← Filings of BE
Table 1 after “________________________________________________________________________”
| Delaware | 77-0565408 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 4353 North First Street, San Jose, California | 95134 |
| (Address of principal executive offices) | (Zip Code) |
| (408) 543-1500 | |
| (Registrant’s telephone number, including area code) | |
Table 2 after “Table of Contents”
| Page |
| PART I—FINANCIAL INFORMATION | |
| Item 1—Financial Statements (unaudited) | 4 |
| Condensed Consolidated Balance Sheets | 4 |
| Condensed Consolidated Statements of Operations | 5 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) | 6 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity | 7 |
| Condensed Consolidated Statements of Cash Flows | 9 |
First 8 of 11 rows. The download has all of them.
Table 3 after “(unaudited)”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents1 | $2,666,859 | | $2,454,108 |
| Restricted cash | 1,050 | | 1,973 |
| Accounts receivable, less allowance for credit losses of $2,998 and $460 as of June 30, 2026 and December 31, 2025, respectively1, 2 | 458,126 | | 371,796 |
| Contract assets3 | 365,461 | | 178,928 |
First 8 of 50 rows. The download has all of them.
Table 4 after “(unaudited)”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Revenue: | | | | | | |
| Product | $935,413 | | $296,611 | | $1,588,761 | $508,480 |
| Installation | 50,978 | | 37,372 | | 76,909 | 71,023 |
| Service | 69,023 | | 54,449 | | 130,902 | 107,997 |
| Electricity | 9,951 | | 12,810 | | 19,847 | 39,763 |
First 8 of 39 rows. The download has all of them.
Table 5 after “(unaudited)”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Net income (loss) | $198,856 | | $(42,192) | | $272,547 | $(65,606) |
| Other comprehensive (loss) income, net of taxes: | | | | | | |
| Foreign currency translation adjustment | (3,052) | | 2,702 | | (560) | 3,064 |
| Other comprehensive (loss) income, net of taxes | (3,052) | | 2,702 | | (560) | 3,064 |
| Comprehensive income (loss) | 195,804 | | (39,490) | | 271,987 | (62,542) |
First 8 of 10 rows. The download has all of them.
Table 6 after “(unaudited)”
| Three Months Ended June 30, 2026 | | | | | | | | | | | |
| Common Stock | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Equity Attributable to Common Stockholders | | Noncontrolling Interest | Total Stockholders’ Equity | | | |
| Shares | Amount | | | | | | | | | | |
| Balances at March 31, 2026 | 284,207,963 | | $28 | | $4,835,729 | | $2,967 | | $(3,917,255) | $921,469 | $26,539 | $948,008 |
| Issuance of restricted stock awards | 873,862 | | — | | — | | — | | — | — | — | — |
| Exercise of stock options | 418,013 | | — | | 7,324 | | — | | — | 7,324 | — | 7,324 |
| Stock-based compensation | — | | — | | 51,554 | | — | | — | 51,554 | — | 51,554 |
| Conversions of the Green Notes (Note 8) | 5,699,932 | | 1 | | 126,468 | | — | | — | 126,469 | — | 126,469 |
First 8 of 13 rows. The download has all of them.
Table 7 after “(unaudited)”
| Three Months Ended June 30, 2025 | | | | | | | | | | | |
| Common Stock | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity Attributable to Common Stockholders | | Noncontrolling Interest | Total Stockholders’ Equity | | | |
| Shares | Amount | | | | | | | | | | |
| Balances at March 31, 2025 | 231,969,446 | | $23 | | $4,502,881 | | $(2,270) | | $(3,922,363) | $578,271 | $23,184 | $601,455 |
| Issuance of restricted stock awards | 1,679,509 | | — | | — | | — | | — | — | — | — |
| Exercise of stock options | 12,213 | | — | | 30 | | — | | — | 30 | — | 30 |
| Stock-based compensation | — | | — | | 29,188 | | — | | — | 29,188 | — | 29,188 |
| Premium on convertible debt | — | | — | | 28,247 | | — | | — | 28,247 | — | 28,247 |
First 8 of 11 rows. The download has all of them.
