BLOOM ENERGY CORP, 10-Q filed on 5/9/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
May 07, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-38598  
Entity Registrant Name BLOOM ENERGY CORP  
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, $0.0001 par value  
Trading Symbol BE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   227,020,024
Entity Central Index Key 0001664703  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 515,957 $ 664,593
Restricted cash [1] 51,387 46,821
Accounts receivable less allowance for credit losses of $119 as of March 31, 2024 and December 31, 2023 [1],[2] 348,422 340,740
Contract assets [3] 33,788 41,366
Inventories [1] 526,351 502,515
Deferred cost of revenue [4] 56,051 45,984
Prepaid expenses and other current assets [1],[5] 47,639 51,148
Total current assets 1,579,595 1,693,167
Property, plant and equipment, net [1] 496,225 493,352
Operating lease right-of-use assets [1],[6] 138,941 139,732
Restricted cash [1] 15,378 33,764
Deferred cost of revenue 3,552 3,454
Other long-term assets [1],[7] 52,363 50,208
Total assets 2,286,054 2,413,677
Current liabilities:    
Accounts payable [1],[8] 94,231 132,078
Accrued warranty 9,197 19,326
Accrued expenses and other current liabilities [1],[9] 99,307 130,879
Deferred revenue and customer deposits [1],[10] 94,696 128,922
Operating lease liabilities [1],[11] 20,513 20,245
Financing obligations 36,727 38,972
Total current liabilities 354,671 470,422
Deferred revenue and customer deposits [1],[12] 39,912 19,140
Operating lease liabilities [1],[13] 141,024 141,939
Financing obligations 404,728 405,824
Recourse debt 843,477 842,006
Non-recourse debt [1],[14] 4,458 4,627
Other long-term liabilities 8,634 9,049
Total liabilities 1,796,904 1,893,007
Commitments and contingencies
Stockholders’ equity:    
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 226,933,763 shares and 224,717,533 shares issued and outstanding and Class B shares — 600,000,000 shares authorized and no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 21 21
Additional paid-in capital 4,394,148 4,370,343
Accumulated other comprehensive loss (2,139) (1,687)
Accumulated deficit (3,925,915) (3,866,599)
Total equity attributable to common stockholders 466,115 502,078
Noncontrolling interest 23,035 18,592
Total stockholders’ equity 489,150 520,670
Total liabilities and stockholders’ equity $ 2,286,054 $ 2,413,677
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $3.5 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[5] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[6] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
[8] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[9] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
[10] Including amounts from related parties of $5.7 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively.
[11] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[12] Including amounts from related parties of $3.5 million and $6.7 million as of March 31, 2024 and December 31, 2023, respectively.
[13] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
[14] Including amounts from related parties of $4.5 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Allowance for credit losses $ 119,000 $ 119,000
Accounts receivable [1],[2] 348,422 340,740
Contract assets [3] 33,788 41,366
Deferred cost of revenue [4] 56,051 45,984
Prepaid expenses and other current assets [1],[5] 47,639 51,148
Operating lease right-of-use assets [1],[6] 138,941 139,732
Other long-term assets [1],[7] 52,363 50,208
Accounts payable [1],[8] 94,231 132,078
Accrued expenses and other current liabilities [1],[9] 99,307 130,879
Deferred revenue and customer deposits [1],[10] 94,696 128,922
Operating lease liabilities [1],[11] 20,513 20,245
Deferred revenue and customer deposits [1],[12] 39,912 19,140
Operating lease liabilities [1],[13] 141,024 141,939
Non-recourse debt [1],[14] 4,458 4,627
Related Party    
Accounts receivable 292,356 262,031
Contract assets 3,531 6,872
Deferred cost of revenue 0 875
Prepaid expenses and other current assets 2,180 2,257
Operating lease right-of-use assets 1,853 2,031
Other long-term assets 8,270 9,069
Accounts payable 0 77
Accrued expenses and other current liabilities 6,095 3,427
Deferred revenue and customer deposits 5,678 1,707
Operating lease liabilities 439 440
Deferred revenue and customer deposits 3,500 6,700
Operating lease liabilities 1,442 1,617
Non-recourse debt $ 4,500 $ 4,600
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) 226,933,763 224,717,533
Common stock, outstanding (in shares) 226,933,763 224,717,533
Class B 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) 0 0
Common stock, outstanding (in shares) 0 0
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $3.5 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[5] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[6] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
[8] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[9] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
[10] Including amounts from related parties of $5.7 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively.
[11] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[12] Including amounts from related parties of $3.5 million and $6.7 million as of March 31, 2024 and December 31, 2023, respectively.
[13] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
[14] Including amounts from related parties of $4.5 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue:    
Total revenue [1] $ 235,298 $ 275,191
Cost of revenue:    
Total cost of revenue 197,222 220,924
Gross profit 38,076 54,267
Operating expenses:    
Research and development 35,485 45,690
Sales and marketing 13,599 27,111
General and administrative [2] 38,009 45,147
Total operating expenses 87,093 117,948
Loss from operations (49,017) (63,681)
Interest income 7,531 1,995
Interest expense [3] (14,546) (11,746)
Other expense, net [4] (1,170) (1,343)
Gain on revaluation of embedded derivatives 158 117
Loss before income taxes (57,044) (74,658)
Income tax (benefit) provision (501) 259
Net loss (56,543) (74,917)
Less: Net income (loss) attributable to noncontrolling interest 981 (3,350)
Net loss attributable to common stockholders $ (57,524) $ (71,567)
Net loss per share available to common stockholders, basic (in dollars per share) $ (0.25) $ (0.35)
Net loss per share available to common stockholders, diluted (in dollars per share) $ (0.25) $ (0.35)
Weighted average shares used to compute net loss per share available to common stockholders, basic (in shares) 225,587 206,724
Weighted average shares used to compute net loss per share available to common stockholders, diluted (in shares) 225,587 206,724
Product    
Revenue:    
Total revenue [1] $ 153,364 $ 193,745
Cost of revenue:    
Total cost of revenue 115,757 129,613
Installation    
Revenue:    
Total revenue [1] 11,444 20,525
Cost of revenue:    
Total cost of revenue 15,353 25,100
Service    
Revenue:    
Total revenue [1] 56,460 40,663
Cost of revenue:    
Total cost of revenue 56,506 51,244
Electricity    
Revenue:    
Total revenue [1] 14,030 20,258
Cost of revenue:    
Total cost of revenue $ 9,606 $ 14,967
[1] Including related party revenue of $122.2 million and $0.8 million for the three months ended March 31, 2024, and 2023, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2024. There were no related party general and administrative expenses for the three months ended March 31, 2023.
[3] Including related party interest expense of $0.1 million for the three months ended March 31, 2024. There was no related party interest expense for the three months ended March 31, 2023.
[4] Including related party other expense, net of $(0.5) million for the three months ended March 31, 2024. There was no related party other expense, net for the three months ended March 31, 2023.
v3.24.1.u1
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Total revenue [1] $ 235,298 $ 275,191
General and administrative [2] 38,009 45,147
Interest expense [3] 14,546 11,746
Other expense, net [4] (1,170) (1,343)
Related Party    
Total revenue 122,168 833
General and administrative 203 0
Interest expense 100 0
Other expense, net $ (491) $ 0
[1] Including related party revenue of $122.2 million and $0.8 million for the three months ended March 31, 2024, and 2023, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2024. There were no related party general and administrative expenses for the three months ended March 31, 2023.
[3] Including related party interest expense of $0.1 million for the three months ended March 31, 2024. There was no related party interest expense for the three months ended March 31, 2023.
[4] Including related party other expense, net of $(0.5) million for the three months ended March 31, 2024. There was no related party other expense, net for the three months ended March 31, 2023.
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net loss $ (56,543) $ (74,917)
Other comprehensive loss, net of taxes:    
Foreign currency translation adjustment (948) (271)
Other comprehensive loss, net of taxes (948) (271)
Comprehensive loss (57,491) (75,188)
Less: Comprehensive income (loss) attributable to noncontrolling interest 485 (3,520)
Comprehensive loss attributable to common stockholders $ (57,976) $ (71,668)
v3.24.1.u1
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, 2022     205,664,690        
Beginning balance at Dec. 31, 2022 $ 378,816 $ 340,777 $ 20 $ 3,906,491 $ (1,251) $ (3,564,483) $ 38,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     2,104,904        
ESPP purchase (in shares)     449,525        
ESPP purchase 7,756 7,756   7,756      
Exercise of stock options (in shares)     114,526        
Exercise of stock options 769 769   769      
Stock-based compensation 29,294 29,294   29,294      
Derecognition of the pre-modified forward contract fair value 76,242 76,242   76,242      
Equity component of redeemable convertible preferred stock 16,145 16,145   16,145      
Foreign currency translation adjustment (271) (101)     (101)   (170)
Net (loss) income (74,917) (71,567)       (71,567) (3,350)
Ending balance (in shares) at Mar. 31, 2023     208,333,645        
Ending balance at Mar. 31, 2023 433,834 399,315 $ 20 4,036,697 (1,352) (3,636,050) 34,519
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)     1,483,902        
ESPP purchase (in shares)     632,688        
ESPP purchase 6,297 6,297   6,297      
Exercise of stock options (in shares)     99,640        
Exercise of stock options 519 519   519      
Stock-based compensation 16,989 16,989   16,989      
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 (948) (452)     (452)   (496)
Net (loss) income (56,543) (57,524)       (57,524) 981
Ending balance (in shares) at Mar. 31, 2024     226,933,763        
Ending balance at Mar. 31, 2024 $ 489,150 $ 466,115 $ 21 $ 4,394,148 $ (2,139) $ (3,925,915) $ 23,035
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (56,543) $ (74,917)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,518 18,150
Non-cash lease expense 8,951 7,934
(Gain) loss on disposal of property, plant and equipment (2) 191
Revaluation of derivative contracts (158) (117)
Stock-based compensation 18,136 27,743
Amortization of debt issuance costs 1,471 665
Unrealized foreign currency exchange loss 1,136 28
Other (50) 0
Changes in operating assets and liabilities:    
Accounts receivable [1] (7,615) (78,872)
Contract assets [2] 7,578 (1,051)
Inventories (24,965) (127,666)
Deferred cost of revenue [3] (10,183) 5,793
Prepaid expenses and other current assets [4] 3,509 (4,527)
Other long-term assets [5] (2,155) (128)
Operating lease right-of-use assets and operating lease liabilities (8,807) (7,507)
Finance lease liabilities 97 244
Accounts payable [6] (33,455) (26,835)
Accrued warranty (10,129) (7,876)
Accrued expenses and other current liabilities [7] (32,996) (32,277)
Deferred revenue and customer deposits [8] (13,454) (13,108)
Other long-term liabilities (150) (577)
Net cash used in operating activities (147,266) (314,710)
Cash flows from investing activities:    
Purchase of property, plant and equipment (21,435) (26,574)
Proceeds from sale of property, plant and equipment 7 0
Net cash used in investing activities (21,428) (26,574)
Cash flows from financing activities:    
Repayment of debt 0 (9,892)
Proceeds from financing obligations 1,334 1,163
Repayment of financing obligations (4,958) (4,266)
Proceeds from issuance of common stock 6,816 8,525
Contributions from noncontrolling interest 3,958 0
Proceeds from issuance of redeemable convertible preferred stock 0 310,957
Net cash provided by financing activities 7,150 306,487
Effect of exchange rate changes on cash, cash equivalent, and restricted cash (912) (124)
Net decrease in cash, cash equivalents, and restricted cash (162,456) (34,921)
Beginning of period 745,178 518,366
End of period 582,722 483,445
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 9,714 13,409
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 8,742 7,446
Operating cash flows from finance leases 65 254
Cash paid during the period for income taxes 327 213
Non-cash investing and financing activities:    
Liabilities recorded for property, plant and equipment, net 3,539 4,517
Recognition of operating lease right-of-use asset during the year-to-date period 4,062 6,535
Recognition of finance lease right-of-use asset during the year-to-date period 97 244
Accrual for dividend 1,620 0
Derecognition of the pre-modified forward contract fair value 0 76,242
Equity component of redeemable convertible preferred stock $ 0 $ 16,145
[1] Including changes in related party balances of $30.3 million and $4.3 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Including changes in related party balances of $3.3 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[3] Including changes in related party balances of $0.9 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[4] Including changes in related party balances of $0.1 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[5] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[6] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including changes in related party balances of $2.7 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[8] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Increase (decrease) in accounts receivable [1] $ 7,615 $ 78,872
Increase in contract assets [2] (7,578) 1,051
Increase (decrease) in deferred charges [3] 10,183 (5,793)
Increase (decrease) in prepaid expense and other assets [4] (3,509) 4,527
Increase (decrease) in other noncurrent assets [5] 2,155 128
Accounts payable [6] (33,455) (26,835)
Accrued expenses and other current liabilities [7] (32,996) (32,277)
Deferred revenue and customer deposits [8] (13,454) (13,108)
Related Party    
Increase (decrease) in accounts receivable 30,300 4,300
Increase in contract assets 3,300 0
Increase (decrease) in deferred charges 900 0
Increase (decrease) in prepaid expense and other assets 100 0
Increase (decrease) in other noncurrent assets 800 0
Accounts payable 100 0
Accrued expenses and other current liabilities 2,700 0
Deferred revenue and customer deposits $ 800 $ 0
[1] Including changes in related party balances of $30.3 million and $4.3 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Including changes in related party balances of $3.3 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[3] Including changes in related party balances of $0.9 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[4] Including changes in related party balances of $0.1 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[5] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[6] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including changes in related party balances of $2.7 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[8] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
v3.24.1.u1
Nature of Business, Liquidity and Basis of Presentation
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business, Liquidity and Basis of Presentation Nature of Business, Liquidity and Basis of Presentation
Nature of Business
For information on the nature of our business, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Nature of Business section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Liquidity
We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extinguishments, and conversions to equity that we completed during 2023, 2022 and 2021, we had $843.5 million and $4.5 million of total outstanding recourse and non-recourse debt, respectively, as of March 31, 2024, which was classified as long-term debt.
Our future capital requirements depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds and the need for additional working capital, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our products, our ability to secure financing for customer use of our Energy Servers, the timing of installations and of inventory build 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 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 existing cash and cash equivalents and expected timing of operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q.
Inflation Reduction Act of 2022
For information on the Inflation Reduction Act of 2022 (the “IRA”) signed into law on August 16, 2022, and its impact on our business, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Inflation Reduction Act of 2022 section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”).
Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Concentration of Risk
Geographic Risk — The majority of our revenue for the three months ended March 31, 2024 is attributable to operations with customers in the Republic of Korea, Japan, India and Taiwan (collectively referred to as the “Asia Pacific region”), and for the three months ended March 31, 2023 — to operations in the U.S.. The majority of our long-lived assets are attributable to operations in the U.S. for all periods presented. For the three months ended March 31, 2024 and 2023, total revenue in the Asia Pacific region was 60% and 5%, respectively, of our total revenue.
Credit Risk — At March 31, 2024 and December 31, 2023, one customer that is our related party (see Note 10 — Related Party Transactions) accounted for approximately 84% and 74% of accounts receivable, respectively.
Customer Risk — During the three months ended March 31, 2024, revenue from two customers accounted for approximately 52% and 15% of our total revenue. During the three months ended March 31, 2023, two customers represented approximately 41% and 25% of our total revenue.
v3.24.1.u1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Refer to the accounting policies described in Part II, Item 8, Note 2 — Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
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 — Accounting Guidance Not Yet Adopted section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our condensed consolidated financial statements.
Recent Accounting Pronouncements
There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
v3.24.1.u1
Revenue Recognition
 3 Months Ended
Mar. 31, 2024
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):
March 31,December 31,
 20242023
Accounts receivable$348,422 $340,740 
Contract assets33,788 41,366 
Customer deposits75,140 75,734 
Deferred revenue 59,468 72,328 
Contract assets relate to contracts for which revenue is recognized upon transfer of control of performance obligations, but where billing milestones have not been reached. Customer deposits and deferred revenue include payments received from customers or invoiced amounts prior to transfer of control of performance obligations.
Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the condensed consolidated balance sheets when both the milestones other than the passage of time, are expected to be complete and the customer is invoiced within one year of the balance sheet date, and as long-term when both the above-mentioned milestones are expected to be complete, and the customer is invoiced more than one year out from the balance sheet date. Contract liabilities are classified as current in the condensed consolidated balance sheets when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date.
Contract Assets
Three Months Ended
March 31,
20242023
 
