Bloom Energy
(NYSE:BE)

Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation in the United States, Japan, China, India, and the Republic of Korea. The company offers Bloom Energy Server, a power generation platform that converts standard low-pressure natural g...

Website: http://www.bloomenergy.com

Founded: 2001

Full Time Employees: 1,252

CEO / Founder: KR Sridhar

Sector: Industrials

Industry: Electrical Equipment & Parts

Energy Utilities Fuel Cell

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At a glance:

Path to Profitability Hinges on Margin Expansion: Key focus is whether gross margins improve through cost reductions, higher utilization, and product/service mix as deployments scale.
Liquidity and Cash Burn Remain Central Watch Items: Investors are monitoring free cash flow trends, working-capital needs, and access to capital as the company funds growth and project execution.
Backlog and Bookings Signal Demand, Timing Depends on Execution: Order backlog and new bookings can indicate demand strength, but revenue conversion is sensitive to project timing, supply chain, and customer adoption cycles.
Policy Tailwinds Could Support Economics and Adoption: Incentives and regulatory support for clean, resilient power (e.g., tax credits, hydrogen-related programs) may improve project returns and accelerate adoption.
Competitive Landscape and Technology Differentiation Are Key: Performance, reliability, total cost of ownership, and differentiation versus batteries, generators, and other fuel-cell/clean power solutions influence share and pricing.

Bull Thesis:

Growing Demand for Distributed, Resilient, and Clean Power: Bloom Energy's core solid oxide fuel cell (SOFC) technology provides on-site, always-on power with lower emissions, appealing to data centers, critical infrastructure, and industrial clients seeking energy independence, reliability, and sustainability amidst increasing grid instability and climate concerns.
Hydrogen Economy Tailwinds & Electrolyzer Opportunity: Bloom's highly efficient solid oxide electrolyzer (SOEC) technology positions the company to capitalize on the rapidly expanding green hydrogen market. As global efforts to decarbonize industrial processes and transportation accelerate, Bloom's ability to produce hydrogen efficiently could become a significant future revenue driver.
Strategic Partnerships and Market Expansion: Bloom has secured significant strategic partnerships, such as with SK Group in South Korea, which provide access to new geographies and large-scale projects. These alliances, along with expansion into new sectors like marine and utility-scale hydrogen production, broaden Bloom's market reach and potential revenue streams.
Improving Unit Economics and Path to Profitability: As Bloom scales its manufacturing and deployment, the company is working to reduce the cost of its energy servers and electrolyzers. Continued technological advancements and economies of scale are expected to improve gross margins and unit economics, paving a clearer path towards sustained profitability and positive free cash flow.

Bear Thesis:

Persistent Negative Free Cash Flow and Capital Intensity: Despite revenue growth, Bloom Energy has consistently reported negative free cash flow, indicating a highly capital-intensive business model that struggles to generate self-sustaining cash. This ongoing cash burn necessitates frequent capital raises, diluting existing shareholders and raising concerns about long-term financial viability without external funding.
High Cost of Technology & Intense Competition: Bloom's SOFC technology, while efficient, can be expensive compared to traditional grid power or even other renewable solutions (e.g., solar + battery storage) in many applications. This high upfront cost can be a barrier to widespread adoption, especially without significant subsidies. The company also faces intense competition from other fuel cell technologies, traditional power generation, and emerging clean energy solutions.
Reliance on Government Subsidies and Incentives: A significant portion of Bloom's market appeal and project economics relies on clean energy tax credits, grants, and government incentives (e.g., IRA in the U.S.). Any changes, reductions, or expirations of these policies could negatively impact demand for Bloom's products, project viability, and overall profitability.
Slow Pace of Commercial Adoption for Hydrogen Electrolyzers: While the hydrogen opportunity is substantial, the commercialization and widespread adoption of green hydrogen production are still in relatively early stages. Significant revenue from Bloom's electrolyzer segment might be further out than anticipated, leading to continued investment and cash burn without immediate returns, and exposing the company to market development risks.

Main Competitors:

FuelCell Energy ($FCEL) (SureSource fuel cell platforms (molten carbonate and solid oxide)), Directly competes with Bloom Energy in the stationary fuel cell market, offering on-site power generation solutions for commercial, industrial, and utility-scale applications. While Bloom primarily uses solid oxide fuel cells (SOFC), FuelCell Energy utilizes both molten carbonate fuel cells (MCFC) and SOFC technology, targeting similar customers seeking resilient, low-emission distributed power and hydrogen production capabilities.
Plug Power ($PLUG) (GenDrive (material handling), GenSure (stationary power), GenFuel (hydrogen infrastructure), GenElectrolyzer), While historically focused on PEM fuel cells for material handling, Plug Power is rapidly expanding into stationary power generation, hydrogen production (electrolyzers), and broader hydrogen infrastructure. This creates direct competition with Bloom Energy, particularly as Bloom also expands its offerings into hydrogen production and hydrogen-powered fuel cells for stationary applications, vying for market share in the emerging hydrogen economy.
Generac Holdings ($GNRC) (Guardian Series (residential), Industrial Generators, PWRcell (solar + storage)), Generac is a leading manufacturer of traditional backup power generators (natural gas, propane, diesel) for residential, commercial, and industrial use. They compete with Bloom Energy for customers seeking grid resiliency and on-site power, particularly in scenarios where upfront cost or immediate availability might outweigh the long-term environmental benefits or higher efficiency of fuel cells. Generac also offers solar + storage solutions, broadening its competitive overlap.
Doosan Fuel Cell ($096260.KS) (PureCell (PAFC), SOFC systems), A major global player in stationary fuel cell technology, Doosan Fuel Cell offers a range of solutions including phosphoric acid fuel cells (PAFC) and solid oxide fuel cells (SOFC) for commercial, industrial, and utility-scale power generation. They compete directly with Bloom Energy for large-scale distributed power projects, particularly in Asian markets, by providing high-efficiency, low-emission on-site energy solutions.
Tesla Energy (division of Tesla Inc.) ($TSLA) (Powerwall, Powerpack, Megapack (battery energy storage systems), Solar Roof, Solar Panels), Tesla Energy competes with Bloom Energy by offering alternative distributed energy solutions, primarily through its battery energy storage systems (BESS) like Powerwall and Megapack, often paired with solar. While Bloom provides continuous, primary power, Tesla Energy's solutions offer grid resiliency, peak shaving, and renewable energy integration, appealing to customers seeking clean, on-site power and energy independence, albeit with different operational characteristics.

Moat:

Bloom Energy operates in a highly competitive and evolving energy landscape. Its primary moat lies in its proprietary, highly efficient, and fuel-flexible solid oxide fuel cell (SOFC) technology, which can run on natural gas, biogas, or hydrogen, offering a pathway to decarbonization. The modularity and proven track record with a blue-chip customer base also contribute to its competitive advantage. However, competition is diverse, ranging from other fuel cell manufacturers (e.g., FuelCell Energy, Doosan, Plug Power) offering different chemistries and applications, to traditional backup generator providers (Generac), and alternative distributed energy solutions like solar-plus-storage (Tesla Energy). Bloom competes on efficiency, environmental benefits, and grid resiliency, often against solutions with lower upfront costs. The burgeoning hydrogen economy, where Bloom is expanding with its electrolyzer technology, presents both a significant opportunity and intensified competition.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30