| Six Months Ended June 30, 2026 | | | | | | | | | | | |
| Common Stock | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Equity Attributable to Common Stockholders | | Noncontrolling Interest | Total Stockholders’ Equity | | | |
| Shares | Amount | | | | | | | | | | |
| Balances at December 31, 2025 | 280,045,459 | | $28 | | $4,755,965 | | $(369) | | $(3,986,983) | $768,641 | $24,322 | $792,963 |
| Issuance of restricted stock awards | 3,032,439 | | — | | — | | — | | — | — | — | — |
| ESPP purchase | 644,651 | | — | | 8,073 | | — | | — | 8,073 | — | 8,073 |
| Exercise of stock options | 800,297 | | — | | 15,086 | | — | | — | 15,086 | — | 15,086 |
| Stock-based compensation | — | | — | | 100,410 | | — | | — | 100,410 | — | 100,410 |
First 8 of 16 rows. The download has all of them.
| Six Months Ended June 30, 2025 | | | | | | | | | | | |
| Common Stock | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity Attributable to Common Stockholders | | Noncontrolling Interest | Total Stockholders’ Equity | | | |
| Shares | Amount | | | | | | | | | | |
| Balances at December 31, 2024 | 229,142,474 | | $23 | | $4,462,659 | | $(2,593) | | $(3,897,618) | $562,471 | $22,745 | $585,216 |
| Issuance of restricted stock awards | 3,723,916 | | — | | — | | — | | — | — | — | — |
| ESPP purchase | 630,607 | | — | | 6,417 | | — | | — | 6,417 | — | 6,417 |
| Exercise of stock options | 164,171 | | — | | 1,264 | | — | | — | 1,264 | — | 1,264 |
| Stock-based compensation | — | | — | | 61,759 | | — | | — | 61,759 | — | 61,759 |
First 8 of 14 rows. The download has all of them.
Table 10 after “(unaudited)”
| Six Months Ended | | |
| June 30, | | |
| 2026 | 2025 | |
| Cash flows from operating activities: | | | |
| Net income (loss) | $272,547 | | $(65,606) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
| Depreciation and amortization | 27,025 | | 24,582 |
| Non-cash lease expense | 16,026 | | 16,452 |
First 8 of 67 rows. The download has all of them.
Table 11 after “The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts ”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Accounts receivable | $458,126 | | $371,796 |
| Contract assets | 428,298 | | 241,186 |
| Customer deposits | 360,568 | | 78,207 |
| Deferred revenue | 84,478 | | 65,608 |
Table 12 after “Contract Assets”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Beginning balance | $305,876 | | $143,619 | | $241,186 | $145,162 |
| Transferred to accounts receivable from contract assets recognized at the beginning of the period | (92,071) | | (63,017) | | (90,403) | (85,069) |
| Revenue recognized and not billed as of the end of the period | 214,493 | | 49,196 | | 277,515 | 69,705 |
| Ending balance | $428,298 | | $129,798 | | $428,298 | $129,798 |
Table 13 after “Deferred revenue activity during the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Beginning balance | $82,254 | | $59,008 | | $65,608 | $66,304 |
| Additions | 672,440 | | 321,035 | | 1,300,441 | 530,920 |
| Revenue recognized | (670,216) | | (323,871) | | (1,281,571) | (541,052) |
| Ending balance | $84,478 | | $56,172 | | $84,478 | $56,172 |
Table 14 after “electricity (in thousands):”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Revenue from contracts with customers: | | | | | | |
| Product revenue | $935,413 | | $296,611 | | $1,588,761 | $508,480 |
| Installation revenue | 50,978 | | 37,372 | | 76,909 | 71,023 |
| Service revenue | 69,023 | | 54,449 | | 130,902 | 107,997 |
| Electricity revenue | 5,332 | | 7,824 | | 10,575 | 28,018 |
First 8 of 12 rows. The download has all of them.
Table 15 after “The following weighted-average assumptions were used to estimate the fair value of the Warrant on April 9, 2026, and the commitment to issue”
| April 9, | December 31, |
| 2026 | 2025 |
| Risk-free interest rate | 3.7% | 3.6% |
| Expected term (years) | 0.5 | 0.5 |
| Expected dividend yield | — | — |
| Expected volatility | 115.0% | 96.2% |
Table 16 after “The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| As Held: | | | |
| Cash | $469,707 | | $94,997 |
| Money market funds | 2,218,801 | | 2,386,583 |
| $2,688,508 | | $2,481,580 |
| As Reported: | | | |
| Cash and cash equivalents | $2,666,859 | | $2,454,108 |
First 8 of 10 rows. The download has all of them.
