Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 128,471 $ 71,785
Restricted cash [1] 86,424 92,515
Accounts receivable, net of allowance [1] 276,560 257,856
Accounts receivable retainage, net 26,152 53,618
Unbilled revenue [1] 1,000,293 799,109
Inventory, net 12,031 12,609
Prepaid expenses and other current assets [1] 236,297 260,688
Income taxes receivable 4,055 2,166
Project development costs, net 24,688 23,010
Total current assets [1] 1,794,971 1,573,356
Federal ESPC receivable 533,639 503,449
Deferred income tax assets, net 56,784 43,581
Goodwill, net 68,851 69,302
Intangible assets, net 5,758 7,464
Right-of-use assets, net [1] 71,051 76,165
Restricted cash, non-current portion [1] 26,014 22,215
Other assets [1] 118,263 117,797
Total assets [1] 5,253,576 4,724,830
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 176,855 132,125
Accounts payable [1] 711,177 691,197
Accrued expenses and other current liabilities [1] 111,252 113,878
Current portions of operating lease liabilities [1] 9,970 7,959
Deferred revenue 72,770 79,908
Income taxes payable 4,596 3,845
Total current liabilities [1] 1,086,620 1,028,912
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,833,630 1,749,708
Federal ESPC liabilities 531,861 478,970
Deferred income tax liabilities, net 2,111 2,943
Deferred grant income 4,854 5,385
Long-term operating lease liabilities, net of current portion [1] 49,168 55,938
Other liabilities [1] 95,419 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 September 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 364,286 395,656
Retained earnings 903,564 884,724
Accumulated other comprehensive loss, net (5,069) (460)
Treasury stock, at cost, 2,101,835 shares at September 30, 2026 and December 31, 2025 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,250,998 1,268,137
Non-controlling interests 398,915 42,415
Total stockholders’ equity 1,649,913 1,310,552
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 5,253,576 4,724,830
Property and equipment, net    
Current assets:    
Property and equipment, net and Energy assets, net [1] 10,553 10,077
Energy assets, net    
Current assets:    
Property and equipment, net and Energy assets, net [1] 2,567,692 2,301,424
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 September 30, 2026 and December 31, 2025 of $1,370,551 and $343,142, respectively. Includes liabilities of consolidated VIEs at September 30, 2026 and December 31, 2025 of $760,524 and $180,985, respectively. See Note 13.