Beginning balance$41,366 $46,727 
Transferred to accounts receivable from contract assets recognized at the beginning of the period(18,123)(10,787)
Revenue recognized and not billed as of the end of the period10,545 11,838 
Ending balance$33,788 $47,778 
Deferred Revenue
Deferred revenue activity during the three months ended March 31, 2024 and 2023, consisted of the following (in thousands):
Three Months Ended
March 31,
20242023
 
Beginning balance$72,328 $94,355 
Additions176,484 224,939 
Revenue recognized(189,344)(231,446)
Ending balance$59,468 $87,848 

Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. The primary component of deferred revenue at the end of the period consists of performance obligations relating to the provision of maintenance services under current contracts and future renewal periods.
Some of these obligations provide customers with material rights over a period that we estimate to be largely commensurate with the period of their expected use of the associated Energy Servers. As a result, we expect to recognize these amounts as revenue over a period of up to 21 years, predominantly on a relative standalone selling price basis that reflects the cost of providing these services. Deferred revenue also includes performance obligations relating to product acceptance and installation. A significant amount of this deferred revenue is reflected as additions and revenue recognized in the same 12-month period, and a portion of this deferred revenue is expected to be recognized beyond this 12-month period mainly due to deployment schedules.
We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Disaggregated Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
Three Months Ended
March 31,
20242023
Revenue from contracts with customers: 
Product revenue $153,364 $193,745 
Installation revenue 11,444 20,525 
Services revenue 56,460 40,663 
Electricity revenue 4,827 3,838 
Total revenue from contract with customers226,095 258,771 
Revenue from contracts that contain leases:
Electricity revenue9,203 16,420 
Total revenue$235,298 $275,191 
v3.24.1.u1
Financial Instruments
 3 Months Ended
Mar. 31, 2024
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):
March 31,December 31,
 20242023
As Held:
Cash$112,134 $144,102 
Money market funds470,588 601,076 
$582,722 $745,178 
As Reported:
Cash and cash equivalents$515,957 $664,593 
Restricted cash66,765 80,585 
$582,722 $745,178 
Restricted cash consisted of the following (in thousands):
March 31,December 31,
 20242023
Restricted cash, current
$51,387 $46,821 
Restricted cash, non-current
15,378 33,764 
$66,765 $80,585 
Factoring Arrangements
We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with a financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $80.7 million and $59.6 million of accounts receivable during the three months ended March 31, 2024 and 2023, respectively.
The cost of factoring such accounts receivable on our condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, was $1.9 million and $0.7 million, respectively. The cost of factoring is recorded in general and administrative expenses.
v3.24.1.u1
Fair Value
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8 Note 2 — Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
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
March 31, 2024Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$470,588 $— $— $470,588 
$470,588 $— $— $470,588 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,218 $4,218 
$— $— $4,218 $4,218 

 Fair Value Measured at Reporting Date Using
December 31, 2023Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$601,076 $— $— $601,076 
$601,076 $— $— $601,076 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,376 $4,376 
$— $— $4,376 $4,376 
Money Market Funds — Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets.
Embedded Escalation Protection Plan Derivative Liability in Sales Contracts — We estimate the fair value of the embedded EPP derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts’ terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability.
The changes in the Level 3 financial liabilities during the three months ended March 31, 2024 were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2023
$4,376 
Changes in fair value(158)
Liabilities at March 31, 2024
$4,218 
For more details on EPP derivatives, refer to Part II, Item 8 Note 5 — Fair Value in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
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):
 March 31, 2024December 31, 2023
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
3% Green Convertible Senior Notes due June 2028
$616,184 $584,999 $615,205 $673,613 
2.5% Green Convertible Senior Notes due August 2025
227,293 245,985 226,801 260,820 
Non-recourse:
4.6% Term Loan due October 2026
$2,972 $2,807 $3,085 $2,866 
4.6% Term Loan due April 2026
1,486 1,448 1,542 1,479 
v3.24.1.u1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2024
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):
March 31,December 31,
 20242023
Raw materials$298,079 $270,414 
Work-in-progress71,137 50,632 
Finished goods157,135 181,469 
$526,351 $502,515 
The inventory reserves were $19.9 million and $18.7 million as of March 31, 2024 and December 31, 2023, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
March 31,December 31,
 20242023
   
Receivables from employees$6,637 $6,538 
Tax receivables5,192 3,231 
Prepaid hardware and software maintenance4,505 5,202 
Prepaid managed services4,452 5,636 
Prepaid workers compensation4,275 6,851 
Advance income tax provision2,866 2,557 
Deferred expenses
2,180 2,257 
Interest receivable
1,947 1,697 
Deposits made1,701 1,702 
Prepaid deferred commissions1,113 1,178 
Prepaid rent1,067 1,232 
Other prepaid expenses and other current assets11,704 13,067 
$47,639 $51,148 
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
March 31,December 31,
 20242023
   
Energy Servers$309,725 $309,770 
Machinery and equipment176,130 174,549 
Leasehold improvements116,360 94,646 
Construction-in-progress94,574 104,650 
Buildings50,173 49,477 
Computers, software and hardware30,731 28,901 
Furniture and fixtures10,713 12,541 
788,406 774,534 
Less: accumulated depreciation(292,181)(281,182)
$496,225 $493,352 
Depreciation expense related to property, plant and equipment was $12.5 million and $18.2 million for the three months ended March 31, 2024 and 2023, respectively.
Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
March 31,December 31,
20242023
   
Deferred commissions$10,516 $9,373 
Deferred expenses

8,270 9,069 
Long-term lease receivable7,028 7,335 
Deposits made3,133 3,157 
Prepaid managed services1,878 1,646 
Deferred tax asset1,562 1,385 
Prepaid and other long-term assets19,976 18,243 
$52,363 $50,208 
Accrued Warranty and Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
March 31,December 31,
20242023
Product performance$7,033 $18,066 
Product warranty2,164 1,260 
$9,197 $19,326 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2023
$19,326 
Accrued warranty and product performance liabilities, net
4,950 
Warranty and product performance expenditures during the quarter
(15,079)
Balances at March 31, 2024
$9,197 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
March 31,December 31,
 20242023
   