revenue:
product	653,348,000	638,487,000	384,314,000	296,611,000	211,869,000	471,711,000	233,770,000	226,308,000	153,364,000	261,818,000	304,976,000	214,706,000	193,745,000	360,249,000	213,243,000	173,625,000	133,547,000	250,165,000	128,550,000	146,867,000	137,930,000	171,801,000	131,076,000	116,197,000	99,559,000	53,087,000	182,616,000	179,899,000	141,734,000	156,671,000	125,690,000	108,654,000
installation	25,931,000	67,272,000	65,773,000	37,372,000	33,651,000	36,089,000	32,052,000	42,733,000	11,444,000	26,034,000	21,916,000	24,321,000	20,525,000	43,156,000	22,682,000	12,729,000	13,553,000	42,349,000	22,172,000	28,879,000	2,659,000	28,827,000	26,603,000	29,839,000	16,618,000	2,273,000	19,010,000	17,285,000	22,258,000	21,363,000	29,690,000	26,245,000
service	61,879,000	61,691,000	58,607,000	54,449,000	53,548,000	53,790,000	50,761,000	52,531,000	56,460,000	52,569,000	47,535,000	42,298,000	40,663,000	39,942,000	37,347,000	38,426,000	35,239,000	32,809,000	39,251,000	35,707,000	36,417,000	32,137,000	26,141,000	26,208,000	25,147,000	25,240,000	23,597,000	23,659,000	23,290,000	21,752,000	20,751,000	19,975,000
electricity	9,896,000	10,233,000	10,354,000	12,810,000	26,953,000	10,803,000	13,816,000	14,195,000	14,030,000	16,495,000	25,841,000	19,770,000	20,258,000	19,229,000	19,002,000	18,456,000	18,700,000	17,148,000	17,255,000	17,017,000	17,001,000	16,622,000	16,485,000	15,612,000	15,375,000	36,617,000	8,248,000	12,939,000	13,425,000	13,820,000	14,059,000	14,007,000
total revenue	751,054,000	777,683,000	519,048,000	401,242,000	326,021,000	572,393,000	330,399,000	335,767,000	235,298,000	356,916,000	400,268,000	301,095,000	275,191,000	462,576,000	292,274,000	243,236,000	201,039,000	342,471,000	207,228,000	228,470,000	194,007,000	249,387,000	200,305,000	187,856,000	156,699,000	117,217,000	233,471,000	233,782,000	200,707,000	213,606,000	190,190,000	168,881,000
yoy	130.37%	35.87%	57.10%	19.50%	38.56%	60.37%	-17.46%	11.52%	-14.50%	-22.84%	36.95%	23.79%	36.88%	35.07%	41.04%	6.46%	3.62%	37.33%	3.46%	21.62%	23.81%	112.76%	-14.21%	-19.64%	-21.93%	-45.12%	22.76%	38.43%
qoq	-3.42%	49.83%	29.36%	23.07%	-43.04%	73.24%	-1.60%	42.70%	-34.07%	-10.83%	32.94%	9.41%	-40.51%	58.27%	20.16%	20.99%	-41.30%	65.26%	-9.30%	17.76%	-22.21%	24.50%	6.63%	19.88%	33.68%	-49.79%	-0.13%	16.48%	-6.04%	12.31%	12.62%
cost of revenue:
total cost of revenue	525,510,000							267,245,000	197,222,000	217,787,750	405,482,000	244,745,000	220,924,000	391,199,000	241,330,000	245,206,000	173,102,000	273,768,000	170,345,000	191,126,000	139,356,000	185,761,000	144,318,000	161,607,000	136,768,000	130,523,000	180,006,000	192,109,000	184,952,000	196,358,000	166,805,000	136,110,000
gross profit	225,544,000	239,895,000	151,675,000	107,123,000	88,707,000	219,317,000	78,734,000	68,522,000	38,076,000	92,391,000	-5,214,000	56,350,000	54,267,000	71,377,000	50,944,000	-1,970,000	27,937,000	68,703,000	36,883,000	37,344,000	54,651,000	63,626,000	55,987,000	26,249,000	19,931,000	-13,306,000	53,465,000	41,673,000	15,755,000	17,248,000	23,385,000	32,771,000
yoy	154.26%	9.38%	92.64%	56.33%	132.97%	137.38%	-1610.05%	21.60%	-29.84%	29.44%	-110.23%	-2960.41%	94.25%	3.89%	38.12%	-105.28%	-48.88%	7.98%	-34.12%	42.27%	174.20%	-578.18%	4.72%	-37.01%	26.51%	-177.15%	128.63%	27.16%
qoq	-5.98%	58.16%	41.59%	20.76%	-59.55%	178.55%	14.90%	79.96%	-58.79%	-1871.98%	-109.25%	3.84%	-23.97%	40.11%	-2685.99%	-107.05%	-59.34%	86.27%	-1.23%	-31.67%	-14.11%	13.64%	113.29%	31.70%	-249.79%	-124.89%	28.30%	164.51%	-8.66%	-26.24%	-28.64%
gross margin %	30.03%	30.85%	29.22%	26.70%	27.21%	38.32%	23.83%	20.41%	16.18%	25.89%	-1.30%	18.72%	19.72%	15.43%	17.43%	-0.81%	13.90%	20.06%	17.80%	16.35%	28.17%	25.51%	27.95%	13.97%	12.72%	-11.35%	22.90%	17.83%	7.85%	8.07%	12.30%	19.40%
operating expenses:
research and development	56,849,000	55,889,000	48,724,000	40,768,000	40,612,000	39,465,000	36,315,000	37,364,000	35,485,000	33,556,000	35,126,000	41,493,000	45,690,000	38,320,000	36,146,000	41,614,000	34,526,000	26,794,000	27,634,000	25,673,000	23,295,000	21,690,000	19,231,000	19,377,000	23,279,000	22,148,000	23,389,000	29,772,000	28,859,000	32,970,000	27,021,000	14,413,000
sales and marketing	38,439,000	41,902,000	41,995,000	24,066,000	22,265,000	21,838,000	14,667,000	17,901,000	13,599,000	16,026,000	20,002,000	26,822,000	27,111,000	25,850,000	23,275,000	20,475,000	21,334,000	23,696,000	20,124,000	22,727,000	19,952,000	18,840,000	11,700,000	11,427,000	13,949,000	16,626,000	18,125,000	18,359,000	20,463,000	24,983,000	21,476,000	8,254,000
general and administrative	58,066,000							36,385,000	38,009,000	32,751,000	43,366,000	42,491,000	45,147,000	47,775,000	44,115,000	38,114,000	37,736,000	31,718,000	33,014,000	31,655,000	25,801,000	27,614,000	25,428,000	24,945,000	29,098,000	33,315,000	36,599,000	43,662,000	39,074,000	47,471,000	40,999,000	15,359,000
total operating expenses	153,354,000	152,366,000	143,829,000	110,626,000	107,777,000	114,611,000	88,385,000	91,650,000	87,093,000	79,453,000	98,494,000	110,806,000	117,948,000	111,945,000	103,536,000	100,203,000	93,596,000	82,208,000	80,772,000	80,055,000	69,048,000	68,144,000	56,359,000	55,749,000	66,326,000	72,089,000	78,113,000	91,793,000	88,396,000	105,424,000	89,496,000	38,026,000
income from operations	72,190,000	87,529,000	7,846,000	-3,503,000	-19,070,000	104,706,000	-9,651,000	-23,128,000	-49,017,000	12,938,000	-103,708,000	-54,456,000	-63,681,000	-40,568,000	-52,592,000	-102,173,000	-65,659,000	-13,505,000	-43,889,000	-42,711,000	-14,397,000	-4,518,000	-372,000	-29,500,000	-46,395,000	-85,395,000	-24,648,000			-88,176,000	-66,111,000
yoy	-478.55%	-16.40%	-181.30%	-84.85%	-61.10%	709.29%	-90.69%	-57.53%	-23.03%	-131.89%	97.19%	-46.70%	-3.01%	200.39%	19.83%	139.22%	356.06%	198.92%	11698.12%	44.78%	-68.97%	-94.71%	-98.49%			-3.15%	-62.72%
qoq	-17.52%	1015.59%	-323.98%	-81.63%	-118.21%	-1184.92%	-58.27%	-52.82%	-478.86%	-112.48%	90.44%	-14.49%	56.97%	-22.86%	-48.53%	55.61%	386.18%	-69.23%	2.76%	196.67%	218.66%	1114.52%	-98.74%	-36.42%	-45.67%	246.46%				33.38%
operating margin %	9.61%	11.26%	1.51%	-0.87%	-5.85%	18.29%	-2.92%	-6.89%	-20.83%	3.62%	-25.91%	-18.09%	-23.14%	-8.77%	-17.99%	-42.01%	-32.66%	-3.94%	-21.18%	-18.69%	-7.42%	-1.81%	-0.19%	-15.70%	-29.61%	-72.85%	-10.56%	0%	0%	-41.28%	-34.76%	0%
interest income	20,601,000	13,602,000	5,292,000	6,623,000	8,553,000	4,925,000	6,456,000	6,430,000	7,531,000	6,114,000	7,419,000	4,357,000	1,995,000	2,523,000	1,109,000	196,000	59,000	40,000	72,000	76,000	74,000	70,000	254,000	332,000	819,000	862,000	1,214,000	1,700,000	1,885,000
interest expense	-8,604,000							-15,376,000	-14,546,000	-23,434,000	-68,037,000	-13,953,000	-11,746,000	-12,493,000	-13,099,000	-13,814,000	-14,087,000	-25,227,000	-14,514,000	-14,553,000	-14,731,000	-21,246,000	-19,902,000	-14,374,000	-20,754,000	-39,513,000	-15,280,000	-16,725,000	-15,962,000	-14,290,000	-17,376,000	-26,167,000
equity in loss of unconsolidated affiliates4	-17,002,000
other income	6,197,000	-908,000	-1,362,000	2,373,000	2,048,000	12,237,000	5,821,000			867,000	-1,577,000			4,744,000	4,472,000	-1,191,000	-3,027,000	-10,087,000	2,011,000	22,000		-4,176,000	-221,000	-3,913,000	-8,000	138,000	525,000	-222,000	265,000	173,000	762,000	559,000
gain on revaluation of embedded derivatives	754,000			112,000	-103,000			-88,000	158,000	-428,000	-114,000	-1,216,000	117,000	-57,000	54,000	38,000	531,000	725,000	-184,000	-942,000	-518,000	-1,737,000	1,505,000	412,000	284,000
income before income taxes	74,136,000	2,378,000	-22,624,000	-41,175,000	-22,983,000	105,539,000	-14,523,000	-60,329,000	-57,044,000	4,928,000	-167,432,000	-68,881,000	-74,658,000	-50,573,000	-60,056,000	-121,177,000	-82,183,000	-48,054,000	-56,504,000	-58,108,000	-29,657,000	-31,607,000	-17,869,000	-47,837,000	-81,518,000
income tax provision	445,000	952,000	336,000	1,017,000	431,000	382,000	109,000	856,000	-501,000	811,000	646,000	178,000	259,000	209,000	336,000	-12,000	564,000	451,000	158,000	313,000	124,000	-16,000	7,000	141,000	124,000	31,000	136,000	258,000	208,000	1,079,000	-3,000	128,000
net income	73,691,000	1,426,000	-22,960,000	-42,192,000	-23,414,000	105,157,000	-14,632,000	-61,185,000	-56,543,000	4,117,000	-168,078,000	-69,059,000	-74,917,000	-50,782,000	-60,392,000	-121,165,000	-82,747,000	-48,505,000	-56,662,000	-58,421,000	-29,781,000	-31,591,000	-17,876,000	-47,978,000	-81,642,000	-128,032,000	-39,930,000	-67,231,000	-88,273,000	-104,443,000	-82,510,000	-50,188,000
less: net income attributable to noncontrolling interest	3,038,000	334,000	133,000	427,000	400,000	362,000	79,000	602,000	981,000
net income attributable to class a and class b common stockholders	70,653,000																							-42,512,000				-62,216,000	-84,441,000
yoy																								-31.67%
qoq																												-26.32%
net income margin %	9.41%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-22.63%	0%	0%	0%	-26.61%	-42.07%	0%	0%	0%
net earnings per share available to common stockholders:
basic	0.25
diluted	0.23
weighted-average shares used for eps calculation		240,402	234,931	232,542	230,210	227,365	227,957	227,167	225,587	212,681	210,930	208,692	206,724	185,907	186,487	178,507	177,189	173,438	174,269	172,749	170,745	138,722	138,964	125,928	123,763	115,118	116,330	113,622	111,842	53,268	81,321	10,536
basic	281,719
diluted	319,708
total cost of revenue2		537,788,000	367,373,000	294,119,000	237,314,000	353,076,000	251,665,000
general and administrative3		54,575,000	53,110,000	45,792,000	44,900,000	53,308,000	37,403,000
interest expense4		-10,647,000	-14,390,000	-14,440,000	-14,411,000	-15,951,000	-16,763,000
equity in loss of unconsolidated affiliates5		-20,822,000	-19,599,000
loss on extinguishment of debt				-32,340,000				-27,182,000			-1,415,000	-2,873,000		-4,722,000		-4,233,000									-14,098,000
loss on revaluation of embedded derivatives		-135,000	-411,000			-79,000	-386,000
net loss attributable to common stockholders		1,092,000	-23,093,000	-42,619,000	-23,814,000	104,795,000	-14,711,000	-61,787,000	-57,524,000	4,511,000	-168,999,000
net income per share		0.01	-0.1	-0.18	-0.1	0.46	-0.06	-0.27	-0.25	0.05	-0.8	-0.32	-0.35	-0.21	-0.31	-0.67	-0.44	-0.19	-0.3	-0.31	-0.15	-0.13	-0.09	-0.34	-0.61	-1.08	-0.3	-0.55	-0.76	-0.41	-0.97	-4.34
weighted-average shares used for eps calculation		240,402	234,931	232,542	230,210	227,365	227,957	227,167	225,587	212,681	210,930	208,692	206,724	185,907	186,487	178,507	177,189	173,438	174,269	172,749	170,745	138,722	138,964	125,928	123,763	115,118	116,330	113,622	111,842	53,268	81,321	10,536
other expense, net4								-985,000	-1,170,000
less: net gain attributable to noncontrolling interest										-1,356,750	921,000
less: net loss attributable to redeemable noncontrolling interest
net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest										4,511,000	-168,999,000	-66,061,000	-71,567,000	-47,172,000	-57,077,000	-118,800,000
other expense												-740,000	-1,343,000								-85,000
less: net loss attributable to noncontrolling interest												-2,998,000	-3,350,000	-3,610,000	-3,315,000	-2,365,000
net loss attributable to class a and class b common stockholders												-66,061,000	-71,567,000	-47,172,000	-57,077,000	-118,800,000	-78,359,000	-33,323,000	-52,370,000	-53,863,000	-24,889,000	-27,138,000	-11,954,000		-75,949,000	-45,390,000	-34,903,000			-99,781,000	-78,579,000
less: net income attributable to redeemable noncontrolling interest														-75,000
less: net loss attributable to noncontrolling interest and redeemable noncontrolling interest																	-4,388,000	-15,182,000	-4,292,000	-4,558,000
interest expense - related parties
gain on extinguishment of debt																						-3,219,500	1,220,000
less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests																					-4,892,000	-4,453,000	-5,922,000		-5,693,000
interest expense to related parties																						-628,250	-353,000	-794,000	-1,366,000	-1,933,000	-1,605,000	-1,606,000	-1,612,000	-3,515,000	-1,443,000
less: net income attributable to noncontrolling interests and redeemable noncontrolling interests																								-5,466,000
gain on revaluation of warrant liabilities and embedded derivatives																														-5,394,000	1,655,000
net loss before income taxes																										-48,708,000	-39,794,000			-103,364,000	-82,513,000	-50,060,000
net loss attributable to noncontrolling interests and redeemable noncontrolling interests																										-3,468,500	-5,027,000			-4,662,000	-3,931,000	-4,512,000
gain from operations																												-50,120,000	-72,641,000
loss on revaluation of warrant liabilities and embedded derivatives																																-19,197,000
net income before income taxes																												-66,973,000	-88,065,000
net income attributable to noncontrolling interests and redeemable noncontrolling interests																												-5,015,000	-3,832,000
revenue
cost of revenue
operating expenses
profit from operations																																-5,255,000
net loss attributable to common shareholders																																-45,677,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30