Table 17 after “The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. ”
| Fair Value Measured at Reporting Date Using | | | | | |
| June 30, 2026 | Level 1 | Level 2 | | Level 3 | Total | |
| Assets | | | | | | |
| Cash equivalents: | | | | | | |
| Money market funds | $2,218,801 | | $— | | $— | $2,218,801 |
| Liabilities | | | | | | |
| Derivatives: | | | | | | |
| Embedded EPP derivatives | $— | | $— | | $4,899 | $4,899 |
Table 18 after “The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. ”
| Fair Value Measured at Reporting Date Using | | | | | |
| December 31, 2025 | Level 1 | Level 2 | | Level 3 | Total | |
| Assets | | | | | | |
| Cash equivalents: | | | | | | |
| Money market funds | $2,386,583 | | $— | | $— | $2,386,583 |
| Liabilities | | | | | | |
| Derivatives: | | | | | | |
| Embedded EPP derivatives | $— | | $— | | $5,607 | $5,607 |
Table 19 after “The changes in the Level 3 financial liabilities during the six month ended June 30, 2026, were as follows (in thousands):”
| Embedded EPP Derivative Liability |
| Liabilities at December 31, 2025 | $5,607 |
| EPP liability settlement | (493) |
| Changes in fair value | (215) |
| Liabilities at June 30, 2026 | $4,899 |
Table 20 after “The following table presents the estimated fair values and carrying values of debt instruments (in thousands):”
| June 30, 2026 | December 31, 2025 | | | | |
| Net Carrying Value | Fair Value | | Net Carrying Value | Fair Value | |
| Debt instruments | | | | | | |
| Recourse: | | | | | | |
| 0% Convertible Senior Notes due November 20301 | $2,447,915 | | $4,622,764 | | $2,442,091 | $2,140,536 |
| 3.0% Green Convertible Senior Notes due June 20291 | 26,697 | | 355,528 | | 73,473 | 313,740 |
| 3.0% Green Convertible Senior Notes due June 20281 | 778 | | 10,524 | | 98,162 | 456,764 |
| Non-recourse: | | | | | | |
First 8 of 10 rows. The download has all of them.
Table 21 after “The components of inventory consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Raw materials | $451,117 | | $351,757 |
| Work-in-progress | 83,031 | | 125,036 |
| Finished goods | 224,040 | | 166,513 |
| $758,188 | | $643,306 |
Table 22 after “Prepaid expenses and other current assets consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Project-related equity investment1 | $50,000 | | $— |
| Tariff refund receivable2 | 32,389 | | — |
| Vendor advances3 | 32,109 | | 750 |
| Receivables from employees4 | 22,411 | | 2,507 |
| Tax receivables | 7,639 | | 4,509 |
| Prepaid hardware and software maintenance | 6,816 | | 6,327 |
First 8 of 19 rows. The download has all of them.
Table 23 after “Property, plant and equipment, net consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Vehicles, machinery and equipment | $222,483 | | $203,731 |
| Energy Server systems | 143,843 | | 165,629 |
| Construction-in-progress | 140,360 | | 83,067 |
| Leasehold improvements | 132,818 | | 129,665 |
| Buildings | 53,751 | | 53,156 |
| Computers, software and hardware | 36,301 | | 34,761 |
First 8 of 12 rows. The download has all of them.
Table 24 after “Other long-term assets consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Vendor advances1 | $111,374 | | $17,374 |
| Deferred commissions | 22,122 | | 19,109 |
| Deferred expenses | 7,769 | | 8,111 |
| Deferred financing costs | 3,310 | | 3,412 |
| Deposits made | 2,373 | | 3,001 |
| Deferred tax asset | 1,872 | | 1,780 |
First 8 of 12 rows. The download has all of them.