General invoice and purchase order accruals$37,110 $36,266 
Compensation and benefits27,025 47,901 
Interest payable7,177 3,823 
Sales tax liabilities6,752 17,412 
Sales-related liabilities5,975 5,121 
Provision for income tax2,994 3,374 
Accrued legal expenses2,452 1,359 
Accrued consulting expenses2,042 3,244 
Accrued restructuring costs (Note 11)
1,927 3,793 
Accrued installation1,130 4,939 
Finance lease liability981 1,072 
Other3,742 2,575 
$99,307 $130,879 
Preferred Stock
As of March 31, 2024 and December 31, 2023, we had 20,000,000 shares of preferred stock authorized, of which 13,491,701 shares were previously designated as Series B redeemable convertible preferred stock (the “Series B RCPS”). The Series B RCPS were converted to Class A common stock as of September 23, 2023, as a result of the SK ecoplant Second Tranche Closing (for details please refer to Part II, Item 8, Note 17 — SK ecoplant Strategic Investment in our Annual Form 10-K for the fiscal year ended December 31, 2023).
The preferred stock had $0.0001 par value. There were no shares of preferred stock issued and outstanding as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
Outstanding Loans and Security Agreements
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Outstanding Loans and Security Agreements Outstanding Loans and Security Agreements
The following is a summary of our debt as of March 31, 2024 (in thousands, except percentage data):
Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3% Green Convertible Senior Notes due June 2028
$632,500 $— $616,184 $616,184 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
230,000 — 227,293 227,293 2.5%August 2025Company
Total recourse debt862,500 — 843,477 843,477 
4.6% Term Loan due October 2026
2,972 — 2,972 2,972 4.6%October 2026
Korean JV
4.6% Term Loan due April 2026
1,486 — 1,486 1,486 4.6%April 2026
Korean JV
Total non-recourse debt4,458 — 4,458 4,458 
Total debt$866,958 $— $847,935 $847,935 
The following is a summary of our debt as of December 31, 2023 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3% Green Convertible Senior Notes due June 2028
$632,500 $— $615,205 $615,205 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
230,000 — 226,801 226,801 2.5%August 2025Company
Total recourse debt862,500 — 842,006 842,006 
4.6% Term Loan due October 2026
3,085 — 3,085 3,085 4.6%October 2026
Korean JV
4.6% Term Loan due April 2026
1,542 — 1,542 1,542 4.6%April 2026
Korean JV
Total non-recourse debt4,627 — 4,627 4,627 
Total debt$867,127 $— $846,633 $846,633 

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 deferred financing costs. We and our subsidiary were in compliance with all financial covenants as of March 31, 2024 and December 31, 2023.
Recourse Debt Facilities
3% 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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for discussion of our 3% Green Convertible Senior Notes due June 2028 (the “3% Green Notes”) and privately negotiated capped call transactions in connection with the pricing of the 3% Green Notes.
The noteholders could not convert their 3% Green Notes during the quarter ended March 31, 2024, 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 December 31, 2023 as per the indenture, dated as of May 16, 2023.
Total interest expense recognized related to the 3% Green Notes for the three months ended March 31, 2024 was $5.7 million, and was comprised of contractual interest expense of $4.7 million and amortization of the initial purchasers’ discount and other issuance costs of $1.0 million. There was no interest expense recognized related to the 3% Green Notes for the three months ended March 31, 2023. We have not recognized any special interest expense related to the 3% Green Notes to date.
The amount of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, was $16.3 million and $17.3 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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for discussion of our 2.5% Green Convertible Senior Notes due August 2025 (the “2.5% Green Notes”).
The noteholders could not convert their 2.5% Green Notes during the quarter ended March 31, 2024, as the Closing Price Condition, as defined in the indenture, dated as of August 11, 2020, between us and U.S. Bank National Association, as trustee, was not met during the three months ended December 31, 2023 as per the indenture, dated as of August 11, 2020.
Total interest expense recognized related to the 2.5% Green Notes for the three months ended March 31, 2024 and 2023, was $1.9 million and $1.9 million, and was comprised of contractual interest expense of $1.4 million and $1.4 million and amortization of issuance costs of $0.5 million and $0.5 million, respectively. We have not recognized any special interest expense related to the 2.5% Green Notes to date.
The amount of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, was $2.7 million and $3.2 million, respectively.
Non-recourse Debt Facilities
Please refer to Part II, Item 8, Note 7 — Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2023 for discussion of our non-recourse debt.
Repayment Schedule and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2024 (in thousands):
Remainder of 2024$— 
2025230,000 
20264,458 
2027— 
2028632,500 
Thereafter— 
$866,958 
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three months ended March 31, 2024 and 2023, rent expense for all occupied facilities was $5.6 million and $5.6 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2024 and December 31, 2023, were as follows (in thousands):
March 31,December 31,
20242023
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$138,941 $139,732 
Current operating lease liabilities(20,513)(20,245)
Non-current operating lease liabilities(141,024)(141,939)
Total operating lease liabilities$(161,537)$(162,184)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
$2,508 $2,708 
Current finance lease liabilities5
(981)(1,072)
Non-current finance lease liabilities6
(1,730)(1,837)
Total finance lease liabilities$(2,711)$(2,909)
Total lease liabilities$(164,248)$(165,093)
1 These assets primarily include leases for facilities, Energy Servers, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2024 and 2023, were as follows (in thousands):
Three Months Ended
March 31,
20242023
Operating lease costs$8,905 $7,799 
Financing lease costs:
Amortization of right-of-use assets297 201 
Interest on lease liabilities66 62 
Total financing lease costs363 263 
Short-term lease costs9 444 
Total lease costs$9,277 $8,506 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2024 and December 31, 2023, were as follows:
March 31,December 31,
20242023
Weighted average remaining lease term:
Operating leases7.2 years7.4 years
Finance leases3.2 years3.2 years
Weighted average discount rate:
Operating leases10.6 %10.6 %
Finance leases9.6 %9.5 %
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We recognized $7.1 million and $7.3 million of product revenue, $2.3 million and $3.0 million of installation revenue, $1.3 million and $1.2 million of financing obligations, and $4.1 million and $5.5 million of operating lease right-of-use assets and operating lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, respectively.
The recognized operating lease expense from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, was $3.1 million and $2.1 million, respectively.
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $441.5 million and $444.8 million as of March 31, 2024 and December 31, 2023, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as either a gain or loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three months ended March 31, 2024 and 2023, rent expense for all occupied facilities was $5.6 million and $5.6 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2024 and December 31, 2023, were as follows (in thousands):
March 31,December 31,
20242023
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$138,941 $139,732 
Current operating lease liabilities(20,513)(20,245)
Non-current operating lease liabilities(141,024)(141,939)
Total operating lease liabilities$(161,537)$(162,184)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
$2,508 $2,708 
Current finance lease liabilities5
(981)(1,072)
Non-current finance lease liabilities6
(1,730)(1,837)
Total finance lease liabilities$(2,711)$(2,909)
Total lease liabilities$(164,248)$(165,093)
1 These assets primarily include leases for facilities, Energy Servers, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2024 and 2023, were as follows (in thousands):
Three Months Ended
March 31,
20242023
Operating lease costs$8,905 $7,799 
Financing lease costs:
Amortization of right-of-use assets297 201 
Interest on lease liabilities66 62 
Total financing lease costs363 263 
Short-term lease costs9 444 
Total lease costs$9,277 $8,506 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2024 and December 31, 2023, were as follows:
March 31,December 31,
20242023
Weighted average remaining lease term:
Operating leases7.2 years7.4 years
Finance leases3.2 years3.2 years
Weighted average discount rate:
Operating leases10.6 %10.6 %
Finance leases9.6 %9.5 %
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We recognized $7.1 million and $7.3 million of product revenue, $2.3 million and $3.0 million of installation revenue, $1.3 million and $1.2 million of financing obligations, and $4.1 million and $5.5 million of operating lease right-of-use assets and operating lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, respectively.
The recognized operating lease expense from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, was $3.1 million and $2.1 million, respectively.
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $441.5 million and $444.8 million as of March 31, 2024 and December 31, 2023, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as either a gain or loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three months ended March 31, 2024 and 2023, rent expense for all occupied facilities was $5.6 million and $5.6 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2024 and December 31, 2023, were as follows (in thousands):
March 31,December 31,
20242023
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$138,941 $139,732 
Current operating lease liabilities(20,513)(20,245)
Non-current operating lease liabilities(141,024)(141,939)
Total operating lease liabilities$(161,537)$(162,184)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
$2,508 $2,708 
Current finance lease liabilities5
(981)(1,072)
Non-current finance lease liabilities6
(1,730)(1,837)
Total finance lease liabilities$(2,711)$(2,909)
Total lease liabilities$(164,248)$(165,093)
1 These assets primarily include leases for facilities, Energy Servers, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2024 and 2023, were as follows (in thousands):
Three Months Ended
March 31,
20242023
Operating lease costs$8,905 $7,799 
Financing lease costs:
Amortization of right-of-use assets297 201 
Interest on lease liabilities66 62 
Total financing lease costs363 263 
Short-term lease costs9 444 
Total lease costs$9,277 $8,506 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2024 and December 31, 2023, were as follows:
March 31,December 31,
20242023
Weighted average remaining lease term:
Operating leases7.2 years7.4 years
Finance leases3.2 years3.2 years
Weighted average discount rate:
Operating leases10.6 %10.6 %
Finance leases9.6 %9.5 %
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We recognized $7.1 million and $7.3 million of product revenue, $2.3 million and $3.0 million of installation revenue, $1.3 million and $1.2 million of financing obligations, and $4.1 million and $5.5 million of operating lease right-of-use assets and operating lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, respectively.
The recognized operating lease expense from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, was $3.1 million and $2.1 million, respectively.
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $441.5 million and $444.8 million as of March 31, 2024 and December 31, 2023, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as either a gain or loss at that point.
Leases Leases
Facilities, Energy Servers, and Vehicles
For the three months ended March 31, 2024 and 2023, rent expense for all occupied facilities was $5.6 million and $5.6 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2024 and December 31, 2023, were as follows (in thousands):
March 31,December 31,
20242023
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$138,941 $139,732 
Current operating lease liabilities(20,513)(20,245)
Non-current operating lease liabilities(141,024)(141,939)
Total operating lease liabilities$(161,537)$(162,184)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
$2,508 $2,708 
Current finance lease liabilities5
(981)(1,072)
Non-current finance lease liabilities6
(1,730)(1,837)
Total finance lease liabilities$(2,711)$(2,909)
Total lease liabilities$(164,248)$(165,093)
1 These assets primarily include leases for facilities, Energy Servers, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2024 and 2023, were as follows (in thousands):
Three Months Ended
March 31,
20242023
Operating lease costs$8,905 $7,799 
Financing lease costs:
Amortization of right-of-use assets297 201 
Interest on lease liabilities66 62 
Total financing lease costs363 263 
Short-term lease costs9 444 
Total lease costs$9,277 $8,506 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2024 and December 31, 2023, were as follows:
March 31,December 31,
20242023
Weighted average remaining lease term:
Operating leases7.2 years7.4 years
Finance leases3.2 years3.2 years
Weighted average discount rate:
Operating leases10.6 %10.6 %
Finance leases9.6 %9.5 %
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We recognized $7.1 million and $7.3 million of product revenue, $2.3 million and $3.0 million of installation revenue, $1.3 million and $1.2 million of financing obligations, and $4.1 million and $5.5 million of operating lease right-of-use assets and operating lease liabilities from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, respectively.
The recognized operating lease expense from successful sale and leaseback transactions for the three months ended March 31, 2024 and 2023, was $3.1 million and $2.1 million, respectively.
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $441.5 million and $444.8 million as of March 31, 2024 and December 31, 2023, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as either a gain or loss at that point.
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans
 3 Months Ended
Mar. 31, 2024
Compensation Related Costs [Abstract]  
Stock-Based Compensation and Employee Benefit Plans Stock-Based Compensation and Employee Benefit Plans
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months Ended
March 31,
 20242023
Cost of revenue$3,814 $4,161 
Research and development5,084 8,410 
Sales and marketing2,090 5,817 
General and administrative7,872 11,165 
$18,860 $29,553 
As of March 31, 2024 and December 31, 2023, we capitalized $10.0 million and $8.9 million of stock-based compensation cost, respectively, into inventory and deferred cost of goods sold.
Stock Option and Stock Award 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, 2023
7,247,624 $20.93 3.8$19,446 
Granted1,000,000 9.08 
Exercised(99,640)5.44 
Expired(284,187)27.03 
Balances at March 31, 2024
7,863,797 19.39 4.724,003 
Vested and expected to vest at March 31, 2024
7,519,528 19.86 4.422,034 
Exercisable at March 31, 2024
6,859,630 $20.89 3.7$18,252 
During the three months ended March 31, 2024 and 2023, we recognized $0.2 million and $0.2 million of stock-based compensation costs for stock options, respectively.
During the three months ended March 31, 2024 we granted 1,000,000 stock options. We did not grant stock options in the three months ended March 31, 2023.
During the three months ended March 31, 2024 and 2023, the intrinsic value of stock options exercised was $0.5 million and $0.8 million, respectively.
As of March 31, 2024 and December 31, 2023, we had unrecognized compensation costs related to unvested stock options of $7.0 million and $0.1 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 3.3 years and 0.3 years, respectively. Cash received from stock options exercised totaled $0.5 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively.
Executive Performance-Based Stock Options
During the three months ended March 31, 2024, we granted 955,000 stock options to certain executives to purchase shares of common stock that contain certain performance-based vesting criteria related to corporate milestones (the “performance-based stock options”). The performance-based stock options were granted “at-the-money” and have a term of 10 years. The performance-based stock options vest based over a four-year or a three-year requisite service period.
The fair value of each performance-based stock option is estimated on the date of grant using the Black-Scholes valuation model. Recognition of stock-based compensation expense associated with these performance-based stock options commences when the performance condition is considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. Forfeitures of the performance-based stock options are recognized as they occur.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the performance-based stock options valuation:
Three Months Ended
March 31, 2024
Risk-free interest rate4.1%
Expected term (years)6.0
Expected dividend yield—
Expected volatility97.1%
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, 2023
9,889,341 $18.25 
Granted3,948,296 9.52 
Vested(1,483,902)19.43 
Forfeited(707,643)20.33 
Unvested Balance at March 31, 2024
11,646,092 $15.01 
Stock Awards — 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 months ended March 31, 2024 and 2023, we recognized $17.9 million and $22.6 million of stock-based compensation costs for stock awards, respectively.
As of March 31, 2024 and December 31, 2023, we had $99.5 million and $113.5 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted average period of 2.3 years and 2.0 years, respectively.
Executive Awards
On March 1, 2024, the Company granted RSU, PSU and the performance-based stock option awards (the “2024 Executive Awards”) to certain executive staff pursuant to the 2018 Equity Incentive Plan. The RSUs have time-based vesting schedules, started vesting on January 15, 2024 and shall vest over a four-year period. The PSUs have either a four-year, a three-year, or a one-year cliff vesting period, and the performance-based stock options have either a four-year or a three-year cliff vesting period. The PSUs and performance-based stock options will vest based on a combination of time and achievement against performance metrics targets assuming continued employment and service through each vesting date. Stock-based compensation costs associated with the 2024 Executive Awards are recognized over the service period as we evaluate the probability of the achievement of the performance conditions. As of March 31, 2024, the unamortized compensation expense for the RSUs, PSUs, and the performance-based stock options per the 2024 Executive Awards was $9.4 million.
For details on the 2023, 2022, and 2021 Executive Awards refer to Part II, Item 8, Note 9 — Stock-Based Compensation and Employee Benefit Plans in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
As of March 31, 2024 and December 31, 2023, the unamortized compensation expense for the RSUs and PSUs per the 2023 Executive Awards was $4.1 million and $7.0 million, respectively.
As of March 31, 2024 and December 31, 2023, the unamortized compensation expense for the RSUs and PSUs per the 2022 Executive Awards was $1.2 million and $6.2 million, respectively.
As of March 31, 2024 and December 31, 2023, the unamortized compensation expense for the RSUs and PSUs per the 2021 Executive Awards was $7.1 million and $8.2 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, 2023
32,877,906 
Added to plan9,871,670 
Granted(4,944,248)
Cancelled/Forfeited789,664 
Expired(221,086)
Balances at March 31, 2024
38,373,906 
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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
During the three months ended March 31, 2024 and 2023, we (reversed) recognized $(1.1) million and $6.5 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 632,688 and 449,525 shares in the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, we added an additional 2,418,528 and 2,239,563 shares and there were 16,990,424 and 15,204,584 shares available for issuance as of March 31, 2024 and December 31, 2023, respectively.
As of March 31, 2024 and December 31, 2023, we had $10.8 million and $8.8 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 1.2 years and 0.8 years, respectively.
v3.24.1.u1
Related Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
There have been no changes in related party relationships during the three months ended March 31, 2024. For information on our related party transactions, see Part II, Item 8, Note 12 — Related Party Transactions in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Our operations include the following related party transactions (in thousands):
 Three Months Ended
March 31,
 20242023
Total revenue from related parties1
$122,168 $833 
Cost of product revenue2
20 — 
General and administrative expenses3
203 — 
Interest expense4
52 — 
Other expense, net5
(491)— 
1 Includes revenue from SK ecoplant for the three months ended March 31, 2024, which became a related party on September 23, 2023, however we had transactions with SK ecoplant in prior periods (see Note 15 — SK ecoplant Strategic Investment). Revenue from related parties for the three months ended March 31, 2023 relate to Korean JV in its entirety.
2 Includes expenses billed by SK ecoplant to Korean JV for headcount support 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 between Korean JV and SK ecoplant in fiscal year 2023.    
5 Other expense, net is represented by realized foreign gain for the three months ended March 31, 2024.
Below is the summary of outstanding related party balances as of March 31, 2024 and December 31, 2023 (in thousands):
 March 31,December 31,
20242023
   