assets
current assets:
cash and cash equivalents1	2,491,433,000	2,454,108,000	595,055,000	574,764,000	794,751,000	802,851,000	495,677,000	581,684,000	515,957,000	664,593,000	557,384,000	767,055,000	320,431,000	348,498,000	492,120,000	235,638,000	286,007,000	396,035,000	121,861,000	203,956,000	180,719,000	246,947,000	325,241,000	144,072,000	180,307,000	202,823,000	226,499,000	308,009,000	320,414,000
restricted cash	1,251,000	1,973,000	8,474,000	1,128,000	6,203,000																									28,657,000	17,931,000	25,860,000
accounts receivables	359,406,000	371,796,000	411,653,000	467,038,000		335,841,000	590,794,000	524,000,000
contract assets3	242,595,000	178,928,000	258,884,000	129,798,000	143,619,000	145,162,000	121,074,000	90,388,000	33,788,000	41,366,000	143,875,000
inventories1	732,528,000	643,306,000	704,996,000	689,963,000	612,504,000	544,656,000	584,484,000	520,216,000	526,351,000	502,515,000	475,649,000	468,266,000	397,689,000	268,394,000
deferred cost of revenue	23,363,000	30,651,000	24,091,000	30,525,000	66,515,000	3,629,000	3,539,000	3,565,000	3,552,000	3,454,000	4,286,000	53,982,000	40,390,000	46,191,000	31,812,000	30,110,000	17,143,000	25,040,000	33,759,000	36,273,000	55,064,000	41,469,000	59,627,000	68,233,000	79,799,000	58,470,000	50,707,000	86,434,000	66,316,000	62,147,000	66,009,000	55,476,000
prepaid expenses and other current assets1, 4	103,960,000	49,805,000	44,743,000	40,070,000	51,305,000
total current assets	3,954,536,000	3,730,567,000	2,047,896,000	1,933,286,000	2,008,878,000	2,044,127,000	1,902,888,000	1,830,014,000	1,579,595,000	1,693,167,000	1,682,472,000	1,776,399,000	1,244,929,000	1,055,963,000	964,372,000	669,249,000	723,607,000	806,420,000	530,940,000	565,900,000	584,472,000	618,604,000	650,053,000	440,792,000	462,895,000	472,707,000	490,359,000	592,284,000	639,842,000	672,581,000	698,532,000	390,273,000
property, plant and equipment, net1	401,088,000	398,507,000	400,360,000	402,880,000	405,879,000	403,475,000	484,505,000	494,377,000	496,225,000	493,352,000	490,535,000	606,007,000	602,961,000	600,414,000	646,768,000	628,759,000	608,912,000	604,106,000	615,514,000	611,371,000	599,437,000	600,628,000	601,929,000	601,566,000	606,850,000	607,059,000	384,377,000	406,610,000	475,385,000
investments in unconsolidated affiliates10	23,261,000
operating lease right-of-use assets1	109,395,000										127,973,000	132,452,000	129,377,000	126,955,000
contract assets5	63,281,000
other long-term assets1, 6	83,299,000		44,407,000	45,310,000	43,880,000
total assets	4,664,729,000	4,396,711,000	2,638,199,000	2,530,422,000	2,607,984,000	2,657,354,000	2,604,517,000	2,548,044,000	2,286,054,000	2,413,677,000	2,376,172,000	2,719,902,000	2,192,210,000	1,946,627,000	1,902,069,000	1,580,833,000	1,649,972,000	1,725,571,000	1,431,726,000	1,464,028,000	1,451,262,000	1,454,387,000	1,474,359,000	1,277,543,000	1,312,608,000	1,322,591,000	1,169,927,000	1,222,579,000	1,318,850,000	1,389,668,000	1,445,145,000	1,157,737,000
liabilities and stockholders’ equity
current liabilities:
accounts payable1	241,649,000	203,129,000	167,382,000		144,998,000						153,793,000	194,503,000	130,061,000	161,770,000									64,282,000	64,896,000	60,401,000	55,579,000	81,060,000	61,427,000	64,425,000
accrued warranty7	38,365,000		14,682,000		10,283,000
accrued expenses and other current liabilities1, 8	223,653,000		168,404,000		104,296,000
deferred revenue and customer deposits9	194,094,000		56,065,000		168,444,000
operating lease liabilities1	21,933,000										16,666,000	17,168,000	16,148,000	16,227,000
financing obligations	63,151,000	51,308,000	36,556,000	29,074,000	21,553,000	11,704,000	20,921,000	28,332,000	36,727,000	38,972,000	39,093,000	29,097,000	20,272,000	17,363,000	16,682,000	16,159,000	15,172,000	14,721,000	14,260,000	13,819,000	13,330,000	12,745,000	12,342,000	11,603,000	11,248,000	10,993,000
non-recourse debt1	3,959,000	4,153,000	1,424,000									10,814,000	11,435,000	13,307,000	15,943,000	14,734,000	17,936,000	17,483,000	7,782,000	117,690,000	118,468,000	120,846,000
total current liabilities	786,804,000	623,832,000	465,951,000	387,339,000	584,419,000	636,758,000	566,923,000	393,475,000	354,671,000	470,422,000	461,726,000	828,548,000	771,591,000	541,946,000	392,727,000	393,688,000	346,958,000	342,479,000	311,868,000	409,046,000	369,308,000	436,377,000	389,516,000	303,734,000	285,744,000	573,964,000	293,726,000	339,087,000	276,194,000	279,666,000	271,853,000	248,146,000
deferred revenue and customer deposits	39,260,000																													94,158,000	105,265,000	94,582,000
recourse debt	2,598,676,000			2,229,000	114,631,000	114,385,000	114,139,000	1,121,011,000	843,477,000				12,971,000	12,716,000	12,792,000	12,434,000	12,355,000	8,348,000	6,034,000	2,020,000
deferred profit in transactions with unconsolidated affiliates11	22,774,000
other long-term liabilities	9,157,000	10,027,000	9,667,000	9,468,000	9,396,000	9,213,000	8,811,000	8,479,000	8,634,000	9,049,000	8,805,000	9,399,000	8,187,000	9,491,000	8,917,000	18,646,000	18,356,000	16,772,000	26,755,000	20,904,000	19,867,000									55,937,000	48,161,000	52,153,000
total liabilities	3,716,721,000	3,603,748,000	1,960,720,000	1,910,992,000	2,006,529,000	2,072,138,000	2,149,525,000	2,101,494,000	1,796,904,000	1,893,007,000	1,870,972,000	2,373,667,000	1,758,376,000	1,567,811,000	1,491,145,000	1,517,203,000	1,496,177,000	1,518,547,000	1,431,351,000	1,434,080,000	1,386,860,000	1,312,991,000	1,431,679,000	1,528,074,000	1,571,773,000	1,490,451,000	1,181,011,000	1,233,787,000	1,250,823,000	1,298,958,000	1,338,825,000	1,722,540,000
commitments and contingencies
stockholders’ equity:
common stock: 0.0001 par value...	28,000	28,000	24,000	23,000	23,000	23,000	23,000	23,000	21,000	21,000	21,000	20,000	20,000	20,000	19,000	18,000	18,000	18,000	18,000	17,000	17,000					12,000						1,000
additional paid-in capital	4,835,729,000	4,755,965,000	4,642,300,000	4,560,346,000	4,502,881,000	4,462,659,000	4,435,152,000	4,413,233,000	4,394,148,000	4,370,343,000	4,360,080,000	4,011,900,000	4,036,697,000	3,906,491,000	3,691,715,000	3,284,261,000	3,251,128,000	3,219,081,000	3,183,101,000	3,155,917,000	3,129,687,000	3,182,753,000	3,054,376,000	2,747,890,000		2,686,759,000				2,480,597,000	2,387,361,000	166,805,000
accumulated other comprehensive income	2,967,000																					-9,000	-9,000	-9,000		19,000					272,000	217,000
accumulated deficit	-3,917,255,000	-3,986,983,000	-3,988,075,000	-3,964,982,000	-3,922,363,000	-3,897,618,000	-4,002,413,000	-3,987,702,000	-3,925,915,000	-3,866,599,000	-3,871,110,000	-3,702,111,000	-3,636,050,000	-3,564,483,000	-3,517,311,000	-3,460,234,000	-3,341,434,000	-3,263,075,000	-3,229,752,000	-3,177,381,000	-3,123,518,000	-3,103,937,000	-3,076,800,000	-3,064,845,000		-2,946,384,000				-2,572,400,000	-2,472,619,000	-2,394,040,000
total stockholders’ equity attributable to common stockholders	921,469,000	768,641,000				562,471,000	430,944,000			502,078,000
noncontrolling interest	26,539,000	24,322,000	24,409,000	24,849,000	23,184,000	22,745,000	24,048,000	23,297,000	23,035,000	18,592,000	18,587,000	38,479,000	34,519,000	38,039,000	29,481,000	32,034,000	36,035,000	42,499,000	46,955,000	51,185,000	57,986,000	62,195,000	64,909,000	66,302,000	73,867,000	91,291,000	95,206,000	104,072,000	114,664,000	125,110,000	134,849,000	141,433,000
total stockholders’ equity	948,008,000	792,963,000	677,479,000	619,430,000	601,455,000	585,216,000	454,992,000	446,550,000	489,150,000	520,670,000	505,200,000	346,235,000	433,834,000	378,816,000			-90,791,000				6,060,000	78,824,000
total liabilities and stockholders’ equity	4,664,729,000	4,396,711,000	2,638,199,000	2,530,422,000	2,607,984,000	2,657,354,000	2,604,517,000	2,548,044,000	2,286,054,000	2,413,677,000	2,376,172,000	2,719,902,000	2,192,210,000
investments in unconsolidated affiliates15		10,037,000
operating lease right-of-use assets1, 5		108,541,000	112,677,000	117,280,000	118,292,000
contract assets6		62,258,000
other long-term assets1, 7		57,203,000				46,136,000	49,516,000	54,163,000	52,363,000	50,208,000
accrued warranty8		20,013,000		11,993,000
accrued expenses and other current liabilities1, 9		222,254,000		116,619,000				116,399,000	99,307,000	130,879,000
deferred revenue and customer deposits10		100,975,000		59,964,000
operating lease liabilities1, 11		22,000,000		21,201,000				20,123,000	20,513,000	20,245,000
deferred revenue and customer deposits12		42,840,000
operating lease liabilities1, 13		106,935,000						137,209,000	141,024,000	141,939,000
non-recourse debt1, 14								4,347,000	4,458,000	4,627,000
deferred profit in transactions with unconsolidated affiliates16		13,928,000
accumulated other comprehensive loss		-369,000	-1,179,000	-806,000	-2,270,000	-2,593,000	-1,818,000	-2,301,000	-2,139,000	-1,687,000	-2,378,000	-2,053,000	-1,352,000	-1,251,000	-1,531,000	-1,000,000	-503,000	-350,000	-278,000	-124,000	-126,000
investments in unconsolidated affiliates14			5,939,000
operating lease liabilities1, 10			21,438,000		20,214,000
deferred revenue and customer deposits11			32,254,000
operating lease liabilities1, 12			112,188,000		119,487,000	19,642,000	20,195,000
