Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (14,383) $ (5,606)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation of energy assets, net 28,199 22,842
Depreciation of property and equipment 499 573
Increase in contingent consideration 0 71
Accretion of ARO liabilities 124 108
Amortization of debt discount and debt issuance costs 1,990 1,451
Amortization of intangible assets 565 525
Provision for credit losses 4 9
Gain on disposal of assets 0 (1,370)
Energy asset impairment 334 0
Non-cash production tax credits recognized (3,439) 0
Non-cash project revenue related to in-kind leases (401) (2,274)
Earnings from unconsolidated entities (98) (261)
Unrealized loss from derivatives 1,790 1,335
Stock-based compensation expense 4,176 2,844
Deferred income taxes, net (1,895) 1,188
Unrealized foreign exchange loss (gain) 628 (1,209)
Changes in operating assets and liabilities:    
Accounts receivable 8,020 35,657
Accounts receivable retainage 5,486 (2,866)
Federal ESPC receivable (9,710) (17,933)
Inventory, net 89 (792)
Unbilled revenue 13,176 41,922
Prepaid expenses and other current assets 8,083 (17,700)
Income taxes receivable, net (3,390) (1,043)
Project development costs (1,466) 858
Other assets (2,966) (1,629)
Accounts payable, accrued expenses and other current liabilities (5,762) (87,992)
Deferred revenue 5,670 574
Other liabilities 73 2,414
Cash flows from operating activities 35,396 (28,304)
Cash flows from investing activities:    
Purchases of property and equipment (542) (422)
Capital investments in energy assets (90,620) (107,866)
Capital investments in major maintenance of energy assets (5,776) (5,952)
Contributions to equity method investments 0 (158)
Acquisitions, net of cash received 0 (3,972)
Cash flows from investing activities (96,938) (118,370)
Cash flows from financing activities:    
Payments on long-term corporate debt financings (1,250) (14,250)
Proceeds from long-term corporate debt financings 45,000 100,000
Proceeds (payments) on senior secured revolving credit facility, net 0 (57,000)
Proceeds from long-term energy asset debt financings 182,916 112,588
Payments on long-term energy asset debt and financing leases (121,996) (59,186)
Payments of debt discount and debt issuance costs (1,801) (3,224)
Proceeds from Federal ESPC projects 26,583 29,731
Net (payments) proceeds from energy asset receivable financing arrangements (196) 3,599
Proceeds from exercises of options and ESPP 455 430
Contributions from non-controlling interests 0 2,863
Distributions to non-controlling interest (1,210) (1,004)
Cash flows from financing activities 128,501 114,547
Effect of exchange rate changes on cash (1,024) 522
Net increase (decrease) in cash, cash equivalents, and restricted cash 65,935 (31,605)
Cash, cash equivalents, and restricted cash, beginning of period 186,515 198,378
Cash, cash equivalents, and restricted cash, end of period 252,450 166,773
Supplemental disclosures of cash flow information:    
Cash paid for interest 31,641 22,191
Cash paid for income taxes 2,226 1,166
Non-cash Federal ESPC settlement 0 17,538
Accrued purchases of energy assets 82,575 67,643
Non-cash recognition of investment tax credits on energy assets $ 0 $ 71,783