Accounts receivable$292,356 $262,031 
Contract assets
3,531 6,872 
Deferred cost of revenue, current
— 875 
Prepaid expenses and other current assets
2,180 2,257 
Operating lease right-of-use assets1
1,853 2,031 
Other long-term assets
8,270 9,069 
Accounts payable— 77 
Accrued expenses and other current liabilities6,095 3,427 
Deferred revenue and customer deposits, current
5,678 1,707 
Operating lease liabilities, current1
439 440 
Deferred revenue and customer deposits, non-current
3,544 6,709 
Operating lease liabilities, non-current1
1,442 1,617 
Non-recourse debt2
4,458 4,627 
1 Balances relate to operating leases entered between Korean JV and SK ecoplant.
2 Represent the total balance of two term loans entered between Korean JV and SK ecoplant in fiscal year 2023.
v3.24.1.u1
Restructuring
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In September 2023, as a result of a review of current strategic priorities and resource allocation, we approved the restructuring plan (the “Restructuring Plan”) intended to realign our operational focus to support our multi-year growth, scale the business, and improve our cost structure and operating margins. Please refer to Part II, Item 8, Note 12 — Restructuring in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for details.
For the three months ended March 31, 2024, impact from restructuring on our condensed consolidated statements of operations was not material. We expect to incur $6.3 million in restructuring costs in subsequent quarters, out of which we expect $3.5 million will relate to relocation costs, $2.0 million will relate to the facility closure costs, and $0.8 million will relate to other restructuring costs. However, the actual timing and amount of costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material.
The following table presents our current liability as accrued for restructuring charges on our condensed consolidated balance sheets. The table sets forth an analysis of the components of the restructuring charges and payments made against the accrual for the three months ended March 31, 2024 (in thousands):
 
Three Months Ended March 31, 2024
Facility Closure
Severance
Other
Total
Balance at December 31, 2023
$2,577 $464 $752 $3,793 
Restructuring accrual (release)

(89)(385)86 (388)
Payments
(822)(79)(577)(1,478)
Balance at March 31, 2024
$1,666 $— $261 $1,927 
At March 31, 2024 and December 31, 2023, facility closure costs, severance, and other restructuring costs were included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Purchase Commitments with Suppliers and Contract Manufacturers — In order to reduce manufacturing lead-times for an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we occasionally issue purchase orders to our component suppliers and third-party manufacturers that are not cancellable. As of March 31, 2024 and December 31, 2023, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable.
Performance Guarantees — We guarantee the performance of the Energy Servers at certain levels of output and efficiency to our customers over the contractual term. We monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded as service revenue in the condensed consolidated statements of operations. We paid $15.1 million and $15.8 million for the three months ended March 31, 2024 and 2023, respectively, for such performance guarantees.
Letters of Credit — In 2019, pursuant to the PPA II upgrade of the Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative developments and established a cash-collateralized letter of credit facility for this purpose. As of March 31, 2024 and December 31, 2023, the balance of this cash-collateralized letter of credit was $26.9 million and $40.4 million, respectively.
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 March 31, 2024 and December 31, 2023, the balances of the cash-collateralized letters of credit issued to our customers and other counterparties in the U.S. and international locations were $32.5 million and $32.6 million, respectively.
Pledged Funds — In 2019, pursuant to the PPA IIIb upgrade of the Energy Servers, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. All or a portion of such funds would be released if we meet certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If we do not meet the required criteria within the first five-year period, the funds would still be released to us over the following two years as long as the Energy Servers continue to perform in compliance with our warranty obligations. As of March 31, 2024 and December 31, 2023, the balance of the restricted cash fund was $7.4 million and $7.6 million, respectively.
Contingencies
Indemnification Agreements — We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations.