non-recourse debt1, 13			2,849,000		4,069,000
total equity attributable to common stockholders			653,070,000	594,581,000	578,271,000			423,253,000	466,115,000		486,613,000
accounts payable1, 7				144,781,000
non-recourse debt1, 12				1,478,000
deferred revenue and customer deposits1, 13				47,649,000		43,105,000	34,796,000
operating lease liabilities1, 14				117,452,000		124,523,000	135,159,000
non-recourse debt1, 15				2,956,000		4,057,000	4,563,000
accounts receivable less allowance for credit losses of 119 as of march 31, 2025, and december 31, 20241, 2					333,981,000
deferred revenue and customer deposits1, 11					47,173,000	243,314,000	142,056,000
restricted cash1						110,622,000	22,548,000	25,167,000	51,387,000	46,821,000	42,614,000	45,811,000	47,241,000	51,515,000	42,104,000	50,293,000	70,141,000	92,540,000	65,315,000	60,584,000	54,865,000	52,470,000	47,212,000	40,393,000	29,730,000	30,804,000	14,486,000	23,706,000	18,419,000
deferred cost of revenue4						58,792,000	40,648,000	48,457,000	56,051,000	45,984,000	62,212,000
prepaid expenses and other current assets1, 5						46,203,000	47,663,000	40,102,000	47,639,000	51,148,000
operating lease right-of-use assets1, 6						122,489,000	133,143,000	134,972,000	138,941,000	139,732,000
accounts payable1, 8						92,704,000	124,272,000	104,201,000	94,231,000	132,078,000
accrued warranty9						16,559,000	15,009,000
accrued expenses and other current liabilities1, 10						138,450,000	130,331,000
accrued warranty								12,388,000	9,197,000	19,326,000	16,537,000	14,906,000	9,456,000	17,332,000	13,344,000	9,319,000	14,671,000	11,746,000	7,907,000	7,697,000	5,958,000	10,263,000	9,807,000	10,175,000	11,014,000	10,333,000	15,295,000	12,393,000	16,736,000	19,236,000	17,975,000	14,928,000
deferred revenue and customer deposits1, 10								112,032,000	94,696,000	128,922,000
deferred revenue and customer deposits1, 12								28,589,000	39,912,000	19,140,000
accounts receivable less allowance for credit losses of 119 as of march 31, 2024 and december 31, 20231, 2									348,422,000
accounts receivable less allowance for credit losses of 119 as of december 31, 2023 and 119 as of december 31, 20221, 2										340,740,000
accounts receivable less allowance for doubtful accounts of 119 as of september 30, 2023 and december 31, 20221, 2											334,495,000
prepaid expenses and other current assets1											66,243,000	49,823,000	56,384,000	43,643,000	46,489,000	35,155,000	37,000,000	30,661,000	31,946,000	23,061,000	26,809,000	30,718,000	30,240,000	20,747,000	24,994,000	28,068,000
other long-term assets1											33,208,000	43,426,000	46,970,000	40,205,000	38,316,000	38,905,000	38,412,000	39,116,000	38,593,000	35,921,000	35,199,000	34,511,000	40,632,000	40,989,000	44,596,000	41,652,000	58,400,000	60,975,000	34,386,000
accrued expenses and other current liabilities1, 5											116,480,000
deferred revenue and customer deposits1, 6											119,157,000
deferred revenue and customer deposits1											14,499,000	137,704,000	148,530,000	159,048,000	98,841,000	93,237,000	94,044,000	89,975,000	81,894,000	79,262,000	69,240,000	114,286,000	95,546,000	102,944,000	99,046,000	89,192,000	88,060,000	129,321,000	89,557,000
accounts receivable less allowance for doubtful accounts of 119 as of june 30, 2023 and december 31, 20221												351,021,000
contract assets												35,182,000	47,778,000	46,727,000	25,768,000	33,374,000	13,533,000	25,201,000	27,745,000	18,638,000
loan commitment asset												5,259,000	5,259,000
accrued expenses and other current liabilities1												113,848,000	111,761,000	144,183,000	102,010,000	101,204,000	92,170,000	114,138,000	85,877,000	96,051,000	82,133,000	112,004,000	77,882,000	88,052,000	77,809,000	70,284,000
series b redeemable convertible preferred stock												310,508,000
recourse debt1												839,223,000
total equity attributable to class a and class b common stockholders												307,756,000	399,315,000
accounts receivable less allowance for doubtful accounts of 119 as of march 31, 2023 and december 31, 20221													329,757,000
redeemable convertible preferred stock													310,957,000		208,551,000	208,551,000	208,551,000	208,551,000
accounts receivable less allowance for doubtful accounts of 119 as of december 31, 2022 and 20211														250,995,000
customer financing receivable1																	5,875,000	5,784,000	5,693,000	5,603,000	5,515,000	5,428,000	5,341,000	5,254,000	5,170,000	5,108,000	5,919,000	5,817,000	5,717,000
liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity
redeemable noncontrolling interest																		300,000	331,000	334,000	356,000	377,000	189,000	118,000	67,000	443,000	557,000	505,000	58,802,000	57,261,000	56,446,000	54,940,000
stockholders’ equity (deficit) :
total stockholders’ equity (deficit) attributable to class a and class b common stockholders														340,777,000
total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity														1,946,627,000
accounts receivable less allowance for doubtful accounts of 119 as of september 30, 2022 and december 31, 20211															71,184,000
inventories															254,895,000	206,707,000	183,066,000	143,370,000	182,555,000	163,317,000	153,172,000	142,059,000	131,911,000	112,479,000	107,204,000	109,606,000	140,372,000	104,934,000	116,544,000	132,476,000	134,725,000	136,433,000
operating lease right-of-use assets															114,053,000	110,362,000	98,119,000	106,660,000	70,055,000	69,708,000	55,165,000	35,621,000
accounts payable															120,444,000	134,020,000	89,012,000	72,967,000	101,908,000	87,132,000	72,960,000	58,334,000								66,889,000	59,818,000	53,798,000
operating lease liabilities															12,671,000	12,581,000	11,598,000	13,101,000	6,206,000	5,375,000	7,219,000	7,899,000
stockholders’ equity
total equity (deficit) attributable to class a and class b common stockholders															172,892,000
total stockholders' equity															202,373,000
total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity															1,902,069,000
accounts receivable less allowance for doubtful accounts of 119 as of june 30, 2022 and december 31, 20211																77,972,000
liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ deficit
stockholders’ deficit:
total deficit attributable to class a and class b common stockholders																-176,955,000
total stockholders' deficit																-144,921,000
total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' deficit																1,580,833,000
accounts receivable1																	110,842,000	87,789,000	62,066,000	54,468,000	108,328,000	99,513,000	50,481,000	49,614,000	35,691,000	37,828,000	26,737,000	38,296,000	84,070,000
customer financing receivable, non-current1																	38,005,000	39,484,000	40,981,000	42,457,000	43,880,000	45,268,000	46,725,000	48,111,000	49,446,000	50,747,000	62,615,000	64,146,000	65,620,000
restricted cash, non-current1																	137,748,000	126,539,000	132,725,000	135,988,000	130,080,000	117,293,000	131,916,000	139,664,000	143,882,000	143,761,000	116,890,000	39,351,000	31,101,000
deferred cost of revenue, non-current																	3,212,000	1,289,000	2,918,000	2,683,000	3,029,000	2,462,000	3,104,000	6,421,000	4,939,000	6,665,000	57,286,000	59,213,000	72,516,000	102,699,000	139,217,000	148,934,000
goodwill																	1,957,000	1,957,000
liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest, stockholders’ (deficit) equity and noncontrolling interest
deferred revenue and customer deposits, non-current1																	80,457,000	90,310,000	67,887,000	79,059,000	84,472,000	87,463,000
operating lease liabilities, non-current																	105,656,000	106,187,000	78,146,000	78,441,000	61,714,000	41,849,000
financing obligations, non-current																	452,229,000	461,900,000	456,315,000	459,887,000	461,468,000	459,981,000	451,796,000	440,444,000	443,407,000	446,165,000
recourse debt, non-current																	280,056,000	283,483,000	285,216,000	288,650,000	290,090,000	168,008,000
non-recourse debt, non-current1																	212,465,000	217,416,000	205,164,000	98,093,000	99,941,000	102,045,000
stockholders’equity
total liabilities, redeemable noncontrolling interest, stockholders' (deficit) equity and noncontrolling interest																	1,649,972,000	1,725,571,000	1,431,726,000	1,464,028,000
stockholders’ (deficit) equity:
total stockholders’ (deficit) equity																		-44,326,000	-46,911,000	-21,571,000
revenue:
product																		663,512,000	128,550,000	146,867,000						557,336,000
installation																		96,059,000	22,172,000	28,879,000						60,826,000
service																		144,184,000	39,251,000	35,707,000						95,786,000
electricity																		68,421,000	17,255,000	17,017,000						71,229,000
total revenue																		972,176,000	207,228,000	228,470,000						785,177,000
cost of revenue:
total cost of revenue																		774,595,000	170,345,000	191,126,000						687,590,000
gross profit																		197,581,000	36,883,000	37,344,000						97,587,000
