31,
20252024
Liabilities
Current liabilities:
Accounts payable$3,316 $7,693 
Accrued expenses and other current liabilities2,795 2,154 
Operating lease liabilities513 442 
Non-recourse debt1,424 — 
Total current liabilities8,048 10,289 
Operating lease liabilities636 977 
Non-recourse debt2,849 4,057 
Total liabilities$11,533 $15,323 
For additional information on SK ecoplant Joint Venture and Strategic Partnership, see Part II, Item 8, Note 11 — Related Party Transactions and Note 17 — SK ecoplant Strategic Investment in our 2024 Form 10-K.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Purchase Commitments with Suppliers and Contract Manufacturers — As of September 30, 2025, and December 31, 2024, we had no material open purchase orders with our component suppliers and third-party manufacturers that are expected to be realized within more than a 12-month period and are not cancellable. For additional information on purchase commitments with suppliers and contract manufacturers, see Part II, Item 8, Note 13 — Commitments and Contingencies, section Commitments in our 2024 Form 10-K.
Performance Guarantees — We paid $2.4 million and $17.0 million for the three and nine months ended September 30, 2025, respectively, for guarantees that we provide customers on the output performance of our Energy Server systems. For the three and nine months ended September 30, 2024, we paid $1.9 million and $18.8 million for such performance guarantees, respectively. For additional information on performance guarantees, see Part II, Item 8, Note 13 — Commitments and Contingencies, section Commitments in our 2024 Form 10-K.
Letters of Credit — In 2019, pursuant to the PPA II repowering of the Energy Server systems, 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 December 31, 2024, the balance of this cash-collateralized letter of credit was $9.5 million. The entire balance of the cash-collateralized letter of credit related to PPA II was released in the second quarter of the fiscal year 2025 and the balance of the funds returned to the Company.
In December 2024, we issued a $100.0 million letter of credit in favor of one of our major customers to guarantee the performance in accordance with the limited indemnity and cooperation agreement dated November 14, 2024, related to the supply of 100 MW of Energy Server systems. This letter of credit was released in the quarter ended March 31, 2025.
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. As of September 30, 2025, and December 31, 2024, the balances of the cash-collateralized letters of credit issued to our customers and other counterparties in the U.S. and international locations other than PPA II were $24.4 million and $131.2 million, respectively.
Pledged Funds — In 2019, pursuant to the PPA IIIb repowering of the Energy Server systems, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to fund our operations and maintenance obligations with respect to the totality of our obligations to the financier. These funds will be released to us by the end of 2026 as long as the Energy Server systems continue to perform in compliance with our warranty obligations. As of September 30, 2025, and
December 31, 2024, the balance of the restricted cash fund was $7.6 million and $7.4 million, respectively.
Contingencies
Indemnification Agreements — See Part II, Item 8, Note 13 — Commitments and Contingencies, section Contingencies in our 2024 Form 10-K. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations with customers and certain other business partners. However, we may record charges in the future as a result of these indemnification obligations.
Investment Tax Credits — See Part II, Item 8, Note 13 — Commitments and Contingencies, section Contingencies in our 2024 Form 10-K.
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 matter 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 consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or in future periods.
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). 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 April 26, 2023, Judge Gilstrap stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. On October 2, 2023, the arbitrator in the WIPO proceeding issued a ruling concluding that all the parties’ claims were arbitrable.
On November 18, 2023, the arbitrator bifurcated the arbitration into a first phase focusing on Bloom’s claims directed to improper inventorship of the Patents-in-Suit and Bloom’s defective product claims. Briefing on the first phase took place throughout 2024 and the first half of 2025. An evidentiary hearing with witness testimony commenced on July 21, 2025, and continued through August 1, 2025. Post hearing briefs were submitted on October 3, 2025. There is no set time frame for a decision from the Arbitrator on the first phase of the arbitration. We are unable to predict the ultimate outcome of the arbitration at this time.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
ASC 280, Segment Reporting, (“ASC 280”) establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, our chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM reviews consolidated results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, we have only one reportable segment. We do not distinguish between markets or segments for the purpose of internal reporting.
For discussion of significant segment expenses, other segment items and the Company’s primary measure of segment profitability, refer to Part II, Item 8, Note 14 — Segment Information in our 2024 Form 10-K.
For information on the Company’s geographic risk, please refer to Note 1 — Nature of Business, Liquidity and Basis of Presentation, section Concentration of Risk in this Quarterly Report on Form 10-Q.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three and nine months ended September 30, 2025, we recorded an income tax provisions of $0.3 million and $1.8 million on pre-tax losses of $22.6 million and $86.8 million for effective tax rates of (1.5)% and (2.1)%, respectively. For the three and nine months ended September 30, 2024, we recorded an income tax provision of $0.1 million and $0.5 million, respectively, on pre-tax losses of $14.5 million and $131.9 million for effective tax rates of (0.8)% and (0.4)%, respectively.
The effective tax rate for the three and nine months ended September 30, 2025, and 2024, is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
As of July 4, 2025, the OBBBA was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses (see Note 1 — Nature of Business, Liquidity and Basis of Presentation, section Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act in this Quarterly Report on Form 10-Q). We are evaluating the full effects of the legislation, however we do not expect it to materially change our effective income tax rate for 2025.
For additional information on income taxes, refer to Part II, Item 8, Note 15 — Income Taxes in our 2024 Form 10-K.
v3.25.3
Net Earnings per Share Available to Common Stockholders
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Earnings per Share Available to Common Stockholders Net Earnings 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 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 (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Convertible notes62,029 59,955 59,206 53,357 
Stock options and awards15,519 2,764 16,048 3,084 
77,548 62,719 75,254 56,441 
For additional information on net loss per share available to common stockholders, refer to Part II, Item 8, Note 16 — Net Loss per Share Available to Common Stockholders in our 2024 Form 10-K.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
There have been no subsequent events that occurred during the period subsequent to the date of these unaudited condensed consolidated financial statements that would require adjustment to our disclosure in the unaudited condensed consolidated financial statements as presented.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
KR Sridhar [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 11, 2025, KR Sridhar, our Chief Executive Officer, terminated a trading arrangement originally adopted on November 30, 2024. The prior arrangement did not account for certain expiring options. On August 29, 2025, Mr. Sridhar adopted a new trading arrangement intended to comply with the affirmative defense provisions of Rule 10b5-1(c). The new plan is scheduled to expire on August 31, 2026, and provides for the potential sale of up to 375,000 shares, subject to specified pricing conditions.
Name KR Sridhar
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 29, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date August 11, 2025
Expiration Date August 31, 2026
Arrangement Duration 367 days
Aggregate Available 375,000
Satish Chitoori [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 22, 2025, Satish Chitoori, our Chief Operations Officer, terminated a trading arrangement that had been adopted on March 14, 2025.
Name Satish Chitoori
Title Chief Operations Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date August 22, 2025
Aman Joshi [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Aman Joshi, our Chief Commercial Officer, adopted a trading arrangement intended to satisfy the affirmative defense provisions of Rule 10b5-1(c). The plan was adopted on August 27, 2025, and the plan ends on December 17, 2026. The aggregate number of shares that may be sold under the plan is 212,324 shares, inclusive of shares necessary to cover withholding taxes resulting from the vesting of RSUs or PSUs
Name Aman Joshi
Title Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 27, 2025
Expiration Date December 17, 2026
Arrangement Duration 477 days
Aggregate Available 212,324
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the U. S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the U.S. (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
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, section Principles of Consolidation in our 2024 Form 10-K.
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, section Use of Estimates in our 2024 Form 10-K.
Equity Method Investments
Equity Method Investments
We account for investments in entities based on the level of ownership and the ability to exercise significant influence over operating and financial policies. If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is 50% or less, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. These investments are presented as investments in unconsolidated affiliates on our condensed consolidated balance sheets.
Income or loss from equity-method investees is reported in equity in earnings (loss) of unconsolidated affiliates on our condensed consolidated statements of operations, and the related carrying value is presented as investments in unconsolidated affiliates on our condensed consolidated balance sheets. Distributions received from equity method investees, if any, are recorded as reductions to the carrying value of the investment on our condensed consolidated balance sheets. Our equity in earnings (loss) of unconsolidated affiliates is adjusted for profit (loss) incurred from sales transactions. Such profit is amortized into equity in earnings (loss) of unconsolidated affiliates on our condensed consolidated statements of operations over the remaining useful lives of the underlying assets.
When timely financial information of an equity method investee is not available, we record our share of the investee’s results on a one-quarter reporting lag using the best estimate, consistent with ASC 323 Investments — Equity Method and Joint Ventures (“ASC 323”). We believe this approach is reasonable and consistently applied. We evaluate whether any events or transactions during the lag period would materially affect our consolidated financial position or results of operations and, if so, record appropriate adjustments in the current period.
An impairment of an investment in an unconsolidated affiliate is recognized when circumstances indicate that a decline in the investment value is other-than-temporary.
Accounting Guidance Not Yet Adopted and Recent Accounting Pronouncements
Accounting Guidance Not Yet Adopted
Refer to the accounting guidance not yet adopted described in Part II, Item 8, Note 2 — Summary of Significant Accounting Policies, section Accounting Guidance Not Yet Adopted in our 2024 Form 10-K. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2025-05 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient for all entities when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606 Revenue from Contracts with Customers. Under the practical expedient, when developing reasonable and supportable forecast as part of estimating expected credit losses, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is effective for annual reporting period beginning after December 15, 2025, and interim reporting within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. We are currently evaluating the impact of ASU 2025-05 on our condensed consolidated financial statements.
In September 2025, FASB issued ASU 2025-06 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40). The ASU eliminates references to prescriptive and sequential software development stages within Subtopic 350-40. Under the revised guidance, entities must begin capitalizing software costs once both of the following conditions are met: (a) management has approved and committed funding for the software project; (b) it is probable that the project will be completed and the software will be used as intended (the “probable-to-complete” threshold). The ASU is effective for annual reporting period beginning after December 15, 2027, and interim reporting within those annual reporting periods. Early adoption is
permitted as of the beginning of an annual reporting period. We are currently evaluating the impact of ASU 2025-06 on our condensed consolidated financial statements.
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
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):
September 30,December 31,
 20252024
Accounts receivable$411,653 $335,841 
Contract assets258,884 145,162 
Customer deposits34,644 220,115 
Deferred revenue 53,675 66,304 
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
 
Beginning balance$129,798 $90,388 $145,162 $41,366 
Transferred to accounts receivable from contract assets recognized at the beginning of the period(31,638)(17,193)(99,699)(28,926)
Revenue recognized and not billed as of the end of the period160,724 47,879 213,421 108,634 
Ending balance$258,884 $121,074 $258,884 $121,074 
Deferred revenue activity during the three and nine months ended September 30, 2025, and 2024, consisted of the following (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
 
Beginning balance$56,172 $55,965 $66,304 $72,328 
Additions331,487 245,547 862,407 651,461 
Revenue recognized(333,984)(246,167)(875,036)(668,444)
Ending balance$53,675 $55,345 $53,675 $55,345 
Schedule of Disaggregation of Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenue from contracts with customers: 
Product revenue $384,314 $233,770 $892,794 $613,442 
Installation revenue 65,773 32,052 136,796 86,229 
Service revenue
 58,607 50,761 166,604 159,752 
Electricity revenue 4,637 5,213 32,655 15,012 
Total revenue from contract with customers513,331 321,796 1,228,849 874,435 
Revenue from contracts that contain leases:
Electricity revenue5,717 8,603 17,462 27,028 
Total revenue$519,048 $330,399 $1,246,311 $901,463 
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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):
September 30,December 31,
 20252024
As Held:
Cash$102,776 $201,613 
Money market funds524,239 749,358 
$627,015 $950,971 
As Reported:
Cash and cash equivalents$595,055 $802,851 
Restricted cash31,960 148,120 
$627,015 $950,971 
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):
September 30,December 31,
 20252024
As Held:
Cash$102,776 $201,613 
Money market funds524,239 749,358 
$627,015 $950,971 
As Reported:
Cash and cash equivalents$595,055 $802,851 
Restricted cash31,960 148,120 
$627,015 $950,971 
Restricted cash consisted of the following (in thousands):
September 30,December 31,
 20252024
Restricted cash, current
$8,474 $110,622 
Restricted cash, non-current
23,486 37,498 
$31,960 $148,120 
v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
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 and liabilities 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):
Fair Value Measured at Reporting Date Using
September 30, 2025Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$524,239 $— $— $524,239 
$524,239 $— $— $524,239 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,472 $5,472 
$— $— $5,472 $5,472 
 Fair Value Measured at Reporting Date Using
December 31, 2024Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$749,358 $— $— $749,358 
$749,358 $— $— $749,358 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,070 $5,070 
$— $— $5,070 $5,070 
Schedule of Change in Level 3 Financial Liabilities
The changes in the Level 3 financial liabilities during the nine months ended September 30, 2025, were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2024
$5,070 
Changes in fair value402 
Liabilities at September 30, 2025
$5,472 
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):
 September 30, 2025December 31, 2024
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
3.0% Green Convertible Senior Notes due June 20291
$505,995 $2,188,257 $391,239 $532,789 
3.0% Green Convertible Senior Notes due June 20281
622,048 2,906,844 619,111 872,344 
2.5% Green Convertible Senior Notes due August 2025
— — 114,385 163,875 
Non-recourse:
4.6% Term Loan due October 2026
$2,849 $3,035 $2,705 $2,856 
4.6% Term Loan due April 2026
1,424 1,567 1,352 1,482 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.
v3.25.3
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
The components of inventory consisted of the following (in thousands):
September 30,December 31,
 20252024
Raw materials$353,186 $315,735 
Work-in-progress110,492 79,601 
Finished goods241,318 149,320 
$704,996 $544,656 
Schedule of Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
September 30,December 31,
 20252024
 
Tax receivables$7,315 $4,981 
Prepaid hardware and software maintenance7,205 7,972 
Prepaid managed services4,470 5,230 
Receivables from employees2,275 3,259 
Prepaid rent1,899 21 
Interest receivable1,657 1,316 
Deferred expenses1,562 1,215 
Prepaid corporate insurance1,534 6,774 
Prepaid deferred commissions1,416 1,123 
Deposits made300 348 
Prepaid medical insurance259 177 
Prepaid workers compensation52 620 
Other prepaid expenses and other current assets14,799 13,167 
$44,743 $46,203 
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following (in thousands):
September 30,December 31,
 20252024
  
Vehicles, machinery and equipment$226,312 $200,004 
Energy Server systems165,629 165,629 
Leasehold improvements133,158 122,413 
Construction-in-progress80,537 86,731 
Building53,370 53,221 
Computers, software and hardware35,420 33,910 
Furniture and fixtures11,726 10,943 
706,152 672,851 
Less: accumulated depreciation(305,792)(269,376)
$400,360 $403,475 
Schedule of Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
September 30,December 31,
20252024
 
Deferred commissions$13,329 $13,372 
Deferred expenses8,126 8,776 
Deposits made3,187 3,123 
Long-term lease receivable2,456 3,159 
Deferred tax asset1,853 1,888 
Prepaid managed services1,324 1,317 
Prepaid and other long-term assets14,132 14,501 
$44,407 $46,136 
Schedule of Product Warranty Liability And Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
September 30,December 31,
20252024
Product performance$11,035 $13,697 
Product warranty3,647 2,862 
$14,682 $16,559 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2024
$16,559 
Accrued warranty, net and product performance liabilities
15,101 
Product performance expenditures during the period
(16,978)
Balances at September 30, 2025
$14,682 
Schedule of Accrued Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
September 30,December 31,
 20252024
 
Compensation and benefits$63,874 $67,682 
General invoice and purchase order accruals59,599 43,652 
Sales-related liabilities13,407 4,714 
Interest payable11,947 3,927 
Accrued legal expenses4,587 1,198 
Accrued installation3,730 1,660 
Sales tax liabilities3,513 10,215 
Interim VAT liability2,197 1,109 
Provision for income tax1,470 784 
Finance lease liability1,113 981 
Unfunded investment commitment (Note 11)
720 — 
Accrued consulting expenses659 1,254 
Current portion of derivative liabilities483 482 
Accrued service fees159 — 
Accrued restructuring costs99 341 
Other847 451 
$168,404 $138,450 
v3.25.3
Investments in Unconsolidated Affiliates (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates As of September 30, 2025, the Company holds equity interests in the following Fund JVs:

Bloom Equity Interest as of September 30, 2025
AI Fund JVs
Bolt US Class A JVCo LLC4.3%
Bolt US JVCo LLC4.3%
Other JVs
ORC HoldCo LLC15.0%
Changes in the investment balance for the nine months ended September 30, 2025, were as follows (in thousands):
Balances at December 31, 2024
$— 
Current period investment in unconsolidated affiliates
25,290 
Equity in loss of unconsolidated affiliates
(19,599)
Accrued expense and other current liabilities
248 
Balances at September 30, 2025
$5,939 
v3.25.3
Outstanding Loans and Security Agreements (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our debt as of September 30, 2025 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3.0% Green Convertible Senior Notes due June 2029
$518,225 $— $505,995 $505,995 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
632,500 — 622,048 622,048 3.0%June 2028Company
Total recourse debt1,150,725 — 1,128,043 1,128,043 
4.6% Term Loan due October 2026
2,849 — 2,849 2,849 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,424 1,424 — 1,424 4.6%April 2026Korean JV
Total non-recourse debt4,273 1,424 2,849 4,273 
Total debt$1,154,998 $1,424 $1,130,892 $1,132,316 
The following is a summary of our debt as of December 31, 2024 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3.0% Green Convertible Senior Notes due June 2029
$402,500 $— $391,239 $391,239 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
632,500 — 619,111 619,111 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
115,000 114,385 — 114,385 2.5%August 2025Company
Total recourse debt1,150,000 114,385 1,010,350 1,124,735 
4.6% Term Loan due October 2026
2,705 — 2,705 2,705 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,352 — 1,352 1,352 4.6%April 2026Korean JV
Total non-recourse debt4,057 — 4,057 4,057 
Total debt$1,154,057 $114,385 $1,014,407 $1,128,792 
Schedule of Repayment and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2025 (in thousands):
Remainder of 2025$— 
20264,273 
2027— 
2028632,500 
2029518,225 
Thereafter— 
$1,154,998 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Assets and Liabilities Leases
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025, and December 31, 2024, were as follows (in thousands):
September 30,December 31,
20252024
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$112,677 $122,489 
Current operating lease liabilities(21,438)(19,642)
Non-current operating lease liabilities(112,188)(124,523)
Total operating lease liabilities(133,626)(144,165)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
3,495 3,214 
Current finance lease liabilities5
(1,113)(981)
Non-current finance lease liabilities6
(2,648)(2,450)
Total finance lease liabilities(3,761)(3,431)
Total lease liabilities$(137,387)$(147,596)
1 These assets primarily include leases for facilities, Energy Server systems, 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.