Investment Tax Credits — Our Energy Servers are eligible for federal Income Tax Credits (the “ITC”) that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed of or otherwise ceases to be qualified investment credit property before the close of the five-year recapture period is fulfilled, it could result in a partial reduction of the incentives.
Legal Matters — We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the
amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such 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 March 2019, the Lincolnshire Police Pension Fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara, against us, certain members of our senior management, certain of our directors and the underwriters in our July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al. was filed on April 22, 2019 and Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs’ consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be in contravention of our forum selection clause in our Restated Certificate of Incorporation and we intend to defend this action vigorously. We are unable to estimate any range of reasonably possible losses.
In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors’ alleging violations under Sections 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. On September 3, 2019, the court appointed a lead plaintiff and lead plaintiffs’ counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in the IPO and our auditor as defendants for the Section 11 claim, as well as adding claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against us, and certain members of our senior management team. The amended complaint alleged a class period for all claims from the time of our IPO until September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint, which continued to make the same claims and added allegations pertaining to the restatement and, as to claims under the Exchange Act, extended the putative class period through February 12, 2020. On July 1, 2020, we and the other defendants filed motions to dismiss the second amended complaint. On September 29, 2021, the court entered an order dismissing with leave to amend (1) five of seven statements or groups of statements alleged to violate Sections 11 and 15 of the Securities Act and (2) all allegations under the Exchange Act. All allegations against our auditors were also dismissed. Plaintiffs elected not to amend the complaint and instead on October 22, 2021 filed a motion for entry of final judgment in favor of our auditors so that plaintiffs could appeal the dismissal of those claims. The court denied that motion on December 1, 2021 and in response plaintiffs filed a motion asking the court to certify an interlocutory appeal as to the accounting claims. The court denied plaintiffs’ motion on April 14, 2022. The claims for violation of Sections 11 and 15 of the Securities Act that were not dismissed by the court entered the discovery phase.
On January 6, 2023, Bloom and the plaintiffs’ entered into an agreement in principle to settle the claims against Bloom, its executives and directors, and the IPO underwriters for a payment of $3.0 million, which we expect to be funded entirely by our insurers. If the settlement becomes effective, we expect it to result in a dismissal with prejudice of all claims against us, our executives and directors, and the underwriters. The settlement does not constitute an acknowledgement of liability or wrongdoing. On June 30, 2023, Bloom and the plaintiff’s executed a definitive settlement agreement containing the foregoing terms and customary terms for class action settlements, and on the same date, filed the settlement agreement with the court to seek its approval. The judge issued a preliminary approval of the settlement on October 31, 2023. Notice of the settlement together with requested Plaintiff attorney fees was sent to the defined class of Bloom stockholders and on May 2, 2024 the final settlement was approved.
In June 2021, we filed a petition for writ of mandate and a complaint for declaratory and injunctive relief in the Santa Clara Superior Court against the City of Santa Clara for failure to issue building permits for two of our customer installations and asking the court to require the City of Santa Clara to process and issue the building permits. In October 2021, we filed an amended petition and complaint that asserts additional constitutional and tort claims based on the City’s failure to timely issue the Energy Server permits. On April 21, 2023, the parties executed a settlement agreement which allows our two pending customer installations to proceed under building permits and requires the City of Santa Clara to amend its zoning code so that future installations of Bloom Energy Servers in Santa Clara require only building permits.
In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland (“WIPO”), for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure
Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint seeks the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint seeks to recover damages we have suffered in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). We filed our opposition on June 30, 2022, Plansee/GTP filed its reply on July 14, 2022 and we filed our sur-reply on July 22, 2022. On February 9, 2023, Magistrate Judge Payne issued a report and recommendation to stay the district court action pending an arbitrability determination by the arbitrator for each claim.
On February 23, 2023, we filed an amended complaint adding additional causes of action and filed objections to the Magistrate’s report and recommendation. On April 26, 2023, Judge Gilstrap overruled our objections to the Magistrate’s report and recommendation and stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. The arbitration had been held in abeyance awaiting the decision of the Eastern District of Texas. A hearing by the arbitrator in WIPO on arbitrability took place on June 27, 2023. 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 that will focus on Bloom’s claims directed to improper inventorship of the Patents-in-Suit and Bloom’s defective product claims. Briefing on the first phase will take place throughout 2024 with a potential evidentiary hearing to be scheduled in 2025. We are unable to predict the ultimate outcome of the arbitration at this time.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended March 31, 2024 and 2023, we recorded an income tax (benefit) provisions of $(0.5) million and $0.3 million on pre-tax losses of $57.0 million and $74.7 million for effective tax rates of 0.9% and (0.3)%, respectively.
The effective tax rate for the three months ended March 31, 2024 and 2023, is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
New Foreign Tax Rules
In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting, including Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-U.S. tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 (including the European Union Member States) with the adoption of additional components in later years or announced their plans to enact legislation in future years. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-U.S. tax jurisdictions we operate in. However, legislation enacted as of March 31, 2024 did not have a material impact on our financial statements for the three months ended March 31, 2024 and is not expected to have a material impact on our 2024 financial statements due to the relatively small operations outside the U.S.
v3.24.1.u1
Net Loss per Share Available to Common Stockholders
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Loss per Share Available to Common Stockholders Net Loss per Share Available to Common Stockholders
Please refer to the condensed consolidated statements of operations for computation of our net loss per share available to common stockholders, basic and diluted.
The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive (in thousands):
 Three Months Ended
March 31,
 20242023
Convertible notes47,736 14,187 
Redeemable convertible preferred stock— 1,349 
Stock options and awards2,451 6,413 
50,187 21,949 
v3.24.1.u1
SK ecoplant Strategic Investment
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
SK ecoplant Strategic Investment SK ecoplant Strategic Investment
In September 2023, we entered into the Amended and Restated Joint Venture Agreement (the “JVA”) and the Share Purchase Agreement (together, the “Amended JV Agreements”) with SK ecoplant which allowed SK ecoplant to increase its share of the voting rights in the Korean JV to 60% and increased the scope of assembly done by the joint venture facility in the Republic of Korea to full assembly.
In January, 2024, SK ecoplant increased its capital contribution to Korean JV by $3.9 million, which increased its voting rights in the Korean JV to 60%. However, as of March 31, 2024, we continue to consolidate the Korean JV in our financial statements as we remain a primary beneficiary of this joint venture.
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 March 31, 2024 and December 31, 2023 (in thousands):
March 31,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$7,228 $3,003 
Accounts receivable13,056 19,567 
Inventories11,548 8,156 
Prepaid expenses and other current assets2,054 644 
Total current assets33,886 31,370 
Property and equipment, net2,346 2,519 
Operating lease right-of-use assets1,959 2,138 
Other long-term assets44 46 
Total assets$38,235 $36,073 
Liabilities
Current liabilities:
Accounts payable$1,693 $3,480 
Accrued expenses and other current liabilities4,221 2,347 
Operating lease liabilities439 440 
Total current liabilities6,353 6,267 
Operating lease liabilities1,442 1,617 
Non-recourse debt4,458 4,627 
Total liabilities$12,253 $12,511 
For a description of the strategic investment with SK ecoplant Co., Ltd. (“SK ecoplant”, formerly known as SK Engineering & Construction Co., Ltd.), a subsidiary of the SK Group, please refer to Part II, Item 8, Note 17 — SK ecoplant Strategic Investment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
There have been no subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented.
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Shawn Soderberg [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the first quarter ended March 31, 2024, Shawn Soderberg, Chief Legal Officer and Corporate Secretary, adopted a trading arrangement intended to satisfy the affirmative defense provisions of Rule 10b5-1(c). The plan was adopted on February 29, 2024 and the plan ends on June 30, 2025. The aggregate amount of shares that may be sold under the plan is a) up to 193,344 shares, subject to certain pricing conditions, and b) the number of shares necessary to cover withholding taxes resulting from the vesting of RSUs or PSUs.
Name Shawn Soderberg
Title Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 29, 2024
Arrangement Duration 487 days
Aggregate Available 193,344
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”).
Principles of Consolidation
Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Use of Estimates
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1 — Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Accounting Guidance Not Yet Adopted & 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 — Accounting Guidance Not Yet Adopted section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our condensed consolidated financial statements.
Recent Accounting Pronouncements
There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
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):
March 31,December 31,
 20242023
Accounts receivable$348,422 $340,740 
Contract assets33,788 41,366 
Customer deposits75,140 75,734 
Deferred revenue 59,468 72,328 
Three Months Ended
March 31,
20242023
 
Beginning balance$41,366 $46,727 
Transferred to accounts receivable from contract assets recognized at the beginning of the period(18,123)(10,787)
Revenue recognized and not billed as of the end of the period10,545 11,838 
Ending balance$33,788 $47,778 
Deferred revenue activity during the three months ended March 31, 2024 and 2023, consisted of the following (in thousands):
Three Months Ended
March 31,
20242023
 
Beginning balance$72,328 $94,355 
Additions176,484 224,939 
Revenue recognized(189,344)(231,446)
Ending balance$59,468 $87,848 
Schedule of Disaggregation of Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
Three Months Ended
March 31,
20242023
Revenue from contracts with customers: 
Product revenue $153,364 $193,745 
Installation revenue 11,444 20,525 
Services revenue 56,460 40,663 
Electricity revenue 4,827 3,838 
Total revenue from contract with customers226,095 258,771 
Revenue from contracts that contain leases:
Electricity revenue9,203 16,420 
Total revenue$235,298 $275,191 
v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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):
March 31,December 31,
 20242023
As Held:
Cash$112,134 $144,102 
Money market funds470,588 601,076 
$582,722 $745,178 
As Reported:
Cash and cash equivalents$515,957 $664,593 
Restricted cash66,765 80,585 
$582,722 $745,178 
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):
March 31,December 31,
 20242023
As Held:
Cash$112,134 $144,102 
Money market funds470,588 601,076 
$582,722 $745,178 
As Reported:
Cash and cash equivalents$515,957 $664,593 
Restricted cash66,765 80,585 
$582,722 $745,178 
Restricted cash consisted of the following (in thousands):
March 31,December 31,
 20242023
Restricted cash, current
$51,387 $46,821 
Restricted cash, non-current
15,378 33,764 
$66,765 $80,585 
v3.24.1.u1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31, 2024Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$470,588 $— $— $470,588 
$470,588 $— $— $470,588 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,218 $4,218 
$— $— $4,218 $4,218 

 Fair Value Measured at Reporting Date Using
December 31, 2023Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$601,076 $— $— $601,076 
$601,076 $— $— $601,076 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,376 $4,376 
$— $— $4,376 $4,376 
Schedule of Change in Level 3 Financial Liabilities
The changes in the Level 3 financial liabilities during the three months ended March 31, 2024 were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2023
$4,376 
Changes in fair value(158)
Liabilities at March 31, 2024
$4,218 
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments
 March 31, 2024December 31, 2023
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
3% Green Convertible Senior Notes due June 2028
$616,184 $584,999 $615,205 $673,613 
2.5% Green Convertible Senior Notes due August 2025
227,293 245,985 226,801 260,820 
Non-recourse:
4.6% Term Loan due October 2026
$2,972 $2,807 $3,085 $2,866 
4.6% Term Loan due April 2026
1,486 1,448 1,542 1,479 
v3.24.1.u1
Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
The components of inventory consisted of the following (in thousands):
March 31,December 31,
 20242023
Raw materials$298,079 $270,414 
Work-in-progress71,137 50,632 
Finished goods157,135 181,469 
$526,351 $502,515 
Schedule of Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
March 31,December 31,
 20242023
   
Receivables from employees$6,637 $6,538 
Tax receivables5,192 3,231 
Prepaid hardware and software maintenance4,505 5,202 
Prepaid managed services4,452 5,636 
Prepaid workers compensation4,275 6,851 
Advance income tax provision2,866 2,557 
Deferred expenses
2,180 2,257 
Interest receivable
1,947 1,697 
Deposits made1,701 1,702 
Prepaid deferred commissions1,113 1,178 
Prepaid rent1,067 1,232 
Other prepaid expenses and other current assets11,704 13,067 
$47,639 $51,148 
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following (in thousands):
March 31,December 31,
 20242023
   
Energy Servers$309,725 $309,770 
Machinery and equipment176,130 174,549 
Leasehold improvements116,360 94,646 
Construction-in-progress94,574 104,650 
Buildings50,173 49,477 
Computers, software and hardware30,731 28,901 
Furniture and fixtures10,713 12,541 
788,406 774,534 
Less: accumulated depreciation(292,181)(281,182)
$496,225 $493,352 
Schedule of Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
March 31,December 31,
20242023
   
Deferred commissions$10,516 $9,373 
Deferred expenses

8,270 9,069 
Long-term lease receivable7,028 7,335 
Deposits made3,133 3,157 
Prepaid managed services1,878 1,646 
Deferred tax asset1,562 1,385 
Prepaid and other long-term assets19,976 18,243 
$52,363 $50,208 
Schedule of Product Warranty Liability And Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
March 31,December 31,
20242023
Product performance$7,033 $18,066 
Product warranty2,164 1,260 
$9,197 $19,326 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2023
$19,326 
Accrued warranty and product performance liabilities, net
4,950 
Warranty and product performance expenditures during the quarter
(15,079)
Balances at March 31, 2024
$9,197 
Schedule of Accrued Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
March 31,December 31,
 20242023
   
General invoice and purchase order accruals$37,110 $36,266 
Compensation and benefits27,025 47,901 
Interest payable7,177 3,823 
Sales tax liabilities6,752 17,412 
Sales-related liabilities5,975 5,121 
Provision for income tax2,994 3,374 
Accrued legal expenses2,452 1,359 
Accrued consulting expenses2,042 3,244 
Accrued restructuring costs (Note 11)
1,927 3,793 
Accrued installation1,130 4,939 
Finance lease liability981 1,072 
Other3,742 2,575 
$99,307 $130,879 
v3.24.1.u1
Outstanding Loans and Security Agreements (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our debt as of March 31, 2024 (in thousands, except percentage data):
Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3% Green Convertible Senior Notes due June 2028
$632,500 $— $616,184 $616,184 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
230,000 — 227,293 227,293 2.5%August 2025Company
Total recourse debt862,500 — 843,477 843,477 
4.6% Term Loan due October 2026
2,972 — 2,972 2,972 4.6%October 2026
Korean JV
4.6% Term Loan due April 2026
1,486 — 1,486 1,486 4.6%April 2026
Korean JV
Total non-recourse debt4,458 — 4,458 4,458 
Total debt$866,958 $— $847,935 $847,935 
The following is a summary of our debt as of December 31, 2023 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
3% Green Convertible Senior Notes due June 2028
$632,500 $— $615,205 $615,205 3.0%June 2028Company
2.5% Green Convertible Senior Notes due August 2025
230,000 — 226,801 226,801 2.5%August 2025Company
Total recourse debt862,500 — 842,006 842,006 
4.6% Term Loan due October 2026
3,085 — 3,085 3,085 4.6%October 2026
Korean JV
4.6% Term Loan due April 2026
1,542 — 1,542 1,542 4.6%April 2026
Korean JV
Total non-recourse debt4,627 — 4,627 4,627 
Total debt$867,127 $— $846,633 $846,633 
Schedule of Repayment and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2024 (in thousands):
Remainder of 2024$— 
2025230,000 
20264,458 
2027— 
2028632,500 
Thereafter— 
$866,958 
v3.24.1.u1
Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Assets and Liabilities Leases
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2024 and December 31, 2023, were as follows (in thousands):
March 31,December 31,
20242023
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$138,941 $139,732 
Current operating lease liabilities(20,513)(20,245)
Non-current operating lease liabilities(141,024)(141,939)
Total operating lease liabilities$(161,537)$(162,184)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
$2,508 $2,708 
Current finance lease liabilities5
(981)(1,072)
Non-current finance lease liabilities6
(1,730)(1,837)
Total finance lease liabilities$(2,711)$(2,909)
Total lease liabilities$(164,248)$(165,093)
1 These assets primarily include leases for facilities, Energy Servers, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
Schedule of Lease, Cost
The components of our lease costs for the three months ended March 31, 2024 and 2023, were as follows (in thousands):
Three Months Ended
March 31,
20242023
Operating lease costs$8,905 $7,799 
Financing lease costs:
Amortization of right-of-use assets297 201 
Interest on lease liabilities66 62 
Total financing lease costs363 263 
Short-term lease costs9 444 
Total lease costs$9,277 $8,506 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2024 and December 31, 2023, were as follows:
March 31,December 31,
20242023
Weighted average remaining lease term:
Operating leases7.2 years7.4 years
Finance leases3.2 years3.2 years
Weighted average discount rate:
Operating leases10.6 %10.6 %
Finance leases9.6 %9.5 %
Schedule of Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
Schedule of Lessee, Operating Lease, Liability, Maturity
Future lease payments under lease agreements as of March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$27,468 $961 
202534,009 888 
202634,014 654 
202732,875 486 
202826,618 157 
202919,847 4 
Thereafter61,116 — 
Total minimum lease payments235,947 3,150 
Less: amounts representing interest or imputed interest(74,410)(439)
Present value of lease liabilities$161,537 $2,711 
At March 31, 2024, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2024$32,615 
202543,157 
202638,595 
202722,271 
202812,369 
Thereafter26,773 
Total minimum lease payments175,780 
Less: imputed interest(90,616)
Present value of net minimum lease payments85,164 
Less: current financing obligations(36,729)
Long-term financing obligations$48,435 
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Compensation Related Costs [Abstract]  
Schedule of Employee and Non-Employee Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months Ended
March 31,
 20242023
Cost of revenue$3,814 $4,161 
Research and development5,084 8,410 
Sales and marketing2,090 5,817 
General and administrative7,872 11,165 
$18,860 $29,553 
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, 2023
7,247,624 $20.93 3.8$19,446 
Granted1,000,000 9.08 
Exercised(99,640)5.44 
Expired(284,187)27.03 
Balances at March 31, 2024
7,863,797 19.39 4.724,003 
Vested and expected to vest at March 31, 2024
7,519,528 19.86 4.422,034 
Exercisable at March 31, 2024
6,859,630 $20.89 3.7$18,252 
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, 2023
32,877,906 
Added to plan9,871,670 
Granted(4,944,248)
Cancelled/Forfeited789,664 
Expired(221,086)
Balances at March 31, 2024
38,373,906 
Schedule of Weighted-Average Valuation Assumptions
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the performance-based stock options valuation:
Three Months Ended
March 31, 2024
Risk-free interest rate4.1%
Expected term (years)6.0
Expected dividend yield—
Expected volatility97.1%
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, 2023
9,889,341 $18.25 
Granted3,948,296 9.52 
Vested(1,483,902)19.43 
Forfeited(707,643)20.33 
Unvested Balance at March 31, 2024
11,646,092 $15.01 
v3.24.1.u1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Our operations include the following related party transactions (in thousands):
 Three Months Ended
March 31,
 20242023
Total revenue from related parties1
$122,168 $833 
Cost of product revenue2
20 — 
General and administrative expenses3
203 — 
Interest expense4
52 — 
Other expense, net5
(491)— 
1 Includes revenue from SK ecoplant for the three months ended March 31, 2024, which became a related party on September 23, 2023, however we had transactions with SK ecoplant in prior periods (see Note 15 — SK ecoplant Strategic Investment). Revenue from related parties for the three months ended March 31, 2023 relate to Korean JV in its entirety.
2 Includes expenses billed by SK ecoplant to Korean JV for headcount support 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 between Korean JV and SK ecoplant in fiscal year 2023.    
5 Other expense, net is represented by realized foreign gain for the three months ended March 31, 2024.
Below is the summary of outstanding related party balances as of March 31, 2024 and December 31, 2023 (in thousands):
 March 31,December 31,
20242023
   
Accounts receivable$292,356 $262,031 
Contract assets
3,531 6,872 
Deferred cost of revenue, current
— 875 
Prepaid expenses and other current assets
2,180 2,257 
Operating lease right-of-use assets1
1,853 2,031 
Other long-term assets
8,270 9,069 
Accounts payable— 77 
Accrued expenses and other current liabilities6,095 3,427 
Deferred revenue and customer deposits, current
5,678 1,707 
Operating lease liabilities, current1
439 440 
Deferred revenue and customer deposits, non-current
3,544 6,709 
Operating lease liabilities, non-current1
1,442 1,617 
Non-recourse debt2
4,458 4,627 
1 Balances relate to operating leases entered between Korean JV and SK ecoplant.
2 Represent the total balance of two term loans entered between Korean JV and SK ecoplant in fiscal year 2023.
v3.24.1.u1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table presents our current liability as accrued for restructuring charges on our condensed consolidated balance sheets. The table sets forth an analysis of the components of the restructuring charges and payments made against the accrual for the three months ended March 31, 2024 (in thousands):
 
Three Months Ended March 31, 2024
Facility Closure
Severance
Other
Total
Balance at December 31, 2023
$2,577 $464 $752 $3,793 
Restructuring accrual (release)