operating expenses:
research and development																		103,396,000	27,634,000	25,673,000						104,168,000
sales and marketing																		86,499,000	20,124,000	22,727,000						73,573,000
general and administrative																		122,188,000	33,014,000	31,655,000						152,650,000
total operating expenses																		312,083,000	80,772,000	80,055,000						330,391,000
income from operations																		-114,502,000	-43,889,000	-42,711,000						-232,804,000
interest income																		262,000	72,000	76,000						5,661,000
interest expense																		-69,025,000	-14,514,000	-14,553,000						-87,480,000
interest expense - related parties
other income																		-8,139,000	2,011,000	22,000						706,000
gain on extinguishment of debt
gain on revaluation of embedded derivatives																		-919,000	-184,000	-942,000
income before income taxes																		-192,323,000	-56,504,000	-58,108,000						-322,833,000
income tax provision																		1,046,000	158,000	313,000						633,000
net income																		-193,369,000	-56,662,000	-58,421,000						-323,466,000
less: net income attributable to noncontrolling interest and redeemable noncontrolling interest																		-28,924,000	-4,292,000	-4,558,000
net income attributable to class a and class b common stockholders																		-164,445,000	-52,370,000	-53,863,000						-304,414,000
less: deemed dividend to noncontrolling interest																										-2,454,000
net income available to class a and class b common stockholders																		-164,445,000								-306,868,000
net income per share																		-950	-300	-310						-2,670
weighted-average shares used for eps calculation																		173,438,000	174,269,000	172,749,000						115,118,000
liabilities, redeemable noncontrolling interest, stockholders’ (deficit) equity and noncontrolling interest
preferred stock: 10,000,000 shares authorized and no shares issued and outstanding at september 30, 2021 and december 31, 2020.
preferred stock: 10,000,000 shares authorized and no shares issued and outstanding at june 30, 2021 and december 31, 2020.
loss on extinguishment of debt
liabilities, redeemable noncontrolling interest, stockholders’ equity and noncontrolling interest
total liabilities, redeemable noncontrolling interest, stockholders' equity and noncontrolling interest																					1,451,262,000
liabilities, redeemable noncontrolling interest, stockholders’ equity (deficit) and noncontrolling interest
recourse debt - related parties
non-recourse debt - related parties1
derivative liabilities1																						4,989,000	19,542,000	22,281,000	23,377,000	17,551,000
non-recourse debt - related parties, non-current1
other long-term liabilities1																						12,279,000	26,618,000	27,276,000	28,543,000	28,013,000	56,117,000	58,417,000	58,032,000
common stock																						17,000	15,000	13,000
total liabilities, redeemable noncontrolling interest, stockholders' equity (deficit) and noncontrolling interest																						1,454,387,000
liabilities, redeemable noncontrolling interest, stockholders’ deficit and noncontrolling interest
current portion of recourse debt																							115,657,000	14,697,000	15,117,000	304,627,000	15,678,000	15,681,000	15,683,000	8,686,000
current portion of non-recourse debt1																							14,000,000	11,367,000	8,670,000	8,273,000	7,983,000	7,654,000	19,486,000
current portion of recourse debt from related parties																										20,801,000
current portion of non-recourse debt from related parties1																									2,439,000	3,882,000	3,500,000	2,889,000	2,341,000
deferred revenue and customer deposits, net of current portion1																							103,517,000	114,684,000	120,927,000	125,529,000	179,712,000	181,221,000	201,863,000
long-term portion of recourse debt																							227,481,000	347,664,000	396,097,000	75,962,000	359,959,000	362,424,000	357,876,000	360,339,000
long-term portion of non-recourse debt1																							213,209,000	218,316,000	190,295,000	192,180,000	217,334,000	219,182,000	284,541,000
long-term portion of non-recourse debt from related parties1																									30,597,000	31,087,000	31,781,000	32,643,000	33,417,000
total stockholders’ deficit																							-22,418,000	-316,951,000	-333,099,000	-259,594,000				-91,661,000	-84,975,000	-2,227,017,000
total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest																							1,474,359,000	1,277,543,000	1,312,608,000	1,322,591,000	1,169,927,000	1,222,579,000	1,318,850,000
long-term portion of recourse debt from related parties																								53,675,000	52,786,000		27,734,000	27,734,000	27,734,000	27,734,000
preferred stock
short-term investments																														104,350,000	4,494,000	15,703,000
interest expense to related parties																										-6,756,000
gain on revaluation of warrant liabilities and embedded derivatives																										-2,160,000
less: net income attributable to noncontrolling interests and redeemable noncontrolling interests																										-19,052,000
prepaid expense and other current assets1																											25,639,000	25,088,000	28,362,000
liabilities, redeemable noncontrolling interest, stockholders’ deficit and noncontrolling interests
accrued other current liabilities1																											82,150,000	109,722,000	67,966,000
derivative liabilities, net of current portion1																											14,648,000	13,079,000	11,166,000
stockholders’ deficit																											-106,847,000	-115,785,000	-105,439,000
assets1
cash and cash equivalents																														220,728,000	395,516,000	91,596,000
accounts receivable																														84,887,000	41,485,000	36,804,000
customer financing receivable																														5,594,000	5,496,000	5,398,000
prepaid expense and other current assets																														33,742,000	32,876,000	23,003,000
property, plant and equipment																														481,414,000	471,074,000	477,765,000
customer financing receivable, non-current																														67,082,000	68,535,000	69,963,000
other long-term assets																														34,792,000	37,008,000	38,386,000
liabilities1, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders’ deficit and noncontrolling interests
accrued other current liabilities																														69,535,000	66,873,000	54,832,000
current portion of non-recourse debt																														18,962,000
current portion of non-recourse debt from related parties																														2,200,000
preferred stock warrant liabilities																																2,369,000
derivative liabilities																														10,128,000	9,441,000	188,199,000
long-term portion of non-recourse debt																														289,241,000
long-term portion of non-recourse debt from related parties																														34,119,000
convertible redeemable preferred stock: 80,461,552 shares authorized at december 31, 2018 and december 31, 2017; no shares and 71,740,162 shares issued and outstanding at december 31, 2018 and december 31, 2017, respectively. aggregate liquidation preference of 1,441,757 at december 31, 2017.
accumulated other comprehensive gain																														131,000
total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest																														1,389,668,000
current assets
liabilities, convertible redeemable preferred stock and stockholders’ equity
current liabilities
current portion of debt																															20,185,000	28,376,000
current portion of debt from related parties																															1,737,000	1,630,000
preferred stock and warrant liabilities
long-term portion of debt																															651,956,000	822,982,000
long-term portion of debt from related parties																															66,933,000	107,141,000
convertible redeemable preferred stock: 80,461,552 shares authorized at september 30, 2018 and december 31, 2017; no shares and 71,740,162 shares issued and outstanding at september 30, 2018 and december 31, 2017, respectively. aggregate liquidation preference of 1,441,757 at december 31, 2017.
total equity																															106,320,000
total liabilities, convertible redeemable preferred stock and equity																															1,445,145,000
liabilities, convertible redeemable preferred stock and stockholders’ deficit
convertible redeemable preferred stock: 80,461,609 shares authorized at june 30, 2018 and december 31, 2017; 71,740,162 shares issued and outstanding at june 30, 2018 and december 31, 2017. aggregate liquidation preference of 1,441,757,000 at june 30, 2018 and december 31, 2017.																																1,465,841,000
total deficit																																-2,030,644,000
total liabilities, convertible redeemable preferred stock and deficit																																1,157,737,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30

cash flows from operating activities:
net income	73,691,000																							-47,978,000	-81,642,000	-128,032,000	-39,930,000	-67,231,000	-88,273,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	13,279,000	13,184,000	12,800,000	12,596,000	11,986,000	13,883,000	13,240,000	13,407,000	12,518,000	12,326,000	14,615,000	17,518,000	18,150,000	15,426,000	15,485,000	16,313,000	14,384,000	13,375,000	13,271,000	13,366,000	13,442,000	13,391,000	13,036,000	12,818,000	13,034,000	22,768,000	24,793,000	19,752,000	11,271,000
non-cash lease expense	8,002,000	8,011,000	8,057,000	8,384,000	8,068,000	8,792,000	9,175,000	8,980,000	8,951,000	9,079,000	8,356,000	8,250,000	7,934,000	2,002,000	9,353,000	5,728,000	3,072,000	2,547,000	2,641,000	2,405,000	2,115,000
equity in loss of unconsolidated affiliates, net of distributions	17,002,000	20,822,000
distributions received from unconsolidated affiliates9	138,000
loss on disposal of property, plant and equipment	115,000	355,000	1,000	-22,000	102,000	193,000	-17,000	-13,000	-2,000	234,000	-19,000	5,000	191,000
revaluation of derivative contracts	-754,000	135,000	411,000	-112,000	103,000	378,000	386,000	88,000	-158,000	428,000	114,000	1,216,000	-117,000				2,407,000	17,046,000	24,000	172,000	290,000	1,842,000	-2,267,000	-313,000	241,000	1,444,000	780,000	1,008,000	-453,000	1,710,000	-1,850,000
stock-based compensation expense	48,215,000					27,408,000											25,542,000	15,965,000	20,966,000
amortization of debt issuance costs	3,426,000	2,711,000	1,814,000	1,864,000	1,859,000	1,861,000	1,862,000	1,603,000	1,471,000
net gain on failed sale-and-leaseback transactions	-9,405,000		0	-60,000	-767,000
share-based consideration payable to customer’s customer (note 3)10	-3,090,000
unrealized foreign currency exchange loss	2,827,000	-198,000	2,703,000	-2,587,000	-2,208,000	3,698,000	-1,496,000	418,000	1,136,000	-2,411,000	1,517,000	1,484,000	28,000	-6,353,000
other	-281,000	-26,000	-5,000	0	-26,000	64,000	105,000	-50,000	-50,000					45,000	0
changes in operating assets and liabilities:
accounts receivable1	11,782,000	40,156,000	54,223,000	-132,161,000	2,257,000	257,469,000	-67,064,000	-175,657,000	-7,615,000	-6,037,000
contract assets2	-64,690,000	17,698,000	-129,086,000	13,821,000	1,543,000	-24,088,000	-30,687,000	-56,599,000	7,578,000	102,509,000
inventories	-88,584,000	59,950,000	-36,562,000	-77,025,000	-65,575,000	38,717,000	-64,141,000	5,862,000	-24,965,000	-25,374,000	-8,969,000	-69,680,000	-127,666,000	-14,081,000	-47,973,000	-23,282,000	-39,542,000	39,068,000	-18,927,000	-10,206,000	-10,820,000	-10,232,000	-19,240,000	-5,615,000	2,083,000	26,321,000	-35,438,000	11,610,000	15,932,000	2,249,000	1,707,000
deferred cost of revenue	7,122,000											-13,337,000	5,793,000	-15,426,000	139,000	-14,860,000	5,865,000	10,260,000	2,323,000	18,936,000	-13,952,000	18,348,000	11,557,000	9,499,000	-19,494,000	-78,846,000	37,656,000	-6,816,000	26,014,000	40,379,000	-815,000
prepaid expenses and other current assets3	-54,155,000
other long-term assets4	-25,993,000
operating lease right-of-use assets and operating lease liabilities	-8,526,000				-8,335,000	-9,327,000	-9,325,000	-9,216,000	-8,807,000	-8,922,000	-8,432,000	-7,940,000	-7,507,000	854,000	-260,000	-1,014,000	3,436,000	-5,360,000	-2,453,000
financing lease liabilities	89,000
accounts payable	36,962,000										-41,589,000	62,729,000	-26,835,000	47,856,000	-13,340,000	35,865,000	16,117,000	-24,841,000	8,524,000	15,304,000	14,145,000	-9,324,000	-127,000	4,009,000	4,822,000	-25,481,000	19,632,000	-2,997,000	-2,464,000	7,071,000	6,019,000
accrued warranty5	18,352,000
accrued expenses and other current liabilities6	-1,367,000
deferred revenue and customer deposits7	89,539,000
deferred profit with equity method investees and other long-term liabilities	-86,000
net cash from operating activities	73,610,000	418,073,000	19,669,000	-213,111,000	-110,682,000	484,228,000	-69,469,000	-175,495,000	-147,266,000	121,833,000	-133,169,000	-46,485,000	-314,710,000	-23,270,000	-69,939,000	-6,071,000	-92,443,000	47,226,000	-72,605,000	53,733,000	-89,035,000	-18,806,000	-39,755,000	-12,287,000	-27,948,000	24,587,000	23,977,000	119,376,000	-4,170,000	-44,769,000	4,937,000
capital expenditures	-26,182,000	-22,954,000	-12,301,000	-7,245,000	-14,259,000	-11,106,000	-14,292,000	-12,019,000	-21,435,000	-16,254,000	-21,335,000	-19,576,000	-26,574,000	-35,916,000	-36,179,000	-26,218,000	-18,510,000	-5,185,000	-10,164,000	-21,529,000	-12,932,000	-4,847,000	-13,506,000	-7,200,000	-12,360,000	-27,579,000	-4,592,000	-10,339,000	-8,543,000	-10,326,000	-2,738,000
free cash flows	47,428,000	395,119,000	7,368,000	-220,356,000	-124,941,000	473,122,000	-83,761,000	-187,514,000	-168,701,000	105,579,000	-154,504,000	-66,061,000	-341,284,000	-59,186,000	-106,118,000	-32,289,000	-110,953,000	42,041,000	-82,769,000	32,204,000	-101,967,000	-23,653,000	-53,261,000	-19,487,000	-40,308,000	-2,992,000	19,385,000	109,037,000	-12,713,000	-55,095,000	2,199,000
cash flows from investing activities:
purchase of property, plant and equipment	-26,182,000	-22,954,000	-12,301,000	-7,245,000	-14,259,000	-11,106,000	-14,292,000	-12,019,000	-21,435,000	-16,254,000	-21,335,000	-19,576,000	-26,574,000	-35,916,000	-36,179,000	-26,218,000	-18,510,000	-5,185,000	-10,164,000	-21,529,000	-12,932,000	-4,847,000	-13,506,000	-7,200,000	-12,360,000	-27,579,000	-4,592,000	-10,339,000	-8,543,000	-10,326,000	-2,738,000
proceeds from sale of property, plant and equipment	91,000	55,000	0	33,000	43,000	34,000	14,000	15,000	7,000	11,000	-22,000
investments in unconsolidated affiliates8	-19,848,000
net cash from investing activities	-45,939,000	-34,820,000	-36,871,000	-7,212,000	-14,216,000	-11,072,000	-14,278,000	-12,004,000	-21,428,000	-16,243,000	-21,357,000	-19,551,000	-26,574,000	-35,916,000	-36,179,000	-26,218,000	-18,510,000	-5,185,000	-7,050,000	-21,529,000	-12,932,000	-4,847,000	-13,506,000	-7,200,000	-12,360,000	-26,101,000	-5,100,000	-10,461,000	95,109,000	-110,252,000	5,750,000
cash flows from financing activities:
payment of debt issuance costs	-806,000	-59,364,000	0			0	-438,000			-197,000	-3,711,000
repayment of financing obligations	-7,972,000	-2,863,000	-2,939,000	-2,794,000	-2,671,000	-70,431,000	-9,767,000	-5,041,000	-4,958,000	-4,970,000	-4,747,000	-4,462,000	-4,266,000	-6,722,000	-12,346,000	-7,052,000	-9,423,000	-3,468,000	-3,787,000	-3,310,000	-3,077,000	-2,928,000	-2,717,000	-2,608,000	-2,503,000
proceeds from issuance of common stock	15,835,000	9,088,000	42,354,000	30,000	7,651,000	1,251,000	4,141,000	159,000	6,816,000	942,000	6,745,000	733,000	8,525,000	129,000	9,169,000	-980,000	6,961,000	17,681,000	6,441,000	7,715,000	57,953,000	10,746,000	7,559,000	341,000	4,845,000	90,000	4,302,000	828,000	7,493,000	65,000	714,000
net cash from financing activities	7,057,000	1,470,916,000	39,415,000	-7,059,000	5,130,000	-69,180,000	-5,600,000	242,837,000	7,150,000	1,188,000	-129,665,000	505,339,000	306,487,000	-93,847,000	362,157,000	-46,834,000	-10,112,000	253,245,000	-674,000	2,654,000	51,150,000	-64,006,000	233,501,000	-10,303,000	16,839,000	21,027,000	-32,068,000	-107,783,000	-1,490,000	-8,720,000	283,667,000
effect of exchange rate changes on cash, cash equivalent, and restricted cash	1,976,000	396,000	-1,245,000	2,071,000	155,000	-2,156,000	694,000	-256,000	-912,000
net increase in cash, cash equivalents, and restricted cash	36,704,000					401,820,000	-88,653,000															-87,659,000	180,240,000	-29,790,000	-23,469,000	19,513,000	-13,191,000	1,132,000	89,449,000	-163,741,000
cash, cash equivalents, and restricted cash:
beginning of period	2,481,580,000	0	0	0	950,971,000	0	0	0	745,178,000	0	0	0	518,366,000	0	0	0	615,114,000	0	0	0	416,710,000	0	0	0	377,388,000	0	0	0	280,485,000	0	0
end of period	2,518,284,000	1,854,565,000	20,968,000	-225,311,000	831,358,000	401,820,000	-88,653,000	55,082,000	582,722,000	107,482,000	-284,848,000	439,099,000	483,445,000	-150,956,000	255,143,000	-79,717,000	493,896,000	295,213,000	-80,627,000	34,864,000	365,664,000	-87,659,000	180,240,000	-29,790,000	353,919,000	19,513,000	-13,191,000	1,132,000	369,934,000	-163,741,000	294,354,000
supplemental disclosure of cash flow information:
cash paid during the period for interest	4,145,000	18,957,000	3,916,000	21,200,000	5,460,000	21,148,000	7,807,000	17,030,000	9,714,000	17,188,000	10,396,000	8,936,000	13,409,000	9,316,000	13,726,000	11,533,000	14,405,000	26,141,000	15,379,000	12,256,000	14,963,000	15,044,000	22,120,000	16,697,000	17,790,000	33,957,000	12,027,000	9,322,000	14,545,000	8,864,000	14,061,000
cash paid for amounts included in the measurement of lease liabilities:
operating cash flows from operating leases	8,526,000	8,468,000	8,394,000	8,331,000	8,254,000	9,256,000	9,264,000	9,154,000	8,742,000	8,854,000	8,366,000	7,872,000	7,446,000	2,242,000	7,372,000	1,923,000	2,464,000	7,084,000	4,200,000	3,302,000	2,830,000
operating cash flows from finance leases	116,000	100,000	87,000	88,000	81,000	72,000	60,000	62,000	65,000	293,000	295,000	255,000	254,000		326,000	232,000	230,000
cash paid during the period for income taxes	618,000	584,000	347,000	391,000	384,000	141,000	453,000	503,000	327,000	123,000	382,000	737,000	213,000	143,000	314,000	601,000	381,000	204,000	187,000	113,000	72,000
non-cash investing and financing activities:
liabilities recorded for property, plant and equipment	4,384,000	1,457,000	-2,019,000	2,362,000	1,923,000	-631,000	-754,000	-507,000	3,539,000	3,595,000	912,000	273,000	4,517,000	-2,385,000	-2,615,000	9,213,000	6,775,000	-93,000	6,177,000	-1,161,000	1,172,000	6,825,000	-144,000	28,000	466,000	-829,000	-2,088,000	2,595,000	2,067,000	10,362,000	1,362,000
derecognition of financing obligations	20,183,000					80,296,000
recognition of operating lease right-of-use asset during the year-to-date period	5,800,000	531,000	167,000	3,569,000	142,000	-5,257,000	3,209,000	922,000	4,062,000	15,666,000	120,000	7,502,000	6,535,000	18,779,000	6,431,000	11,045,000	147,000	39,142,000	2,898,000	18,113,000	22,649,000
recognition of finance lease right-of-use asset during the year-to-date period	201,000	1,765,000	206,000	505,000	451,000	1,151,000	173,000	223,000	97,000	104,000	171,000	492,000	244,000
unfunded investment commitment (note 11)11	1,438,000
conversion of the 3.0% green notes due june 2028 to common stock	18,163,000
accrual for dividend	994,000				1,024,000				1,620,000
net loss		1,426,000	-22,960,000	-42,192,000	-23,414,000	105,157,000	-14,632,000	-61,185,000	-56,543,000	4,117,000	-168,078,000	-69,059,000	-74,917,000	-50,782,000	-60,392,000	-121,165,000	-82,747,000	-48,505,000	-56,662,000	-58,421,000	-29,781,000									-104,443,000
adjustments to reconcile net loss to net cash from operating activities:
impairment of assets
derecognition of loan commitment asset related to sk ecoplant second tranche closing										0
loss on extinguishment of debt		0	0			0	0			0	1,415,000			4,722,000	0							0	-2,313,000	0	14,098,000
debt conversion inducement expense
net loss on failed sale-and-leaseback transactions
share-based consideration payable to customer’s customer (note 3)12
allowance for credit losses		0
inventory reserve and other assets impairment		31,000
deferred cost of revenue3		-7,237,000	4,310,000	34,600,000	-4,501,000	-18,275,000	7,796,000	7,592,000	-10,183,000	17,569,000
prepaid expenses and other assets4
other long-term assets5		-12,820,000	902,000	-1,430,000	2,256,000	3,381,000	4,646,000	-1,800,000	-2,155,000
operating lease right-of-use assets and operating lease liabilities6
accounts payable7
accrued warranty8
accrued expenses and other current liabilities9
deferred revenue and customer deposits10
investments in unconsolidated affiliates11
proceeds from issuance of debt											-35,000											0	230,000,000
repayment of debt						0	0						-9,892,000	-2,619,000	-6,533,000	-5,955,000	-4,774,000	-112,357,000	-3,179,000	-2,976,000	-4,862,000	-83,976,000	-10,298,000	-73,120,000	-9,128,000	-26,014,000	-9,266,000	-78,981,000	-5,016,000	-4,734,000	-4,835,000
purchase of capped call options related to convertible notes
proceeds from financing obligations						0	464,000	0	1,334,000	2,291,000	0	1,539,000	1,163,000					9,315,000	411,000	2,107,000	5,016,000	11,472,000
distributions and payments to noncontrolling interest
buyout of noncontrolling interest										0
proceeds from issuance of redeemable convertible preferred stock												0	310,957,000
payment of issuance costs related to redeemable convertible preferred stock
dividend paid		0	0			0	0
contributions from noncontrolling interest						0	0	0	3,958,000	0	0
conversion of 2.5% green notes to common stock		0
premium on convertible debt		0	0
face value of 2.5% green notes exchanged		0	0
face value of additional 3.0% green notes due june 2029 issued in the debt exchange		0	0
induced conversion of 3.0% green notes due june 2029 and 3.0% green notes due june 2028
write-off of debt issuance costs upon induced conversion
conversion of redeemable convertible preferred stock
derecognition of the pre-modified forward contract fair value
equity component of redeemable convertible preferred stock
stock-based compensation			37,255,000	29,284,000	30,054,000			19,191,000	18,136,000		21,315,000	28,102,000	27,743,000		23,686,000						17,210,000	16,508,000	15,735,000	18,631,000	23,019,000	41,336,000	39,855,000	51,218,000	63,882,000	92,833,000	71,678,000
prepaid expenses and other current assets4			-4,673,000	11,236,000	-5,102,000		-8,716,000	7,537,000	3,509,000
finance lease liabilities			206,000	531,000	451,000		173,000	223,000	97,000		171,000	492,000	244,000		451,000
accounts payable6					52,564,000	-35,262,000	23,882,000	8,206,000	-33,455,000
accrued warranty7						1,550,000
accrued expenses and other current liabilities8						8,050,000
deferred revenue and customer deposits9						111,078,000
other long-term liabilities			-121,000	15,000	-38,000	-723,000	-13,000	-257,000	-150,000	-65,000	-590,000	-153,000	-577,000	-11,000			1,803,000	-5,589,000	-240,000	136,000	1,393,000	-1,712,000	-740,000	-3,255,000	1,184,000	2,293,000	-1,336,000	-68,000	3,487,000	8,048,000	-8,496,000
investments in unconsolidated affiliates
net decrease in cash, cash equivalents, and restricted cash			20,968,000	-225,311,000	-119,613,000				-162,456,000											34,864,000	-51,046,000
unfunded investment commitment
proceeds from issuance of debt11
accrued warranty					-6,276,000			3,191,000	-10,129,000	2,789,000	1,631,000	5,450,000	-7,876,000	3,989,000			2,925,000	3,838,000	208,000	1,740,000	-4,305,000	284,000	-366,000	-840,000	681,000	-2,662,000	2,902,000	-4,343,000	-2,500,000	1,262,000	3,047,000
accrued expenses and other current liabilities7					-34,881,000			19,789,000	-32,996,000
deferred revenue and customer deposits8					-70,802,000			6,013,000	-13,454,000
customer financing receivable														0	0	1,122,000	1,388,000	1,406,000	1,386,000	1,334,000	1,302,000
proceeds from issuance of debt10						0
make-whole payment related to ppas’ debt
proceeds from public share offering
payment of public share offering costs
transfer from customer financing receivable to property, plant and equipment
forward to purchase class a common stock
gain on failed sale-and-leaseback transactions
distributions and payments to noncontrolling interests														-882,000
purchase of capped call related to convertible notes											0
conversion of series b redeemable convertible preferred stock
proceeds from issuance of debt9
impairment of assets related to ppas
amortization of warrants and debt issuance costs										1,472,000	1,514,000	1,121,000	665,000	677,000	704,000
gain on remeasurement of investment																		0
contingent consideration remeasurement
interest expense on interest rate swap settlement
accrued expenses and other liabilities7
net cash acquired from step acquisition																		0
make-whole payment related to ppa iiia and ppa iv debt
distributions to redeemable noncontrolling interest
effect of exchange rate changes on cash, cash equivalent and restricted cash										704,000	-657,000	-204,000	-124,000	2,077,000	-896,000	-594,000	-153,000	-73,000	-298,000	6,000	-229,000
increase in recourse debt, non-current upon adoption of asu 2020-06																		0	0	0	121,491,000
impairment of assets related to ppa v and ppa iiia
prepaid expenses and other current assets											-22,807,000	6,485,000	-4,527,000	-1,824,000			-6,340,000	1,284,000	-7,420,000	3,748,000	3,908,000	-477,000	-9,961,000	4,254,000	3,060,000	715,000	-549,000	3,283,000	5,194,000	-550,000	-11,058,000
other long-term assets											10,219,000	3,543,000	-128,000	-1,887,000			703,000	-2,480,000	1,036,000	-723,000	-687,000	6,121,000	357,000	-650,000	-2,924,000	337,000	2,253,000	945,000	83,000	845,000	1,037,000
accrued expenses and other current liabilities4
deferred revenue and customer deposits5
repayment of debt of ppa v and ppa iiia
debt make-whole payment related to ppa iiia debt															0
repayment of recourse debt											0
public share offering costs														-368,000
proceeds from issuance of series b redeemable convertible preferred stock
net increase in cash, cash equivalents and restricted cash																	-121,218,000	295,213,000
cash, cash equivalents and restricted cash:
transfer of customer financing receivable to property, plant and equipment															0
derecognition of the pre-modification forward contract fair value											0	0	76,242,000
equity component of series b redeemable convertible preferred stock											0
write-off of assets related to ppa iiia															0
accounts receivable												-21,079,000	-78,872,000	-178,622,000	5,941,000	32,870,000	-23,053,000	-25,721,000	-7,427,000	50,533,000	-8,815,000	-49,031,000	-867,000	-13,923,000	2,136,000	-6,198,000	11,559,000	45,775,000	816,000	-43,402,000	-4,682,000
contract assets												12,595,000	-1,051,000	-20,958,000	7,606,000	-19,841,000	11,668,000	2,544,000	-9,107,000
accrued expenses and other current liabilities												-3,442,000	-32,277,000	42,741,000			-25,144,000	24,034,000	-9,953,000	8,716,000	-24,941,000	13,887,000	-9,799,000	13,156,000	509,000
deferred revenue and customer deposits												-13,658,000	-13,108,000	47,872,000	-2,558,000	-4,375,000	-5,783,000	30,504,000	-9,753,000	4,608,000	-48,036,000	2,686,000	-18,565,000	-2,346,000	5,253,000	105,326,000	-42,769,000	19,122,000	-44,533,000	-59,793,000	-386,000
repayment of debt of ppa iiia															0
proceeds from exercise of options
net decrease in cash, cash equivalents and restricted cash												439,099,000	-34,921,000		255,143,000
amortization of warranty balance																	150,000
equity component of redeemable convertible preferred stock, series b													16,145,000
write-off of assets related to ppa iiia and ppa iv
proceeds from issuance of debt to related parties																						0	0	0	30,000,000
repayment of debt of ppa iiia and ppa iv
repayment of debt - related parties
debt issuance costs																						0	-9,876,000
distributions to redeemable noncontrolling interests
purchase of noncontrolling interest of ppa iv and ppa v
proceeds from class a common share offering
operating cash flows from financing leases																		235,000	384,000	220,000	39,000
operating lease liabilities arising from obtaining right-of-use assets upon adoption of new lease guidance
forward contract to purchase class a common stock
conversion of series a redeemable convertible preferred stock to class a common stock
recognition of financing lease right-of-use asset during the year-to-date period																		249,000	626,000	-122,000	1,457,000
conversion of 10% convertible promissory notes into class a common stock																						102,127,000
conversion of 10% convertible promissory notes to related party into class a common stock																						0
accrued interest for notes																						1,268,000			467,000
adjustment of embedded derivative related to debt extinguishment																						0	0	0	24,071,000
gain on sale of property, plant and equipment															0
revaluation of derivative liabilities															-11,320,000
contributions from noncontrolling interests
prepaid expenses and other assets
accrued expenses and other liabilities
distributions to noncontrolling interests
amortization of debt issuance costs and premium																	706,000	973,000	924,000	929,000	971,000
distributions and payments to noncontrolling interests and redeemable noncontrolling interests																	-2,876,000
write-off of property, plant and equipment																						2,000			1,000	130,000	283,000	2,703,000	1,000	38,000
write-off of customer financing receivable
impairment of equity method investment																						0	0
write-off of ppa ii and ppa iiib decommissioned assets
debt make-whole expense
gain on long-term rec purchase contract																									-4,000
financing cash flows from finance leases
proceeds from maturity of marketable securities																										0	0	0	104,500,000	-11,250,000
debt make-whole payment																										0	0
contribution from noncontrolling interest
payments to noncontrolling and redeemable noncontrolling interests
distributions to noncontrolling interests and redeemable noncontrolling interests																		-516,000	-560,000	-882,000	-3,880,000
conversion of 6% and 8% convertible promissory notes into additional paid-in capital to related parties
accrued distributions to equity investors																								1,000	1,000	85,000	-278,000	284,000	282,000	288,000	-278,000
conversion of 5% debt financing into additional paid-in capital
accrued debt issuance costs																								-1,750,000	2,970,000
operating lease liabilities																					-2,474,000
financing cash flows from financing leases																					63,000
loss on long-term rec purchase contract																						0	70,000				1,000	1,000	59,000	50,000	50,000
revaluation of stock warrants																														1,000
amortization of debt issuance and premium cost																						6,650,000	275,000
customer financing receivable and other																						1,369,000	1,300,000	1,250,000	1,240,000	1,378,000	1,429,000	1,374,000	1,339,000
payments for acquisition of intangible assets																											-508,000	-122,000	-848,000	-494,000
purchase of marketable securities																														-88,182,000	0
repayment of debt to related parties																						0	0	0	-2,105,000	-509,000	-471,000	-442,000	-778,000	-400,000	-363,000
distributions to noncontrolling and redeemable noncontrolling interests																						-1,519,000	-288,000	-1,545,000	-4,270,000	-3,174,000	-1,610,000	-4,564,000	-3,189,000	-1,058,000	-2,610,000
proceeds from public offerings, net of underwriting discounts and commissions																														0
payments of initial public offering issuance costs																														-2,593,000	-1,768,000
recognition of operating lease right-of-use asset during the year
recognition of financing lease right-of-use asset during the year
liabilities recorded for noncontrolling and redeemable noncontrolling interest
reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital																														0
conversion of redeemable convertible preferred stock into additional paid-in capital																														0
conversion of 8% convertible promissory notes into additional paid-in capital																														0
reclassification of derivative liability into additional paid-in capital																														0
reclassification of prior year prepaid initial public offering costs to additional paid-in capital																														-1,162,000
accrued interest for notes to related parties
proceeds from noncontrolling interest
cash paid during the period for taxes																							129,000	195,000	29,000	145,000	218,000	275,000	222,000	696,000	427,000
equity investment in ppa ii assets																											0
conversion of notes
amortization of debt issuance cost																									4,755,000	5,835,000	5,040,000	6,103,000	5,152,000	962,000	968,000
borrowings from issuance of debt
proceeds from noncontrolling and redeemable noncontrolling interests
liabilities recorded for intangible assets																														0	3,011,000
issuance of common stock warrant
issuance of common stock
issuance of restricted stock
write-off of ppa ii decommissioned assets																											0
debt make-whole penalty																											0
accrued other current liabilities																											-2,184,000	6,390,000	823,000	-8,685,000	14,700,000
payments to redeemable noncontrolling interests related to the ppa ii decommissioning																											-25,023,000
liabilities recorded for initial public offering in accounts payable
liabilities recorded for mandatorily redeemable noncontrolling interest																											-25,023,000
accrued interest and issuance for notes																											459,000	449,000	439,000	-1,060,000	3,181,000
accrued interest and issuance for notes to related parties																														1,504,000	34,000
revaluation of preferred stock warrants
common stock warrant valuation
ppa i decommissioning
amortization of interest expense from preferred stock warrants																														290,000	256,000
amortization of debt discount from embedded derivatives																														3,906,000	4,635,000
borrowings from issuance of debt to related parties
proceeds from issuance of convertible preferred stock
transfer of inventory to energy servers
exercise of warrants
issuance of 6% convertible promissory notes
depreciation																															10,587,000
customer financing receivable and others																															1,297,000
net loss attributable to common stockholders
loss attributable to noncontrolling and redeemable noncontrolling interests
write off of property, plant and equipment
maturities of marketable securities

Bloom Energy(NYSE:BE)

Bloom Energy
(NYSE:BE)