Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 138,333 $ 71,785
Restricted cash [1] 87,125 92,515
Accounts receivable, net of allowance of $866 and $869, respectively [1] 252,600 257,856
Accounts receivable retainage, net 36,517 53,618
Unbilled revenue [1] 889,726 799,109
Inventory, net 12,642 12,609
Prepaid expenses and other current assets [1] 235,861 239,865
Income taxes receivable 3,265 2,166
Project development costs, net 24,211 23,010
Total current assets [1] 1,680,280 1,552,533
Federal ESPC receivable 526,910 503,449
Deferred income tax assets, net 97,576 96,868
Goodwill, net 68,878 69,302
Intangible assets, net 6,298 7,464
Right-of-use assets, net [1] 74,512 76,165
Restricted cash, non-current portion [1] 25,142 22,215
Other assets [1] 105,820 117,797
Total assets [1] 4,832,181 4,537,094
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 164,343 132,125
Accounts payable [1] 641,548 691,197
Accrued expenses and other current liabilities [1] 108,491 113,878
Current portions of operating lease liabilities [1] 9,405 7,959
Deferred revenue 75,543 79,908
Income taxes payable 5,306 3,845
Total current liabilities [1] 1,004,636 1,028,912
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,794,492 1,749,708
Federal ESPC liabilities 527,957 478,970
Deferred income tax liabilities, net 1,031 2,943
Deferred grant income 4,991 5,385
Long-term operating lease liabilities, net of current portion [1] 53,080 55,938
Other liabilities [1] 94,900 91,003
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 0 1,419
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 565,164 395,656
Retained earnings 688,126 696,737
Accumulated other comprehensive loss, net (4,766) (460)
Treasury stock, at cost, 2,101,835 shares at June 30, 2026 and December 31, 2025 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,236,741 1,080,150
Non-controlling interests 114,353 42,666
Total stockholders’ equity 1,351,094 1,122,816
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 4,832,181 4,537,094
Property and equipment, net    
Current assets:    
Property and equipment, net and Energy assets, net [1] 10,437 10,077
Energy assets, net    
Current assets:    
Property and equipment, net and Energy assets, net [1] 2,236,328 2,081,224
Class A Common Stock    
Stockholders’ equity:    
Common stock 3 3
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 2 $ 2
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2026 and December 31, 2025 of $1,168,125 and $329,354, respectively. Includes liabilities of consolidated VIEs at June 30, 2026 and December 31, 2025 of $744,258 and $179,314, respectively. See Note 13.