LEASES
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| LEASES |
LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Operating Leases: |
|
|
|
Right-of-use (“ROU”) assets |
$ |
75,645 |
|
|
$ |
76,165 |
|
|
|
|
|
Current portions of operating lease liabilities |
$ |
9,582 |
|
|
$ |
7,959 |
|
Long-term portions of operating lease liabilities |
53,641 |
|
|
55,938 |
|
Total operating lease liabilities |
$ |
63,223 |
|
|
$ |
63,897 |
|
Weighted-average remaining lease term |
16 years |
|
17 years |
Weighted-average discount rate |
6.6 |
% |
|
6.6 |
% |
|
|
|
|
Financing Leases: |
|
|
|
Energy assets |
$ |
22,529 |
|
|
$ |
23,055 |
|
|
|
|
|
Current portions of financing lease liabilities |
$ |
755 |
|
|
$ |
546 |
|
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
11,291 |
|
|
11,536 |
|
Total financing lease liabilities |
$ |
12,046 |
|
|
$ |
12,082 |
|
Weighted-average remaining lease term |
11 years |
|
11 years |
Weighted-average discount rate |
11.95 |
% |
|
11.95 |
% |
The costs related to our leases were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
Operating Leases: |
|
|
|
|
|
|
|
Operating lease costs |
$ |
3,098 |
|
|
$ |
3,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Leases: |
|
|
|
|
|
|
|
Amortization expense |
526 |
|
|
526 |
|
|
|
|
|
Interest on lease liabilities |
425 |
|
|
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease costs |
$ |
4,049 |
|
|
$ |
4,221 |
|
|
|
|
|
Supplemental cash flow information related to our leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2026 |
|
2025 |
Cash paid for amounts included in the measurement of operating lease liabilities |
$ |
3,472 |
|
|
$ |
4,668 |
|
ROU assets obtained in exchange for new operating lease liabilities (1)
|
$ |
7,215 |
|
|
$ |
871 |
|
|
|
|
|
(1) Includes non-monetary lease transactions of $0 in 2026 and 2025, respectively. See disclosure below for additional information. |
|
|
|
|
The table below sets forth our future lease obligations under our leases:
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Leases |
|
Financing Leases |
Year ended December 31, |
|
|
|
2026 |
$ |
9,067 |
|
|
$ |
1,646 |
|
2027 |
12,111 |
|
|
1,922 |
|
2028 |
9,294 |
|
|
1,955 |
|
2029 |
6,632 |
|
|
1,892 |
|
2030 |
4,540 |
|
|
1,725 |
|
Thereafter |
61,788 |
|
|
12,318 |
|
Total lease payments |
103,432 |
|
|
21,458 |
|
Less: interest |
40,209 |
|
|
9,412 |
|
Present value of lease liabilities |
$ |
63,223 |
|
|
$ |
12,046 |
|
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or lease liability. The estimated net present value of this commitment totals $40,335 as of March 31, 2026. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and lease liability will be recorded, which we estimate to be in mid 2026.
Non-monetary Lease Transactions
We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments.
Financing Leases
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2026 and 2025.
|
| LEASES |
LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Operating Leases: |
|
|
|
Right-of-use (“ROU”) assets |
$ |
75,645 |
|
|
$ |
76,165 |
|
|
|
|
|
Current portions of operating lease liabilities |
$ |
9,582 |
|
|
$ |
7,959 |
|
Long-term portions of operating lease liabilities |
53,641 |
|
|
55,938 |
|
Total operating lease liabilities |
$ |
63,223 |
|
|
$ |
63,897 |
|
Weighted-average remaining lease term |
16 years |
|
17 years |
Weighted-average discount rate |
6.6 |
% |
|
6.6 |
% |
|
|
|
|
Financing Leases: |
|
|
|
Energy assets |
$ |
22,529 |
|
|
$ |
23,055 |
|
|
|
|
|
Current portions of financing lease liabilities |
$ |
755 |
|
|
$ |
546 |
|
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
11,291 |
|
|
11,536 |
|
Total financing lease liabilities |
$ |
12,046 |
|
|
$ |
12,082 |
|
Weighted-average remaining lease term |
11 years |
|
11 years |
Weighted-average discount rate |
11.95 |
% |
|
11.95 |
% |
The costs related to our leases were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
Operating Leases: |
|
|
|
|
|
|
|
Operating lease costs |
$ |
3,098 |
|
|
$ |
3,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Leases: |
|
|
|
|
|
|
|
Amortization expense |
526 |
|
|
526 |
|
|
|
|
|
Interest on lease liabilities |
425 |
|
|
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease costs |
$ |
4,049 |
|
|
$ |
4,221 |
|
|
|
|
|
Supplemental cash flow information related to our leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2026 |
|
2025 |
Cash paid for amounts included in the measurement of operating lease liabilities |
$ |
3,472 |
|
|
$ |
4,668 |
|
ROU assets obtained in exchange for new operating lease liabilities (1)
|
$ |
7,215 |
|
|
$ |
871 |
|
|
|
|
|
(1) Includes non-monetary lease transactions of $0 in 2026 and 2025, respectively. See disclosure below for additional information. |
|
|
|
|
The table below sets forth our future lease obligations under our leases:
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Leases |
|
Financing Leases |
Year ended December 31, |
|
|
|
2026 |
$ |
9,067 |
|
|
$ |
1,646 |
|
2027 |
12,111 |
|
|
1,922 |
|
2028 |
9,294 |
|
|
1,955 |
|
2029 |
6,632 |
|
|
1,892 |
|
2030 |
4,540 |
|
|
1,725 |
|
Thereafter |
61,788 |
|
|
12,318 |
|
Total lease payments |
103,432 |
|
|
21,458 |
|
Less: interest |
40,209 |
|
|
9,412 |
|
Present value of lease liabilities |
$ |
63,223 |
|
|
$ |
12,046 |
|
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or lease liability. The estimated net present value of this commitment totals $40,335 as of March 31, 2026. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and lease liability will be recorded, which we estimate to be in mid 2026.
Non-monetary Lease Transactions
We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments.
Financing Leases
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2026 and 2025.
|
| LEASES |
LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Operating Leases: |
|
|
|
Right-of-use (“ROU”) assets |
$ |
75,645 |
|
|
$ |
76,165 |
|
|
|
|
|
Current portions of operating lease liabilities |
$ |
9,582 |
|
|
$ |
7,959 |
|
Long-term portions of operating lease liabilities |
53,641 |
|
|
55,938 |
|
Total operating lease liabilities |
$ |
63,223 |
|
|
$ |
63,897 |
|
Weighted-average remaining lease term |
16 years |
|
17 years |
Weighted-average discount rate |
6.6 |
% |
|
6.6 |
% |
|
|
|
|
Financing Leases: |
|
|
|
Energy assets |
$ |
22,529 |
|
|
$ |
23,055 |
|
|
|
|
|
Current portions of financing lease liabilities |
$ |
755 |
|
|
$ |
546 |
|
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
11,291 |
|
|
11,536 |
|
Total financing lease liabilities |
$ |
12,046 |
|
|
$ |
12,082 |
|
Weighted-average remaining lease term |
11 years |
|
11 years |
Weighted-average discount rate |
11.95 |
% |
|
11.95 |
% |
The costs related to our leases were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
Operating Leases: |
|
|
|
|
|
|
|
Operating lease costs |
$ |
3,098 |
|
|
$ |
3,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Leases: |
|
|
|
|
|
|
|
Amortization expense |
526 |
|
|
526 |
|
|
|
|
|
Interest on lease liabilities |
425 |
|
|
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease costs |
$ |
4,049 |
|
|
$ |
4,221 |
|
|
|
|
|
Supplemental cash flow information related to our leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2026 |
|
2025 |
Cash paid for amounts included in the measurement of operating lease liabilities |
$ |
3,472 |
|
|
$ |
4,668 |
|
ROU assets obtained in exchange for new operating lease liabilities (1)
|
$ |
7,215 |
|
|
$ |
871 |
|
|
|
|
|
(1) Includes non-monetary lease transactions of $0 in 2026 and 2025, respectively. See disclosure below for additional information. |
|
|
|
|
The table below sets forth our future lease obligations under our leases:
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Leases |
|
Financing Leases |
Year ended December 31, |
|
|
|
2026 |
$ |
9,067 |
|
|
$ |
1,646 |
|
2027 |
12,111 |
|
|
1,922 |
|
2028 |
9,294 |
|
|
1,955 |
|
2029 |
6,632 |
|
|
1,892 |
|
2030 |
4,540 |
|
|
1,725 |
|
Thereafter |
61,788 |
|
|
12,318 |
|
Total lease payments |
103,432 |
|
|
21,458 |
|
Less: interest |
40,209 |
|
|
9,412 |
|
Present value of lease liabilities |
$ |
63,223 |
|
|
$ |
12,046 |
|
We have a future lease commitment for a project lease with the United States Navy (“Navy”) which has not yet met the criteria for recording a right-of-use (“ROU”) asset or lease liability. The estimated net present value of this commitment totals $40,335 as of March 31, 2026. We will provide IKCPs over a thirty-six-year period, which the Navy will credit as consideration towards our lease obligation upon the Navy’s final acceptance of the IKCPs. Once the lease commences, the ROU asset and lease liability will be recorded, which we estimate to be in mid 2026.
Non-monetary Lease Transactions
We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration are based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments.
Financing Leases
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2026 and 2025.
|