(89)(385)86 (388)
Payments
(822)(79)(577)(1,478)
Balance at March 31, 2024
$1,666 $— $261 $1,927 
v3.24.1.u1
Net Loss per Share Available to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive (in thousands):
 Three Months Ended
March 31,
 20242023
Convertible notes47,736 14,187 
Redeemable convertible preferred stock— 1,349 
Stock options and awards2,451 6,413 
50,187 21,949 
v3.24.1.u1
SK ecoplant Strategic Investment (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Condensed Balance Sheet
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 March 31, 2024 and December 31, 2023 (in thousands):
March 31,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$7,228 $3,003 
Accounts receivable13,056 19,567 
Inventories11,548 8,156 
Prepaid expenses and other current assets2,054 644 
Total current assets33,886 31,370 
Property and equipment, net2,346 2,519 
Operating lease right-of-use assets1,959 2,138 
Other long-term assets44 46 
Total assets$38,235 $36,073 
Liabilities
Current liabilities:
Accounts payable$1,693 $3,480 
Accrued expenses and other current liabilities4,221 2,347 
Operating lease liabilities439 440 
Total current liabilities6,353 6,267 
Operating lease liabilities1,442 1,617 
Non-recourse debt4,458 4,627 
Total liabilities$12,253 $12,511 
v3.24.1.u1
Nature of Business, Liquidity and Basis of Presentation (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
customer
Mar. 31, 2023
customer
Dec. 31, 2023
USD ($)
Subsidiary, Sale of Stock [Line Items]      
Long-term debt $ 847,935   $ 846,633
Sales Revenue, Net | Customer Concentration Risk      
Subsidiary, Sale of Stock [Line Items]      
Number of customers | customer 2 2  
Sales Revenue, Net | Customer Concentration Risk | Customer One      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 52.00% 41.00%  
Sales Revenue, Net | Customer Concentration Risk | Customer Two      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 15.00% 25.00%  
Accounts Receivable | Customer Concentration Risk      
Subsidiary, Sale of Stock [Line Items]      
Number of customers | customer 1    
Accounts Receivable | Customer Concentration Risk | Customer One      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 84.00%   74.00%
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 60.00% 5.00%  
Total recourse debt      
Subsidiary, Sale of Stock [Line Items]      
Long-term debt $ 843,477   $ 842,006
Total non-recourse debt      
Subsidiary, Sale of Stock [Line Items]      
Long-term debt $ 4,458   $ 4,627
v3.24.1.u1
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]        
Accounts receivable $ 348,422 $ 340,740    
Contract assets 33,788 41,366 $ 47,778 $ 46,727
Customer deposits 75,140 75,734    
Deferred revenue $ 59,468 $ 72,328    
v3.24.1.u1
Revenue Recognition - Contract Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 41,366 $ 46,727
Transferred to accounts receivable from contract assets recognized at the beginning of the period (18,123) (10,787)
Revenue recognized and not billed as of the end of the period 10,545 11,838
Ending balance $ 33,788 $ 47,778
v3.24.1.u1
Revenue Recognition - Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Contract With Customer, Liability, Deferred Revenue [Roll Forward]    
Beginning balance $ 72,328 $ 94,355
Additions 176,484 224,939
Revenue recognized (189,344) (231,446)
Ending balance $ 59,468 $ 87,848
v3.24.1.u1
Revenue Recognition - Revenue by Source (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers $ 226,095 $ 258,771
Total revenue [1] 235,298 275,191
Product revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 153,364 193,745
Total revenue [1] 153,364 193,745
Installation revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 11,444 20,525
Total revenue [1] 11,444 20,525
Services revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 56,460 40,663
Total revenue [1] 56,460 40,663
Electricity revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 4,827 3,838
Revenue from contracts that contain leases 9,203 16,420
Total revenue [1] $ 14,030 $ 20,258
[1] Including related party revenue of $122.2 million and $0.8 million for the three months ended March 31, 2024, and 2023, respectively.
v3.24.1.u1
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents [1] $ 515,957 $ 664,593    
Restricted cash 66,765 80,585    
Cash, cash equivalents and restricted cash 582,722 745,178 $ 483,445 $ 518,366
Cash        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash 112,134 144,102    
Money market funds        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash $ 470,588 $ 601,076    
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.24.1.u1
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]    
Restricted cash, current [1] $ 51,387 $ 46,821
Restricted cash, non-current [1] 15,378 33,764
Restricted cash $ 66,765 $ 80,585
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.24.1.u1
Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash and Cash Equivalents [Abstract]    
Cash proceeds from derecognition of accounts receivable $ 80.7 $ 59.6
Cost of factoring $ 1.9 $ 0.7
v3.24.1.u1
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
Total assets $ 470,588 $ 601,076
Liabilities    
Total liabilities 4,218 4,376
Money market funds    
Assets    
Money market funds 470,588 601,076
Embedded EPP derivatives    
Liabilities    
Derivatives 4,218 4,376
Level 1    
Assets    
Total assets 470,588 601,076
Liabilities    
Total liabilities 0 0
Level 1 | Money market funds    
Assets    
Money market funds 470,588 601,076
Level 1 | Embedded EPP derivatives    
Liabilities    
Derivatives 0 0
Level 2    
Assets    
Total assets 0 0
Liabilities    
Total liabilities 0 0
Level 2 | Money market funds    
Assets    
Money market funds 0 0
Level 2 | Embedded EPP derivatives    
Liabilities    
Derivatives 0 0
Level 3    
Assets    
Total assets 0 0
Liabilities    
Total liabilities 4,218 4,376
Level 3 | Money market funds    
Assets    
Money market funds 0 0
Level 3 | Embedded EPP derivatives    
Liabilities    
Derivatives $ 4,218 $ 4,376
v3.24.1.u1
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 4,376
Changes in fair value (158)
Ending balance $ 4,218
v3.24.1.u1
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Aug. 31, 2020
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 3.00% 3.00%  
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Net Carrying Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Net Carrying Value, Total $ 616,184 $ 615,205  
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Net Carrying Value, Total $ 584,999 $ 673,613  
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 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]      
Net Carrying Value, Total $ 227,293 $ 226,801  
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Net Carrying Value, Total $ 245,985 $ 260,820  
4.6% Term Loan due October 2026 | Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 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]      
Net Carrying Value, Total $ 2,972 $ 3,085  
4.6% Term Loan due October 2026 | Term Loan | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Net Carrying Value, Total $ 2,807 $ 2,866  
4.6% Term Loan due April 2026 | Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 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]      
Net Carrying Value, Total $ 1,486 $ 1,542  
4.6% Term Loan due April 2026 | Term Loan | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Net Carrying Value, Total $ 1,448 $ 1,479  
v3.24.1.u1
Balance Sheet Components - Inventories, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 298,079 $ 270,414
Work-in-progress 71,137 50,632
Finished goods 157,135 181,469
Inventory, net [1] 526,351 502,515
Inventory reserves $ 19,900 $ 18,700
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.24.1.u1
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid workers compensation $ 4,275 $ 6,851
Receivables from employees 6,637 6,538
Prepaid managed services 4,452 5,636
Prepaid hardware and software maintenance 4,505 5,202
Tax receivables 5,192 3,231
Advance income tax provision 2,866 2,557
Deferred expenses 2,180 2,257
Deposits made 1,701 1,702
Interest receivable 1,947 1,697
Prepaid rent 1,067 1,232
Prepaid deferred commissions 1,113 1,178
Other prepaid expenses and other current assets 11,704 13,067
Total prepaid expenses and other current assets [1],[2] $ 47,639 $ 51,148
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 788,406 $ 774,534
Less: accumulated depreciation (292,181) (281,182)
Property, plant and equipment, net [1] 496,225 493,352
Energy Servers    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 309,725 309,770
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 176,130 174,549
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 116,360 94,646
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 94,574 104,650
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 50,173 49,477
Computers, software and hardware    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 30,731 28,901
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 10,713 $ 12,541
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.24.1.u1
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Property Subject to or Available for Operating Lease [Line Items]    
Depreciation and amortization $ 12,518 $ 18,150
Property, plant and equipment    
Property Subject to or Available for Operating Lease [Line Items]    
Depreciation and amortization $ 12,500 $ 18,200
v3.24.1.u1
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred commissions $ 10,516 $ 9,373
Deferred expenses 8,270 9,069
Long-term lease receivable 7,028 7,335
Deposits made 3,133 3,157
Prepaid managed services 1,878 1,646
Deferred tax asset 1,562 1,385
Prepaid and other long-term assets 19,976 18,243
Other long-term assets [1],[2] $ 52,363 $ 50,208
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Balance Sheet Components - Accrued Warranty and Product Performance Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product performance $ 7,033 $ 18,066
Product warranty 2,164 1,260
Accrued warranty liabilities $ 9,197 $ 19,326
v3.24.1.u1
Balance Sheet Components - Standard Product Warranty Liability (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Accrued warranty and product performance liabilities, beginning balance $ 19,326
Accrued warranty and product performance liabilities, net 4,950
Warranty and product performance expenditures during the quarter (15,079)
Accrued warranty and product performance liabilities, ending balance $ 9,197
v3.24.1.u1
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Compensation and benefits $ 27,025 $ 47,901
General invoice and purchase order accruals 37,110 36,266
Sales tax liabilities 6,752 17,412
Sales-related liabilities 5,975 5,121
Accrued installation 1,130 4,939
Interest payable 7,177 3,823
Accrued restructuring costs 1,927 3,793
Provision for income tax 2,994 3,374
Accrued consulting expenses 2,042 3,244
Accrued legal expenses 2,452 1,359
Finance lease liability 981 1,072
Other 3,742 2,575
Accrued other current liabilities [1],[2] $ 99,307 $ 130,879
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Balance Sheet Components - Preferred Stock (Details) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
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
Series B preferred    
Class of Stock [Line Items]    
Preferred stock, authorized (in shares) 13,491,701 13,491,701
v3.24.1.u1
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Aug. 31, 2020
Debt Instrument [Line Items]      
Unpaid Principal Balance $ 866,958 $ 867,127  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 847,935 846,633  
Total 847,935 846,633  
Total recourse debt      
Debt Instrument [Line Items]      
Unpaid Principal Balance 862,500 862,500  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 843,477 842,006  
Total 843,477 842,006  
Total non-recourse debt      
Debt Instrument [Line Items]      
Unpaid Principal Balance 4,458 4,627  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 4,458 4,627  
Total $ 4,458 $ 4,627  
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes      
Debt Instrument [Line Items]      
Interest Rate 3.00% 3.00%  
Unpaid Principal Balance $ 632,500 $ 632,500  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 616,184 615,205  
3% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Net Carrying Value      
Debt Instrument [Line Items]      
Net Carrying Value, Total $ 616,184 $ 615,205  
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes      
Debt Instrument [Line Items]      
Interest Rate 2.50% 2.50% 2.50%
Unpaid Principal Balance $ 230,000 $ 230,000  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 227,293 226,801  
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | Net Carrying Value      
Debt Instrument [Line Items]      
Net Carrying Value, Total $ 227,293 $ 226,801  
4.6% Term Loan due October 2026 | Term Loan      
Debt Instrument [Line Items]      
Interest Rate 4.60% 4.60%  
Unpaid Principal Balance $ 2,972 $ 3,085  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 2,972 3,085  
4.6% Term Loan due October 2026 | Term Loan | Net Carrying Value      
Debt Instrument [Line Items]      
Net Carrying Value, Total $ 2,972 $ 3,085  
4.6% Term Loan due April 2026 | Term Loan      
Debt Instrument [Line Items]      
Interest Rate 4.60% 4.60%  
Unpaid Principal Balance $ 1,486 $ 1,542  
Net Carrying Value, Current 0 0  
Net Carrying Value, Long-Term 1,486 1,542  
4.6% Term Loan due April 2026 | Term Loan | Net Carrying Value      
Debt Instrument [Line Items]      
Net Carrying Value, Total $ 1,486 $ 1,542  
v3.24.1.u1
Outstanding Loans and Security Agreements - Recourse Debt Facilities Narrative (Details) - Senior Secured Notes - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Aug. 31, 2020
3% Green Convertible Senior Notes due June 2028        
Debt Instrument [Line Items]        
Interest rate percentage 3.00%   3.00%  
Interest expense $ 5.7 $ 0.0    
Debt instrument, unamortized discount 4.7      
Other issuance costs 1.0      
Unamortized debt issuance costs $ 16.3   $ 17.3  
2.5% Green Convertible Senior Notes due August 2025        
Debt Instrument [Line Items]        
Interest rate percentage 2.50%   2.50% 2.50%
Interest expense $ 1.9 1.9    
Debt instrument, unamortized discount 1.4 1.4    
Unamortized debt issuance costs 2.7   $ 3.2  
Amortization of issuance costs $ 0.5 $ 0.5    
v3.24.1.u1
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]    
Remainder of 2024 $ 0  
2025 230,000  
2026 4,458  
2027 0  
2028 632,500  
Thereafter 0  
Total $ 866,958 $ 867,127
v3.24.1.u1
Leases - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Rent expense $ 5,600 $ 5,600  
Total revenue from contract with customers 226,095 258,771  
Total lease costs 9,277 8,506  
Financing obligations 404,728   $ 405,824
Product      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers 153,364 193,745  
Installation      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers 11,444 20,525  
Managed Services | Variable Interest Entity, Primary Beneficiary      
Lessee, Lease, Description [Line Items]      
Recognition of right-of-use assets and lease liabilities from sale and leaseback transactions 4,100 5,500  
Total lease costs 3,100 2,100  
Financing obligations 441,500   $ 444,800
Managed Services | Variable Interest Entity, Primary Beneficiary | Product      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers 7,100 7,300  
Managed Services | Variable Interest Entity, Primary Beneficiary | Installation      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers 2,300 3,000  
Managed Services | Variable Interest Entity, Primary Beneficiary | Financing Obligations      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers $ 1,300 $ 1,200  
v3.24.1.u1
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets and Liabilities, Lessee:    
Operating lease right-of-use assets, net [1],[2] $ 138,941 $ 139,732
Current operating lease liabilities [1],[3] (20,513) (20,245)
Non-current operating lease liabilities [1],[4] (141,024) (141,939)
Total operating lease liabilities $ (161,537) $ (162,184)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Finance lease right-of-use assets, net $ 2,508 $ 2,708
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 $ (981) $ (1,072)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Non-current finance lease liabilities $ (1,730) $ (1,837)
Total finance lease liabilities (2,711) (2,909)
Total lease liabilities $ (164,248) $ (165,093)
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Leases - Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Operating lease costs $ 8,905 $ 7,799
Amortization of right-of-use assets 297 201
Interest on lease liabilities 66 62
Total financing lease costs 363 263
Short-term lease costs 9 444
Total lease costs $ 9,277 $ 8,506
v3.24.1.u1
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Mar. 31, 2024
Dec. 31, 2023
Weighted average remaining lease term:    
Operating leases 7 years 2 months 12 days 7 years 4 months 24 days
Finance leases 3 years 2 months 12 days 3 years 2 months 12 days
Weighted average discount rate:    
Operating leases 10.60% 10.60%
Finance leases 9.60% 9.50%
v3.24.1.u1
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Operating Leases    
Remainder of 2024 $ 27,468  
2025 34,009  
2026 34,014  
2027 32,875  
2028 26,618  
2029 19,847  
Thereafter 61,116  
Total minimum lease payments 235,947  
Less: amounts representing interest or imputed interest (74,410)  
Present value of lease liabilities 161,537 $ 162,184
Finance Leases    
Remainder of 2024 961  
2025 888  
2026 654  
2027 486  
2028 157  
2029 4  
Thereafter 0  
Total minimum lease payments 3,150  
Less: imputed interest (439)  
Present value of lease liabilities 2,711 2,909
Less: current financing obligations (981) (1,072)
Long-term financing obligations $ 1,730 $ 1,837
v3.24.1.u1
Leases - Financial Obligations and Sublease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Finance Leases    
Remainder of 2024 $ 961  
2025 888  
2026 654  
2027 486  
2028 157  
Total minimum lease payments 3,150  
Less: imputed interest (439)  
Present value of lease liabilities 2,711 $ 2,909
Less: current financing obligations (981) (1,072)
Long-term financing obligations 1,730 $ 1,837
Variable Interest Entity, Primary Beneficiary | Managed Services    
Finance Leases    
Remainder of 2024 32,615  
2025 43,157  
2026 38,595  
2027 22,271  
2028 12,369  
Thereafter 26,773  
Total minimum lease payments 175,780  
Less: imputed interest (90,616)  
Present value of lease liabilities 85,164  
Less: current financing obligations (36,729)  
Long-term financing obligations $ 48,435  
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense $ 18,860 $ 29,553  
Share-based payment arrangement, amount capitalized 10,000   $ 8,900
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 3,814 4,161  
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 5,084 8,410  
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 2,090 5,817  
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense $ 7,872 $ 11,165  
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Outstanding Options/RSUs, Number of Shares      
Granted (in shares) 1,000,000 0  
Stock options and awards      
Outstanding Options/RSUs, Number of Shares      
Outstanding, beginning (in shares) 7,247,624    
Exercised (in shares) (99,640)    
Expired (in Shares) (284,187)    
Outstanding, ending (in shares) 7,863,797   7,247,624
Vested and expected to vest (in shares) 7,519,528    
Exercisable (in shares) 6,859,630    
Outstanding Options Weighted Average Exercise Price      
Outstanding, beginning (in dollars per share) $ 20.93    
Granted (in dollars per share) 9.08    
Exercised (in dollar per shares) 5.44    
Expired (in dollar per shares) 27.03    
Outstanding, ending (in dollars per share) 19.39   $ 20.93
Vested and expected to vest (in dollars per share) 19.86    
Exercisable (in dollars per share) $ 20.89    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Outstanding, remaining contractual life 4 years 8 months 12 days   3 years 9 months 18 days
Outstanding, aggregate intrinsic value $ 24,003   $ 19,446
Vested and expected to vest, remaining contractual life 4 years 4 months 24 days    
Vested and expected to vest, aggregate intrinsic value $ 22,034    
Exercisable, remaining contractual life 3 years 8 months 12 days    
Exercisable, aggregate intrinsic value $ 18,252    
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 1,000,000 0  
Stock options and awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 0.2 $ 0.2  
Stock options exercised, intrinsic value 0.5 0.8  
Unrecognized compensation cost related to unvested stock options $ 7.0   $ 0.1
Expense expected to be recognized over remaining weighted-average period 3 years 3 months 18 days   3 months 18 days
Cash received $ 0.5 $ 0.8  
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 955,000    
Expiration period 10 years    
Stock-based compensation vesting period 4 years    
Requisite service period 3 years    
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Fair Value of Shares Purchased Under Performance-based Stock Options (Details) (Details) - Performance Shares
 3 Months Ended
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk free interest rate 4.10%
Expected term (years) 6 years
Expected dividend yield 0.00%
Expected volatility rate 97.10%
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Stock Award Activity (Details) - Restricted Stock Units
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Number of Awards Outstanding  
Unvested balance (in shares) | shares 9,889,341
Granted (in shares) | shares 3,948,296
Vested (in shares) | shares (1,483,902)
Forfeited (in shares) | shares (707,643)
Unvested balance (in shares) | shares 11,646,092
Weighted Average Grant Date Fair Value  
Unvested balance (in dollars per share) | $ / shares $ 18.25
Granted (in dollars per share) | $ / shares 9.52
Vested (in dollars per share) | $ / shares 19.43
Forfeited (in dollars per share) | $ / shares 20.33
Unvested balance (in dollars per share) | $ / shares $ 15.01
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Stock Awards Narrative (Details) - Restricted Stock Units - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 17.9 $ 22.6  
Unrecognized stock-based compensation cost $ 99.5   $ 113.5
Expense expected to be recognized over a weighted-average period 2 years 3 months 18 days   2 years
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Executive Awards Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 15, 2024
Jul. 11, 2023
Feb. 15, 2023
Mar. 31, 2024
Dec. 31, 2023
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation vesting period       4 years  
2024 Executive Awards | Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation vesting period 4 years        
2024 Executive Awards | Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation vesting period     4 years    
Stock-based compensation cliff vesting period   1 year      
2024 Executive Awards | Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation vesting period     4 years    
2024 Executive Awards | Restricted Stock Units, Performance Stock Units and Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense       $ 9.4  
2023 Executive Awards | Restricted Stock Units and Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense       4.1 $ 7.0
2022 Executive Awards | Restricted Stock Units and Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense       1.2 6.2
2021 Executive Awards | Restricted Stock Units and Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense       $ 7.1 $ 8.2
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Number of Shares Available for Grant (Details)
 3 Months Ended
Mar. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward]  
Beginning balance (in shares) 32,877,906
Added to plan (in shares) 9,871,670
Granted (in shares) (4,944,248)
Cancelled/Forfeited (in shares) 789,664
Expired (in shares) (221,086)
Ending Balance (in shares) 38,373,906
v3.24.1.u1
Stock-Based Compensation and Employee Benefit Plans - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock ownership plan (ESOP), compensation expense (reversal) $ (1.1) $ 6.5  
Number of shares issued (in shares) 632,688 449,525  
Number of additional shares authorized (in shares) 2,418,528 2,239,563  
Number of common stock reserved for issuance (in shares) 16,990,424   15,204,584
Unrecognized stock-based compensation cost $ 10.8   $ 8.8
Expense expected to be recognized over a weighted-average period 1 year 2 months 12 days   9 months 18 days
v3.24.1.u1
Related Party Transactions - Results of Operations (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
Loan
Related Party Transaction [Line Items]      
Total revenue from related parties [1] $ 235,298,000 $ 275,191,000  
Cost of revenue 197,222,000 220,924,000  
General and administrative expenses [2] 38,009,000 45,147,000  
Other expense, net [3] (1,170,000) (1,343,000)  
SK Ecoplant | Korean Joint Venture      
Related Party Transaction [Line Items]      
Number of term loans | Loan     2
Related Party      
Related Party Transaction [Line Items]      
Total revenue from related parties 122,168,000 833,000  
Cost of revenue 20,000 0  
General and administrative expenses 203,000 0  
Interest expense 52,000 0  
Other expense, net (491,000) $ 0  
Equity Method Investee      
Related Party Transaction [Line Items]      
Total revenue from related parties $ 0    
[1] Including related party revenue of $122.2 million and $0.8 million for the three months ended March 31, 2024, and 2023, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2024. There were no related party general and administrative expenses for the three months ended March 31, 2023.
[3] Including related party other expense, net of $(0.5) million for the three months ended March 31, 2024. There was no related party other expense, net for the three months ended March 31, 2023.
v3.24.1.u1
Related Party Transactions - Related Party Transactions and Balances (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Loan
Mar. 31, 2024
USD ($)
Related Party Transaction [Line Items]    
Accounts receivable [1],[2] $ 340,740 $ 348,422
Contract assets [3] 41,366 33,788
Deferred cost of revenue, current [4] 45,984 56,051
Prepaid expenses and other current assets [1],[5] 51,148 47,639
Operating lease right-of-use assets [1],[6] 139,732 138,941
Other long-term assets [1],[7] 50,208 52,363
Accounts payable [1],[8] 132,078 94,231
Accrued expenses and other current liabilities [1],[9] 130,879 99,307
Deferred revenue and customer deposits, current [1],[10] 128,922 94,696
Operating lease liabilities, current [1],[11] 20,245 20,513
Operating lease liabilities, non-current [1],[12] 141,939 141,024
Non-recourse debt 846,633 847,935
SK Ecoplant    
Related Party Transaction [Line Items]    
Accounts receivable 19,567 13,056
Prepaid expenses and other current assets 644 2,054
Operating lease right-of-use assets 2,138 1,959
Other long-term assets 46 44
Accounts payable 3,480 1,693
Accrued expenses and other current liabilities 2,347 4,221
Operating lease liabilities, current 440 439
Operating lease liabilities, non-current $ 1,617 1,442
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 $ 262,031 292,356
Contract assets 6,872 3,531
Deferred cost of revenue, current 875 0
Prepaid expenses and other current assets 2,257 2,180
Operating lease right-of-use assets 2,031 1,853
Other long-term assets 9,069 8,270
Accounts payable 77 0
Accrued expenses and other current liabilities 3,427 6,095
Deferred revenue and customer deposits, current 1,707 5,678
Operating lease liabilities, current 440 439
Deferred revenue and customer deposits, non-current 6,709 3,544
Operating lease liabilities, non-current 1,617 1,442
Non-recourse debt $ 4,627 $ 4,458
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $3.5 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[5] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[6] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
[8] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[9] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
[10] Including amounts from related parties of $5.7 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively.
[11] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[12] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Restructuring - Narrative (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Remaining restructuring cost $ 6.3
Relocation  
Restructuring Cost and Reserve [Line Items]  
Remaining restructuring cost 3.5
Facility Closure  
Restructuring Cost and Reserve [Line Items]  
Remaining restructuring cost 2.0
Other  
Restructuring Cost and Reserve [Line Items]  
Remaining restructuring cost $ 0.8
v3.24.1.u1
Restructuring - Restructuring Charges and Payments and Other Deductions (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 3,793
Restructuring accrual (release) (388)
Payments (1,478)
Ending balance 1,927
Facility Closure  
Restructuring Reserve [Roll Forward]  
Beginning balance 2,577
Restructuring accrual (release) (89)
Payments (822)
Ending balance 1,666
Severance  
Restructuring Reserve [Roll Forward]  
Beginning balance 464
Restructuring accrual (release) (385)
Payments (79)
Ending balance 0
Other  
Restructuring Reserve [Roll Forward]  
Beginning balance 752
Restructuring accrual (release) 86
Payments (577)
Ending balance $ 261
v3.24.1.u1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 06, 2023
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2019
Dec. 31, 2023
Operating Leased Assets [Line Items]          
PPA expenses   $ 15,100 $ 15,800    
Restricted cash   66,765     $ 80,585
Restricted cash, non-current [1]   15,378     33,764
Settlement amount $ 3,000        
Variable Interest Entity, Primary Beneficiary | PPA II          
Operating Leased Assets [Line Items]          
Restricted cash   26,900     40,400
Variable Interest Entity, Primary Beneficiary | PPA Company 5          
Operating Leased Assets [Line Items]          
Restricted cash   32,500     32,600
Restricted cash, non-current   $ 7,400     $ 7,600
Variable Interest Entity, Primary Beneficiary | PPA IIIB          
Operating Leased Assets [Line Items]          
Restricted cash       $ 20,000  
Restricted cash, pledged as collateral, term       7 years  
Restricted cash, pledged as collateral, initial pledge period for release, term       5 years  
Restricted cash, pledged as collateral, secondary pledge period for release, term       2 years  
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income tax (benefit) $ (501) $ 259
Pre-tax loss $ (57,044) $ (74,658)
Effective income tax rate 0.90% (0.30%)
v3.24.1.u1
Net Loss per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 50,187 21,949
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 47,736 14,187
Redeemable convertible preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 0 1,349
Stock options and awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 2,451 6,413
v3.24.1.u1
SK ecoplant Strategic Investment - Narrative (Details) - Korean Joint Venture - SK Ecoplant - USD ($)
$ in Millions
Jan. 31, 2024
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]    
Interest owns percentage 60.00% 60.00%
Increase in aggregate capital $ 3.9  
v3.24.1.u1
SK ecoplant Strategic Investment - Schedule of Aggregate Carrying Values (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 515,957 $ 664,593
Accounts receivable [1],[2] 348,422 340,740
Inventories [1] 526,351 502,515
Prepaid expenses and other current assets [1],[3] 47,639 51,148
Total current assets 1,579,595 1,693,167
Operating lease right-of-use assets [1],[4] 138,941 139,732
Other long-term assets [1],[5] 52,363 50,208
Total assets 2,286,054 2,413,677
Current liabilities:    
Accounts payable [1],[6] 94,231 132,078
Accrued expenses and other current liabilities [1],[7] 99,307 130,879
Operating lease liabilities [1],[8] 20,513 20,245
Total current liabilities 354,671 470,422
Operating lease liabilities [1],[9] 141,024 141,939
Non-recourse debt [1],[10] 4,458 4,627
Total liabilities 1,796,904 1,893,007
SK Ecoplant    
Current assets:    
Cash and cash equivalents 7,228 3,003
Accounts receivable 13,056 19,567
Inventories 11,548 8,156
Prepaid expenses and other current assets 2,054 644
Total current assets 33,886 31,370
Property and equipment, net 2,346 2,519
Operating lease right-of-use assets 1,959 2,138
Other long-term assets 44 46
Total assets 38,235 36,073
Current liabilities:    
Accounts payable 1,693 3,480
Accrued expenses and other current liabilities 4,221 2,347
Operating lease liabilities 439 440
Total current liabilities 6,353 6,267
Operating lease liabilities 1,442 1,617
Non-recourse debt 4,458 4,627
Total liabilities $ 12,253 $ 12,511
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 15 — SK ecoplant Strategic Investment), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively.
[3] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[4] Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively.
[5] Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively.
[6] Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024.
[7] Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively.
[8] Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.
[9] Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.
[10] Including amounts from related parties of $4.5 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively.