Quarterly report [Sections 13 or 15(d)]

LEASES

v3.26.3
LEASES
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
LEASES LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
September 30, 2026
December 31, 2025
Operating Leases:
Right-of-use (“ROU”) assets
$
71,051 
$
76,165 
Current portions of operating lease liabilities
$
9,970 
$
7,959 
Long-term portions of operating lease liabilities
49,168 
55,938 
Total operating lease liabilities
$
59,138 
$
63,897 
Weighted-average remaining lease term
15 years
17 years
Weighted-average discount rate
6.6 
%
6.6 
%
Financing Leases:
Energy assets
$
21,477 
$
23,055 
Current portions of financing lease liabilities
$
764 
$
546 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs
11,115 
11,536 
Total financing lease liabilities
$
11,879 
$
12,082 
Weighted-average remaining lease term
10 years
11 years
Weighted-average discount rate
12.66 
%
11.95 
%
The costs related to our leases were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Operating Leases:
Operating lease costs
$
3,597 
$
3,046 
$
10,341 
$
9,558 
Financing Leases:
Amortization expense
1,052 
525 
2,104 
1,577 
Interest on lease liabilities
423 
448 
1,086 
1,225 
Total lease costs
$
5,072 
$
4,019 
$
13,531 
$
12,360 

Supplemental cash flow information related to our leases was as follows:
Nine Months Ended September 30,
2026
2025
Cash paid for amounts included in the measurement of operating lease liabilities
$
9,579 
$
11,579 
ROU assets obtained in exchange for new operating lease liabilities
$
11,716 
$
2,973 
The table below sets forth our future lease obligations under our leases:
Operating Leases Financing Leases
Year ended December 31,
2026
$
3,158 
$
807 
2027
12,754 
1,927 
2028
9,927 
1,942 
2029
7,141 
1,903 
2030
4,705 
1,723 
Thereafter
57,834 
12,317 
Total lease payments
95,519 
20,619 
Less: interest
36,381 
8,740 
Present value of lease liabilities
$
59,138 
$
11,879 
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 September 30, 2026. We will provide In-Kind Consideration Payments (“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 later in 2026.
Non-monetary Lease Transactions
We have five 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 $55 and $57 for the three months ended September 30, 2026 and 2025, respectively. Net gains
from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $166 and $172 for the nine months ended September 30, 2026 and 2025, respectively.
LEASES LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
September 30, 2026
December 31, 2025
Operating Leases:
Right-of-use (“ROU”) assets
$
71,051 
$
76,165 
Current portions of operating lease liabilities
$
9,970 
$
7,959 
Long-term portions of operating lease liabilities
49,168 
55,938 
Total operating lease liabilities
$
59,138 
$
63,897 
Weighted-average remaining lease term
15 years
17 years
Weighted-average discount rate
6.6 
%
6.6 
%
Financing Leases:
Energy assets
$
21,477 
$
23,055 
Current portions of financing lease liabilities
$
764 
$
546 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs
11,115 
11,536 
Total financing lease liabilities
$
11,879 
$
12,082 
Weighted-average remaining lease term
10 years
11 years
Weighted-average discount rate
12.66 
%
11.95 
%
The costs related to our leases were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Operating Leases:
Operating lease costs
$
3,597 
$
3,046 
$
10,341 
$
9,558 
Financing Leases:
Amortization expense
1,052 
525 
2,104 
1,577 
Interest on lease liabilities
423 
448 
1,086 
1,225 
Total lease costs
$
5,072 
$
4,019 
$
13,531 
$
12,360 

Supplemental cash flow information related to our leases was as follows:
Nine Months Ended September 30,
2026
2025
Cash paid for amounts included in the measurement of operating lease liabilities
$
9,579 
$
11,579 
ROU assets obtained in exchange for new operating lease liabilities
$
11,716 
$
2,973 
The table below sets forth our future lease obligations under our leases:
Operating Leases Financing Leases
Year ended December 31,
2026
$
3,158 
$
807 
2027
12,754 
1,927 
2028
9,927 
1,942 
2029
7,141 
1,903 
2030
4,705 
1,723 
Thereafter
57,834 
12,317 
Total lease payments
95,519 
20,619 
Less: interest
36,381 
8,740 
Present value of lease liabilities
$
59,138 
$
11,879 
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 September 30, 2026. We will provide In-Kind Consideration Payments (“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 later in 2026.
Non-monetary Lease Transactions
We have five 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 $55 and $57 for the three months ended September 30, 2026 and 2025, respectively. Net gains
from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $166 and $172 for the nine months ended September 30, 2026 and 2025, respectively.
LEASES LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
September 30, 2026
December 31, 2025
Operating Leases:
Right-of-use (“ROU”) assets
$
71,051 
$
76,165 
Current portions of operating lease liabilities
$
9,970 
$
7,959 
Long-term portions of operating lease liabilities
49,168 
55,938 
Total operating lease liabilities
$
59,138 
$
63,897 
Weighted-average remaining lease term
15 years
17 years
Weighted-average discount rate
6.6 
%
6.6 
%
Financing Leases:
Energy assets
$
21,477 
$
23,055 
Current portions of financing lease liabilities
$
764 
$
546 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs
11,115 
11,536 
Total financing lease liabilities
$
11,879 
$
12,082 
Weighted-average remaining lease term
10 years
11 years
Weighted-average discount rate
12.66 
%
11.95 
%
The costs related to our leases were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Operating Leases:
Operating lease costs
$
3,597 
$
3,046 
$
10,341 
$
9,558 
Financing Leases:
Amortization expense
1,052 
525 
2,104 
1,577 
Interest on lease liabilities
423 
448 
1,086 
1,225 
Total lease costs
$
5,072 
$
4,019 
$
13,531 
$
12,360 

Supplemental cash flow information related to our leases was as follows:
Nine Months Ended September 30,
2026
2025
Cash paid for amounts included in the measurement of operating lease liabilities
$
9,579 
$
11,579 
ROU assets obtained in exchange for new operating lease liabilities
$
11,716 
$
2,973 
The table below sets forth our future lease obligations under our leases:
Operating Leases Financing Leases
Year ended December 31,
2026
$
3,158 
$
807 
2027
12,754 
1,927 
2028
9,927 
1,942 
2029
7,141 
1,903 
2030
4,705 
1,723 
Thereafter
57,834 
12,317 
Total lease payments
95,519 
20,619 
Less: interest
36,381 
8,740 
Present value of lease liabilities
$
59,138 
$
11,879 
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 September 30, 2026. We will provide In-Kind Consideration Payments (“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 later in 2026.
Non-monetary Lease Transactions
We have five 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 $55 and $57 for the three months ended September 30, 2026 and 2025, respectively. Net gains
from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $166 and $172 for the nine months ended September 30, 2026 and 2025, respectively.