Table 25 after “Accrued warranty and product performance liabilities consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Product performance | $16,790 | | $16,791 |
| Product warranty1 | 61,007 | | 3,222 |
| $77,797 | | $20,013 |
Table 26 after “Changes in the product warranty and product performance liabilities were as follows (in thousands):”
| Balances at December 31, 2025 | $20,013 |
| Accrued warranty, net1 and product performance liabilities | 71,630 |
| Product performance expenditures during the period | (13,846) |
| Balances at June 30, 2026 | $77,797 |
Table 27 after “Accrued expenses and other current liabilities consisted of the following (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| General invoice and purchase order accruals | $169,290 | | $76,909 |
| Compensation and benefits | 75,920 | | 97,571 |
| Accrued installation | 28,315 | | 14,278 |
| Sales-related liabilities | 18,005 | | 12,031 |
| Sales tax liabilities | 6,774 | | 10,054 |
| Accrued legal expenses | 4,842 | | 2,599 |
First 8 of 19 rows. The download has all of them.
Table 28 after “December 31, 2025, we hold equity interests in the following Fund JVs:”
| June 30, | December 31, |
| 2026 | 2025 |
| AI Fund JVs | | |
| Bolt US Class A JVCo LLC | 9.9% | 9.9% |
| Bolt US JVCo LLC | 9.9% | 9.9% |
| Other JVs | | |
| ORC HoldCo LLC | 15.0% | 15.0% |
Table 29 after “Changes in the investment balance for the six months ended June 30, 2026, were as follows (in thousands):”
| Balances at December 31, 2025 | $10,037 |
| Current period investment in unconsolidated affiliates | 24,234 |
| Equity in loss of unconsolidated affiliates | (12,656) |
| Cash distributions received | (140) |
| Deferred profit in transactions with unconsolidated affiliates | 5,632 |
| Accrued expenses and other current liabilities | 983 |
| Balances at June 30, 2026 | $28,090 |
Table 30 after “The following is a summary of our debt as of June 30, 2026 (in thousands, except percentage data):”
| Unpaid Principal Balance | Net Carrying Value | | | Interest Rate | Maturity Dates | | Entity | | | |
| Current | Long- Term | | Total | | | | | | | |
| 0% Convertible Senior Notes due November 2030 | $2,500,000 | | $— | | $2,447,915 | | $2,447,915 | | 0.0% | November 2030 | Company |
| 3.0% Green Convertible Senior Notes due June 2029 | 26,971 | | 3,908 | | 22,789 | | 26,697 | | 3.0% | June 2029 | Company |
| 3.0% Green Convertible Senior Notes due June 2028 | 787 | | 778 | | — | | 778 | | 3.0% | June 2028 | Company |
| Total recourse debt | 2,527,758 | | 4,686 | | 2,470,704 | | 2,475,390 | | | | |
| 4.6% Term Loan due October 2026 | 2,583 | | 2,583 | | — | | 2,583 | | 4.6% | October 2026 | Korean JV |
| Total non-recourse debt | 2,583 | | 2,583 | | — | | 2,583 | | | | |
First 8 of 9 rows. The download has all of them.
Table 31 after “The following is a summary of our debt as of December 31, 2025 (in thousands, except percentage data):”
| Unpaid Principal Balance | Net Carrying Value | | Interest Rate | Maturity Dates | Entity | | | | |
| Current | Long- Term | | Total | | | | | | |
| 0% Convertible Senior Notes due November 2030 | $2,500,000 | | $— | | $2,442,091 | | $2,442,091 | 0.0% | November 2030 | Company |
| 3.0% Green Convertible Senior Notes due June 2029 | 75,125 | | — | | 73,473 | | 73,473 | 3.0% | June 2029 | Company |
| 3.0% Green Convertible Senior Notes due June 2028 | 99,655 | | — | | 98,162 | | 98,162 | 3.0% | June 2028 | Company |
| Total recourse debt | 2,674,780 | | — | | 2,613,726 | | 2,613,726 | | | |
| 4.6% Term Loan due October 2026 | 2,769 | | 2,769 | | — | | 2,769 | 4.6% | October 2026 | Korean JV |
| 4.6% Term Loan due April 2026 | 1,384 | | 1,384 | | — | | 1,384 | 4.6% | April 2026 | Korean JV |
First 8 of 10 rows. The download has all of them.
Table 32 after “Recourse Debt Facilities”
| 0% Convertible Senior Notes due November 2030 ( “the 0% Notes”) | 3.0% Green Convertible Senior Notes due June 2029 ( “the 3.0% Green Notes due June 2029”) | 3.0% Green Convertible Senior Notes due June 2028 ( “the 3.0% Green Notes due June 2028”) |
| Issuance date/Indenture date1 | November 4, 2025 | May 29, 2024 | May 16, 2023 |
| Aggregate principal amount issued | $2,500.0 million | $402.5 million | $632.5 million |
| Initial purchasers’ discount2 | $50.0 million | $12.1 million | $15.8 million |
| Other issuance costs2 | $9.9 million | $0.7 million | $3.9 million |
| Net proceeds received | $2,440.1 million | $389.7 million | $612.8 million |
| Due date3 | November 15, 2030 | June 1, 2029 | June 1, 2028 |
| Greenshoe option4 | $300.0 million | $52.5 million | $82.5 million |
First 8 of 24 rows. The download has all of them.
Table 33 after “The total interest expense recognized related to our notes for the three and six months ended June 30, 2026 and 2025, comprised of contractu”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Contractual interest expense | | | | | | |
| 0% Convertible Senior Notes due November 2030 | $— | | $— | | $— | $— |
| 3.0% Green Convertible Senior Notes due June 2029 | 542 | | 3,481 | | 1,105 | 6,500 |
| 3.0% Green Convertible Senior Notes due June 2028 | 738 | | 4,744 | | 1,159 | 9,488 |
| 2.5% Green Convertible Senior Notes due August 2025 | — | | 351 | | — | 1,069 |
First 8 of 9 rows. The download has all of them.
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Amortization of the initial purchasers’ discount and other issuance costs | | | | | | |
| 0% Convertible Senior Notes due November 2030 | $2,976 | | $— | | $5,953 | $— |
| 3.0% Green Convertible Senior Notes due June 2029 | 111 | | 765 | | 232 | 1,399 |
| 3.0% Green Convertible Senior Notes due June 2028 | 100 | | 979 | | 244 | 1,958 |
| 2.5% Green Convertible Senior Notes due August 2025 | — | | 120 | | — | 366 |
First 8 of 15 rows. The download has all of them.
Table 35 after “The amount of unamortized debt issuance costs of our notes as of June 30, 2026, and December 31, 2025, was as follows (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Unamortized debt issuance costs | | | |
| 0% Convertible Senior Notes due November 2030 | $52,085 | | $57,909 |
| 3.0% Green Convertible Senior Notes due June 2029 | 274 | | 1,652 |
| 3.0% Green Convertible Senior Notes due June 2028 | 10 | | 1,493 |
| $52,369 | | $61,054 |
Table 36 after “The total interest expense recognized related to the Revolving Credit Facility for the three and six months ended June 30, 2026 and 2025, re”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Amortization of deferred financing costs | $184 | | $— | | $367 | $— |
Table 37 after “The amount of unamortized deferred financing costs of the Revolving Credit Facility as of June 30, 2026, and December 31, 2025, was as follo”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Unamortized deferred financing costs | $3,310 | | $3,412 |
Table 38 after “The following table presents details of our outstanding loan principal repayment schedule as of June 30, 2026 (in thousands):”
| Remainder of 2026 | $7,370 |
| 2027 | — |
| 2028 | — |
| 2029 | 22,971 |
| 2030 | 2,500,000 |
| 2031 | — |
| Thereafter | — |
| $2,530,341 |
Table 39 after “Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026, and December 31, 2025, were as follows (in thou”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Operating Leases: | | | |
| Operating lease right-of-use assets, net 1, 2 | $106,475 | | $108,541 |
| Current operating lease liabilities | (23,094) | | (22,000) |
| Non-current operating lease liabilities | (102,730) | | (106,935) |
| Total operating lease liabilities | (125,824) | | (128,935) |
| Finance Leases: | | | |
First 8 of 13 rows. The download has all of them.
Table 40 after “The components of our lease costs for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Operating lease costs | $8,223 | | $8,019 | | $16,332 | $15,923 |
| Financing lease costs: | | | | | | |
| Amortization of right-of-use assets | 732 | | 214 | | 756 | 391 |
| Interest on lease liabilities | 109 | | 89 | | 226 | 171 |
| Total financing lease costs | 841 | | 303 | | 982 | 562 |
First 8 of 10 rows. The download has all of them.
Table 41 after “Weighted average remaining lease terms and discount rates for our leases as of June 30, 2026, and December 31, 2025, were as follows:”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Weighted average remaining lease term: | | | |
| Operating leases | 5.7 years | 6 years | |
| Finance leases | 3.6 years | 3.8 years | |
| Weighted average discount rate: | | | |
| Operating leases | 10.4% | | 10.5% |
| Finance leases | 9.0% | | 9.0% |
Table 42 after “Future lease payments under lease agreements as of June 30, 2026, were as follows (in thousands):”
| Operating Leases | Finance Leases | |
| Remainder of 2026 | $17,237 | | $867 |
| 2027 | 35,119 | | 1,664 |
| 2028 | 29,913 | | 1,376 |
| 2029 | 23,279 | | 1,061 |
| 2030 | 21,192 | | 529 |
| 2031 | 15,302 | | 9 |
| Thereafter | 28,058 | | — |
First 8 of 11 rows. The download has all of them.
Table 43 after “As of June 30, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):”
| Financing Obligations |
| Remainder of 2026 | $11,237 |
| 2027 | 17,930 |
| 2028 | 12,270 |
| 2029 | 7,642 |
| 2030 | 5,889 |
| 2031 | 4,063 |
| Thereafter | 9,944 |
First 8 of 13 rows. The download has all of them.
Table 44 after “The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Cost of revenue | $9,675 | | $5,714 | | $20,080 | $10,543 |
| Research and development | 13,034 | | 7,913 | | 26,192 | 15,740 |
| Sales and marketing | 14,424 | | 5,320 | | 27,888 | 9,830 |
| General and administrative | 19,269 | | 11,230 | | 39,246 | 26,266 |
| $56,402 | | $30,177 | | $113,406 | $62,379 |
Table 45 after “The following table summarizes the stock option activity under our stock plans during the reporting period:”
| Outstanding Options | | | | | |
| Number of Shares | Weighted Average Exercise Price | | Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |
| | | | | (in thousands) | |
| Balances at December 31, 2025 | 5,741,283 | | $15.92 | | 4.5 | $406,957 |
| Exercised | (800,297) | | 18.43 | | | |
| PSOs adjustment | 69,027 | | — | | | |
| Forfeited / Expired | (246) | | 30.96 | | | |
| Balances at June 30, 2026 | 5,009,767 | | 15.54 | | 4.4 | 1,427,979 |
First 8 of 10 rows. The download has all of them.
Table 46 after “We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valu”
| Six Months Ended June 30, |
| 2025 |
| Risk-free interest rate | 4.1% |
| Expected term (years) | 6.1 |
| Expected dividend yield | — |
| Expected volatility | 93.4% |
Table 47 after “A summary of our stock awards activity and related information is as follows:”
| Number of Awards Outstanding | Weighted Average Grant Date Fair Value | |
| Unvested Balance at December 31, 2025 | 12,292,948 | | $25.74 |
| Granted | 1,142,215 | | 177.23 |
| Vested | (3,032,439) | | 19.72 |
| Forfeited | (301,505) | | 30.19 |
| Unvested Balance at June 30, 2026 | 10,101,219 | | $44.54 |
Table 48 after “The unamortized compensation expense for the 2021—2026 Executive Awards, the CEO Award, and the Replacement Awards was as follows (in millio”
| June 30, | December 31, | |
| 2026 | 2025 | |
| 2026 Executive Awards and the CEO Award | $106.0 | | $— |
| 2025 Executive Awards | 14.1 | | 19.9 |
| 2024 Executive Awards and the Replacement Awards | 56.5 | | 77.4 |
| 2023 Executive Awards | 0.2 | | 0.6 |
| 2022 Executive Awards | 0.1 | | 0.3 |
| 2021 Executive Awards | — | | 0.6 |
Table 49 after “The following table presents the stock activity and the total number of shares available for grant under our stock plans:”
| Plan Shares Availablefor Grant |
| Balances at December 31, 2025 | 39,709,996 |
| Added to plan | 11,934,957 |
| Granted | (1,124,673) |
| Cancelled/Forfeited | 534,027 |
| Balances at June 30, 2026 | 51,053,994 |
Table 50 after “We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share va”
| Three Months Ended | Six Months Ended | | |
| June 30, | June 30, | | |
| 2026 | 2025 | 2026 | 2025 |
| Risk-free interest rate | 3.4%—3.6% | 4.2%—4.3% | 3.4%—4.1% | 4.1%—5.0% |