Schedule of Lease, Cost
The components of our lease costs for the three and nine months ended September 30, 2025, and 2024, were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating lease costs$8,044 $9,048 $23,967 $26,990 
Financing lease costs:
Amortization of right-of-use assets308 120 699 611 
Interest on lease liabilities88 61 259 190 
Total financing lease costs396 181 958 801 
Short-term lease costs616 36 1,853 68 
Total lease costs$9,056 $9,265 $26,778 $27,859 
Weighted average remaining lease terms and discount rates for our leases as of September 30, 2025, and December 31, 2024, were as follows:
September 30,December 31,
20252024
Weighted average remaining lease term:
Operating leases6.2 years6.7 years
Finance leases3.5 years3.7 years
Weighted average discount rate:
Operating leases10.5 %10.6 %
Finance leases9.2 %9.2 %
Schedule of Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
Schedule of Lessee, Operating Lease, Liability, Maturity
Future lease payments under lease agreements as of September 30, 2025, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$8,478 $379 
202633,983 1,346 
202733,379 1,193 
202827,941 864 
202921,298 546 
203019,061 41 
Thereafter41,116 — 
Total minimum lease payments185,256 4,369 
Less: amounts representing interest or imputed interest(51,630)(608)
Present value of lease liabilities$133,626 $3,761 
At September 30, 2025, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2025$6,291 
202623,794 
202717,931 
202812,275 
20297,637 
Thereafter19,897 
Total minimum lease payments87,825 
Less: imputed interest(42,059)
Present value of net minimum lease payments45,766 
Less: current financing obligations(36,556)
Long-term financing obligations$9,210 
v3.25.3
Stock-Based Compensation and Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Disclosure [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):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Cost of revenue$5,719 $3,778 $16,262 $11,702 
Research and development8,205 5,313 23,945 16,405 
Sales and marketing7,145 2,684 16,975 8,044 
General and administrative17,084 5,282 43,350 19,189 
$38,153 $17,057 $100,532 $55,340 
Schedule of Stock Option Activity
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
 (in thousands)
Balances at December 31, 2024
7,432,821 $18.72 4.1$53,453 
Granted111,504 22.24 
PSOs adjustment431,249 — 
Exercised(1,652,241)23.77 
Forfeited / Expired
(228,973)30.62 
Balances at September 30, 2025
6,094,360 16.30 4.5416,054 
Vested and expected to vest at September 30, 2025
5,921,046 16.46 4.4403,305 
Exercisable at September 30, 2025
5,137,484 $17.32 3.7$345,525 
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
 Plan Shares Available
for Grant
Balances at December 31, 2024
35,263,475 
Added to plan9,978,870 
Granted(5,537,994)
Cancelled/Forfeited2,362,805 
Expired(214,023)
Balances at September 30, 2025
41,853,133 
Schedule of Weighted-Average Valuation Assumptions
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Risk-free interest rate3.9%3.7%
3.9% - 4.1%
3.7% - 4.4%
Expected term (years)6.16.06.16.0
Expected dividend yield————
Expected volatility93.9%95.3%
93.4% - 93.9%
95.3% - 97.1%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Risk-free interest rate
3.8% - 4.3%
4.1% - 5.3%
 3.8% - 5.0%
4.1% - 5.6%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected dividend yield————
Expected volatility
80.5% - 115.2%
62.4% - 78.7%
66.2% - 115.2%
54.1% - 78.7%
Schedule of Stock Award Activity
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2024
12,896,465 $16.29 
Granted4,994,872 23.46 
Vested(4,358,653)14.41 
Forfeited(2,133,845)14.51 
Unvested Balance at September 30, 2025
11,398,839 $19.84 
v3.25.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Our operations include the following related party transactions (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Total related party revenue1
$287,985 $126,627 $317,845 $335,641 
Cost of product revenue2
— 48 — 122 
General and administrative expenses3
63 164 434 525 
Interest expense4
5 51 101 153 
Equity in loss of unconsolidated affiliates5
19,599 — 19,599 — 
1 Includes total revenue related to (a) Korean JV, (b) the Fund JVs and (c) SK ecoplant, which no longer a related party since July 10, 2025.
2 Includes expenses billed by SK ecoplant to Korean JV for headcount support, maintenance and other services.
3 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV.
4 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2024 (see Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our Annual Form 10-K for the fiscal year ended December 31, 2024).
5 Represent equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
Below is the summary of outstanding related party balances as of September 30, 2025, and December 31, 2024 (in thousands):
 September 30,December 31,
20252024
   
Accounts receivable
$38,513 $93,510 
Contract assets
88,198 800 
Prepaid expenses and other current assets
— 1,215 
Investments in unconsolidated affiliates5,939 — 
Operating lease right-of-use assets1
— 1,385 
Other long-term assets
— 8,776 
Accrued warranty— 1,205 
Accrued expenses and other current liabilities
3,468 3,989 
Deferred revenue and customer deposits, current
— 8,857 
Operating lease liabilities, current1
— 442 
Deferred revenue and customer deposits, long-term
— 3,335 
Operating lease liabilities, non-current1
— 977 
Non-recourse debt, non-current2
— 4,057 
1 Balances relate to operating leases entered between Korean JV and SK ecoplant.
2 Represents the total balance of two term loans entered between Korean JV and SK ecoplant in fiscal year 2024 (see Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2024 Form 10-K).
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of September 30, 2025, and December 31, 2024 (in thousands):
September 30,December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$14,895 $15,767 
Accounts receivable19 2,515 
Inventories17,249 15,020 
Prepaid expenses and other current assets4,069 3,361 
Total current assets36,232 36,663 
Property, plant and equipment, net
1,524 1,796 
Operating lease right-of-use assets1,271 1,663 
Other long-term assets42 40 
Total assets$39,069 $40,162 
September 30,December 31,
20252024
Liabilities
Current liabilities:
Accounts payable$3,316 $7,693 
Accrued expenses and other current liabilities2,795 2,154 
Operating lease liabilities513 442 
Non-recourse debt1,424 — 
Total current liabilities8,048 10,289 
Operating lease liabilities636 977 
Non-recourse debt2,849 4,057 
Total liabilities$11,533 $15,323 
v3.25.3
Net Earnings per Share Available to Common Stockholders (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following common stock equivalents were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three and nine months presented as their inclusion would have been antidilutive (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Convertible notes62,029 59,955 59,206 53,357 
Stock options and awards15,519 2,764 16,048 3,084 
77,548 62,719 75,254 56,441 
v3.25.3
Nature of Business, Liquidity and Basis of Presentation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
May 07, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Aug. 15, 2025
May 29, 2024
Aug. 31, 2020
Subsidiary, Sale of Stock [Line Items]                  
Cash provided by (used in) operating activity, discontinued operation   $ 19,700              
Long-term debt   1,132,316   $ 1,132,316   $ 1,128,792      
Short-term debt   1,400   1,400   114,400      
Long-term portion of debt   1,130,892   1,130,892   1,014,407      
Interest payable   11,947   11,947   3,927      
Loss on extinguishment of debt   0 $ 0 32,340 $ 27,182        
Unpaid principal balance   $ 1,154,998   $ 1,154,998   $ 1,154,057      
Sales Revenue, Net | Customer Concentration Risk | Customer One                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage   55.00% 38.00% 23.00% 37.00%        
Sales Revenue, Net | Customer Concentration Risk | Customer Two                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     20.00% 19.00% 21.00%        
Sales Revenue, Net | Customer Concentration Risk | Customer Three                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     10.00% 15.00%          
Accounts Receivable | Customer Concentration Risk | Customer One                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       26.00%   28.00%      
Accounts Receivable | Customer Concentration Risk | Customer Two                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       22.00%   28.00%      
Accounts Receivable | Customer Concentration Risk | Customer Three                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       17.00%   20.00%      
UNITED STATES | Sales Revenue, Net | Geographic Concentration Risk                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage   92.00% 52.00% 72.00% 60.00%        
Recourse Debt                  
Subsidiary, Sale of Stock [Line Items]                  
Long-term debt   $ 1,128,043   $ 1,128,043   $ 1,124,735      
Long-term portion of debt   1,128,043   1,128,043   1,010,350      
Unpaid principal balance   1,150,725   1,150,725   1,150,000      
Non-Recourse Debt                  
Subsidiary, Sale of Stock [Line Items]                  
Long-term debt   4,273   4,273   4,057      
Long-term portion of debt   2,849   2,849   4,057      
Unpaid principal balance   $ 4,273   4,273   4,057      
Senior Secured Notes                  
Subsidiary, Sale of Stock [Line Items]                  
Loss on extinguishment of debt       $ 32,300          
Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025                  
Subsidiary, Sale of Stock [Line Items]                  
Long-term portion of debt           $ 0      
Debt instrument, interest rate, stated percentage   2.50%   2.50%   2.50%     2.50%
Debt conversion, original debt, amount $ 112,800                
Interest payable 700                
Unpaid principal balance           $ 115,000 $ 2,200    
Senior Secured Notes | 3.0% Green Convertible Senior Notes due June 2029                  
Subsidiary, Sale of Stock [Line Items]                  
Long-term portion of debt   $ 505,995   $ 505,995   $ 391,239      
Debt instrument, interest rate, stated percentage   3.00%   3.00%   3.00%   3.00%  
Debt conversion, converted instrument, amount $ 115,700                
Unpaid principal balance   $ 518,225   $ 518,225   $ 402,500      
v3.25.3
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]            
Accounts receivable $ 411,653   $ 335,841      
Contract assets 258,884 $ 129,798 145,162 $ 121,074 $ 90,388 $ 41,366
Customer deposits 34,644   220,115      
Deferred revenue $ 53,675   $ 66,304      
v3.25.3
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]    
Increase in accounts receivable $ 75,800  
Increase (decrease) in contract assets [1] 113,722 $ 79,708
Decrease in customer deposits 185,500  
Product    
Disaggregation of Revenue [Line Items]    
Unsatisfied performance obligations 88,500  
Service    
Disaggregation of Revenue [Line Items]    
Unsatisfied performance obligations $ 15,900  
Minimum | Product    
Disaggregation of Revenue [Line Items]    
Revenue remaining performance obligation, unsatisfied, period 1 year  
Minimum | Service    
Disaggregation of Revenue [Line Items]    
Revenue remaining performance obligation, unsatisfied, period 1 year  
Maximum | Product    
Disaggregation of Revenue [Line Items]    
Revenue remaining performance obligation, unsatisfied, period 2 years  
Maximum | Service    
Disaggregation of Revenue [Line Items]    
Revenue remaining performance obligation, unsatisfied, period 18 years  
[1] Including changes in related party balances of $87.4 million and $6.1 million for the nine months ended September 30, 2025, and 2024, respectively.
v3.25.3
Revenue Recognition - Contract Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 129,798 $ 90,388 $ 145,162 $ 41,366
Transferred to accounts receivable from contract assets recognized at the beginning of the period (31,638) (17,193) (99,699) (28,926)
Revenue recognized and not billed as of the end of the period 160,724 47,879 213,421 108,634
Ending balance $ 258,884 $ 121,074 $ 258,884 $ 121,074
v3.25.3
Revenue Recognition - Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Contract With Customer, Liability, Deferred Revenue [Roll Forward]        
Beginning balance $ 56,172 $ 55,965 $ 66,304 $ 72,328
Additions 331,487 245,547 862,407 651,461
Revenue recognized (333,984) (246,167) (875,036) (668,444)
Ending balance $ 53,675 $ 55,345 $ 53,675 $ 55,345
v3.25.3
Revenue Recognition - Revenue by Source (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
category
Sep. 30, 2024
USD ($)
Disaggregation of Revenue [Line Items]        
Number of revenue streams | category     4  
Total revenue from contract with customers $ 513,331 $ 321,796 $ 1,228,849 $ 874,435
Total revenue [1] 519,048 330,399 1,246,311 901,463
Product revenue        
Disaggregation of Revenue [Line Items]        
Total revenue from contract with customers 384,314 233,770 892,794 613,442
Total revenue [1] 384,314 233,770 892,794 613,442
Installation revenue        
Disaggregation of Revenue [Line Items]        
Total revenue from contract with customers 65,773 32,052 136,796 86,229
Total revenue [1] 65,773 32,052 136,796 86,229
Service revenue        
Disaggregation of Revenue [Line Items]        
Total revenue from contract with customers 58,607 50,761 166,604 159,752
Total revenue [1] 58,607 50,761 166,604 159,752
Electricity revenue        
Disaggregation of Revenue [Line Items]        
Total revenue from contract with customers 4,637 5,213 32,655 15,012
Revenue from contracts that contain leases 5,717 8,603 17,462 27,028
Total revenue [1] $ 10,354 $ 13,816 $ 50,117 $ 42,040
[1] Including related party revenue of $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively, and $126.6 million and $335.6 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents [1] $ 595,055 $ 802,851    
Restricted cash 31,960 148,120    
Cash, cash equivalents and restricted cash 627,015 950,971 $ 549,151 $ 745,178
Cash        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash 102,776 201,613    
Money market funds        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash $ 524,239 $ 749,358    
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.25.3
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Restricted cash, current $ 8,474 $ 110,622
Restricted cash, non-current 23,486 37,498
Restricted cash $ 31,960 $ 148,120
v3.25.3
Financial Instruments - Narrative (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2024
USD ($)
MW
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Cash and Cash Equivalents [Line Items]          
Energy servers power | MW 100        
Cash proceeds from derecognition of accounts receivable   $ 0 $ 81,900,000 $ 0 $ 184,200,000
Costs of factoring     $ 1,600,000   $ 4,000,000
Letter of Credit | Line of Credit          
Cash and Cash Equivalents [Line Items]          
Maximum borrowing capacity $ 100,000,000        
v3.25.3
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Total assets $ 524,239 $ 749,358
Liabilities    
Total liabilities 5,472 5,070
Money market funds    
Assets    
Money market funds 524,239 749,358
Embedded EPP derivatives    
Liabilities    
Embedded EPP derivatives 5,472 5,070
Level 1    
Assets    
Total assets 524,239 749,358
Liabilities    
Total liabilities 0 0
Level 1 | Money market funds    
Assets    
Money market funds 524,239 749,358
Level 1 | Embedded EPP derivatives    
Liabilities    
Embedded EPP 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    
Embedded EPP derivatives 0 0
Level 3    
Assets    
Total assets 0 0
Liabilities    
Total liabilities 5,472 5,070
Level 3 | Money market funds    
Assets    
Money market funds 0 0
Level 3 | Embedded EPP derivatives    
Liabilities    
Embedded EPP derivatives $ 5,472 $ 5,070
v3.25.3
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 5,070
Changes in fair value 402
Ending balance $ 5,472
v3.25.3
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
May 29, 2024
Aug. 31, 2020
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt instrument, interest rate, stated percentage 3.00% 3.00% 3.00%  
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 505,995 $ 391,239    
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 2,188,257 $ 532,789    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt instrument, interest rate, stated percentage 3.00% 3.00%    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 622,048 $ 619,111    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 2,906,844 $ 872,344    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt instrument, interest rate, stated percentage 2.50% 2.50%   2.50%
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 0 $ 114,385    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 0 $ 163,875    
4.6% Term Loan due October 2026 | Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt instrument, interest rate, stated percentage 4.60% 4.60%    
4.6% Term Loan due October 2026 | Term Loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 2,849 $ 2,705    
4.6% Term Loan due October 2026 | Term Loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 3,035 $ 2,856    
4.6% Term Loan due April 2026 | Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt instrument, interest rate, stated percentage 4.60% 4.60%    
4.6% Term Loan due April 2026 | Term Loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 1,424 $ 1,352    
4.6% Term Loan due April 2026 | Term Loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Total $ 1,567 $ 1,482    
v3.25.3
Fair Value - Narrative (Details) - USD ($)
$ in Thousands
May 07, 2025
Sep. 30, 2025
Aug. 15, 2025
Dec. 31, 2024
May 29, 2024
Aug. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Unpaid Principal Balance   $ 1,154,998   $ 1,154,057    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Debt instrument, interest rate, stated percentage   2.50%   2.50%   2.50%
Debt conversion, original debt, amount $ 112,800          
Unpaid Principal Balance     $ 2,200 $ 115,000    
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Debt instrument, interest rate, stated percentage   3.00%   3.00% 3.00%  
Debt conversion, converted instrument, amount $ 115,700          
Unpaid Principal Balance   $ 518,225   $ 402,500    
v3.25.3
Balance Sheet Components - Inventories, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Raw materials $ 353,186 $ 315,735
Work-in-progress 110,492 79,601
Finished goods 241,318 149,320
Inventory, net [1] 704,996 544,656
Inventory reserves 38,900 $ 15,900
Electrolyzer Inventory    
Property, Plant and Equipment [Line Items]    
Inventory reserves $ 19,700  
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.25.3
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Tax receivables $ 7,315 $ 4,981
Prepaid hardware and software maintenance 7,205 7,972
Prepaid managed services 4,470 5,230
Receivables from employees 2,275 3,259
Prepaid rent 1,899 21
Interest receivable 1,657 1,316
Deferred expenses 1,562 1,215
Prepaid corporate insurance 1,534 6,774
Prepaid deferred commissions 1,416 1,123
Deposits made 300 348
Prepaid medical insurance 259 177
Prepaid workers compensation 52 620
Other prepaid expenses and other current assets 14,799 13,167
Total prepaid expenses and other current assets [1],[2] $ 44,743 $ 46,203
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025
v3.25.3
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 706,152 $ 672,851
Less: accumulated depreciation (305,792) (269,376)
Property, plant and equipment, net [1] 400,360 403,475
Vehicles, machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 226,312 200,004
Energy Server systems    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 165,629 165,629
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 133,158 122,413
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 80,537 86,731
Building    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 53,370 53,221
Computers, software and hardware    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 35,420 33,910
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 11,726 $ 10,943
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.25.3
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization     $ 37,382 $ 39,165
Property, plant and equipment        
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization $ 12,800 $ 13,300 $ 37,400 $ 39,200
v3.25.3
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred commissions $ 13,329 $ 13,372
Deferred expenses 8,126 8,776
Deposits made 3,187 3,123
Long-term lease receivable 2,456 3,159
Deferred tax asset 1,853 1,888
Prepaid managed services 1,324 1,317
Prepaid and other long-term assets 14,132 14,501
Other long-term assets [1],[2] $ 44,407 $ 46,136
[1] Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[2] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.25.3
Balance Sheet Components - Accrued Warranty and Product Performance Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product performance $ 11,035 $ 13,697
Product warranty 3,647 2,862
Accrued warranty liabilities $ 14,682 $ 16,559
v3.25.3
Balance Sheet Components - Standard Product Warranty Liability (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Accrued warranty and product performance liabilities, beginning balance $ 16,559
Accrued warranty, net and product performance liabilities 15,101
Product performance expenditures during the period (16,978)
Accrued warranty and product performance liabilities, ending balance $ 14,682
v3.25.3
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Compensation and benefits $ 63,874 $ 67,682
General invoice and purchase order accruals 59,599 43,652
Sales-related liabilities 13,407 4,714
Interest payable 11,947 3,927
Accrued legal expenses 4,587 1,198
Accrued installation 3,730 1,660
Sales tax liabilities 3,513 10,215
Interim VAT liability 2,197 1,109
Provision for income tax 1,470 784
Finance lease liability 1,113 981
Unfunded investment commitment (Note 11) 720 0
Accrued consulting expenses 659 1,254
Current portion of derivative liabilities 483 482
Accrued service fees 159 0
Accrued restructuring costs 99 341
Other 847 451
Accrued other current liabilities [1],[2] $ 168,404 $ 138,450
[1] Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.
[2] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.25.3
Balance Sheet Components - Preferred Stock (Details) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
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 $ 0.0001
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Series B Redeemable Convertible Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, authorized (in shares) 13,491,701 13,491,701
Preferred stock, par or stated (in dollars per share) $ 0.0001 $ 0.0001
v3.25.3
Investments in Unconsolidated Affiliates - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 28, 2025
joint_venture
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Aug. 31, 2025
Aug. 27, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]              
Equity in loss of unconsolidated affiliates [1]   $ 19,599 $ 0 $ 19,599 $ 0    
Subsequent Event              
Schedule of Equity Method Investments [Line Items]              
Number of joint ventures | joint_venture 2            
Financing Structure              
Schedule of Equity Method Investments [Line Items]              
Equity method investment, maximum amount of investment             $ 5,000,000
Equity method investment, term             5 years
Short Term AI Fund | Subsequent Event              
Schedule of Equity Method Investments [Line Items]              
Equity method investment, maximum term 5 years            
Equity method investment, maximum percent of equity amount 9.90%            
Long Term AI Fund | Subsequent Event              
Schedule of Equity Method Investments [Line Items]              
Equity method investment, maximum term 5 years            
Equity method investment, maximum percent of equity amount 9.90%            
Equity method investment, maximum percent of investment amount 2.00%            
Brookfield              
Schedule of Equity Method Investments [Line Items]              
Interest owns percentage           15.00%  
Fund JVs              
Schedule of Equity Method Investments [Line Items]              
Equity Method Investment, Capital Commitement   41,800   $ 41,800      
Equity in loss of unconsolidated affiliates   $ 19,600          
[1] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Investments in Unconsolidated Affiliates - Schedule of Interest Entities (Details)
Sep. 30, 2025
Bolt US Class A JVCo LLC  
Schedule of Equity Method Investments [Line Items]  
Interest owns percentage 4.30%
Bolt US JVCo LLC  
Schedule of Equity Method Investments [Line Items]  
Interest owns percentage 4.30%
ORC HoldCo LLC  
Schedule of Equity Method Investments [Line Items]  
Interest owns percentage 15.00%
v3.25.3
Investments in Unconsolidated Affiliates - Changes In Investments Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Roll Forward]        
Balances at December 31, 2024 [1]     $ 0  
Current period investment in unconsolidated affiliates     25,290  
Equity in loss of unconsolidated affiliates [2] $ 19,599 $ 0 19,599 $ 0
Accrued expense and other current liabilities     248  
Balances at September 30, 2025 [1] $ 5,939   $ 5,939  
[1] Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[2] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Aug. 15, 2025
Dec. 31, 2024
May 29, 2024
Aug. 31, 2020
Debt Instrument [Line Items]          
Unpaid Principal Balance $ 1,154,998   $ 1,154,057    
Current 1,424   114,385    
Long- Term 1,130,892   1,014,407    
Total 1,132,316   1,128,792    
Recourse Debt          
Debt Instrument [Line Items]          
Unpaid Principal Balance 1,150,725   1,150,000    
Current 0   114,385    
Long- Term 1,128,043   1,010,350    
Total 1,128,043   1,124,735    
Non-Recourse Debt          
Debt Instrument [Line Items]          
Unpaid Principal Balance 4,273   4,057    
Current 1,424   0    
Long- Term 2,849   4,057    
Total $ 4,273   $ 4,057    
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 3.00%   3.00% 3.00%  
Unpaid Principal Balance $ 518,225   $ 402,500    
Current 0   0    
Long- Term 505,995   391,239    
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Net Carrying Value          
Debt Instrument [Line Items]          
Total $ 505,995   $ 391,239    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 3.00%   3.00%    
Unpaid Principal Balance $ 632,500   $ 632,500    
Current 0   0    
Long- Term 622,048   619,111    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Net Carrying Value          
Debt Instrument [Line Items]          
Total $ 622,048   $ 619,111    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 2.50%   2.50%   2.50%
Unpaid Principal Balance   $ 2,200 $ 115,000    
Current     114,385    
Long- Term     0    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Net Carrying Value          
Debt Instrument [Line Items]          
Total $ 0   $ 114,385    
4.6% Term Loan due October 2026 | Term Loan          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 4.60%   4.60%    
Unpaid Principal Balance $ 2,849   $ 2,705    
Current 0   0    
Long- Term 2,849   2,705    
4.6% Term Loan due October 2026 | Term Loan | Net Carrying Value          
Debt Instrument [Line Items]          
Total $ 2,849   $ 2,705    
4.6% Term Loan due April 2026 | Term Loan          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 4.60%   4.60%    
Unpaid Principal Balance $ 1,424   $ 1,352    
Current 1,424   0    
Long- Term 0   1,352    
4.6% Term Loan due April 2026 | Term Loan | Net Carrying Value          
Debt Instrument [Line Items]          
Total $ 1,424   $ 1,352    
v3.25.3
Outstanding Loans and Security Agreements - Recourse Debt Facilities Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 15, 2025
May 07, 2025
May 06, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
May 29, 2024
Aug. 31, 2020
Debt Instrument [Line Items]                    
Interest expense [1]       $ 14,390 $ 16,763 $ 43,241 $ 46,685      
Interest payable       11,947   11,947   $ 3,927    
Loss on extinguishment of debt       0 0 32,340 27,182      
Premium on convertible debt (Note 8)           28,247        
Unpaid Principal Balance       1,154,998   1,154,998   $ 1,154,057    
Interest expense       $ 10,400 10,500 31,300 26,800      
Additional Paid-In Capital                    
Debt Instrument [Line Items]                    
Premium on convertible debt (Note 8)   $ 28,200       28,247        
Senior Secured Notes                    
Debt Instrument [Line Items]                    
Loss on extinguishment of debt           $ 32,300        
Write-off of unamortized debt issuance costs   200                
Adjustments to additional paid in capital, convertible debt adjustments $ 2,200                  
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes                    
Debt Instrument [Line Items]                    
Debt instrument, interest rate, stated percentage       3.00%   3.00%   3.00% 3.00%  
Interest expense       $ 4,700 3,700 $ 12,600 5,000      
Interest expense, contractual       3,900 3,000 10,400 4,100      
Other issuance costs       800 700 2,200 900      
Unamortized debt issuance costs   3,300   12,200   12,200   $ 11,300    
Debt conversion, converted instrument, amount   $ 115,700                
Debt instrument, interest rate   3.20% 3.80%              
Unpaid Principal Balance       $ 518,225   $ 518,225   $ 402,500    
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Class A common stock                    
Debt Instrument [Line Items]                    
Debt instrument, convertible, number of shares available for conversion (in shares)       32,944,961   32,944,961   25,588,011    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes                    
Debt Instrument [Line Items]                    
Debt instrument, interest rate, stated percentage       3.00%   3.00%   3.00%    
Interest expense       $ 5,700   $ 17,100        
Interest expense, contractual         4,700   14,100      
Other issuance costs         1,000   3,000      
Unamortized debt issuance costs       10,400   10,400   $ 13,400    
Unpaid Principal Balance       $ 632,500   $ 632,500   $ 632,500    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Class A common stock                    
Debt Instrument [Line Items]                    
Debt instrument, convertible, number of shares available for conversion (in shares)       47,807,955   47,807,955   47,807,955    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes                    
Debt Instrument [Line Items]                    
Debt instrument, interest rate, stated percentage       2.50%   2.50%   2.50%   2.50%
Interest expense         1,000 $ 1,400 4,500      
Interest expense, contractual         700 1,100 3,300      
Unamortized debt issuance costs               $ 600    
Amortization of issuance costs         $ 300 $ 300 $ 1,200      
Debt conversion, original debt, amount   $ 112,800                
Interest payable   $ 700                
Debt instrument, interest rate   1.70% 3.30%              
Unpaid Principal Balance $ 2,200             $ 115,000    
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Class A common stock                    
Debt Instrument [Line Items]                    
Debt instrument, convertible, number of shares available for conversion (in shares)               8,866,615    
Debt conversion, converted instrument, shares issued 137,606                  
[1] Including related party interest expense of $0.1 million for the nine months ended September 30, 2025, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential.
v3.25.3
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Long-term Debt, Fiscal Year Maturity [Abstract]    
Remainder of 2025 $ 0  
2026 4,273  
2027 0  
2028 632,500  
2029 518,225  
Thereafter 0  
Total $ 1,154,998 $ 1,154,057
v3.25.3
Leases - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]          
Rent expense $ 5,300 $ 5,600 $ 15,800 $ 16,800  
Total revenue from contract with customers 513,331 321,796 1,228,849 874,435  
Total lease costs 9,056 9,265 26,778 27,859  
Operating lease right-of-use assets [1],[2] 112,677   112,677   $ 122,489
Present value of lease liabilities 133,626   133,626   144,165
Non-current operating lease liabilities [1],[3] 112,188   112,188   124,523
Financing obligation, noncurrent 209,768   209,768   244,132
Successful Sale-And-Leaseback Transactions          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets 41,200   41,200   47,200
Present value of lease liabilities 44,400   44,400   50,400
Non-current operating lease liabilities 35,300   35,300   42,100
Financing obligations     9,400   11,000
Financing obligation, noncurrent 7,100   7,100   8,900
Product          
Lessee, Lease, Description [Line Items]          
Total revenue from contract with customers 384,314 233,770 892,794 613,442  
Installation          
Lessee, Lease, Description [Line Items]          
Total revenue from contract with customers 65,773 32,052 136,796 86,229  
Managed Services | Variable Interest Entity, Primary Beneficiary          
Lessee, Lease, Description [Line Items]          
Total revenue from contract with customers 0   0    
Total lease costs 3,300 3,200 10,100 9,500  
Financing obligation, noncurrent $ 246,300   $ 246,300   $ 255,800
Managed Services | Variable Interest Entity, Primary Beneficiary | Product          
Lessee, Lease, Description [Line Items]          
Total revenue from contract with customers   2,300   9,400  
Managed Services | Variable Interest Entity, Primary Beneficiary | Installation          
Lessee, Lease, Description [Line Items]          
Total revenue from contract with customers   $ 2,200   $ 4,500  
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[3] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
v3.25.3
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets and Liabilities, Lessee:    
Operating lease right-of-use assets, net [1],[2] $ 112,677 $ 122,489
Current operating lease liabilities [1],[3] (21,438) (19,642)
Non-current operating lease liabilities [1],[4] (112,188) (124,523)
Total operating lease liabilities $ (133,626) $ (144,165)
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 $ 3,495 $ 3,214
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Current finance lease liabilities $ (1,113) $ (981)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Non-current finance lease liabilities $ (2,648) $ (2,450)
Total finance lease liabilities (3,761) (3,431)
Total lease liabilities $ (137,387) $ (147,596)
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[3] Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[4] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
v3.25.3
Leases - Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease costs $ 8,044 $ 9,048 $ 23,967 $ 26,990
Financing lease costs:        
Amortization of right-of-use assets 308 120 699 611
Interest on lease liabilities 88 61 259 190
Total financing lease costs 396 181 958 801
Short-term lease costs 616 36 1,853 68
Total lease costs $ 9,056 $ 9,265 $ 26,778 $ 27,859
v3.25.3
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Sep. 30, 2025
Dec. 31, 2024
Weighted average remaining lease term:    
Operating leases 6 years 2 months 12 days 6 years 8 months 12 days
Finance leases 3 years 6 months 3 years 8 months 12 days
Weighted average discount rate:    
Operating leases 10.50% 10.60%
Finance leases 9.20% 9.20%
v3.25.3
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Operating Leases    
Remainder of 2025 $ 8,478  
2026 33,983  
2027 33,379  
2028 27,941  
2029 21,298  
2030 19,061  
Thereafter 41,116  
Total minimum lease payments 185,256  
Less: amounts representing interest or imputed interest (51,630)  
Present value of lease liabilities 133,626 $ 144,165
Finance Leases    
Remainder of 2025 379  
2026 1,346  
2027 1,193  
2028 864  
2029 546  
2030 41  
Thereafter 0  
Total minimum lease payments 4,369  
Less: amounts representing interest or imputed interest (608)  
Present value of lease liabilities $ 3,761 $ 3,431
v3.25.3
Leases - Financial Obligations and Sublease Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finance Leases    
Remainder of 2025 $ 379  
2026 1,346  
2027 1,193  
2028 864  
2029 546  
Total minimum lease payments 4,369  
Less: imputed interest (608)  
Present value of net minimum lease payments 3,761 $ 3,431
Less: current financing obligations (1,113) (981)
Long-term financing obligations 2,648 $ 2,450
Variable Interest Entity, Primary Beneficiary | Managed Services    
Finance Leases    
Remainder of 2025 6,291  
2026 23,794  
2027 17,931  
2028 12,275  
2029 7,637  
Thereafter 19,897  
Total minimum lease payments 87,825  
Less: imputed interest (42,059)  
Present value of net minimum lease payments 45,766  
Less: current financing obligations (36,556)  
Long-term financing obligations $ 9,210  
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense $ 38,153 $ 17,057 $ 100,532 $ 55,340
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 5,719 3,778 16,262 11,702
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 8,205 5,313 23,945 16,405
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 7,145 2,684 16,975 8,044
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense $ 17,084 $ 5,282 $ 43,350 $ 19,189
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Number of Shares            
Outstanding, beginning (in shares)   7,432,821   7,432,821    
Granted (in shares) 11,504 111,504 180,000 111,504 1,355,348  
PSO adjustment (in shares)       431,249    
Exercised (in shares)       (1,652,241)    
Forfeited / Expired (in shares)       (228,973)    
Outstanding, ending (in shares) 6,094,360     6,094,360   7,432,821
Vested and expected to vest (in shares) 5,921,046     5,921,046    
Exercisable (in shares) 5,137,484     5,137,484    
Weighted Average Exercise Price            
Outstanding, beginning (in dollars per share)   $ 18.72   $ 18.72    
Granted (in dollars per share)       22.24    
PSO adjustment (in dollars per shares)       0    
Exercised (in dollar per shares)       23.77    
Expired (in dollar per shares)       30.62    
Outstanding, ending (in dollars per share) $ 16.30     16.30   $ 18.72
Vested and expected to vest (in dollars per share) 16.46     16.46    
Exercisable (in dollars per share) $ 17.32     $ 17.32    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]            
Outstanding, remaining contractual life       4 years 6 months   4 years 1 month 6 days
Outstanding, aggregate intrinsic value $ 416,054     $ 416,054   $ 53,453
Vested and expected to vest, remaining contractual life (years)       4 years 4 months 24 days    
Vested and expected to vest, aggregate intrinsic value 403,305     $ 403,305    
Exercisable, remaining contractual life (years)       3 years 8 months 12 days    
Exercisable, aggregate intrinsic value $ 345,525     $ 345,525    
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) 11,504 111,504 180,000   111,504 1,355,348  
Stock options and awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Allocated share-based compensation expense $ 1.6   $ 0.9   $ 4.2 $ 2.1  
Stock options exercised, intrinsic value 26.8   0.1   29.9 0.8  
Unrecognized compensation cost related to unvested stock options 4.5       $ 4.5   $ 7.2
Expense expected to be recognized over remaining weighted-average period         1 year 4 months 24 days   2 years 1 month 6 days
Cash received $ 37.4   $ 0.1   $ 38.7 $ 0.8  
Performance Shares              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) 0 100,000   1,135,000      
Expiration period         10 years    
Stock-based compensation vesting period         3 years    
Performance Shares | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Requisite service period         3 years    
Performance Shares | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Requisite service period         4 years    
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Weighted-Average Assumptions (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stock options and awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Risk-free interest rate 3.90% 3.70%    
Risk-free interest rate (minimum)     3.90% 3.70%
Risk-free interest rate (maximum)     4.10% 4.40%
Expected term (years) 6 years 1 month 6 days 6 years 6 years 1 month 6 days 6 years
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Expected volatility 93.90% 95.30%    
Expected volatility (minimum)     93.40% 95.30%
Expected volatility (maximum)     93.90% 97.10%
Performance Shares | 2018 ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Risk-free interest rate (minimum) 3.80% 4.10% 3.80% 4.10%
Risk-free interest rate (maximum) 4.30% 5.30% 5.00% 5.60%
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Expected volatility (minimum) 80.50% 62.40% 66.20% 54.10%
Expected volatility (maximum) 115.20% 78.70% 115.20% 78.70%
Performance Shares | Minimum | 2018 ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected term (years) 6 months 6 months 6 months 6 months
Performance Shares | Maximum | 2018 ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected term (years) 2 years 2 years 2 years 2 years
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Stock Award Activity (Details) - RSUs
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Number of Awards Outstanding  
Unvested balance (in shares) | shares 12,896,465
Granted (in shares) | shares 4,994,872
Vested (in shares) | shares (4,358,653)
Forfeited (in shares) | shares (2,133,845)
Unvested balance (in shares) | shares 11,398,839
Weighted Average Grant Date Fair Value  
Unvested balance (in dollars per share) | $ / shares $ 16.29
Granted (in dollars per share) | $ / shares 23.46
Vested (in dollars per share) | $ / shares 14.41
Forfeited (in dollars per share) | $ / shares 14.51
Unvested balance (in dollars per share) | $ / shares $ 19.84
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Stock Awards Narrative (Details) - RSUs - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Allocated share-based compensation expense $ 33.1 $ 13.4 $ 87.7 $ 46.8  
Unrecognized stock-based compensation cost $ 236.6   $ 236.6   $ 161.8
Expense expected to be recognized over a weighted-average period     2 years 2 months 12 days   2 years 2 months 12 days
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Executive Awards Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
installment
schedule
Dec. 31, 2024
USD ($)
RSUs | 2025 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award award, number of vesting schedules | schedule 2  
RSUs | 2025 Executive Awards | Share-Based Payment Arrangement, Tranche One    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, quarterly vesting installments, duration 2 years  
RSUs | 2025 Executive Awards | Share-Based Payment Arrangement, Tranche One | Vesting On First Anniversary    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 40.00%  
RSUs | 2025 Executive Awards | Share-Based Payment Arrangement, Tranche One | Vesting in Equal Quarterly Installments    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 60.00%  
RSUs | 2025 Executive Awards | Share-Based Payment Arrangement, Tranche Two | Vesting On First Anniversary    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 25.00%  
Stock-based compensation vesting period 4 years  
RSUs | 2025 Executive Awards | Share-Based Payment Arrangement, Tranche Two | Vesting in Equal Quarterly Installments    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 75.00%  
Stock-based compensation vesting period 3 years  
Restricted Stock Units, Performance Stock Units, Time-Based Stock Options, and Performance Shares | 2024 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 86.0 $ 66.8
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation vesting period 3 years  
Performance Shares | 2025 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 100.00%  
Stock-based compensation vesting period 3 years  
Share-based compensation annual vesting installments | installment 3  
Restricted Stock Units and Performance Stock Units | 2025 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 26.2  
Restricted Stock Units and Performance Stock Units | 2023 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 0.9 1.8
Restricted Stock Units and Performance Stock Units | 2022 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 0.4 1.0
Restricted Stock Units and Performance Stock Units | 2021 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 0.9 $ 3.7
v3.25.3
Stock-Based Compensation and Employee Benefit Plans - Number of Shares Available for Grant (Details)
 9 Months Ended
Sep. 30, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward]  
Beginning balance (in shares) 35,263,475
Added to plan (in shares) 9,978,870
Granted (in shares) (5,537,994)
Cancelled/Forfeited (in shares) 2,362,805
Expired (in shares) (214,023)
Ending Balance (in shares) 41,853,133
v3.25.3
Stock-Based Compensation 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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Employee stock ownership plan (ESOP), compensation expense (reversal) $ 2.7 $ 2.7 $ 7.2 $ 4.0  
Number of shares issued (in shares) 443,322 417,267 1,073,929 1,049,955  
Number of additional shares authorized (in shares)     2,494,717 2,418,528  
Number of common stock reserved for issuance (in shares) 17,993,945   17,993,945   16,573,157
Unrecognized stock-based compensation cost $ 11.4   $ 11.4   $ 5.9
Expense expected to be recognized over a weighted-average period     10 months 24 days   9 months 18 days
v3.25.3
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 29, 2025
Aug. 14, 2025
Jul. 10, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]                
Revenues [1]         $ 519,048 $ 330,399 $ 1,246,311 $ 901,463
Equity in loss of unconsolidated affiliates [2]         19,599 0 19,599 0
Investments in unconsolidated affiliates             24,570 0
Fund JVs                
Related Party Transaction [Line Items]                
Equity in loss of unconsolidated affiliates         19,600      
Investments in unconsolidated affiliates         24,600      
Equity Method Investment, Capital Commitement $ 41,800       41,800   41,800  
Equity method investment, unfunded investment commitment             700  
Product                
Related Party Transaction [Line Items]                
Revenues [1]         384,314 233,770 892,794 613,442
Installation                
Related Party Transaction [Line Items]                
Revenues [1]         65,773 $ 32,052 136,796 $ 86,229
SK Ecoplant                
Related Party Transaction [Line Items]                
Shares sold in offering (in shares)   3.9 2.6 10.0        
Percentage of ownership after transaction 2.90%     5.80%        
Fund JVs | Related Party                
Related Party Transaction [Line Items]                
Accounts receivable, after allowance for credit loss $ 38,500       38,500   $ 38,500  
Fund JVs | Product | Related Party                
Related Party Transaction [Line Items]                
Revenues         255,700      
Fund JVs | Installation | Related Party                
Related Party Transaction [Line Items]                
Revenues         $ 32,300      
[1] Including related party revenue of $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively, and $126.6 million and $335.6 million for the three and nine months ended September 30, 2024, respectively.
[2] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Related Party Transactions - Results of Operations (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
loan
Related Party Transaction [Line Items]          
Total related party revenue [1] $ 519,048 $ 330,399 $ 1,246,311 $ 901,463  
Cost of product revenue [2] 367,373 251,665 898,806 716,132  
General and administrative expenses [3] 53,110 37,403 143,802 111,797  
Interest expense [4] 14,390 16,763 43,241 46,685  
Equity in loss of unconsolidated affiliates [5] 19,599 0 19,599 0  
SK Ecoplant | Korean Joint Venture          
Related Party Transaction [Line Items]          
Number of term loans | loan         2
Related Party          
Related Party Transaction [Line Items]          
Total related party revenue 287,985 126,627 317,845 335,641  
Cost of product revenue 0 48 0 122  
General and administrative expenses 63 164 434 525  
Interest expense 5 51 101 153  
Equity in loss of unconsolidated affiliates $ 19,599 $ 0 $ 19,599 $ 0  
[1] Including related party revenue of $288.0 million and $317.8 million for the three and nine months ended September 30, 2025, respectively, and $126.6 million and $335.6 million for the three and nine months ended September 30, 2024, respectively.
[2] Including related party cost of revenue of $0.1 million for the nine months ended September 30, 2024. Related party cost of revenue for the three months ended September 30, 2024, was inconsequential. There were no related party cost of revenue for the three and nine months ended September 30, 2025.
[3] Including related party general and administrative expenses of $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.
[4] Including related party interest expense of $0.1 million for the nine months ended September 30, 2025, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential.
[5] Represent related party equity in loss of the Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Related Party Transactions - Related Party Transactions and Balances (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
loan
Sep. 30, 2025
USD ($)
Related Party Transaction [Line Items]    
Accounts receivable [1],[2] $ 335,841 $ 411,653
Contract assets [3] 145,162 258,884
Prepaid expenses and other current assets [1],[4] 46,203 44,743
Investments in unconsolidated affiliates [5] 0 5,939
Operating lease right-of-use assets [1],[6] 122,489 112,677
Other long-term assets [1],[7] 46,136 44,407
Accrued warranty [8] 16,559 14,682
Accrued expenses and other current liabilities [1],[9] 138,450 168,404
Deferred revenue and customer deposits, current [10] 243,314 56,065
Operating lease liabilities, current [1],[11] 19,642 21,438
Operating lease liabilities, non-current [1],[12] 124,523 112,188
Non-recourse debt, non-current [1],[13] $ 4,057 2,849
SK Ecoplant | Korean Joint Venture    
Related Party Transaction [Line Items]    
Number of term loans | loan 2  
Related Party    
Related Party Transaction [Line Items]    
Accounts receivable $ 93,510 38,513
Contract assets 800 88,198
Prepaid expenses and other current assets 1,215 0
Investments in unconsolidated affiliates 0 5,939
Operating lease right-of-use assets 1,385 0
Other long-term assets 8,776 0
Accrued warranty 1,205 0
Accrued expenses and other current liabilities 3,989 3,468
Deferred revenue and customer deposits, current 8,857 0
Operating lease liabilities, current 442 0
Deferred revenue and customer deposits, long-term 3,335 0
Operating lease liabilities, non-current 977 0
Non-recourse debt, non-current $ 4,057 $ 0
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively.
[3] Including amounts from related parties of $88.2 million and $0.8 million as of September 30, 2025, and as of December 31, 2024, respectively.
[4] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025
[5] Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[6] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[7] Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[8] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[9] Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.
[10] Including amount from related parties of $8.9 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[11] Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[12] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[13] Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
14 Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Related Party Transactions - Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 595,055 $ 802,851
Accounts receivable [1],[2] 411,653 335,841
Inventories [1] 704,996 544,656
Prepaid expenses and other current assets [1],[3] 44,743 46,203
Total current assets 2,047,896 2,044,127
Operating lease right-of-use assets [1],[4] 112,677 122,489
Other long-term assets [1],[5] 44,407 46,136
Total assets 2,638,199 2,657,354
Current liabilities:    
Accounts payable [1] 167,382 92,704
Accrued expenses and other current liabilities [1],[6] 168,404 138,450
Operating lease liabilities [1],[7] 21,438 19,642
Non-recourse debt [1] 1,424 0
Total current liabilities 465,951 636,758
Non-current operating lease liabilities [1],[8] 112,188 124,523
Non-recourse debt [1],[9] 2,849 4,057
Total liabilities 1,960,720 2,072,138
Korean JV    
Current assets:    
Cash and cash equivalents 14,895 15,767
Accounts receivable 19 2,515
Inventories 17,249 15,020
Prepaid expenses and other current assets 4,069 3,361
Total current assets 36,232 36,663
Property, plant and equipment, net 1,524 1,796
Operating lease right-of-use assets 1,271 1,663
Other long-term assets 42 40
Total assets 39,069 40,162
Current liabilities:    
Accounts payable 3,316 7,693
Accrued expenses and other current liabilities 2,795 2,154
Operating lease liabilities 513 442
Non-recourse debt 1,424 0
Total current liabilities 8,048 10,289
Non-current operating lease liabilities 636 977
Non-recourse debt 2,849 4,057
Total liabilities $ 11,533 $ 15,323
[1] We have variable interest entity related to a joint venture in the Republic of Korea (see Note 11 — Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively.
[3] Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025
[4] Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[5] Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[6] Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.
[7] Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[8] Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
[9] Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025.
14 Represent related party investments in Fund JVs (see Note 7 — Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.25.3
Commitments and Contingencies (Details)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
MW
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2019
USD ($)
Operating Leased Assets [Line Items]            
Purchase obligation $ 0 $ 0   $ 0    
PPA expenses   2,400,000 $ 1,900,000 17,000,000.0 $ 18,800,000  
Restricted cash $ 148,120,000 31,960,000   31,960,000    
Energy servers power | MW 100          
Restricted cash, non-current $ 37,498,000 23,486,000   23,486,000    
Letter of Credit | Line of Credit            
Operating Leased Assets [Line Items]            
Maximum borrowing capacity 100,000,000          
Variable Interest Entity, Primary Beneficiary            
Operating Leased Assets [Line Items]            
Restricted cash 131,200,000 24,400,000   24,400,000    
Variable Interest Entity, Primary Beneficiary | PPA II            
Operating Leased Assets [Line Items]            
Restricted cash 9,500,000          
Variable Interest Entity, Primary Beneficiary | PPA IIIB            
Operating Leased Assets [Line Items]            
Restricted cash           $ 20,000,000
Restricted cash, pledged as collateral, term           7 years
Variable Interest Entity, Primary Beneficiary | PPA Company 5            
Operating Leased Assets [Line Items]            
Restricted cash, non-current $ 7,400,000 $ 7,600,000   $ 7,600,000    
v3.25.3
Segment Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax provision $ 336 $ 109 $ 1,784 $ 464
Net loss before income taxes $ 22,624 $ 14,523 $ 86,782 $ 131,896
Effective income tax rate (1.50%) (0.80%) (2.10%) (0.40%)
v3.25.3
Net Earnings per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 77,548 62,719 75,254 56,441
Convertible notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 62,029 59,955 59,206 53,357
Stock options and awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 15,519 2,764 16,048 3,084