| Expected term (years) | 0.5—2.0 | 0.5—2.0 | 0.5—2.0 | 0.5—2.0 |
| Expected dividend yield | — | — | — | — |
| Expected volatility | 96.7%—110.4% | 81.5%—115.2% | 80.5%—110.4% | 66.2%—115.2% |
Table 51 after “Our operations include the following related party transactions (in thousands):”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Total revenue from related parties1 | $2,818 | | $27,077 | | $376,081 | $29,860 |
| General and administrative expenses2 | — | | 198 | | — | 371 |
| Interest expense3 | — | | 49 | | — | 96 |
| Equity in (earnings) loss of unconsolidated affiliates4 | (4,346) | | — | | 12,656 | — |
Table 52 after “Below is the summary of outstanding related party balances as of June 30, 2026, and December 31, 2025 (in thousands):”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Accounts receivable | $76,092 | | $151,932 |
| Contract assets, current | 43,861 | | 2,967 |
| Customer consideration asset, current1 | 90,967 | | — |
| Prepaid expenses and other current assets | — | | 1,247 |
| Investments in unconsolidated affiliates | 28,090 | | 10,037 |
| Contract assets, non-current | 47,224 | | 48,763 |
First 8 of 14 rows. The download has all of them.
Table 53 after “The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, afte”
| June 30, | December 31, | |
| 2026 | 2025 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $8,333 | | $25,820 |
| Accounts receivable | 18,265 | | 576 |
| Inventories | 18,977 | | 33,075 |
| Prepaid expenses and other current assets | 15,517 | | 5,688 |
First 8 of 13 rows. The download has all of them.
| June 30, | December 31, | |
| 2026 | 2025 | |
| Liabilities | | | |
| Current liabilities: | | | |
| Accounts payable | $10,183 | | $16,342 |
| Accrued expenses and other current liabilities | 38,391 | | 19,179 |
| Operating lease liabilities | 513 | | 516 |
| Non-recourse debt | 2,583 | | 4,153 |
First 8 of 11 rows. The download has all of them.
Table 55 after “The following table provides a reconciliation of the numerator and the denominator used in computing basic and diluted earnings per share at”
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Numerator for basic earnings per share: | | | | | | |
| Net income (loss) attributable to common stockholders | $196,290 | | $(42,619) | | $266,943 | $(66,433) |
| Net income (loss), numerator—basic | $196,290 | | $(42,619) | | $266,943 | $(66,433) |
| Numerator for diluted earnings per share: | | | | | | |
| Net income (loss) attributable to common stockholders | $196,290 | | $(42,619) | | $266,943 | $(66,433) |
First 8 of 17 rows. The download has all of them.
| Three Months Ended | Six Months Ended | | | | |
| June 30, | June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Stock options and awards | 16,022 | | — | | 18,469 | — |
| Weighted average common shares outstanding—diluted | 323,331 | | 232,542 | | 323,649 | 231,383 |
| Net earnings per share available to common stockholders: | | | | | | |
| Basic | $0.68 | | $(0.18) | | $0.94 | $(0.29) |
| Diluted | $0.62 | | $(0.18) | | $0.85 | $(0.29) |
Table 57 after “The following common stock equivalents were excluded from the computation of our earnings per share available to common stockholders, dilute”
| Three Months Ended June 30, | Six Months Ended June 30, | |
| 2025 | 2025 | |
| Convertible notes | 59,214 | | 59,575 |
| Stock options and awards | 6,766 | | 7,200 |
| 65,980 | | 66,775 |
Table 58 after “ITEM 6—EXHIBITS”
| | | Incorporated by Reference | | | |
| Exhibit Number | | Description | Form | File No. | Exhibit | Filing Date |
| 31.1 | | Certifications of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | Filed herewith |
| 31.2 | | Certifications of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | Filed herewith |
| 32.1 | * | Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | Furnished herewith |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | |