Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | May 06, 2021 | Jun. 30, 2020 | |
Document and Entity Information: | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 1-34392 | ||
Entity Registrant Name | Plug Power Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-3672377 | ||
Entity Address, Address Line One | 968 ALBANY SHAKER ROAD | ||
Entity Address, City or Town | LATHAM | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 12110 | ||
City Area Code | 518 | ||
Local Phone Number | 782-7700 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | PLUG | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 568,317,504 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Central Index Key | 0001093691 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2,733,184,540 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2019USD ($) |
Current assets: | |
Cash and cash equivalents | $ 139,496,000 |
Restricted cash | 54,813,000 |
Accounts receivable | 25,768,000 |
Inventory | 72,391,000 |
Prepaid expenses and other current assets | 21,192,000 |
Total current assets | 313,660,000 |
Restricted cash | 175,191,000 |
Property, plant, and equipment, net | 14,959,000 |
Right of use assets related to finance leases, net | 1,714,000 |
Right of use assets related to operating leases, net | 63,266,000 |
Equipment related to power purchase agreements and fuel delivered to customers, net | 67,769,000 |
Goodwill | 8,842,000 |
Intangible assets, net | 5,539,000 |
Other assets | 8,573,000 |
Total assets | 659,513,000 |
Current liabilities: | |
Accounts payable | 40,376,000 |
Accrued expenses | 14,409,000 |
Deferred revenue | 11,691,000 |
Operating lease liabilities | 9,428,000 |
Finance lease liabilities | 226,000 |
Finance obligations | 24,667,000 |
Current portion of long-term debt | 26,461,000 |
Other current liabilities | 6,704,000 |
Total current liabilities | 133,962,000 |
Deferred revenue | 23,170,000 |
Operating lease liabilities | 50,937,000 |
Finance lease liabilities | 2,011,000 |
Finance obligations | 119,422,000 |
Convertible senior notes, net | 110,431,000 |
Long-term debt | 85,708,000 |
Other liabilities | 2,818,000 |
Total liabilities | 528,459,000 |
Stockholders' equity: | |
Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued (including shares in treasury): 473,977,469 at December 31, 2020 and 318,637,560 at December 31, 2019 | 3,186,000 |
Additional paid-in capital | 1,506,953,000 |
Accumulated other comprehensive income | 1,288,000 |
Accumulated deficit | (1,350,307,000) |
Less common stock in treasury: 15,926,068 at December 31, 2020 and 15,259,045 at December 31, 2019 | (31,216,000) |
Total stockholders' equity | 129,904,000 |
Total liabilities, redeemable preferred stock, and stockholders' equity | 659,513,000 |
Series C Redeemable Convertible Preferred Stock | |
Redeemable preferred stock: | |
Preferred stock | 709,000 |
Series E Convertible Preferred Stock | |
Redeemable preferred stock: | |
Preferred stock | $ 441,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 | ||||||
Common stock, shares issued | 473,977,469 | 318,637,560 | ||||||
Common stock in treasury, shares | 15,926,068 | 15,259,045 | ||||||
Series C Redeemable Convertible Preferred Stock | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Redeemable convertible Preferred Stock, shares authorized | 10,431 | 10,431,000 | 10,431 | 10,431,000 | 10,431,000 | 10,431,000 | ||
Redeemable convertible Preferred Stock, shares issued | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, shares outstanding | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | |||
Series E Convertible Preferred Stock | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Redeemable convertible Preferred Stock, shares authorized | 35,000 | 35,000 | ||||||
Redeemable convertible Preferred Stock, shares issued | 0 | 500 | ||||||
Redeemable convertible Preferred Stock, shares outstanding | 0 | 500 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue: | |||||||||||||||
Net revenue | $ 309,099 | $ 107,048 | $ 67,995 | $ 40,819 | $ 91,607 | $ 59,392 | $ 57,466 | $ 21,510 | $ 78,976 | $ 138,368 | |||||
Net revenue | 107,048 | 67,995 | 40,819 | 91,607 | $ 108,814 | $ 215,862 | $ (93,237) | $ 229,975 | $ 174,215 | ||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 135,632 | 68,010 | 50,522 | 83,861 | 54,892 | 51,324 | 29,250 | 118,532 | 80,574 | 254,164 | 135,466 | 376,179 | 219,327 | 200,219 | |
Gross (loss) profit | (431,114) | (28,584) | (15) | (9,703) | 7,746 | 4,500 | 6,142 | (7,740) | (9,718) | (1,598) | (38,302) | 2,902 | (469,416) | 10,648 | (26,004) |
Operating expenses: | |||||||||||||||
Research and development | 7,386 | 4,873 | 4,774 | 4,882 | 3,563 | 3,608 | 3,006 | 9,647 | 6,614 | 17,033 | 10,177 | 27,848 | 15,059 | 12,750 | |
Selling, general and administrative | 17,210 | 21,644 | 11,109 | 9,973 | 10,395 | 13,613 | 9,221 | 32,753 | 22,834 | 49,963 | 33,229 | 79,348 | 43,202 | 37,685 | |
Impairment of long-lived assets | 6,430 | ||||||||||||||
Change in fair value of contingent consideration | 1,130 | 1,130 | 1,160 | ||||||||||||
Total operating expenses | 46,660 | 25,726 | 26,517 | 15,883 | 14,855 | 13,958 | 17,221 | 12,227 | 42,400 | 29,448 | 68,126 | 43,406 | 114,786 | 58,261 | 50,435 |
Operating loss | (477,774) | (54,310) | (26,532) | (25,586) | (7,109) | (9,458) | (11,079) | (19,967) | (52,118) | (31,046) | (106,428) | (40,504) | (584,202) | (47,613) | (76,439) |
Interest and other expense, net | (17,551) | (13,462) | (11,846) | (10,999) | (8,273) | (7,965) | (8,454) | (25,308) | (16,419) | (42,859) | (24,692) | (60,484) | (35,691) | (22,750) | |
Gain (loss) on extinguishment of debt | 13,222 | (518) | (518) | 13,222 | (518) | 13,222 | (518) | 17,686 | (518) | ||||||
Change in fair value of common stock warrant liability | 72 | 427 | 1,706 | (2,126) | (420) | 7 | 79 | 4,286 | |||||||
Loss before income taxes | (71,861) | (26,772) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (64,204) | (47,885) | (136,065) | (65,707) | (627,000) | (83,743) | (94,903) | |
Income tax benefit | 6,644 | 17,371 | 17,371 | 24,015 | 30,845 | 9,295 | |||||||||
Net loss attributable to the Company | (65,217) | (9,401) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (46,833) | (47,885) | (112,050) | (65,707) | (596,155) | (83,743) | (85,608) | |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | ||
Net loss attributable to common shareholders | $ (484,105) | $ (65,217) | $ (9,414) | $ (37,445) | $ (19,277) | $ (18,366) | $ (17,351) | $ (30,560) | $ (46,859) | $ (47,911) | $ (112,076) | $ (66,277) | $ (596,181) | $ (85,555) | $ (85,660) |
Net loss per share: | |||||||||||||||
Basic and diluted | $ (1.35) | $ (0.18) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.08) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.21) | $ (0.34) | $ (0.29) | $ (1.68) | $ (0.36) | $ (0.39) |
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 354,790,106 | 237,152,780 | 218,882,337 | |
Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ (246,171) | $ 83,662 | $ 47,746 | $ 20,468 | $ 69,785 | $ 38,883 | $ 38,702 | $ 2,550 | $ 68,214 | $ 41,252 | $ 151,876 | $ 80,135 | $ (94,295) | $ 149,920 | $ 107,175 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 69,428 | 33,888 | 13,974 | 47,091 | 25,183 | 23,329 | 2,312 | 47,862 | 25,641 | 117,290 | 50,824 | 171,404 | 97,915 | 85,205 | |
Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (29,387) | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | (9,801) | 25,217 | 22,002 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 9,180 | 7,773 | 10,347 | 11,606 | 7,802 | 8,383 | 6,791 | 18,120 | 15,174 | 27,300 | 22,976 | 42,524 | 34,582 | 32,271 | |
Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 25,147 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 25,948 | 407 | 35,473 | 394 | 5,345 | |
Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,991 | 6,629 | 6,579 | 6,421 | 6,664 | 6,520 | 6,334 | 6,035 | 13,000 | 12,369 | 19,629 | 18,889 | 26,620 | 25,553 | 22,569 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,744 | 14,504 | 14,771 | 12,301 | 10,814 | 8,829 | 9,833 | 29,275 | 18,662 | 44,019 | 29,476 | 64,640 | 41,777 | 41,361 | |
Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (40,608) | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | 7,089 | 6,582 | 14,705 | 13,671 | 24,536 | 21,320 | (16,072) | 29,099 | 22,469 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 17,002 | 11,076 | 11,254 | 12,800 | 11,149 | $ 11,146 | $ 10,152 | 22,330 | $ 21,298 | 39,332 | 32,447 | 61,815 | 45,247 | $ 36,037 | |
Other | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ 76 | 97 | 62 | 76 | 51 | 135 | 138 | 235 | 135 | 311 | 186 | ||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | $ 131 | $ 63 | $ 81 | $ 50 | $ 150 | $ 144 | $ 275 | $ 150 | $ 323 | $ 200 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | $ (596,155) | $ (83,743) | $ (85,608) |
Other comprehensive gain (loss) - foreign currency translation adjustment | 687 | 107 | (236) | 296 | (531) | 86 | (210) | (129) | (124) | 558 | (655) | 1,163 | (296) | (610) |
Comprehensive loss attributable to the Company | (64,530) | (9,294) | (37,668) | (17,740) | (18,353) | (17,252) | (30,757) | (46,962) | (48,009) | (111,492) | (66,362) | (594,992) | (84,039) | (86,218) |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | |
Comprehensive loss attributable to common stockholders | $ (64,530) | $ (9,307) | $ (37,681) | $ (18,981) | $ (18,897) | $ (17,265) | $ (30,770) | $ (46,988) | $ (48,035) | $ (111,518) | $ (66,932) | $ (595,018) | $ (85,851) | $ (86,270) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Common Stock | Additional Paid-in-Capital | Accumulated Other Comprehensive Income | Treasury Stock | Accumulated Deficit | Total |
Balance (Cumulative effect from adoption of ASC 842) at Dec. 31, 2017 | $ 1,200 | $ 1,200 | ||||
Balance at Dec. 31, 2017 | $ 2,291 | $ 1,250,899 | $ 2,194 | $ (3,102) | (1,182,053) | 70,229 |
Balance (in shares) at Dec. 31, 2017 | 229,073,517 | 587,151 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (85,608) | (85,608) | ||||
Other comprehensive gain (loss) | (610) | (610) | ||||
Stock-based compensation | $ 8 | 8,763 | 8,771 | |||
Stock-based compensation (in shares) | 741,216 | |||||
Stock dividend | 52 | (52) | ||||
Stock dividend (in shares) | 29,762 | |||||
Public offerings, common stock, net | $ 38 | 6,978 | 7,016 | |||
Public offerings, common stock, net (in shares) | 3,804,654 | |||||
Stock option exercises | $ 5 | 168 | $ (35) | 138 | ||
Stock option exercises (in shares) | 511,412 | 17,606 | ||||
Equity component of convertible senior notes, net of issuance costs and income tax (benefit) expense | 28,586 | 28,586 | ||||
Purchase of capped calls | (16,000) | (16,000) | ||||
Purchase of common stock forward | $ (27,500) | (27,500) | ||||
Purchase of common stock forward (in shares) | 14,397,906 | |||||
Exercise of warrants (in shares) | 100 | |||||
Provision for common stock warrants | 10,190 | 10,190 | ||||
Balance at Dec. 31, 2018 | $ 2,342 | 1,289,636 | 1,584 | $ (30,637) | (1,266,513) | (3,588) |
Balance (in shares) at Dec. 31, 2018 | 234,160,661 | 15,002,663 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (30,547) | |||||
Balance at Mar. 31, 2019 | $ 2,445 | 1,316,815 | 1,374 | $ (30,637) | (1,297,072) | (7,075) |
Balance (in shares) at Mar. 31, 2019 | 244,537,235 | 15,002,663 | ||||
Balance at Dec. 31, 2018 | $ 2,342 | 1,289,636 | 1,584 | $ (30,637) | (1,266,513) | (3,588) |
Balance (in shares) at Dec. 31, 2018 | 234,160,661 | 15,002,663 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (47,885) | |||||
Balance at Jun. 30, 2019 | $ 2,470 | 1,325,381 | 1,460 | $ (30,681) | (1,314,425) | (15,795) |
Balance (in shares) at Jun. 30, 2019 | 246,975,173 | 15,020,437 | ||||
Balance at Dec. 31, 2018 | $ 2,342 | 1,289,636 | 1,584 | $ (30,637) | (1,266,513) | (3,588) |
Balance (in shares) at Dec. 31, 2018 | 234,160,661 | 15,002,663 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (65,707) | |||||
Balance at Sep. 30, 2019 | $ 2,540 | 1,340,781 | 929 | $ (31,216) | (1,332,259) | (19,225) |
Balance (in shares) at Sep. 30, 2019 | 253,982,578 | 15,259,045 | ||||
Balance at Dec. 31, 2018 | $ 2,342 | 1,289,636 | 1,584 | $ (30,637) | (1,266,513) | (3,588) |
Balance (in shares) at Dec. 31, 2018 | 234,160,661 | 15,002,663 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (83,743) | (83,743) | ||||
Other comprehensive gain (loss) | (296) | (296) | ||||
Stock-based compensation | $ 19 | 10,871 | 10,890 | |||
Stock-based compensation (in shares) | 1,876,503 | |||||
Stock dividend | 52 | (52) | ||||
Stock dividend (in shares) | 19,286 | |||||
Public offerings, common stock, net | $ 622 | 157,722 | 158,344 | |||
Public offerings, common stock, net (in shares) | 62,333,585 | |||||
Stock option exercises | $ 12 | 1,784 | $ (579) | 1,217 | ||
Stock option exercises (in shares) | 1,151,307 | 256,382 | ||||
Exercise of warrants | $ 53 | 14,099 | 14,152 | |||
Exercise of warrants (in shares) | 5,250,750 | |||||
Provision for common stock warrants | 6,513 | 6,513 | ||||
Accretion of discount, preferred stock | (1,978) | (1,978) | ||||
Conversion of preferred stock | $ 138 | 28,254 | 28,392 | |||
Conversion of preferred stock (in shares) | 13,845,468 | |||||
Balance at Dec. 31, 2019 | $ 3,186 | 1,506,953 | 1,288 | $ (31,216) | (1,350,307) | $ 129,904 |
Balance (in shares) at Dec. 31, 2019 | 318,637,560 | 15,259,045 | 318,637,560 | |||
Balance at Mar. 31, 2019 | $ 2,445 | 1,316,815 | 1,374 | $ (30,637) | (1,297,072) | $ (7,075) |
Balance (in shares) at Mar. 31, 2019 | 244,537,235 | 15,002,663 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (17,338) | |||||
Balance at Jun. 30, 2019 | $ 2,470 | 1,325,381 | 1,460 | $ (30,681) | (1,314,425) | (15,795) |
Balance (in shares) at Jun. 30, 2019 | 246,975,173 | 15,020,437 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (17,822) | |||||
Balance at Sep. 30, 2019 | $ 2,540 | 1,340,781 | 929 | $ (31,216) | (1,332,259) | (19,225) |
Balance (in shares) at Sep. 30, 2019 | 253,982,578 | 15,259,045 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (18,036) | |||||
Balance at Dec. 31, 2019 | $ 3,186 | 1,506,953 | 1,288 | $ (31,216) | (1,350,307) | $ 129,904 |
Balance (in shares) at Dec. 31, 2019 | 318,637,560 | 15,259,045 | 318,637,560 | |||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | $ (37,432) | |||||
Balance at Mar. 31, 2020 | $ 3,222 | 1,519,094 | 1,052 | $ (31,224) | (1,387,752) | 104,392 |
Balance (in shares) at Mar. 31, 2020 | 322,220,469 | 15,261,007 | ||||
Balance at Dec. 31, 2019 | $ 3,186 | 1,506,953 | 1,288 | $ (31,216) | (1,350,307) | $ 129,904 |
Balance (in shares) at Dec. 31, 2019 | 318,637,560 | 15,259,045 | 318,637,560 | |||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | $ (46,833) | |||||
Balance at Jun. 30, 2020 | $ 3,482 | 1,658,438 | 1,159 | $ (31,359) | (1,397,160) | 234,560 |
Balance (in shares) at Jun. 30, 2020 | 348,201,792 | 15,292,591 | ||||
Balance at Dec. 31, 2019 | $ 3,186 | 1,506,953 | 1,288 | $ (31,216) | (1,350,307) | $ 129,904 |
Balance (in shares) at Dec. 31, 2019 | 318,637,560 | 15,259,045 | 318,637,560 | |||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | $ (112,050) | |||||
Balance at Sep. 30, 2020 | $ 4,061 | 2,083,169 | 1,846 | $ (40,434) | (1,462,377) | 586,265 |
Balance (in shares) at Sep. 30, 2020 | 406,123,816 | 15,926,068 | ||||
Balance at Dec. 31, 2019 | $ 3,186 | 1,506,953 | 1,288 | $ (31,216) | (1,350,307) | $ 129,904 |
Balance (in shares) at Dec. 31, 2019 | 318,637,560 | 15,259,045 | 318,637,560 | |||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (596,155) | $ (596,155) | ||||
Other comprehensive gain (loss) | 1,163 | 1,163 | ||||
Stock-based compensation | $ 4 | 17,131 | 17,135 | |||
Stock-based compensation (in shares) | 439,649 | |||||
Stock dividend | 26 | (26) | ||||
Stock dividend (in shares) | 5,156 | |||||
Public offerings, common stock, net | $ 790 | 1,270,872 | $ 1,271,662 | |||
Public offerings, common stock, net (in shares) | 78,976,250 | 79,000,000 | ||||
Stock option exercises | $ 181 | 41,060 | $ (9,218) | $ 32,023 | ||
Stock option exercises (in shares) | 18,056,200 | 667,023 | ||||
Equity component of convertible senior notes, net of issuance costs and income tax (benefit) expense | 100,761 | 100,761 | ||||
Purchase of capped calls | (16,253) | (16,253) | ||||
Termination of capped calls | 24,158 | 24,158 | ||||
Exercise of warrants | $ 52 | (52) | ||||
Exercise of warrants (in shares) | 5,180,457 | |||||
Provision for common stock warrants | 439,915 | 439,915 | ||||
Accretion of discount, preferred stock | (29) | (29) | ||||
Conversion of preferred stock | $ 30 | 1,149 | 1,179 | |||
Conversion of preferred stock (in shares) | 2,998,526 | |||||
Conversion of 5.5% and 7.5% Convertible Senior Notes | $ 306 | 62,247 | 62,553 | |||
Conversion of 5.5% and 7.5% Convertible Senior Notess (in shares) | 30,615,615 | |||||
Repurchase of 5.5% Convertible Senior Notes, net of income tax benefit | $ 94 | (50,864) | (50,770) | |||
Repurchase of 5.5% Convertible Senior Notes, net of income tax benefit (in shares) | 9,409,591 | |||||
Shares issued for acquisitions | $ 97 | 49,576 | 49,673 | |||
Shares issued for acquisitions (in shares) | 9,658,465 | |||||
Balance at Dec. 31, 2020 | $ 4,740 | 3,446,650 | 2,451 | $ (40,434) | (1,946,488) | $ 1,466,919 |
Balance (in shares) at Dec. 31, 2020 | 473,977,469 | 15,926,068 | 473,977,469 | |||
Balance at Mar. 31, 2020 | $ 3,222 | 1,519,094 | 1,052 | $ (31,224) | (1,387,752) | $ 104,392 |
Balance (in shares) at Mar. 31, 2020 | 322,220,469 | 15,261,007 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (9,401) | |||||
Balance at Jun. 30, 2020 | $ 3,482 | 1,658,438 | 1,159 | $ (31,359) | (1,397,160) | 234,560 |
Balance (in shares) at Jun. 30, 2020 | 348,201,792 | 15,292,591 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss attributable to the Company | (65,217) | |||||
Balance at Sep. 30, 2020 | $ 4,061 | 2,083,169 | 1,846 | $ (40,434) | (1,462,377) | $ 586,265 |
Balance (in shares) at Sep. 30, 2020 | 406,123,816 | 15,926,068 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Public offerings, common stock, net (in shares) | 4,400,000 | |||||
Balance at Dec. 31, 2020 | $ 4,740 | $ 3,446,650 | $ 2,451 | $ (40,434) | $ (1,946,488) | $ 1,466,919 |
Balance (in shares) at Dec. 31, 2020 | 473,977,469 | 15,926,068 | 473,977,469 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) | Dec. 31, 2020 | Jul. 01, 2020 | May 31, 2020 | May 29, 2020 | May 18, 2020 | Sep. 30, 2019 | Mar. 31, 2018 |
Interest rate (as a percent) | 3.50% | ||||||
5.5% Convertible Senior Notes | |||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | |||
3.75% Convertible Senior Notes | |||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | |||
7.5% Convertible Senior Note | |||||||
Interest rate (as a percent) | 7.50% | 7.50% | 7.50% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | ||
Net loss attributable to the Company | $ (596,155) | $ (83,743) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of long-lived assets | 14,434 | 11,938 |
Amortization of intangible assets | 1,135 | 698 |
Stock-based compensation | 17,135 | 10,890 |
(Gain) loss on extinguishment of debt | (17,686) | 518 |
Provision for bad debts and other assets | 700 | 1,981 |
Amortization of debt issuance costs and discount on convertible senior notes | 17,061 | 9,006 |
Provision for common stock warrants | 425,047 | 6,513 |
Loss on disposal of leased assets | 212 | |
Fair value adjustment to contingent consideration | (1,160) | |
Impairment of long-lived assets | 6,430 | |
Change in fair value of common stock warrant liability | (79) | |
Deferred income tax benefit | (30,845) | |
Loss (benefit) on service contracts | 33,125 | (1,643) |
Changes in operating assets and liabilities that provide (use) cash: | ||
Accounts receivable | (15,701) | 10,594 |
Inventory | (63,389) | (24,633) |
Prepaid expenses and other assets | (18,401) | (8,110) |
Accounts payable, accrued expenses, and other liabilities | 51,880 | 17,234 |
Deferred revenue | 20,914 | (4,700) |
Net cash used in operating activities | (155,476) | (53,324) |
Investing Activities | ||
Purchases of property, plant and equipment | (22,526) | (5,683) |
Purchase of intangible assets | (1,957) | (2,404) |
Purchases of equipment related to PPA and equipment related to fuel delivered to customers | (25,738) | (6,532) |
Net cash paid for acquisitions | (45,113) | |
Proceeds from sale of leased assets | 375 | |
Net cash used in investing activities | (95,334) | (14,244) |
Financing Activities | ||
Proceeds from issuance of preferred stock and warrants, net of transaction costs | 14,089 | |
Proceeds from public offerings, net of transaction costs | 1,271,714 | 158,343 |
Proceeds from exercise of stock options | 32,023 | 1,217 |
Payments for redemption of preferred stock | (4,040) | |
Proceeds from issuance of convertible senior notes, net | 205,098 | 39,052 |
Repurchase of convertible senior notes | (90,238) | |
Purchase of capped calls and common stock forward | (16,253) | |
Proceeds from borrowing of long-term debt, net of transaction costs | 119,186 | |
Proceeds from termination of capped calls | 24,158 | |
Principal payments on long-term debt | (48,020) | (25,345) |
Proceeds from finance obligations | 65,259 | 83,668 |
Proceeds from long-term debt, net | 99,000 | 119,186 |
Repayments of finance obligations | (27,212) | (59,196) |
Net cash provided by financing activities | 1,515,529 | 326,974 |
Effect of exchange rate changes on cash | 65 | (59) |
Increase in cash, cash equivalents and restricted cash | 1,264,784 | 259,347 |
Cash, cash equivalents, and restricted cash beginning of period | 369,500 | 110,153 |
Cash, cash equivalents, and restricted cash end of period | 1,634,284 | 369,500 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 28,942 | 19,180 |
Summary of non-cash investing and financing activity | ||
Recognition of right of use assets | 55,651 | 52,924 |
Net tangible assets acquired in a business combination | 8,751 | |
Intangible assets acquired in a business combination | 32,268 | |
Conversion of convertible notes to common stock | 62,553 | |
Conversion of preferred stock to common stock | $ 1,179 | $ 28,392 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Description of Business Plug Power is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. In our core business, we provide and continue to develop commercially-viable hydrogen and fuel cell product solutions to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some of the world’s largest retail-distribution and manufacturing businesses. We are focusing our efforts on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits. Additionally, we manufacture and sell fuel cell products to replace batteries and diesel generators in stationary backup power applications. These products have proven valuable with telecommunications, transportation, and utility customers as robust, reliable, and sustainable power solutions. Our current products and services include: GenDrive: GenDrive is our hydrogen fueled PEM fuel cell system providing power to material handling electric vehicles, including class 1, 2, 3 and 6 electric forklifts, Automated Guided Vehicles (“AGVs”) and ground support equipment; GenFuel: GenFuel is our liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare: GenCare is our ongoing ‘internet of things’-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products and ProGen fuel cell engines; GenSure: GenSure is our stationary fuel cell solution providing scalable, modular Proton Exchange Membrane (PEM) fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; GenSure High Power Fuel Cell Platform will support large scale stationary power and data center markets. GenKey: GenKey is our vertically integrated “turn-key” solution combining either GenDrive or GenSure fuel cell power with GenFuel fuel and GenCare aftermarket service, offering complete simplicity to customers transitioning to fuel cell power; ProGen: ProGen is our fuel cell stack and engine technology currently used globally in mobility and stationary fuel cell systems, and as engines in electric delivery vans. This includes the Plug Power MEA (membrane electrode assembly), a critical component of the fuel cell stack used in zero-emission fuel cell electric vehicle engines; and GenFuel Electrolyzers: GenFuel electrolyzers are modular, scalable hydrogen generators optimized for clean hydrogen production. We provide our products worldwide through our direct product sales force, and by leveraging relationships with original equipment manufacturers (“OEMs”) and their dealer networks. Plug Power is targeting Asia and Europe for expansion in adoption. Europe has rolled out ambitious targets for the hydrogen economy and Plug Power is executing on its strategy to become one of the European leaders. This includes a targeted account strategy for material handling as well as securing strategic partnerships with European original equipment manufacturers, or OEMs, energy companies, utility leaders and accelerating our electrolyzer business. We manufacture our commercially viable products in Latham, New York, Rochester, New York and Spokane, Washington and support liquid hydrogen generation and logistics in Charleston, Tennessee. Liquidity During 2020, the Company issued and sold 79.0 million shares in two separate, registered equity offerings, resulting in net proceeds of approximately $1.3 billion. See Note 16, “Stockholders’ Equity, as restated.” In May 2020, the Company issued $212.5 million in aggregate principal amount of 3.75% Convertible Senior Notes due June 1, 2025, in a private placement to qualified institutional buyers. See Note 15, “Convertible Senior Notes,” as amended. As of December 31, 2020, the Company had $1.3 billion of cash and cash equivalents and $321.9 million of restricted cash. In January and February 2021, the Company issued and sold in another registered equity offering an aggregate of 32.2 million shares of its common stock at a purchase price of $65.00 per share for net proceeds of approximately $1.8 billion. Furthermore in February 2021, the Company completed the previously announced sale of its common stock in connection with a strategic partnership with SK Holdings Co., Ltd. (“SK Holdings”) to accelerate the use of hydrogen as an alternative energy source in Asian markets. The Company sold 54,996,188 shares of its common stock to a subsidiary of SK Holdings at a purchase price of $29.2893 per share, or an aggregate purchase price of approximately $1.6 billion. See Note 23, “Subsequent Events,” for more details. The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses attributable to common stockholders of $596.2 million, $85.6 million and $85.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company’s cash used in operations totaled $155.5 million, $53.3 million, and $58.4 million for the year ended December 31, 2020, 2019 and 2018, and has an accumulated deficit of $1.9 billion at December 31, 2020. The Company’s significant obligations consisted of the following as of December 31, 2020: (i) Operating and finance leases totaling $113.9 million and $5.4 million, respectively, of which $14.3 million and $903 thousand, respectively, are due within the next 12 months. These leases are primarily related to sale/leaseback agreements entered into with various financial institutions to facilitate the Company’s commercial transactions with key customers. (ii) Finance obligations totaling $181.6 million of which approximately $32.7 million is due within the next 12 months. Finance obligations consist primarily of debt associated with the sale of future revenues and failed sale/leaseback transactions. (iii) Long-term debt, primarily related to the Company’s loan and security agreement (Loan Agreement) with Generate Lending, LLC (Generate Capital) totaling $175.4 million of which $25.4 million is classified as short term on the consolidated balance sheets. See Note 14, “Long-Term Debt”, for more details. (iv) Convertible senior notes totaling $85.6 million at December 31, 2020. See Note 15, “Convertible Senior Notes, as restated” for more details. The Company believes that its current working capital of $1.4 billion at December 31, 2020, which includes unrestricted cash and cash equivalents of $1.3 billion, together with proceeds from the January 2021 registered equity offering and SK group investment, will provide sufficient liquidity to fund operations for a least one year after the date the financial statements are issued. The Company plans to invest a portion of its available cash to expand its current production and manufacturing capacity and to fund strategic acquisitions and partnerships and capital projects. Future use of the Company’s funds is discretionary and the Company believes that its future working capital and cash position will be sufficient to fund operations even after these growth investments. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Restatement of Previously Issued Consolidated Financial Statements | |
Restatement of Previously Issued Consolidated Financial Statements | 2. Restatement of Previously Issued Consolidated Financial Statements Restatement Background On March 12, 2021, management in concurrence with the Company’s Audit Committee of the Board of Directors (the “Audit Committee”), concluded that our 2019 and 2018 consolidated financial statements, included in our Annual Reports on Form 10-K as of and for the fiscal years ended December 31, 2019 and 2018, and our unaudited consolidated financial statements as of and for each of the first three quarterly periods in 2020 and all quarterly periods in 2019, included in our Quarterly Reports on Form 10-Q for the respective periods, (collectively the “Prior Period Financial Statements”) should no longer be relied upon due to misstatements that are described below, and that we would restate such financial statements to make the necessary accounting corrections. In addition, we have restated the statement of operations for the three months ended December 31, 2019, which was previously disclosed as a note in its form 10-K for the year ended December 31, 2019. Details of the restated consolidated financial statements as of and for the fiscal years ended December 31, 2019 and 2018 are provided below (“Restatement Items”). In addition, details of the restated interim financial information for each of the quarterly periods in fiscal 2019 and for the first three quarters of fiscal 2020, are presented in Note 3, “Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements”. The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality and SAB No. 108, Considering the Effects of Prior Year Misstatements in Current Year Financial Statements, and determined the effect of these corrections were material to the Prior Period Financial Statements. As a result of the material misstatements, we have restated our Prior Period Financial Statements, in accordance with ASC 250, Accounting Changes and Error Corrections (the “Restated Financial Statements”). The Restatements Items reflect adjustments to correct errors on the balance sheets to reduce the carrying amount of certain right of use assets and lease liabilities associated with leases, increase the loss accrual relating to service contracts, a reclassification of costs resulting in a decrease in Operating expenses - Research and development expense and a corresponding increase in Cost of revenue, the recording of a deemed dividend, and correction of a cumulative adjustment upon adoption of a new accounting standard to a correction of an error. The nature and impact of these adjustments are described below and also detailed in the tables below. Also see Note 3, “Unaudited Quarterly Financial Data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements,” for the impact of these adjustments on each of the quarterly periods. Restatement Items Right of use assets relating to operating leases Loss accrual provision did not consider all relevant historical costs when estimating future service costs when determining whether a loss accrual for extended maintenance contracts was necessary. Additionally, the Company did not consider the service costs related to hydrogen infrastructure, nor the provision for warrants, when estimating the need for a loss accrual on extended maintenance contracts. When properly considering these costs, additional loss accruals for extended maintenance contracts were required to be recorded. The corrections resulted in a ($1.6) million benefit for loss accrual for the year ended December 31, 2019, inclusive of the partial release of the 2018 loss accrual, and a provision for loss accrual of $5.3 million for the year ended December 31, 2018. Research and development expense As of December 31, 2019 As of December 31, 2018 Restatement Restatement Adjustments Adjustments Cost of revenue: Services performed on fuel cell systems and related infrastructure $ 6,986 $ 7,954 Power Purchase Agreements 2,539 4,264 Sales of fuel cell systems and related infrastructure 1,121 614 Fuel delivered to customers 8,846 8,325 Total cost of revenue 19,492 21,157 Research and development (19,492) (21,157) Series E Redeemable Convertible Preferred Stock Deemed Dividend Adoption of ASC 842 Other adjustments In addition to the Restatement Items, the Company has corrected other adjustments. While these other adjustments are quantitatively immaterial, individually and in the aggregate, because we are correcting for the material errors, we have decided to correct these other adjustments as well. Reclassifications have been made, whenever necessary, to prior period financial statements to conform to the current period presentation for the years ended December 31, 2019 and 2018. Summary impact of Restatement Items and Other Adjustments to Prior Period Financial Statements The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated balance sheets for the periods indicated (in thousands, except per share): As of December 31, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 139,496 $ — $ 139,496 Restricted cash 54,813 — 54,813 Accounts receivable 25,448 320 25,768 d Inventory 72,391 — 72,391 Prepaid expenses and other current assets 21,192 — 21,192 Total current assets 313,340 320 313,660 Restricted cash 175,191 — 175,191 Property, plant, and equipment, net 14,959 — 14,959 Right of use assets related to finance leases, net — 1,714 1,714 a Right of use assets related to operating leases, net — 63,266 63,266 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 244,740 (176,971) 67,769 a, b Goodwill 8,842 — 8,842 Intangible assets, net 5,539 — 5,539 Other assets 8,573 — 8,573 Total assets $ 771,184 $ (111,671) $ 659,513 Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 40,376 $ — $ 40,376 Accrued expenses 14,213 196 14,409 d Deferred revenue 11,691 — 11,691 Operating lease liabilities — 9,428 9,428 a, b Finance lease liabilities — 226 226 a Finance obligations 49,507 (24,840) 24,667 a, b Current portion of long-term debt 26,461 — 26,461 Other current liabilities 8,543 (1,839) 6,704 b, c Total current liabilities 150,791 (16,829) 133,962 Deferred revenue 23,369 (199) 23,170 d Operating lease liabilities — 50,937 50,937 a, b Finance lease liabilities — 2,011 2,011 a Finance obligations 265,228 (145,806) 119,422 a, b Convertible senior notes, net 110,246 185 110,431 d Long-term debt 85,708 — 85,708 Other liabilities 13 2,805 2,818 c Total liabilities 635,355 (106,896) 528,459 Redeemable preferred stock: Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664 ); 10,431 shares authorized; Issued and outstanding : 2,620 at December 31, 2019 709 — 709 Series E convertible preferred stock, $0.01 par value per share; Shares authorized: 35,000 at December 31, 2019; Issued and outstanding : 500 at December 31, 2019 441 — 441 Stockholders’ equity: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 318,637,560 at December 31, 2019 3,186 — 3,186 Additional paid-in capital 1,507,116 (163) 1,506,953 d Accumulated other comprehensive income 1,400 (112) 1,288 d Accumulated deficit (1,345,807) (4,500) (1,350,307) Less common stock in treasury: 15,259,045 at December 31, 2019 (31,216) — (31,216) Total stockholders’ equity 134,679 (4,775) 129,904 Total liabilities, redeemable preferred stock, and stockholders’ equity $ 771,184 $ (111,671) $ 659,513 As of December 31, 2019 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at December 31, 2019: ● $176.0 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $1.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $25.8 million was reclassified from current finance obligations to current operating lease liabilities; ● $145.5 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $226 thousand was reclassified from current finance obligations to current finance lease liabilities, respectively; and ● $2.0 million was reclassified from non-current finance obligations to non-current finance lease liabilities (b) The correction of the misstatement associated with the right of use assets relating to operating leases resulted in the following at December 31, 2019: ● the right of use assets related to operating leases, net had a decrease of $112.7 million; ● equipment related to power purchase agreements and lessor property, net had an increase of $767 thousand; ● current operating lease liabilities had a decrease of $16.4 million; ● non-current operating lease liabilities had a decrease of $94.6 million; ● the current finance obligations had a $1.2 million increase; ● the non-current finance obligation had an increase of $1.7 million; and ● other current liabilities decreased $2.7 million. (c) Loss accrual provision: The correction of this misstatement resulted in an increase of $897 thousand to other current liabilities and an increase of $2.8 million to other long-term liabilities at December 31, 2019. (d) Other adjustments: Immaterial adjustments at December 31, 2019 resulted in an increase to accounts receivable of $320 thousand. An increase to accrued expenses of $196 thousand. A decrease to deferred revenue of $199 thousand. An increase in convertible senior notes, net of $185 thousand, and a decrease of $163 thousand to additional paid in capital and a $112 thousand decrease to accumulated other comprehensive income. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of operations for the periods indicated (in thousands, except share and per share amounts): For the Year Ended December 31, 2019 As Previously Restatement Restatement Reported Adjustments As Restated References Net revenue: Sales of fuel cell systems and related infrastructure $ 149,884 $ 36 $ 149,920 d Services performed on fuel cell systems and related infrastructure 25,217 — 25,217 Power Purchase Agreements 25,853 (300) 25,553 d Fuel delivered to customers 29,099 — 29,099 Other 186 — 186 Net revenue 230,239 (264) 229,975 Cost of revenue: Sales of fuel cell systems and related infrastructure 96,859 1,056 97,915 a, d Services performed on fuel cell systems and related infrastructure 28,801 5,781 34,582 a, c,d Benefit for loss contracts related to service — (394) (394) c Power Purchase Agreements 40,056 1,721 41,777 a, b,d Fuel delivered to customers 36,357 8,890 45,247 a, d Other 200 — 200 Total cost of revenue 202,273 17,054 219,327 Gross profit 27,966 (17,318) 10,648 Operating expenses: Research and development 33,675 (18,616) 15,059 a,d Selling, general and administrative 44,333 (1,131) 43,202 b,d Total operating expenses 78,008 (19,747) 58,261 Operating loss (50,042) 2,429 (47,613) Interest and other expense, net (35,502) (189) (35,691) b,d Change in fair value of common stock warrant liability 79 — 79 Gain (loss) on extinguishment of debt — (518) (518) d Loss before income taxes $ (85,465) $ 1,722 $ (83,743) Income tax benefit — — — Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) Preferred stock dividends declared, deemed dividends and accretion of discount (52) (1,760) (1,812) e Net loss attributable to common stockholders $ (85,517) $ (38) $ (85,555) Net loss per share: Basic and diluted $ (0.36) $ (0.36) Weighted average number of common stock outstanding 237,152,780 237,152,780 For the year ended December 31, 2019 (a) Research and development: The correction of this misstatement resulted in a net decrease of $19.5 million to research and development, and an increase of $1.1 million to the cost of revenue of fuel cell systems and related infrastructure, an increase of $7 million to the cost of revenue of services performed on fuel cell systems and related infrastructure, an increase of $2.5 million to the cost of power purchase agreements and an increase in the cost of fuel delivered to customers of $8.9 million at December 31, 2019. (b) Right of use asset: The correction of this misstatement resulted in a net decrease to cost of revenue for power purchase agreements of $747 thousand. An increase to selling, general, and administrative expense of $25 thousand, and an increase to interest and other expense, net of $522 thousand. (c) Loss accrual provision: The correction of this misstatement resulted in a net decrease to cost of revenue for services performed on fuel cell systems and related infrastructure of $1.2 million and a net decrease to the provision for loss contracts related to service of $394 thousand for the period ended December 31, 2019. (d) Other adjustments: Immaterial adjustments for the period ended December 31, 2019 resulted in the following: a net increase of $36 thousand to revenue from sales of fuel cell systems and related infrastructure. A net decrease to revenue from power purchase agreements of $300 thousand. A net decrease of $65 thousand to the cost of revenue for sales of fuel cell systems and related infrastructure. A net increase to the cost of revenue for services performed on fuel cell systems and related infrastructure of $44 thousand. A net decrease to cost of revenue for power purchase agreements of $70 thousand. A net increase of $44 thousand to cost of revenue related to fuel delivered to customers. A net increase to research and development expense of $876 thousand. A net decrease to selling general and administrative expense of $1.1 million, a net increase to interest and other expense, net of $185 thousand and an increase of $518 thousand loss on the extinguisment of debt (which was previously reported as interest and other expense, net of $518 thousand). (e) Series E redeemable convertible preferred stock deemed dividend: The correction of this misstatement resulted in a net increase of $1.8 million to preferred stock dividends declared, deemed dividends and accretion of discount. For the Year Ended December 31, 2018 As Previously Restatement Restatement Reported Adjustments As Restated References Net revenue: Sales of fuel cell systems and related infrastructure $ 107,292 $ (117) $ 107,175 d Services performed on fuel cell systems and related infrastructure 22,002 — 22,002 Power Purchase Agreements 22,869 (300) 22,569 d Fuel delivered to customers 22,469 — 22,469 Net revenue 174,632 (417) 174,215 Cost of revenue: Sales of fuel cell systems and related infrastructure 84,439 766 85,205 a,d Services performed on fuel cell systems and related infrastructure 23,698 8,573 32,271 a, d Provision for loss contracts related to service — 5,345 5,345 c Power Purchase Agreements 36,161 5,200 41,361 a, b Fuel delivered to customers 27,712 8,325 36,037 a Total cost of revenue 172,010 28,209 200,219 Gross (loss) profit 2,622 (28,626) (26,004) Operating expenses: Research and development 33,907 (21,157) 12,750 a Selling, general and administrative 38,198 (513) 37,685 d Total operating expenses 72,105 (21,670) 50,435 Operating loss (69,483) (6,956) (76,439) Interest and other expense, net (22,135) (615) (22,750) b Change in fair value of common stock warrant liability 4,286 — 4,286 Loss before income taxes $ (87,332) $ (7,571) $ (94,903) Income tax benefit 9,217 78 9,295 d Net loss attributable to the Company $ (78,115) $ (7,493) $ (85,608) Preferred stock dividends declared, deemed dividends and accretion of discount (52) — (52) Net loss attributable to common stockholders $ (78,167) $ (7,493) $ (85,660) Net loss per share: Basic and diluted $ (0.36) $ (0.39) Weighted average number of common stock outstanding 218,882,337 218,882,337 For the year ended December 31, 2018 (a) Research and development: The correction of this misstatement resulted in a net decrease of $21.2 million to research and development, and an increase of $614 thousand to the cost of sales of fuel cell systems and related infrastructure, an increase of $8.0 million to the cost of services performed on fuel cell systems and related infrastructure, an increase of $4.2 million to the cost of power purchase agreements and an increase in the cost of fuel delivered to customers of $8.3 million at December 31, 2018. (b) Right of use asset: The correction of this misstatement resulted in a net increase to cost of revenue for power purchase agreements of $937 thousand, and an increase to interest and other expense, net of $615 thousand. (c) Loss accrual provision: The correction of this misstatement resulted in a net increase to the provision for loss contracts related to service of $5.3 million for the period ended December 31, 2018. (d) Other adjustments: Immaterial adjustments for the period ended December 31, 2018 resulted in the following: a net decrease of $117 thousand to revenue from sales of fuel cell systems and related infrastructure. A net decrease to revenue from power purchase agreements of $300 thousand. A net increase of $152 thousand to the cost of revenue for sales of fuel cell systems and related infrastructure. A net increase to the cost of revenue for services performed on fuel cell systems and related infrastructure of $619 thousand. A net decrease to selling general and administrative expense of $513 thousand and an increase to the income tax benefit of $78 thousand. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of comprehensive loss for the periods indicated (in thousands): For the year ended December 31, 2019 For the year ended December 31, 2018 As Previously Cumulative As Previously Cumulative Restatement Reported Adjustments As Restated Reported Adjustments As Restated References Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) $ (78,115) $ (7,493) $ (85,608) Other comprehensive loss - foreign currency translation adjustment (184) (112) (296) (610) — (610) b Comprehensive loss attributable to the Company $ (85,649) $ 1,610 $ (84,039) $ (78,725) $ (7,493) $ (86,218) Preferred stock dividends declared, deemed dividends and accretion of discount (52) (1,760) (1,812) (52) — (52) a Comprehensive loss attributable to common stockholders (85,701) (150) (85,851) (78,777) (7,493) (86,270) For the year ened December 31, 2019 and 2018 (a) Series E convertible preferred stock deemed dividend: The correction of this misstatement resulted in a net decrease of $1.8 million to preferred stock dividends declared, deemed dividends and accretion of discount to the period ended December 31, 2019. (b) Other adjustments: Immaterial adjustment for the period ended December 31, 2019 resulted in a net increase of $112 thousand for the other comprehensive loss related to the foreign currency translation adjustment. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of stockholders’ equity (deficit) for the periods indicated (in thousands, except share amounts): Accumulated Additional Other Total Common Stock Paid-in Comprehensive Treasury Stock Accumulated Stockholders’ Restatement Shares Amount Capital Income Shares Amount Deficit Equity (Deficit) References BALANCE - December 31, 2017 (As Previously Reported) 229,073,517 $ 2,291 $ 1,250,899 $ 2,194 587,151 $ (3,102) $ (1,178,636) $ 73,646 Cumulative adjustments — — — — — — (3,417) (3,417) a,b BALANCE - December 31, 2017 (As Restated) 229,073,517 2,291 1,250,899 2,194 587,151 (3,102) (1,182,053) 70,229 BALANCE - December 31, 2018 (As Previously Reported) 234,160,661 $ 2,342 $ 1,289,714 $ 1,584 15,002,663 $ (30,637) $ (1,260,290) $ 2,713 Cumulative adjustments — — (78) — — — (6,223) (6,301) a,b BALANCE - December 31, 2018 (As Restated) 234,160,661 2,342 1,289,636 1,584 15,002,663 (30,637) (1,266,513) (3,588) BALANCE - December 31, 2019 (As Previously Reported) 318,637,560 $ 3,186 $ 1,507,116 $ 1,400 15,259,045 $ (31,216) $ (1,345,807) $ 134,679 Cumulative adjustments — — (163) (112) — — (4,500) (4,775) a,b BALANCE - December 31, 2019 (As Restated) 318,637,560 $ 3,186 $ 1,506,953 $ 1,288 15,259,045 $ (31,216) $ (1,350,307) $ 129,904 As of December 31, 2019 and 2018 (a) Restatement Items: The correction of material misstatements resulted in a net increase in accumulated deficit of $4.5 million, $6.2 million and $3.4 million as of December 31, 2019, 2018 and 2017, respectively. (b) Other adjustments: Immaterial adjustments resulted in the following: for the period ended December 31, 2019, there was a net increase of $112 thousand for the other comprehensive loss related to the foreign currency translation adjustment and a net decrease of $163 thousand in additional paid-in capital; and for the period ended December 31, 2018, there was a net decrease in additional paid-in capital of $78 thousand. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of cashflows for the periods indicated (in thousands): For the Year Ended December 31, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Operating Activities Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) a Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of long-lived assets 11,989 (51) 11,938 b, d Amortization of intangible assets 698 — 698 Stock-based compensation 10,890 — 10,890 Loss on extinguishment of debt — 518 518 d Provision for bad debts and other assets 1,981 — 1,981 Amortization of debt issuance costs and discount on convertible senior notes 8,821 185 9,006 d Provision for common stock warrants 6,513 — 6,513 Loss on disposal of leased assets 212 — 212 Change in fair value of common stock warrant liability (79) — (79) Benefit on service contracts — (1,643) (1,643) c Changes in operating assets and liabilities that provide (use) cash: Accounts receivable 10,646 (52) 10,594 d Inventory (24,481) (152) (24,633) d Prepaid expenses, and other assets (8,110) — (8,110) Accounts payable, accrued expenses, and other liabilities 19,879 (2,645) 17,234 b, d Deferred revenue (5,016) 316 (4,700) d Net cash used in operating activities (51,522) (1,802) (53,324) Investing Activities Purchases of property, plant and equipment (5,683) — (5,683) Purchase of intangible assets (2,404) — (2,404) Purchases of equipment related to PPA and equipment related to fuel delivered to customers (6,532) — (6,532) Proceeds from sale of leased assets 375 — 375 Net cash used in investing activities (14,244) — (14,244) Financing Activities Proceeds from issuance of preferred stock and warrants, net of transaction costs 14,089 — 14,089 Proceeds from public offerings, net of transaction costs 158,428 (85) 158,343 d Proceeds from exercise of stock options 1,217 — 1,217 Payments for redemption of preferred stock (4,040) — (4,040) Proceeds from issuance of convertible senior notes, net 39,052 — 39,052 Proceeds from borrowing of long-term debt, net of transaction costs 119,186 — 119,186 Principal payments on long-term debt (24,827) (518) (25,345) d Proceeds from finance obligations 83,668 — 83,668 Repayments of finance obligations (61,713) 2,517 (59,196) b Net cash provided by financing activities 325,060 1,914 326,974 Effect of exchange rate changes on cash 53 (112) (59) d Increase in cash, cash equivalents and restricted cash 259,347 — 259,347 Cash, cash equivalents, and restricted cash beginning of period 110,153 — 110,153 Cash, cash equivalents, and restricted cash end of period $ 369,500 $ — $ 369,500 Supplemental disclosure of cash flow information Cash paid for interest $ 19,180 $ — 19,180 Summary of non-cash investing and financing activity Recognition of right of use assets $ 127,370 $ (74,446) $ 52,924 b Conversion of preferred stock to common stock 28,392 — 28,392 For the year ended December 31, 2019 (a) Refer to descriptions of the adjustments and their impact on net loss in the Consolidated Statement of Operations sections for the year ended December 31, 2019 above. (b) Right of use asset: The correction of this misstatement resulted in a net decrease to operating cashflows of $2.7 million and a net increase to cash provided by financing activities of $2.5 million for the period ended December 31, 2019. In addition there was a net decrease of $74.4 million to the non-cash investing and financing activity related to the recognition of the right of use asset. (c) Provision for loss contracts related to service: The correction of this misstatement resulted in a net decrease to operating cashflows of $1.6 million for the period ended December 31 2019. (d) Other adjustments: Immaterial adjustments resulted in an net increase to operating cashflows of $906 thousand, a decrease to cash provided by financing activites of $603 thousand and a decrease to effect of exchange rate changes on cash of $112 thousand, for the period ended December 31 2019 For the Year Ended December 31, 2018 As previously Restatement Restatement Reported Adjustments As Restated References Operating Activities Net loss attributable to the Company $ (78,115) $ (7,493) $ (85,608) a Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of long-lived assets 11,014 818 11,832 b, d Amortization of intangible assets 693 — 693 Stock-based compensation 8,771 — 8,771 Provision for bad debts and other assets 1,626 — 1,626 Amortization of debt issuance costs and discount on convertible senior notes 6,347 — 6,347 Provision for common stock warrants 10,190 — 10,190 Change in fair value of common stock warrant liability (4,286) — (4,286) Income tax benefit (9,217) (78) (9,295) d Loss on service contracts — 5,345 5,345 c Changes in operating assets and liabilities that provide (use) cash: Accounts receivable (14,398) (268) (14,666) d Inventory 19,041 152 19,193 d Prepaid expenses, and other assets (4,654) — (4,654) Accounts payable, accrued expenses, and other liabilities (10,266) 106 (10,160) d Deferred revenue 5,637 685 6,322 d Net cash used in operating activities (57,617) (733) (58,350) Investing Activities Purchases of property, plant and equipment (5,142) — (5,142) Purchases of equipment related to PPA and equipment related to fuel delivered to customers (13,501) — (13,501) Purchase of intangible assets (929) — (929) Net cash used in investing activities (19,572) — (19,572) Financing Activities Proceeds from issuance of preferred stock and warrants, net of transaction costs 30,934 — 30,934 Proceeds from public offerings, net of transaction costs 7,195 — 7,195 Proceeds from exercise of stock options 138 — 138 Proceeds from issuance of convertible senior notes, net 95,856 — 95,856 Purchase of capped calls and common stock forward (43,500) — (43,500) Principal payments on long-term debt (16,190) — (16,190) Proceeds from finance obligations 76,175 — 76,175 Repayments of finance obligations (31,264) 733 (30,531) b Net cash provided by financing activities 119,344 733 120,077 Effect of exchange rate changes on cash (57) — (57) Increase in cash, cash equivalents and restricted cash 42,098 — 42,098 Cash, cash equivalents, and restricted cash beginning of period 68,055 — 68,055 Cash, cash equivalents, and restricted cash end of period $ 110,153 $ — $ 110,153 Supplemental disclosure of cash flow information Cash paid for interest $ 13,057 $ — 13,057 Summary of non-cash investing and financing activity Recognition of right of use assets $ 79,057 $ (37,378) |
Unaudited Quarterly Financial d
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements | |
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements | 3. Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements The following tables below include corrections to the prior period results, and include the Restatement Items and other adjustments included in Note 2, “Restatement of Previously Issued Consolidated Financial Statements,” as well as the following: Bonus Accrual Right of Use assets and lease liabilities Loss accrual provision The summary of the quarterly statement of operations are presented as follows: Quarters ended As Restated March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Net revenue: Sales of fuel cell systems and related infrastructure $ 20,468 $ 47,746 $ 83,662 $ (246,171) Services performed on fuel cell systems and related infrastructure 6,521 6,236 6,829 (29,387) Power Purchase Agreements 6,421 6,579 6,629 6,991 Fuel delivered to customers 7,333 7,372 9,831 (40,608) Other 76 62 97 76 Net revenue 40,819 67,995 107,048 (309,099) Gross loss (9,703) (15) (28,584) (431,114) Operating expenses 15,883 26,517 25,726 46,660 Operating loss (25,586) (26,532) (54,310) (477,774) Net loss attributable to common stockholders (37,445) (9,414) (65,217) (484,105) Loss per share: Basic and Diluted $ (0.12) $ (0.03) $ (0.18) $ (1.35) Quarters ended As Restated March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Net revenue: Sales of fuel cell systems and related infrastructure $ 2,550 $ 38,702 $ 38,883 $ 69,785 Services performed on fuel cell systems and related infrastructure 6,343 5,341 6,205 7,328 Power Purchase Agreements 6,035 6,334 6,520 6,664 Fuel delivered to customers 6,582 7,089 7,649 7,779 Other — — 135 51 Net revenue 21,510 57,466 59,392 91,607 Gross (loss) profit (7,740) 6,142 4,500 7,746 Operating expenses 12,227 17,221 13,958 14,855 Operating loss (19,967) (11,079) (9,458) (7,109) Net loss attributable to common stockholders (30,560) (17,351) (18,366) (19,277) Loss per share: Basic and Diluted $ (0.14) $ (0.08) $ (0.08) $ (0.07) Summary impact of Restatement Items to previously reported unaudited interim condensed consolidated financial information The following tables present the Restatement Items, as well as other adjustments, on the Company’s unaudited interim condensed consolidated balance sheets for the periods indicated (in thousands, except per share): As of September 30, 2020 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 448,140 $ — $ 448,140 Restricted cash 55,704 — 55,704 Accounts receivable 113,133 372 113,505 e Inventory 134,306 (103) 134,203 e Prepaid expenses and other current assets 26,731 — 26,731 Total current assets 778,014 269 778,283 Restricted cash 227,528 — 227,528 Property, plant, and equipment, net 64,820 — 64,820 Right of use assets related to finance leases, net — 2,335 2,335 a Right of use assets related to operating leases, net — 90,184 90,184 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 309,475 (237,584) 71,891 a, b Goodwill 71,962 (140) 71,822 e Intangible assets, net 39,169 400 39,569 e Other assets 9,661 — 9,661 Total assets $ 1,500,629 $ (144,536) $ 1,356,093 Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 58,793 $ — $ 58,793 Accrued expenses 32,031 5,917 37,948 d, e Deferred revenue 17,226 — 17,226 Operating lease liabilities — 10,609 10,609 a, b Finance lease liabilities — 374 374 a Finance obligations 63,692 (32,343) 31,349 a, b Current portion of long-term debt 74,829 — 74,829 Other current liabilities 17,280 3,803 21,083 b, c Total current liabilities 263,851 (11,640) 252,211 Deferred revenue 29,648 (137) 29,511 e Operating lease liabilities — 74,422 74,422 a, b Finance lease liabilities — 2,384 2,384 a Finance obligations 337,150 (196,488) 140,662 a, b Convertible senior notes, net 105,088 — 105,088 Long-term debt 120,380 — 120,380 Other liabilities 27,068 18,102 45,170 c Total liabilities 883,185 (113,357) 769,828 Stockholders’ equity: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 406,123,816 at September 30, 2020 4,061 — 4,061 Additional paid-in capital 2,083,199 (30) 2,083,169 e Accumulated other comprehensive income 1,958 (112) 1,846 e Accumulated deficit (1,431,340) (31,037) (1,462,377) Less common stock in treasury (40,434) — (40,434) Total stockholders’ equity 617,444 (31,179) 586,265 Total liabilities, redeemable preferred stock, and stockholders’ equity $ 1,500,629 $ (144,536) $ 1,356,093 As of September 30, 2020 (a) ● $235.8 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to the right of use assets related to operating leases, net: ● $2.3 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to the right of use asset related to finance leases, net; ● $32.7 million was reclassified from current finance obligations to current operating lease liabilities; ● $195.1 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $374 thousand was reclassified from current finance obligations to current finance lease liabilities; and ● $2.4 million was reclassified from non-current finance obligations to non-current finance lease liabilities. (b) The correction of the misstatement associated with the right of use assets relating to operating leases resulted in the following at September 30, 2020: ● the right of use assets related to operating leases, net had a decrease of $145.6 million; ● equipment related to power purchase agreements and fuel delivered to customers, net had an increase of $535 thousand; ● current operating lease liabilities had a decrease of $22.1 million; ● non-current operating lease liabilities had a decrease of $120.6 million; ● the current and non current finance obligations had an increase of $788 thousand and $1.0 million, respectively; and ● other current liabilities had a decrease of $2.6 million (c) Loss accrual provision: The correction of this misstatement resulted in an increase of $6.4 million to other current liabilities and an increase of $18.1 million to other long-term liabilities at September 30, 2020. As of June 30, 2020 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 152,492 $ — $ 152,492 Restricted cash 50,634 — 50,634 Accounts receivable 45,522 260 45,782 d Inventory 114,571 — 114,571 Prepaid expenses and other current assets 31,436 — 31,436 Total current assets 394,655 260 394,915 Restricted cash 180,127 — 180,127 Property, plant, and equipment, net 60,018 — 60,018 Right of use assets related to finance leases, net — 2,389 2,389 a Right of use assets related to operating leases, net — 71,789 71,789 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 274,721 (206,293) 68,428 a, b Goodwill 70,402 (140) 70,262 d Intangible assets, net 38,574 400 38,974 d Other assets 11,817 — 11,817 Total assets $ 1,030,314 $ (131,595) $ 898,719 Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 39,812 $ — $ 39,812 Accrued expenses 23,320 597 23,917 d Deferred revenue 14,902 — 14,902 Operating lease liabilities — 9,453 9,453 a, b Finance lease liabilities — 345 345 a Finance obligations 57,695 (28,901) 28,794 a, b Current portion of long-term debt 50,933 — 50,933 Other current liabilities 21,692 (2,274) 19,418 b, c Total current liabilities 208,354 (20,780) 187,574 Deferred revenue 25,038 (190) 24,848 d Operating lease liabilities — 58,410 58,410 a, b Finance lease liabilities — 2,465 2,465 a Finance obligations 300,653 (169,000) 131,653 a, b Convertible senior notes, net 142,704 185 142,889 d Long-term debt 101,844 — 101,844 Other liabilities 11,756 2,720 14,476 c Total liabilities 790,349 (126,190) 664,159 Stockholders’ equity: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 348,201,792 at June 30, 2020 3,482 — 3,482 Additional paid-in capital 1,658,532 (94) 1,658,438 d Accumulated other comprehensive income 1,271 (112) 1,159 d Accumulated deficit (1,391,961) (5,199) (1,397,160) Less common stock in treasury (31,359) — (31,359) Total stockholders’ equity 239,965 (5,405) 234,560 Total liabilities, redeemable preferred stock, and stockholders’ equity $ 1,030,314 $ (131,595) $ 898,719 As of June 30, 2020 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at June 30, 2020: ● $204.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $2.4 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $29.5 million was reclassified from current finance obligations to current operating lease liabilities; ● $169.0 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $345 thousand was reclassified from current finance obligations to current finance lease liabilities; and ● $2.4 million was reclassified from non-current finance obligations to non-current finance lease liabilities. ● the right of use assets related to operating leases, net had a decrease of $132.9 million; ● equipment related to power purchase agreements and fuel delivered to customers, net had an increase of $837 thousand; ● current operating lease liabilities had a decrease of $20.1 million; ● non-current operating lease liabilities had a decrease of $110.6 million; ● the current and non current finance obligations had an increase of $898 thousand and $2.4 million, respectively; and ● other current liabilities had a decrease of $3.5 million. (c) Loss accrual provision: The correction of this misstatement resulted in a net increase of $1.3 million to other current liabilities and a net increase of $2.7 million to other long-term liabilities at June 30, 2020. As of March 31, 2020 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 74,340 $ — $ 74,340 Restricted cash 56,804 — 56,804 Accounts receivable 24,437 297 24,734 d Inventory 92,972 — 92,972 Prepaid expenses and other current assets 28,500 — 28,500 Total current assets 277,053 297 277,350 Restricted cash 176,070 — 176,070 Property, plant, and equipment, net 16,591 — 16,591 Right of use assets related to finance leases, net — 1,707 1,707 a Right of use assets related to operating leases, net — 64,812 64,812 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 252,802 (184,400) 68,402 a, b Goodwill 8,673 — 8,673 Intangible assets, net 5,296 400 5,696 d Other assets 12,059 — 12,059 Total assets $ 748,544 $ (117,184) $ 631,360 Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 35,503 $ — $ 35,503 Accrued expenses 14,273 597 14,870 d Deferred revenue 11,557 — 11,557 Operating lease liabilities — 8,959 8,959 a, b Finance lease liabilities — 204 204 a Finance obligations 52,047 (25,838) 26,209 a, b Current portion of long-term debt 27,819 — 27,819 Other current liabilities 10,423 (1,977) 8,446 b, c Total current liabilities 151,622 (18,055) 133,567 Deferred revenue 22,912 (228) 22,684 d Operating lease liabilities — 52,165 52,165 a, b Finance lease liabilities — 1,953 1,953 a Finance obligations 272,171 (150,849) 121,322 a, b Convertible senior notes, net 112,878 185 113,063 d Long-term debt 79,119 — 79,119 Other liabilities 13 2,373 2,386 c Total liabilities 638,715 (112,456) 526,259 Redeemable preferred stock: Redeemable preferred stock: Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation $16,664 ); 10,431 shares authorized; Issued and outstanding : 2,620 at March 31, 2020 709 — 709 Stockholders’ equity: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 322,220,469 at March 31, 2020 3,222 — 3,222 Additional paid-in capital 1,519,257 (163) 1,519,094 d Accumulated other comprehensive income 1,164 (112) 1,052 d Accumulated deficit (1,383,299) (4,453) (1,387,752) Less common stock in treasury (31,224) — (31,224) Total stockholders’ equity 109,120 (4,728) 104,392 Total liabilities, redeemable preferred stock, and stockholders’ equity $ 748,544 $ (117,184) $ 631,360 As of March 31, 2020 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at March 31, 2020: ● $183.4 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $1.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $26.6 million was reclassified from current finance obligations to current operating lease liabilities; ● $151.0 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $204 thousand was reclassified from current finance obligations to current finance lease liabilities; and ● $1.9 million was reclassified from non-current finance obligations to non-current finance lease liabilities. (b) The correction of the misstatement associated with the right of use assets relating to operating leases resulted in the following at March 31, 2020: ● the right of use assets related to operating leases, net had a decrease of $118.6 million; ● equipment related to power purchase agreements and fuel delivered to customers, net had an increase of $725 thousand; ● current operating lease liabilities had a decrease of $17.7 million; ● non-current operating lease liabilities had a decrease of $99.0 million; ● the current finance obligations and non-current finance obligations had an increase of $1.0 million and $2.0 million, respectively; and ● other current liabilities had a decrease of $3.2 million. (c) Loss accrual provision: The correction of this misstatement resulted in an increase of $1.2 million to other current liabilities and an increase of $2.4 million to other long-term liabilities at March 31, 2020. As of September 30, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 43,275 $ — $ 43,275 Restricted cash 35,720 — 35,720 Accounts receivable 24,392 345 24,737 d Inventory 80,601 — 80,601 Prepaid expenses and other current assets 12,804 — 12,804 Total current assets 196,792 345 197,137 Restricted cash 119,322 — 119,322 Property, plant, and equipment, net 14,990 — 14,990 Right of use assets related to finance leases, net — 1,720 1,720 a Right of use assets related to operating leases, net — 47,016 47,016 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 202,034 (134,786) 67,248 a, b Goodwill 8,606 — 8,606 Intangible assets, net 5,113 — 5,113 Other assets 9,152 — 9,152 Total assets $ 556,009 $ (85,705) $ 470,304 Liabilities, Redeemable Preferred Stock, and Stockholders’ Deficit Current liabilities: Accounts payable $ 36,851 $ — $ 36,851 Accrued expenses 9,457 — 9,457 Deferred revenue 11,480 — 11,480 Operating lease liabilities — 8,666 8,666 a, b Finance lease liabilities — 310 310 a Finance obligations 41,112 (20,643) 20,469 a, b Current portion of long-term debt 17,202 — 17,202 Other current liabilities 10,238 (1,865) 8,373 b, c Total current liabilities 126,340 (13,532) 112,808 Deferred revenue 22,444 (231) 22,213 d Operating lease liabilities — 36,599 36,599 a, b Finance lease liabilities — 2,068 2,068 a Finance obligations 208,465 (108,796) 99,669 a, b Common stock warrant liability 98 — 98 Convertible senior notes, net 107,760 185 107,945 d Long-term debt 78,840 — 78,840 Other liabilities 13 2,821 2,834 c Total liabilities 543,960 (80,886) 463,074 Redeemable preferred stock, $.01 par value Series C redeemable convertible preferred stock, $0.01 par value per share 10,431 shares authorized; Issued outstanding : 2,620 at September 30, 2019 709 — 709 Series E redeemable convertible preferred stock, $0.01 par value per share; Shares authorized: 35,000 at outstanding : 28,269 at September 30, 2019 25,746 — 25,746 Stockholders’ deficit: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 253,982,578 at September 30, 2019 2,540 — 2,540 Additional paid-in capital (1) 1,340,859 (78) 1,340,781 d Accumulated other comprehensive income 929 — 929 Accumulated deficit (1) (1,327,518) (4,741) (1,332,259) Less common stock in treasury (31,216) — (31,216) Total stockholders’ deficit (14,406) (4,819) (19,225) Total liabilities, redeemable preferred stock, and stockholders’ deficit $ 556,009 $ (85,705) $ 470,304 (1) The "as previously reported" balances include a decrease in additional paid-in capital of $6.5 million and an increase of $6.5 million to accumulated deficit due to the impact of the adoption of ASU 2019-08 of January 1, 2019. As of September 30, 2019 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at September 30, 2019: ● $133.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $1.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $21.1 million was reclassified from current finance obligations to current operating lease liabilities; ● $109.3 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $310 thousand was reclassified from current finance obligations to current finance lease liabilities; and ● $2.1 million was reclassified from non-current finance obligations to non-current finance lease liabilities. (b) The correction of the misstatement associated with the right of use assets relating to operating leases resulted in the following at September 30, 2019: ● the right of use assets related to operating leases, net had a decrease of $86.7 million; ● equipment related to power purchase agreements and fuel delivered to customers, net had an increase of $655 thousand; ● current operating lease liabilities had a decrease of $12.4 million; ● non-current operating lease liabilities had a decrease of $72.7 million; ● the current and non-current finance obligations had a increase of $752 thousand and an increase $2.6 million; and ● other current liabilities had a decrease of $3.0 million. (c) Loss accrual provision: The correction of this misstatement resulted in a net increase of $1.2 million to other current liabilities and a net increase of $2.8 million to other long-term liabilities at September 30, 2019. (d) Other adjustments: Immaterial adjustments at September 30, 2019 resulted in the following: Adjustments related to increases in accounts receivable of $345 thousand, decrease in deferred revenue of $231 thousand, increase in convertible senior notes of $185 thousand and decrease in additional paid in capital of $78 thousand. As of June 30, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 19,845 $ — $ 19,845 Restricted cash 19,400 — 19,400 Accounts receivable 26,592 252 26,844 d Inventory 73,190 — 73,190 Prepaid expenses and other current assets 14,001 — 14,001 Total current assets 153,028 252 153,280 Restricted cash 96,082 — 96,082 Property, plant, and equipment, net 14,228 — 14,228 Right of use assets related to finance leases, net — 1,726 1,726 a Right of use assets related to operating leases, net — 39,679 39,679 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 170,455 (101,473) 68,982 a, b Goodwill 8,961 — 8,961 Intangible assets, net 5,398 — 5,398 Other assets 8,842 — 8,842 Total assets $ 456,994 $ (59,816) $ 397,178 Liabilities, Redeemable Preferred Stock, and Stockholders’ Deficit Current liabilities: Accounts payable $ 36,946 $ — $ 36,946 Accrued expenses 4,522 — 4,522 Deferred revenue 11,730 — 11,730 Operating lease liabilities — 7,512 7,512 a, b Finance lease liabilities — 266 266 a Finance obligations 30,663 (18,208) 12,455 a, b Current portion of long-term debt 15,928 — 15,928 Other current liabilities 3,017 688 3,705 b, c Total current liabilities 102,806 (9,742) 93,064 Deferred revenue 24,519 (393) 24,126 d Common stock warrant liability 525 — 525 Operating lease liabilities — 30,631 30,631 a, b Finance lease liabilities — 2,123 2,123 a Finance obligations 157,531 (80,615) 76,916 a, b Convertible senior notes, net 66,844 — 66,844 Long-term debt 83,776 — 83,776 Other liabilities 13 3,320 3,333 c Total liabilities 436,014 (54,676) 381,338 Redeemable preferred stock: Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation $16,664 ); 10,431 shares authorized; Issued and outstanding : 2,620 at both June 30, 2019 709 — 709 Series E redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation $35,000 at June 30, 2019); Shares authorized: 35,000 at June 30, outstanding : 35,000 at June 30, 2019 30,926 — 30,926 Stockholders’ deficit: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 246,975,173 at June 30, 2019 2,470 — 2,470 Additional paid-in capital (1) 1,325,459 (78) 1,325,381 d Accumulated other comprehensive income 1,460 — 1,460 Accumulated deficit (1) (1,309,363) (5,062) (1,314,425) Less common stock in treasury (30,681) — (30,681) Total stockholders’ deficit (10,655) (5,140) (15,795) Total liabilities, redeemable preferred stock, and stockholders’ deficit $ 456,994 $ (59,816) $ 397,178 (1) The "as previously reported" balances include a decrease in additional paid-in capital of $3.5 million and an increase of $3.5 million to accumulated deficit due to the impact of the adoption of ASU 2019-08 of January 1, 2019. As of June 30, 2019 ● $100.3 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $1.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $16.6 million was reclassified from current finance obligations to current operating lease liabilities; ● $80.6 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $266 thousand was reclassified from current finance obligations to current finance lease liabilities; and ● $2.1 million was reclassified from non-current finance obligations to non-current finance lease liabilities. ● the right of use assets related to operating leases, net had a decrease of $60.6 million; ● equipment related to power purchase agreements and fuel delivered to customers, net had an increase of $543 thousand; ● current operating lease liabilities had a decrease of $9.1 million; ● non-current operating lease liabilities had a decrease of $50.0 million; ● the current and non-current finance obligations had a decrease of $1.4 million and an increase of $2.2 million; and ● other current liabilities had a decrease of $464 thousand. (c) Loss accrual provision: The correction of this misstatement resulted in a net increase of $1.2 million to other current liabilities and a net increase of $3.3 million to other long-term liabilities at June 30, 2019. As of March 31, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 39,336 $ — $ 39,336 Restricted cash 19,297 — 19,297 Accounts receivable 32,062 245 32,307 d Inventory 65,474 — 65,474 Prepaid expenses and other current assets 10,296 — 10,296 Total current assets 166,465 245 166,710 Restricted cash 50,598 — 50,598 Property, plant, and equipment, net 13,615 — 13,615 Right of use assets related to finance leases, net — 1,733 1,733 a Right of use assets related to operating leases, net — 33,599 33,599 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 141,889 (70,961) 70,928 a, b Goodwill 8,886 — 8,886 Intangible assets, net 3,677 — 3,677 Other assets 11,069 — 11,069 Total assets $ 396,199 $ (35,384) $ 360,815 Liabilities, Redeemable Preferred Stock, and Stockholders’ Deficit Current liabilities: Accounts payable $ 31,688 $ — $ 31,688 Accrued expenses 6,509 — 6,509 Deferred revenue 11,736 — 11,736 Operating lease liabilities — 7,042 7,042 a, b Finance lease liabilities — 236 236 a Finance obligations 23,997 (12,969) 11,028 a, b Current portion of long-term debt 12,559 — 12,559 Other current liabilities 2,271 1,474 3,745 c Total current liabilities 88,760 (4,217) 84,543 Deferred revenue 25,835 (469) 25,366 d Operating lease liabilities — 25,657 25,657 a, b Finance lease liabilities — 2,142 2,142 a Finance obligations 111,195 (56,331) 54,864 a, b Common stock warrant liability 2,231 — 2,231 Convertible senior notes, net 65,025 — 65,025 Long-term debt 72,676 — 72,676 Other liabilities 17 3,729 3,746 c Total liabilities 365,739 (29,489) 336,250 Redeemable preferred stock: Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664 ); 10,431 shares authorized; Issued and outstanding : 2,620 at March 31, 2019 709 — 709 Series E redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation 30,931 — 30,931 Stockholders’ deficit: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 2,445 — 2,445 Additional paid-in capital (1) 1,316,893 (78) 1,316,815 d Accumulated other comprehensive income 1,374 — 1,374 Accumulated deficit (1) (1,291,255) (5,817) (1,297,072) Less common stock in treasury (30,637) — (30,637) Total stockholders’ deficit (1,180) (5,895) (7,075) Total liabilities, redeemable preferred stock, and stockholders’ deficit $ 396,199 $ (35,384) $ 360,815 (1) The "as previously reported" balances include a decrease in additional paid-in capital of $3 .0 million and an increase of $3.0 million to accumulated deficit due to the impact of the adoption of ASU 2019-08 of January 1, 2019. As of March 31, 2019 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at March 31, 2019: ● $69.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 4. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Leases Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term and (3) the lease payments. ● ASC Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. ● The lease term for all of the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ● Lease payments included in the measurement of the lease liability comprise fixed payments, and for certain finance leases, the exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain at lease commencement to exercise the option. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the right of use asset is amortized over the useful life of the underlying asset. Amortization of the right of use asset is recognized and presented separately from interest expense on the lease liability. The Company’s leases do not contain variable lease payments. Right of use assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. Operating and finance lease right of use assets are presented separately on the Company’s consolidated balance sheets. The current portions of operating and finance lease liabilities are also presented separately within current liabilities and the long-term portions are presented separately within noncurrent liabilities on the consolidated balance sheets. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. Revenue Recognition The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a PPA, discussed further below. The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. Promises to the customer are separated into performance obligations, and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. Payment terms for sales of fuel cells, infrastructure and service to customers are typically 30 to 90 days. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. In 2017, in separate transactions, the Company issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects a discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 18, “Warrant Transaction Agreements,’ for more details. Nature of goods and services The following is a description of principal activities from which the Company generates its revenue. (j) Sales of Fuel Cell Systems and Related Infrastructure Revenue from sales of fuel cell systems and related infrastructure represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs at shipment (and occasionally upon delivery). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. In certain instances, control of hydrogen infrastructure installations transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. (ii) Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints, the Company’s market share, pricing strategies and objectives while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. In substantially all of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. (iii) Revenue from PPAs primarily represents payments received from customers who make monthly payments to access for the Company’s GenKey solution. Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers receive the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. In conjunction with entering into a PPA with a customer, the Company may enter into transactions with third-party financial institutions in which it receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment, and separately recognizes the leaseback obligations. The Company recognizes a lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate, which is based on an analysis of the interest rates on the Company’s secured borrowings. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of PPA revenue on the consolidated statements of operations. Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. Costs to service the property, depreciation of the assets related to PPAs and fuel delivered to the customers, and other related costs are included in cost of PPA revenue in the consolidated statements of operations. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. (iv) Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated on site. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. The Company purchases hydrogen fuel from suppliers in most cases (and sometimes produces hydrogen onsite) and sells to its customers. Revenue and cost of revenue related to this fuel is recorded as dispensed and is included in the respective “Fuel delivered to customers” lines on the consolidated statements of operations. Contract costs The Company expects that incremental commission fees paid to employees as a result of obtaining sales contracts are recoverable and therefore the Company capitalizes them as contract costs. Capitalized commission fees are amortized on a straight-line basis over the period of time which the transfer of goods or services to which the assets relate occur, typically ranging from 5 to 10 years. Amortization of the capitalized commission fees is included in selling, general and administrative expenses. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general and administrative expenses. Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. At December 31, 2020 and 2019, cash equivalents consist of money market accounts. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits. Common Stock Warrant Accounting The Company accounts for common stock warrants as either derivative liabilities or as equity instruments depending on the specific terms of the respective warrant agreements. Accounts Receivable Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 60 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for doubtful accounts and related receivable are reduced when the amount is deemed uncollectible. As of December 31, 2020, and 2019, the allowance for doubtful accounts was $172 thousand and $249 thousand, respectively. Inventory Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. Property, Plant and Equipment Property, plant and equipment are originally recorded at cost or, if acquired as part of business combination, at fair value. Maintenance and repairs are expensed as costs are incurred. Depreciation on plant and equipment, which includes depreciation on the Company’s primary manufacturing facility, which is accounted for as a financing obligation, is calculated on the straight-line method over the estimated useful lives of the assets. The Company records depreciation and amortization over the following estimated useful lives: Leasehold improvements 5 ‑ 10 years Software, machinery and equipment 1 ‑ 15 years Gains and losses resulting from the sale of property and equipment are recorded in current operations. Equipment related to PPAs and Fuel Delivered to Customers Equipment related to PPAs and fuel delivered to customers primarily consists of the assets deployed related to PPAs and sites where we deliver fuel to customers. Equipment is depreciated over its useful life. Depreciation expense is recorded on a straight-line basis and is included in cost of revenue for PPAs or cost of fuel delivered to customers, respectively, in the consolidated statements of operations. Impairment of Long-Lived Assets and PPA Executory Contract Considerations We evaluate long-lived assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. Long-lived assets that we evaluate include right of use lease assets, equipment deployed to our PPA’s, assets related primarily to our fuel delivery business and other company owned long-lived assets. Upon the occurrence of a triggering event, long-lived assets are evaluated to determine if the carrying amounts are recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups. For operating assets, the Company has generally determined that the lowest level of identifiable cash flows is based on the customer sites. The assets related primarily to our fuel delivery business are considered to be their own asset group. The cash flows are estimated based on the remaining useful life of the primary asset within the asset group. For assets related to our PPA agreements, we consider all underlying cash inflows related to our contract revenues and cash outflows relating to the costs incurred to service the PPA’s. Our cash flow estimates used in the recoverability test, are based upon, among other things, historical results adjusted to reflect our best estimate of future cash flows and operating performance. Development of future cash flows also requires us to make assumptions and to apply judgment, including timing of future expected cash flows, future cost savings initiatives, and determining recovery values. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect the outcome of our recoverability tests and cause more asset groups to be tested for impairment. If the estimated undiscounted future net cash flows for a given asset group are less than the carrying amount of the related asset group, an impairment loss is determined by comparing the estimated fair value with the carrying amount of the asset group. The impairment loss is then allocated to the long-lived assets in the asset group based on the asset’s relative carrying amounts. However, assets are not impaired below their then estimated fair values. Fair value is generally determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as well as year-over-year trends in pricing of our new equipment and overall evaluation of our industry and market, as considered necessary. The Company considers these indicators with certain of its own internal indices and metrics in determining fair value in light of the nascent state of the Company’s market and industry. The estimate of fair value represents our best estimates of these factors and is subject to variability. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect our impairment evaluation. The Company has determined that the assets deployed for certain PPA arrangements are not recoverable based on the undiscounted estimated future cash flows of the asset group. However, the estimated fair value of the assets in the asset group equal or exceed the carrying amount of the assets or otherwise limit the amount of impairment that would have been recognized. The Company has identified the primary source of the losses as the maintenance components of the PPA arrangements and the impact of customer warrant non-cash provisions. As the PPA arrangements are considered to be executory contracts and there is no specific accounting guidance that permits loss recognition for these revenue contracts, the Company has not recognized a provision for the expected future losses under these revenue arrangements. The Company expects that it will recognize future losses for these arrangements as it continues its efforts to reduce costs of delivering the maintenance component of these arrangements. Extended Maintenance Contracts On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for fuel cell systems and related infrastructure that has been sold. We measure loss accruals at the customer contract level. The expected revenues and expenses for these contracts include all applicable expected costs of providing services over the remaining term of the contracts and the related unearned net revenue. A loss is recognized if the sum of expected costs of providing services under the contract exceeds related unearned net revenue and is recorded as a provision for loss contracts related to service in the consolidated statement of operations. A key component of these estimates is the expected future service costs. In estimating the expected future service costs, the Company considers its current service cost level and applies significant judgment related to expected cost saving initiatives. The expected future cost savings will be primarily dependent upon the success of the Company’s initiatives related to increasing stack life, achieving better economies of scale on service labor, and improvements in design and operations of infrastructure. If the expected cost saving initiatives are not realized, this will increase the costs of providing services and could adversely affect our estimated contract loss accrual. The following table shows the roll forward of balances in the accrual for loss contracts, including changes due to the provision (benefit) for loss accrual, releases to service cost of sales and releases due to the provision for warrants (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 (as restated) (as restated) Beginning Balance $ 3,702 $ 5,345 $ — Provision (benefit) for Loss Accrual 35,473 (394) 5,345 Released to Service Cost of Sales (2,348) (1,249) — Released to Provision for Warrants (12,814) — — Ending Balance $ 24,013 $ 3,702 $ 5,345 Goodwill and indefinite-lived intangible asset Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually. The indefinite-lived intangible asset represents in-process research and development for cumulative research and development efforts associated with dry stack electrolyzer technology acquired in connection with the Giner ELX, Inc. acquisition. The Company has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If this is the case, the quantitative goodwill impairment test is required. If it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the quantitative goodwill impairment test is not required. The indefinite-lived intangible asset is tested for impairment annually, and more frequently when there is a triggering event. Annually, or when there is a triggering event, the Company first performs a qualitative assessment by evaluating all relevant events and circumstances to determine if it is more likely than not that the indefinite-lived intangible asset is impaired; this includes considering any potential effect on significant inputs to determining the fair value of the indefinite-lived intangible asset. When it is more likely than not that the indefinite-lived intangible asset is impaired, then the Company calculates the fair value of the intangible asset and performs a quantitative impairment test. The Company performs an impairment review of goodwill and the indefinite lived intangible asset on an annual basis at December 1, and when a triggering event is determined to have occurred between annual impairment tests. For the years ended December 31, 2020, 2019, and 2018, the Company performed a qualitative assessment of goodwill for its single reporting unit based on multiple factors including market capitalization and determined that it is not more likely than not that the fair value of its reporting unit is less than the carrying amount. For the year ended December 31, 2020, the Company performed a qualitative assessment of its indefinite lived intangible asset and determined that it is not more likely than not that its fair value is less than the carrying amount. Intangible Assets Fair Value Measurements The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: ● Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. ● Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value. The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019 (in thousands): Carrying Fair Fair Value Measurements As of December 31, 2020 Amount Value Level 1 Level 2 Level 3 Contingent consideration $ 9,760 $ 9,760 $ — $ — $ 9,760 Convertible senior notes 85,640 1,272,766 — 1,272,766 — Long-term debt 175,402 175,402 — — 175,402 Finance obligations 181,553 181,553 — — 181,553 Carrying Fair Fair Value Measurements As of December 31, 2019 Amount Value Level 1 Level 2 Level 3 Convertible senior notes $ 110,431 $ 188,775 $ — $ 135,320 $ 53,455 Long-term debt 112,169 112,169 — — 112,169 Finance obligations 144,089 144,089 — — 144,089 Equity Instruments Common stock warrants that meet certain applicable requirements of ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity Common stock warrants accounted for as equity instruments represent the warrants issued to Amazon and Walmart as discussed in Note 18, “Warrant Transaction Agreements.” The Company adopted FASB ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which requires entities to measure and classify share-based payment awards granted to a customer by applying the guidance under Topic 718, as of January 1, 2019. In order |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions | |
Acquisitions | 5. Acquisitions Giner ELX Inc. Acquisition On June 22, 2020, the Company acquired 100% of the outstanding shares of Giner ELX, Inc. (“Giner ELX”). Giner ELX is developer of electrolysis hydrogen generators which can be used for a variety of applications, including on-site refueling of hydrogen fuel cells. The fair value of consideration paid by the Company in connection with the Giner ELX acquisition was as follows (in thousands): Cash $ 25,820 Plug Power Stock 19,263 Contingent consideration 7,790 Total consideration $ 52,873 The contingent consideration represents the estimated fair value associated with earn-out payments of up to $16.0 million that the sellers are eligible to receive. Of the total earnout consideration, $8.0 million is related to the achievement of the Allagash earn-out, $2.0 million is associated with the receipt of certain customer opportunities (purchase orders or other contracts) by December 31, 2021, and $6.0 million is associated with the achievement of certain revenue targets for years 2021 through 2023. The Allagash earn-out is achieved when the Company has produced at least two PEM electrolyzer stacks of one megawatt each, utilizing the dry build process and meets certain technical specifications as more fully described in the merger agreement. To be fully paid, the Allagash earn-out needs to be satisfied by July 31, 2023 and is reduced by approximately 8.33% each month beyond this date. In addition to the above, should the earn-out revenue exceed 150% of the 2023 target, the sellers will receive warrants with a value of $5.0 million and if the earn-out revenue exceeds 200% of the 2023 revenue target, the sellers will receive warrants with a value of $10.0 million. The warrants are exercisable within two years of issuance. In connection with the Giner ELX acquisition, the Company revised the acquisition-date fair value of contingent consideration liabilities which were determined to be measurement period adjustments and resulted in an increase in other liabilities and goodwill The following table summarizes the final allocation of the purchase price to the estimated fair value of the net assets acquired, excluding goodwill (in thousands): Accounts receivable $ 1,237 Inventory 4,108 Prepaid expenses and other assets 669 Property, plant and equipment 596 Identifiable intangibles 29,930 Accounts payable, accrued expenses and other liabilities (1,621) Deferred revenue (2,350) Deferred tax liability, net (5,889) Total net assets acquired, excluding goodwill $ 26,680 Identifiable intangibles consisted of developed technology, non-compete agreements, estimated in-process research and development (“IPR&D”), and customer relationships. The fair value of acquired backlog and non-complete agreements was nominal. The fair value of the acquired IPR&D related to the dry stack technology totaling $29.0 million was calculated using the multi-period excess earnings method (“MPEEM”) approach which is a variant of the income approach. The basic principle of the MPEEM approach is that a single asset, in isolation, is not capable of generating cash flow for an enterprise. Several assets are brought together and exploited to generate cash flow. Therefore, to determine cash flow from the exploitation of IPR&D, one must deduct the related expenses incurred for the exploitation of other assets used for the generation of overall cash flow and revenues. The fair value of IPR&D was estimated by discounting the net cash flow derived from the expected revenues attributable to the acquired IPR&D. The fair value of the acquired customer relationships totaling $0.4 million was calculated using a distributor method approach, which is a variant of the income approach. The fair value of wet stack technology totaling $0.4 million was determined using the relief from royalty method. In addition to identifiable intangible assets, the fair value of acquired work in process and finished goods inventory was estimated based on the estimated selling price less costs to be incurred and a market participant profit rate. Additionally, the fair value of the deferred revenue was determined using a cost build-up approach. The direct cost of fulfilling the obligation plus a normal profit margin was used to determine the value of the assumed deferred revenue liability. Included in the purchase consideration are three contingent earn-out payments (as described above): the Allagash earn-out, the customer opportunities, and the revenue targets. Due to the nature of the Allagash and customer opportunities, as outlined in the purchase agreement, a scenario based method (“SBM”) was used to value these contingent payments as the payments are milestone based in nature. These fair value measurements were based on unobservable inputs and are considered to be level 3 financial instruments. The revenue targets are achieved when certain revenue thresholds are met, and the catch-up provision creates path-dependency. As such, the revenue earn-out was valued using a Monte Carlo Simulation. In connection with the acquisition, the Company recorded on its consolidated balance sheet a liability of $7.8 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was remeasured as of December 31, 2020, and was estimated to be $9.6 million. This increase in fair value of $1.8 million, which was primarily due to a change in the discount rate offset by a decrease in the discount period, was recorded as an expense in the consolidated statement of operations for the year ended December 31, 2020. Included in Giner ELX’s net assets acquired are net deferred tax liabilities of $5.9 million. In connection of the acquisition of these net deferred tax liabilities, the Company reduced its valuation allowance by $5.2 million and recognized a tax benefit $5.2 million during the year ended December 31, 2020. Goodwill associated with the Giner ELX acquisition was calculated as follows (in thousands): Consideration paid $ 52,873 Less: net assets acquired (26,680) Total goodwill recognized $ 26,193 The goodwill consists of the Company’s increased capabilities in green hydrogen supply through the production of electrolyzers. The synergies with the Company’s production of hydrogen storage and dispensing equipment are important to the Company as the demand for green hydrogen is expected to increase. United Hydrogen Group Inc. Acquisition On June 18, 2020, the Company acquired 100% of the outstanding shares of United Hydrogen Group Inc. (“UHG”). UHG produces and sells liquid hydrogen. The fair value of consideration paid by the Company in connection with the UHG acquisition was as follows (in thousands): Cash $ 19,293 Plug Power Stock 30,410 Contingent consideration 1,110 Total consideration $ 50,813 Included in cash and common stock in the above table is $1.0 million of cash and $6.5 million of common stock that was paid in April 2020 to purchase a convertible note in UHG. This convertible note included terms that allowed for reduction of the purchase price if the Company were to complete the acquisition of UHG. As such, this note was cancelled in conjunction with the closing of this acquisition. A portion of the purchase price of UHG was in the form of contingent consideration. The contingent consideration is contingent on future performance related to two discrete milestones associated with the expansion of the liquefication capacity of the Charleston, Tennessee liquid hydrogen plant (the “Charleston Plant”). The Company’s liability for this contingent consideration was measured at fair value based on the Company’s expectations of achieving the expansion milestone. The expected performance was assessed by management which was discounted to present value in order to derive a fair value of the contingent consideration. This fair value measurement was based on unobservable inputs and is considered a level 3 financial instrument. Due to the milestone nature of the payments, a scenario based method (“SBM”) was used to value these contingent payments. The estimated fair value of the contingent consideration as of the acquisition date was $1.1 million. . The following table summarizes the final allocation of the purchase price to the estimated fair value of the net assets acquired, excluding goodwill (in thousands): Accounts receivable $ 444 Inventory 89 Prepaid expenses and other assets 1,152 Property, plant and equipment 41,244 Leased property 796 Identifiable intangible asset 2,338 Long-term debt (11,336) Unfavorable customer contract (15,757) Accounts payable, accrued expenses, deferred revenue and finance obligations (4,631) Total net assets acquired, excluding goodwill $ 14,339 The identifiable intangible asset consisted of developed technology, as described below in Note 10, “Intangible Assets and Goodwill.” The fair value of the developed technology totaling $2.3 million was calculated using the relief from royalty approach which is a variant of the income approach. The application of the relief from royalty approach involves estimating the value of an intangible asset by quantifying the present value of the stream of market derived royalty payments that the owner of the intangible asset is exempted or ‘relieved’ from paying. Additionally, the Company estimated the fair value of an unfavorable customer contract. The fair value of the acquired unfavorable customer contract was calculated using a with and with-out analysis which is a variant of the income approach. Cash flows were calculated using pricing per terms of the existing contract and then compared to cash flows using expected market pricing. The difference between the two cash flows was used to determine the fair value of the contract. Further, the Company assumed interest-bearing debt. The fair value of the assumed debt was calculated using the discounted cash flow method. In connection with the UHG acquisition, the Company finalized the valuation of an unfavorable customer contract and long-term debt which resulted in an increase in other liabilities of $1.9 million, a decrease in long-term debt of $1.7 million, and an increase in goodwill of $0.2 million. Goodwill associated with the UHG acquisition was calculated as follows (in thousands): Consideration paid $ 50,813 Less: net assets acquired (14,339) Total goodwill recognized $ 36,474 The Company now has capabilities in liquid hydrogen generation, liquefaction and distribution logistics, which is important in a growing hydrogen market. Goodwill recorded in connection with the acquisitions is not deductible for tax purposes. The results Neither the Giner ELX acquisition nor the UHG acquisition was material to our consolidated results of operations or financial position and, therefore, pro forma financial information is not presented. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share | |
Earnings Per Share | 6. Earnings Per Share, as restated Basic earnings per common stock are computed by dividing net loss attributable to common stockholders by the weighted average number of common stock outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options, unvested restricted stock, common stock warrants, and preferred stock) were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. This is computed by dividing net earnings by the combination of dilutive common stock equivalents, which is comprised of shares issuable under outstanding warrants, the conversion of preferred stock, and the Company’s share-based compensation plans, and the weighted average number of common stock outstanding during the reporting period. Since the Company is in a net loss position, all common stock equivalents would be considered to be anti-dilutive and are, therefore, not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same. The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): Year ended December 31, 2019 2018 2020 (as restated) (as restated) Numerator: Net loss attributable to common stockholders $ (596,181) $ (85,555) $ (85,660) Denominator: Weighted average number of common stock outstanding 354,790,106 237,152,780 218,882,337 The potentially dilutive securities are summarized as follows: At December 31, 2020 2019 2018 Stock options outstanding (1) 10,284,498 23,013,590 21,957,150 Restricted stock outstanding (2) 5,874,642 4,608,560 2,347,347 Common stock warrants (3) 104,753,740 110,573,392 115,824,142 Preferred stock (4) — 2,998,527 17,933,591 Convertible Senior Notes (5) 42,256,610 59,133,896 43,630,020 Number of dilutive potential shares of common stock 163,169,490 200,327,965 201,692,250 (1) During the years ended December 31, 2020, 2019, and 2018, the Company granted 3,509,549 , 3,221,892 , and 2,679,667 stock options, respectively. (2) During the years ended December 31, 2020, 2019, and 2018, the Company granted 3,227,149 , 3,201,892 , and 2,367,347 shares of restricted stock, respectively. (3) In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant had not been exercised as of December 31, 2020. In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant had been exercised with respect to 5,819,652 shares as of December 31, 2020. (4) The preferred stock amount represents the dilutive potential on the shares of common stock as a result of the conversion of the Series C Redeemable Convertible Preferred Stock (Series C Preferred Stock) and Series E Convertible Preferred Stock (Series E Preferred Stock), based on the conversion price of each preferred stock as of December 31 2019, and 2018, respectively. Of the 10,431 shares of Series C Preferred Stock issued on May 16, 2013, all shares had been converted to common stock as of December 31, 2020. On November 1, 2018, the Company issued 35,000 shares of Series E Preferred Stock. As of December 31, 2019, 30,462 shares of the Series E Preferred Stock had been converted to common stock and 4,038 shares were redeemed for cash. All of the remaining Series E Preferred Stock were converted to either common stock or cash, in January 2020 . (5) In March 2018, the Company issued the 5.5% Convertible Senior Notes. In September 2019, the Company issued the $7.5% Convertible Senior Note, which was fully converted into 16.0 million shares on July 1, 2020. In May 2020, the Company issued the 3.5% Convertible Senior Notes and repurchased $66.3 million of the 5.5% Convertible Senior Notes. In the fourth quarter of 2020, $33.5 million of the remaining 5.5% Convertible Senior Notes converted into 14.6 million shares of common stock. As of December 31, 2020, approximately $160 thousand aggregate principal amount of the 5.5% Convertible Senior Notes remained outstanding, all of which was converted in January 2021 . |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Inventory | 7. Inventory, as restated Inventory as of December 31, 2020 and 2019 as restated, consists of the following (in thousands): December 31, 2020 December 31, 2019 (as restated) Raw materials and supplies - production locations $ 92,221 $ 48,011 Raw materials and supplies - customer locations 12,405 9,241 Work-in-process 29,349 12,529 Finished goods 5,411 2,610 Inventory $ 139,386 $ 72,391 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 8. Property, Plant and Equipment Property, plant and equipment at December 31, 2020 and 2019 consists of the following (in thousands): December 31, 2020 December 31, 2019 Land 1,165 — Leasehold improvements $ 1,121 $ 862 Software, machinery and equipment 94,449 31,514 Property, plant, and equipment 96,735 32,376 Less: accumulated depreciation (22,186) (17,417) Property, plant, and equipment, net $ 74,549 $ 14,959 Depreciation expense related to property, plant and equipment was $4.8 million, $3.6 million, and $2.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
Equipment Related to Power Purc
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net | 12 Months Ended |
Dec. 31, 2020 | |
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net | |
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net | 9. Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net, as restated Equipment related to power purchase agreements and fuel delivered to customers, net, at December 31, 2020 and 2019 consists of the following (in thousands): December 31, 2019 December 31, 2020 (as restated) Equipment related to power purchase agreements and fuel delivered to customers 92,736 81,194 Less: accumulated depreciation (16,929) (13,425) Equipment related to power purchase agreements and fuel delivered to customers, net $ 75,807 $ 67,769 As of December 31, 2020, the Company had deployed assets at customer sites that had associated PPAs. These PPAs expire over the next one ten Depreciation expense is $7.9 million and $6.3 million for the years ended December 31, 2020 and 2019 respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill | |
Intangible Assets and Goodwill | 10. Intangible Assets and Goodwill The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2020 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 10 years $ 13,697 $ (4,042) $ 9,655 Customer relationships, Non-compete agreements, Backlog & Trademark 6 years 890 (294) 596 In process research and development Indefinite 29,000 — 29,000 $ 43,587 $ (4,336) $ 39,251 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2019 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 9 years $ 8,244 $ (2,815) $ 5,429 Trademark 9 years 320 (210) 110 $ 8,564 $ (3,025) $ 5,539 The change in the gross carrying amount of the acquired technology from December 31, 2019 to December 31, 2020 was due to changes in acquisitions of UHG and Giner ELX, American Fuel Cell (AFC) milestone payments and foreign currency translation, as discussed below. The Company’s in-process research and development is related to the development of the dry build process associated with electrolyzer stacks, as part of acquisition of Giner ELX. The related intangible asset is not currently amortized, as research and development is ongoing. Upon completion of the dry build process, amortization will commence based upon the estimated useful life of the underlying asset. See Note 5, “Acquisitions” for more details. Also, in 2020, the Company acquired technology as part of the acquisition of UHG. The technology relates to the chemical process of manufacturing liquid hydrogen from chlor-alkali waste stream. See Note 5 “Acquisitions”, for more details. In 2019, the Company acquired intellectual property from EnergyOr for $1.5 million. In addition, the Company agreed to pay the sellers a royalty based on future sales of relevant applications, not to exceed $3.0 million, by May 22, 2025. These royalties are added to the intangible asset balance, as incurred. To date, no royalties have been earned. As of December 31, 2020, as part of the agreement to acquire the intellectual property from AFC, the Company paid AFC milestone payments of $2.9 million. Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2020, 2019 and 2018 was $1.1 million, $0.7 million and $0.7 million, respectively. Estimated amortization expense for subsequent years was as follows (in thousands): 2021 1,878 2022 1,478 2023 1,478 2024 1,456 2025 and thereafter 3,961 Total $ 10,251 Goodwill was $72.4 million and $8.8 million as of December 31, 2020 and 2019 respectively, which increased $62.6 million as a result of the Giner ELX and UHG acquisitions, and increased $900 thousand due to translation gain for Hypulsion goodwill. There were no impairments during the fiscal years ended December 31, 2020 and 2019. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses | |
Accrued Expenses | 11. Accrued Expenses, as restated Accrued expenses at December 31, 2020 and 2019 consist of (in thousands): 2019 2020 (as restated) Accrued payroll and compensation related costs $ 29,167 $ 2,932 Accrued accounts payable 11,750 7,254 Accrued sales and other taxes 3,665 905 Accrued interest 649 2,374 Accrued other 852 944 Total $ 46,083 $ 14,409 |
Operating and Finance Lease Lia
Operating and Finance Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Operating and Finance Lease Liabilities | |
Operating and Finance Lease Liabilities | 12. Operating and Finance Lease Liabilities, as restated As of December 31, 2020, the Company had operating leases, as lessee, primarily associated with sale/leaseback transactions that are partially secured by restricted cash, security deposits and pledged escrows (see also Note 1, “Nature of Operations”) as summarized below. These leases expire over the next one Leases contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote. At the end of the lease term, the leased assets may be returned to the lessor by the Company, the Company may negotiate with the lessor to purchase the assets at fair market value, or the Company may negotiate with the lessor to renew the lease at market rental rates. No residual value guarantees are contained in the leases. No financial covenants are contained within the lease, however there are customary operational covenants such as assurance the Company properly maintains the leased assets and carries appropriate insurance, etc. The leases include credit support in the form of either cash, collateral or letters of credit. See Note 22, “Commitments and contingencies, as restated,” for a description of cash held as security associated with the leases. The Company has finance leases associated with its property and equipment in Latham, New York and at fueling customer locations. The fair value of this finance obligation approximated the carrying value as of December 31, 2020. Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of December 31, 2020 were as follows (in thousands): Finance Total Operating Lease Lease Lease Liability Liability Liabilities 2021 $ 28,536 $ 1,261 $ 29,797 2022 27,138 1,234 28,372 2023 26,464 1,210 27,674 2024 25,947 1,293 27,240 2025 and thereafter 50,362 1,721 52,083 Total future minimum payments 158,447 6,719 165,166 Less imputed interest (44,509) (1,323) (45,832) Total $ 113,938 $ 5,396 $ 119,334 Rental expense for all operating leases was $22.3 million, $14.6 million and $10.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The gross profit on sale/leaseback transactions for all operating leases was $61.0 million, $26.2 million and $16.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Right of use assets obtained in exchange for new operating lease liabilities was $58.5 million and $37.7 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, the right of use assets associated with operating leases was $117.0 million and $63.3 million, respectively. The accumulated depreciation for these right of use assets was $48.6 million and $23.6 million at December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, the right of use assets associated with finance leases was $5.7 million and $1.7 million, respectively. The accumulated depreciation for these right of use assets was $102 thousand and $32 thousand at December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, security deposits associated with sale/leaseback transactions were $5.8 million and $6.0 million, respectively, and were included in other assets in the consolidated balance sheet. Other information related to the operating leases are presented in the following table: Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 22,626 $ 14,055 Weighted average remaining lease term (years) 6.0 5.0 Weighted average discount rate 11.7% 12.1% Finance lease costs include amortization of the right of use assets (i.e. depreciation expense) and interest on lease liabilities (i.e. interest and other expense, net in the consolidated statement of operations), and were immaterial for the years ended December 31, 2019 and 2018. Right of use assets obtained in exchange for new finance lease liabilities were $4.1 million and $0.1 million for the years ended December 31, 2020 and 2019, respectively. Other information related to the finance leases are presented in the following table: Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 471 $ 255 Weighted average remaining lease term (years) 5.6 7.7 Weighted average discount rate 8.2% 8.8% |
Finance Obligations
Finance Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Finance Obligations | |
Finance Obligations | 13. Finance Obligation, as restated The Company has sold future services to be performed associated with certain sale/leaseback transactions and recorded the balance as a finance obligation. The outstanding balance of this obligation at December 31, 2020 was $157.7 million, $24.7 million and $132.9 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheet. The outstanding balance of this obligation at December 31, 2019 was $112.4 million, $16.8 million and $95.6 million of which was classified as short-term and long-term, respectively. The amount is amortized using the effective interest method. The fair value of this finance obligation approximated the carrying value as of December 31, 2020. In prior periods, the Company entered into sale/leaseback transactions that were accounted for as financing transactions and reported as part of finance obligations. The outstanding balance of finance obligations related to sale/leaseback transactions at December 31, 2020 was $23.9 million, $8.0 million and $15.9 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheet. The outstanding balance of this obligation at December 31, 2019 was $31.7 million, $7.9 million and $23.8 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheet. The fair value of this finance obligation approximated the carrying value as of both December 31, 2020 and December 31, 2019. Future minimum payments under finance obligations notes above as of December 31, 2020 were as follows (in thousands): Total Sale of Future Sale/leaseback Finance revenue - debt financings Obligations 2021 $ 41,670 $ 9,327 $ 50,997 2022 39,268 4,975 44,243 2023 39,268 3,149 42,417 2024 39,268 16,154 55,422 2025 and thereafter 53,385 — 53,385 Total future minimum payments 212,859 33,605 246,464 Less imputed interest (55,158) (9,753) (64,911) Total $ 157,701 $ 23,852 $ 181,553 Other information related to the above finance obligations are presented in the following table: Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 44,245 $ 76,244 Weighted average remaining term (years) 5.0 5.3 Weighted average discount rate 11.3% 11.2% |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt | |
Long-Term Debt | 14. Long-Term Debt In March 2019, the Company entered into a loan and security agreement, as amended (the ”Loan Agreement”), with Generate Lending, LLC (“Generate Capital”), providing for a secured term loan facility in the amount of $100 million (the “Term Loan Facility”). The Company used the proceeds to pay off in full the Company’s previous loan with NY Green Bank a Division of the New York State Energy Research & Development (“Green-Bank Loan”) and terminate and re-purchase certain equipment leases with Generate Plug Power SLB II, LLC. In connection with this transaction, the Company recognized a loss on extinguishment of debt of approximately $0.5 million during the year ended December 31, 2019. This loss was recorded in gain (loss) on extinguishment of debt, in the Company’s consolidated statement of operations. The Company borrowed an incremental $20 million in November 2019. Additionally, during the year ended December 31, 2020, the Company, under another series of amendments to the Loan Agreement, borrowed an incremental $100 million. As part of the amendment to the Loan Agreement, the Company’s interest rate on the secured term loan facility was reduced to 9.50% from 12.00% per annum, and the maturity date was extended to October 31, 2025 from October 6, 2022. On December 31, 2020, the outstanding balance under the Term Loan Facility was $165.8 million. The Loan Agreement includes covenants, limitations, and events of default customary for similar facilities. Interest and a portion of the principal amount is payable on a quarterly basis. Principal payments will be funded in part by releases of restricted cash, as described in Note 22, “Commitments and Contingencies, as restated.” Based on the amortization schedule as of December 31, 2020, the aforementioned loan balance under the Term Loan Facility will be fully paid by October 31, 2025. The Company is in compliance with, or has obtained waivers for, all debt covenants. The Term Loan Facility is secured by substantially all of the Company’s and the guarantor subsidiaries’ assets, including, among other assets, all intellectual property, all securities in domestic subsidiaries and 65% of the securities in foreign subsidiaries, subject to certain exceptions and exclusions. The Loan Agreement provides that if there is an event of default due to the Company’s insolvency or if the Company fails to perform in any material respect the servicing requirements for fuel cell systems under certain customer agreements, which failure would entitle the customer to terminate such customer agreement, replace the Company or withhold the payment of any material amount to the Company under such customer agreement, then Generate Capital has the right to cause Proton Services Inc., a wholly owned subsidiary of the Company, to replace the Company in performing the maintenance services under such customer agreement. Additionally, $1.75 million was paid to an escrow account related to additional fees due in connection with the Green-Bank Loan if the Company does not meet certain New York State employment and fuel cell deployment targets by March 2021. The amount of escrow expected to be received of $700 thousand was recorded in short-term other assets on the Company’s consolidated balance sheets as of December 31, 2020. During the year ended December 31, 2020, the Company received $250 thousand from escrow related to the New York state employment targets. The Company also received $700 thousand related to the New York State employment targets in March 2021. The Company did not meet the deployment targets and charged-off $800 thousand to interest expense during December, 2020. As of December 31, 2020 the Term Loan Facility requires the principal balance as of each of the following dates not to exceed the following (in thousands): December 31, 2021 127,317 December 31, 2022 93,321 December 31, 2023 62,920 December 31, 2024 33,692 December 31, 2025 — |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Convertible Senior Notes. | |
Convertible Senior Notes | 15. Convertible Senior Notes 3.75% Convertible Senior Notes On May 18, 2020, the Company issued $200.0 million in aggregate principal amount of 3.75% Convertible Senior Notes due June 1, 2025, which is referred to herein as the 3.75% Convertible Senior Notes, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or the Securities Act. On May 29, 2020, the Company issued an additional $12.5 million in aggregate principal amount of 3.75% Convertible Senior Notes. At issuance in May 2020, the total net proceeds from the 3.75% Convertible Senior Notes were as follows: Amount (in thousands) Principal amount $ 212,463 Less initial purchasers' discount (6,374) Less cost of related capped calls (16,253) Less other issuance costs (617) Net proceeds $ 189,219 The 3.75% Convertible Senior Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms. The 3.75% Convertible Senior Notes are senior, unsecured obligations of the Company and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to any of the Company’s existing and future liabilities that are not so subordinated, including the Company’s $100 million in aggregate principal amount of the 5.5% Convertible Senior Notes due 2023, which is referred to herein as the 5.5% Convertible Senior Notes, effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities, including trade payables, of its current or future subsidiaries. Holders of the 3.75% Convertible Senior Notes may convert their notes at their option at any time prior to the close of the business day immediately preceding December 1, 2024 in the following circumstances: 1) during any calendar quarter commencing after December 31, 2020, if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; 2) during the five business days after any five consecutive trading day period (such five consecutive trading day period, the measurement period) in which the trading price per $1,000 principal amount of the 3.75% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; 3) if the Company calls any or all of the 3.75% Convertible Senior Notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or 4) upon the occurrence of specified corporate events, as described in the indenture governing the 3.75% Convertible Senior Notes. On or after December 1, 2024, the holders of the 3.75% Convertible Senior Notes may convert all or any portion of their notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. The initial conversion rate for the 3.75% Convertible Senior Notes is 198.6196 shares of the Company’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $5.03 per share of the Company’s common stock, subject to adjustment upon the occurrence of specified events. Upon conversion, the Company will pay or deliver, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. During January and February of 2021, $15.2 million of the 3.75% Convertible Senior Notes have been converted and the Company has issued 3.0 million shares in conjunction with these conversions. In addition, following certain corporate events or following issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called for redemption during the related redemption period in certain circumstances. The 3.75% Convertible Senior Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2023 and before the 41 st one three If the Company undergoes a “fundamental change” (as defined in the Indenture), holders may require the Company to repurchase their notes for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date. In accounting for the issuance of the 3.75% Convertible Senior Notes, the Company separated the notes into liability and equity components. The initial carrying amount of the liability component of approximately $75.2 million, net of costs incurred, was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component of approximately $130.3 million, net of costs incurred, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 3.75% Convertible Senior Notes. The difference between the principal amount of the 3.75% Convertible Senior Notes and the liability component (the debt discount) is amortized to interest expense using the effective interest method over the term of the 3.75% Convertible Senior Notes. The effective interest rate is approximately 29.0%. The equity component of the 3.75% Convertible Senior Notes is included in additional paid-in capital in the consolidated balance sheets and is not remeasured as long as it continues to meet the conditions for equity classification. We incurred transaction costs related to the issuance of the 3.75% Convertible Senior Notes of approximately $7.0 million, consisting of initial purchasers’ discount of approximately $6.4 million and other issuance costs of $0.6 million. In accounting for the transaction costs, we allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds from the 3.75% Convertible Senior Notes. Transaction costs attributable to the liability component were approximately $2.6 million, were recorded as debt issuance cost (presented as contra debt in the consolidated balance sheets) and are being amortized to interest expense over the term of the 3.75% Convertible Senior Notes. The transaction costs attributable to the equity component were approximately $4.4 million and were netted with the equity component in stockholders’ equity. The 3.75% Convertible Senior Notes consisted of the following (in thousands): December 31, 2020 Principal amounts: Principal $ 212,463 Unamortized debt discount (1) (124,655) Unamortized debt issuance costs (1) (2,295) Net carrying amount $ 85,513 Carrying amount of the equity component (2) $ 130,249 1) Included in the consolidated balance sheets within the 3.75% Convertible Senior Notes, net and amortized over the remaining life of the notes using the effective interest rate method. 3) Included in the consolidated balance sheets within additional paid-in capital, net of the associated income tax benefit of $29.8 million. Based on the closing price of the Company’s common stock of $33.91 on December 31, 2020, the if-converted value of the notes was greater than the principal amount. The estimated fair value of the note at December 31, 2020 was approximately $1.3 billion. Fair value estimation was primarily based on a stock exchange, active trade on December 29, 2020 of the 3.75% Senior Convertible Note. The Company considers this a Level 1 fair value measurement. Refer to Note 4, “Summary of Significant Accounting Policies.” Capped Call In conjunction with the pricing of the 3.75% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the “3.75% Notes Capped Call”) with certain counterparties at a price of $16.2 million. The 3.75% Notes Capped Call covers, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that underlie the initial 3.75% Convertible Senior Notes and The net cost incurred in connection with the 3.75% Notes Capped Call has been recorded as a reduction to additional paid-in capital in the consolidated balance sheet. 7.5% Convertible Senior Note In September 2019, the Company issued $40.0 million aggregate principal amount of 7.5% Convertible Senior Note due on January 5, 2023, which is referred to herein as the 7.5% Convertible Senior Note, in exchange for net proceeds of $39.1 million, in a private placement to an accredited investor pursuant to Rule 144A under the Securities Act. There were no required principal payments prior to the maturity of the 7.5% Convertible Senior Note. Upon maturity of the 7.5% Convertible Senior Note, the Company was required to repay 120% of $40.0 million, or $48.0 million. The 7.5% Convertible Senior Note bore interest at 7.5% per year, payable quarterly in arrears on January 5, April 5, July 5 and October 5 of each year beginning on October 5, 2019 and was to mature on January 5, 2023 unless earlier converted or repurchased in accordance with its terms. The 7.5% Convertible Senior Note was unsecured and did not contain any financial covenants or any restrictions on the payment of dividends, or the issuance or repurchase of common stock by the Company. On July 1, 2020, the 7.5% Convertible Senior Note automatically converted into 16.0 million shares of common stock. 5.5% Convertible Senior Notes In March 2018, the Company issued $100 million in aggregate principal amount of the 5.5% Convertible Senior Notes due on March 15, 2023, which is referred to herein as the 5.5% Convertible Senior Notes, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. In May 2020, the Company used a portion of the net proceeds from the issuance of the 3.75% Convertible Senior Notes to finance the cash portion of the partial repurchase of the 5.5% Convertible Senior Notes, which consisted of a repurchase of approximately $66.3 million in aggregate principal amount of the 5.5% Convertible Senior Notes in privately-negotiated transactions for aggregate consideration of $128.9 million, consisting of approximately $90.2 million in cash and approximately 9.4 million shares of the Company’s common stock. Of the $128.9 million in aggregate consideration , In accounting for the issuance of the notes, the Company separated the 5.5% Convertible Senior Notes into liability and equity components. The initial carrying amount of the liability component of approximately $58.2 million, net of costs incurred, was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component of approximately $37.7 million, net of costs incurred, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 5.5% Convertible Senior Notes. The difference between the principal amount of the 5.5% Convertible Senior Notes and the liability component (the debt discount) is amortized to interest expense using the effective interest method over the term of the 5.5% Convertible Senior Notes. The effective interest rate is approximately 16.0%. The equity component of the 5.5% Convertible Senior Notes is included in additional paid-in capital in the consolidated balance sheets and is not remeasured as long as it continues to meet the conditions for equity classification. We incurred transaction costs related to the issuance of the 5.5% Convertible Senior Notes of approximately $4.1 million, consisting of initial purchasers’ discount of approximately $3.3 million and other issuance costs of $0.9 million. In accounting for the transaction costs, we allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds from the 5.5% Convertible Senior Notes. Transaction costs attributable to the liability component were approximately $2.4 million, were recorded as debt issuance cost (presented as contra debt in the consolidated balance sheets) and are being amortized to interest expense over the term of the 5.5% Convertible Senior Notes. The transaction costs attributable to the equity component were approximately $1.7 million and were netted with the equity component in stockholders’ equity. The 5.5% Convertible Senior Notes consisted of the following (in thousands): December 31, December 31, 2020 2019 Principal amounts: Principal $ 160 $ 100,000 Unamortized debt discount (1) (32) (27,818) Unamortized debt issuance costs (1) (1) (1,567) Net carrying amount $ 127 $ 70,615 Carrying amount of the equity component (2) $ — $ 37,702 1) Included in the consolidated balance sheets within the 5.5% Convertible Senior Notes, net and amortized over the remaining life of the 5.5% Convertible Senior Notes using the effective interest rate method. 2) Included in the consolidated balance sheets within additional paid-in capital, net of $1.7 million in equity issuance costs and associated income tax benefit of $9.2 million, at December 31, 2019. Capped Call In conjunction with the pricing of the 5.5% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the “5.5% Notes Capped Call”) with certain counterparties at a price of $16.0 million. The 5.5% Notes Capped Call covers, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that underlie the initial 5.5% Convertible Senior Notes and is generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 5.5% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 5.5% Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the 5.5% Notes Capped Call is initially $3.82 per share, which represents a premium of 100% over the last then-reported sale price of the Company’s common stock of $1.91 per share on the date of the transaction and is subject to certain adjustments under the terms of the 5.5% Notes Capped Call. The 5.5% Notes Capped Call becomes exercisable if the conversion option is exercised. The net cost incurred in connection with the 5.5% Notes Capped Call has been recorded as a reduction to additional paid-in capital in the consolidated balance sheets. In conjunction with the partial repurchase of the 5.5% Convertible Senior Notes, the Company terminated 100% of the 5.5% Notes Capped Call on June 5, 2020. As a result of the termination, the Company received $24.2 million which was recorded in additional paid-in capital. Common Stock Forward In connection with the issuance of the 5.5% Convertible Senior Notes, the Company also entered into a forward stock purchase transaction, or the Common Stock Forward, pursuant to which the Company agreed to purchase 14,397,906 shares of its common stock for settlement on or about March 15, 2023. In connection with the issuance of the 3.75% Convertible Senior Notes and the partial payoff of the 5.5% Convertible Senior Notes, the Company amended and extended the maturity of the Common Stock Forward to June 1, 2025. The number of shares of common stock that the Company will ultimately repurchase under the Common Stock Forward is subject to customary anti-dilution adjustments. The Common Stock Forward is subject to early settlement or settlement with alternative consideration in the event of certain corporate transactions. The net cost incurred in connection with the Common Stock Forward of $27.5 million has been recorded as an increase in treasury stock in the consolidated balance sheets. The related shares were accounted for as a repurchase of common stock. The book value of the Common Stock Forward is not remeasured. During the fourth quarter of 2020, the Common Stock Forward was partially settled and, as a result, the Company received 4.4 million shares of its common stock. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | 16. Stockholders’ Equity Preferred Stock The Company has authorized 5.0 million shares of preferred stock, par value $0.01 per share. The Company’s certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. The Company’s Board of Directors is authorized to fix the voting rights, if any, designations, powers, preferences, qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Company has authorized Series A Junior Participating Cumulative Preferred Stock, par value $0.01 per Preferred Stock issued and outstanding. See Note 17, “Redeemable Convertible Preferred Stock,” for a description of the Company’s Series C Preferred Stock and Series E Preferred Stock. Common Stock and Warrants The Company has one class of common stock, par value $.01 per share. Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders. In February 2021, the Company completed the previously announced sale of its common stock in connection with a strategic partnership with SK Holdings to accelerate the use of hydrogen as an alternative energy source in Asian markets. The Company sold 54,966,188 shares of its common stock to a subsidiary of SK Holdings at a purchase price of $29.2893 per share, or an aggregate purchase price of approximately $1.6 billion. In January and February 2021, the Company issued and sold in a registered equity offering an aggregate of 32.2 million shares of its common stock at a purchase price of $65.00 per share for net proceeds of approximately $1.8 billion. See Note 23, “Subsequent Events,” for more information. In November 2020, the Company issued and sold in a registered direct offering an aggregate of 43,700,000 shares of its common stock at a purchase price of $22.25 per share for net proceeds of approximately $927.3 million. In August 2020, the Company issued and sold in a registered direct offering an aggregate of 35,276,250 shares of its common stock at a purchase price of $10.25 per share for net proceeds of approximately $344.4 million. In December 2019, the Company issued and sold in a registered public offering an aggregate of 46 million shares of its common stock at a purchase price of $2.75 per share for net proceeds of approximately $120.4 million. In March 2019, the Company issued and sold in a registered direct offering an aggregate of 10 million shares of its common stock at a purchase price of $2.35 per share. The net proceeds to the Company were approximately $23.5 million. There were 458,051,920 and 303,378,515 shares of common stock outstanding as of December 31, 2020 and December 31, 2019, respectively. During 2017, warrants to purchase up to 110,573,392 shares of common stock were issued in connection with transaction agreements with Amazon and Walmart, as discussed in Note 18, “Warrant Transaction Agreements.” At December 31, 2020 and December 31, 2019, 68,380,913 and 26,188,434 of the warrant shares had vested, respectively, and are therefore exercisable. These warrants are measured at fair value at the time of grant or modification and are classified as equity instruments on the consolidated balance sheets. Refer to Note 23, “Subsequent Events.” At Market Issuance Sales Agreement On April 13, 2020, the Company entered into the At Market Issuance Sales Agreement with B. Riley Financial (“B. Riley”) as sales agent, pursuant to which the Company may offer and sell, from time to time through B. Riley, shares of Company common stock having an aggregate offering price of up to $75.0 million. As of the date of this filing, the Company has not issued any shares of common stock pursuant to the At Market Issuance Sales Agreement. Prior to December 31, 2019, the Company entered into a previous At Market Issuance Sales Agreement with B. Riley, which was terminated in the fourth quarter of 2019. Under this At Market Issuance Sales Agreement, for the year ended December 31, 2019, the Company issued 6.3 million shares of common stock, resulting in net proceeds of $14.5 million and for the year ended December 31, 2018, the Company issued 3.8 million shares of common stock, resulting in net proceeds of $7.0 million. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Redeemable Convertible Preferred Stock | |
Redeemable Convertible Preferred Stock | 17. Redeemable Convertible Preferred Stock, as restated Series E Preferred Stock In November 2018, the Company issued an aggregate of 35,000 shares of the Company’s Series E Preferred Stock in a private placement to certain accredited investors in reliance on Section 4(a)(2) of the Securities Act. The Company received net proceeds of approximately $30.9 million, after deducting placement agent fees and expenses payable by the Company. The Company is required to redeem the Series E Preferred Stock in thirteen monthly installments in the amount of $2.7 million each from May 2019 through May 2020. The Company had 0 and 500 shares of Series E Preferred Stock outstanding at December 31, 2020 and 2019, respectively. The remaining 500 shares were converted to common stock in January 2020. During 2019, certain conversions of the Series E preferred stock resulted in a deemed dividend of approximately $1.8 million that is reflected on the Company’s consolidated statement of operations as Preferred stock dividends declared, deemed dividends and accretion of discount. Series C Preferred Stock In April 2020, 870 shares of Series C Preferred Stock were converted to 923,819 shares of common stock. In May 2020, the remaining the 1,750 shares of Series C Preferred Stock were converted into 1,858,256 shares of common stock. |
Warrant Transaction Agreements
Warrant Transaction Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Warrant Transaction Agreements | |
Warrant Transaction Agreements | 18. Warrant Transaction Agreements Amazon Transaction Agreement On April 4, 2017, the Company and Amazon entered into a Transaction Agreement (the “Amazon Transaction Agreement”), pursuant to which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the “Amazon Warrant”) to acquire up to 55,286,696 shares of the Company’s common stock (the “Amazon Warrant Shares”), subject to certain vesting events described below. The Company and Amazon entered into the Amazon Transaction Agreement in connection with existing commercial agreements between the Company and Amazon with respect to the deployment of the Company’s GenKey fuel cell technology at Amazon distribution centers. The existing commercial agreements contemplate, but do not guarantee, future purchase orders for the Company’s fuel cell technology. The vesting of the Amazon Warrant Shares was conditioned upon payments made by Amazon or its affiliates (directly or indirectly through third parties) pursuant to the existing commercial agreements. Under the terms of the original Amazon Warrant, the first tranche of the 5,819,652 Amazon Warrant Shares vested upon execution of the Amazon Warrant, and the remaining Amazon Warrant Shares vest based on Amazon’s payment of up to $600.0 million to the Company in connection with Amazon’s purchase of goods and services from the Company. The $6.7 million fair value of the first tranche of the Amazon Warrant Shares, was recognized as selling, general and administrative expense upon execution of the Amazon Warrant. Provision for the second and third tranches of Amazon Warrant Shares is recorded as a reduction of revenue, because they represent consideration payable to a customer. The fair value of the second tranche of Amazon Warrant Shares was measured at January 1, 2019, upon adoption of ASU 2019-08. The second tranche of 29,098,260 Amazon Warrant Shares vested in four equal installments, as Amazon or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate. The last installment of the second tranche vested on November 2, 2020. Revenue reductions of $9.0 million, $4.1 million and $9.8 million associated with the second tranche of Amazon Warrant Shares were recorded in 2020, 2019 and 2018, respectively, under the terms of the original Amazon Warrant. Under the terms of the original Amazon Warrant, the third tranche of 20,368,784 Amazon Warrant Shares vests in eight equal installments, as Amazon or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The measurement date for the third tranche of Amazon Warrant Shares was November 2, 2020, when their exercise price was determined, as discussed further below. The fair value of the third tranche of Amazon Warrant Shares was determined to be $10.57 each. During 2020, revenue reductions of $24.1 million associated with the third tranche Amazon Warrant Shares were recorded under the terms of the original Amazon Warrant, prior to the December 31, 2020 waiver described below. On December 31, 2020, the Company waived the remaining vesting conditions under the Amazon Warrant, which resulted in the immediate vesting of all the third tranche of the Amazon Warrant Shares and recognition of an additional $399.7 million reduction to revenue. The $399.7 million reduction to revenue resulting from the December 31, 2020 waiver was determined based upon a probability assessment of whether the underlying shares would have vested under the terms of the original Amazon Warrant. Based upon the Company’s projections of probable future cash collections from Amazon (i.e., a Type I share based payment modification), a reduction of revenue associated with 5,354,905 Amazon Warrant Shares was recognized at their previously measured November 2, 2020 fair value of $10.57 per warrant. A reduction of revenue associated with the remaining 12,730,490 Amazon Warrant Shares was recognized at their December 31, 2020 fair value of $26.95 each, based upon the Company’s assessment that associated future cash collections from Amazon were not deemed probable (i.e., a Type III share based payment modification). The $399.7 million reduction to revenue was recognized during the year ended December 31, 2020 because the Company concluded such amount was not recoverable from the margins expected from future purchases by Amazon under the Amazon Warrant, and no exclusivity or other rights were conferred to the Company in connection with the December 31, 2020 waiver. Additionally, for the year ended December 31, 2020, the Company recorded a reduction to the provision for warrants of $12.8 million in connection with the release of the service loss accrual. At December 31, 2020 and December 31, 2019, 55,286,696 and 20,368,782 of the Amazon Warrant Shares had vested, respectively. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Amazon Warrant during the years ended December 31, 2020, and 2019 and 2018 was $420.0 million, $4.1 million, and $9.8 million, respectively. The exercise price for the first and second tranches of Amazon Warrant Shares is $1.1893 per share. The exercise price of the third tranche of Amazon Warrant Shares is $13.81 per share, which was determined pursuant to the terms of the Amazon Warrant as an amount equal to ninety percent (90%) of the 30-day volume weighted average share price of the Company’s common stock as of November 2, 2020, the final vesting date of the second tranche of Amazon Warrant Shares. The Amazon Warrant is exercisable through April 4, 2027. The Amazon Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Amazon Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Amazon Warrant is classified as an equity instrument. Fair value of the Amazon Warrant at December 31, 2020 and November 2, 2020 was based on the Black Scholes Option Pricing Model, which is based, in part, upon level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company used the following assumptions for its Amazon Warrant: December 31, 2020 November 2, 2020 Risk-free interest rate 0.58% 0.58% Volatility 75.00% 75.00% Expected average term 6.26 6.42 Exercise price $13.81 $13.81 Stock price $33.91 $15.47 Walmart Transaction Agreement On July 20, 2017, the Company and Walmart entered into a Transaction Agreement (the “Walmart Transaction Agreement”), pursuant to which the Company agreed to issue to Walmart a warrant (the “Walmart Warrant”) to acquire up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events (the “Walmart Warrant Shares”). The Company and Walmart entered into the Walmart Transaction Agreement in connection with existing commercial agreements between the Company and Walmart with respect to the deployment of the Company’s GenKey fuel cell technology across various Walmart distribution centers. The existing commercial agreements contemplate, but do not guarantee, future purchase orders for the Company’s fuel cell technology. The vesting of the warrant shares conditioned upon payments made by Walmart or its affiliates (directly or indirectly through third parties) pursuant to transactions entered into after January 1, 2017 under existing commercial agreements. The majority of the Walmart Warrant Shares will vest based on Walmart’s payment of up to $600.0 million to the Company in connection with Walmart’s purchase of goods and services from the Company. The first tranche of 5,819,652 Walmart Warrant Shares vested upon the execution of the Walmart Warrant and was fully exercised as of December 31, 2020. Accordingly, $10.9 million, the fair value of the first tranche of Walmart Warrant Shares, was recorded as a provision for common stock warrants and presented as a reduction to revenue on the consolidated statements of operations during 2017. All future provision for common stock warrants is measured based on their grant-date fair value and recorded as a charge against revenue. The second tranche of 29,098,260 Walmart Warrant Shares vests in four installments of 7,274,565 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate. The exercise price for the first and second tranches of Walmart Warrant Shares is $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of Walmart Warrant Shares will be an amount per share equal to ninety percent (90%) of the 30-day volume weighted average share price of the common stock as of the final vesting date of the second tranche of Walmart Warrant Shares, provided that, with limited exceptions, the exercise price for the third tranche will be no lower than $1.1893. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. At December 31, 2020 and December 31, 2019, 13,094,217 and 5,819,652 of the Walmart Warrant Shares had vested, respectively. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Walmart Warrant during the years ended December 31, 2020, 2019 and 2018 was $5.0 million, $2.4 million and $0.4 million, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Revenue | 19. Revenue, as restated Disaggregation of revenue The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Year ended December 31, 2019 2018 2020 (as restated) (as restated) Sales of fuel cell systems $ (55,091) $ 130,757 $ 75,029 Sale of hydrogen infrastructure (39,204) 19,163 32,146 Services performed on fuel cell systems and related infrastructure (9,801) 25,217 22,002 Power Purchase Agreements 26,620 25,553 22,569 Fuel delivered to customers (16,072) 29,099 22,469 Other 311 186 — Net revenue $ (93,237) $ 229,975 $ 174,215 Contract balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): 2020 2019 Accounts receivable $ 43,041 $ 25,768 Contract assets 18,189 13,251 Contract liabilities 76,285 40,743 Contract assets relate to contracts for which revenue is recognized on a straight-line basis, however billings escalate over the life of a contract. Contract assets also include amounts recognized as revenue in advance of billings to customers, which are dependent upon the satisfaction of another performance obligation. These amounts are included in prepaid expenses and other assets on the consolidated balance sheet. The contract liabilities relate to the advance consideration received from customers for services that will be recognized over time (primarily fuel cell and related infrastructure services). Contract liabilities also include advance consideration received from customers prior to delivery of products. These amounts are included within deferred revenue and other liabilities on the consolidated balance sheet. Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract assets Year ended December 31, 2020 Transferred to receivables from contract assets recognized at the beginning of the period $ (5,483) Revenue recognized and not billed as of the end of the period 10,421 Net change in contract assets $ 4,938 Contract liabilities Year ended December 31, 2020 Increases due to cash received, net of amounts recognized as revenue during the period $ 100,492 Contract liabilities assumed as part of acquisitions 2,350 Revenue recognized that was included in the contract liability balance as of the beginning of the period (67,300) Net change in contract liabilities $ 35,542 Estimated future revenue The following table includes estimated revenue included in the backlog expected to be recognized in the future (sales of fuel cell systems and hydrogen installations are expected to be recognized as revenue within one year; sales services five Estimated future revenue December 31, 2020 Sales of fuel cell systems $ 16,209 Sale of hydrogen installations and other infrastructure 28,282 Services performed on fuel cell systems and related infrastructure 75,467 Power Purchase Agreements 178,450 Fuel delivered to customers 65,704 Other rental income 3,294 Total estimated future revenue $ 367,406 Contract costs Contract costs consists of capitalized commission fees and other expenses related to obtaining or fulfilling a contract. Capitalized contract costs at December 31, 2020 and 2019 were $1.5 million and $0.5, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans | |
Employee Benefit Plans | 20. Employee Benefit Plans 2011 Stock Option and Incentive Plan On May 12, 2011, the Company’s stockholders approved the 2011 Stock Option and Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the issuance of up to a maximum number of shares of common stock equal to the sum of (i) 1,000,000, plus (ii) the number of shares of common stock underlying any grants pursuant to the 2011 Plan or the Plug Power Inc. 1999 Stock Option and Incentive Plan that are forfeited, canceled, repurchased or are terminated (other than by exercise). The shares may be issued pursuant to stock options, stock appreciation rights, restricted stock awards and certain other equity-based awards granted to employees, directors and consultants of the Company. No grants may be made under the 2011 Plan after May 12, 2021. Through various amendments to the 2011 Plan approved by the Company’s stockholders, the number of shares of the Company’s common stock authorized for issuance under the 2011 Plan has been increased to 42.4 million. For the years ended December 31, 2020, 2019, and 2018, the Company recorded expense of approximately $14.4 million, $8.8 million, and $7.4 million, respectively, in connection with the Third Amended and Restated 2011 Stock Option and Incentive Plan. At December 31, 2020, there were outstanding options to purchase approximately 10.2 million shares of Common Stock and 0.8 million shares available for future awards under the 2011 Plan, including adjustments for other types of share-based awards. Options for employees issued under this plan generally vest in equal annual installments over three years and expire ten years after issuance. Options granted to members of the Board generally vest one year after issuance. To date, options granted under the 2011 Plan have vesting provisions ranging from one Compensation cost associated with employee stock options represented approximately $6.8 million, $6.0 million, and $6.4 million of the total share-based payment expense recorded for the years ended December 31, 2020, 2019, and 2018, respectively. The Company estimates the fair value of stock options using a Black-Scholes valuation model, and the resulting fair value is recorded as compensation cost on a straight-line basis over the option vesting period. Key inputs and assumptions used to estimate the fair value of stock options include the grant price of the award, the expected option term, volatility of the Company’s stock, an appropriate risk-free rate, and the Company’s dividend yield. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. The assumptions made for purposes of estimating fair value under the Black-Scholes model for the 3,509,549, 3,221,892 and 2,679,667 options granted during the years ended December 31, 2020, 2019, and 2018, respectively, were as follows: 2020 2019 2018 Expected term of options (years) 6 6 6 Risk free interest rate 0.37% - 1.37% 1.52% - 2.53% 2.81% - 2.88% Volatility 64.19% - 68.18% 69.32% - 87.94% 98.31% - 98.89% There was no expected dividend yield for the employee stock options granted. The Company used the simplified method in determining its expected term of all its stock option grants in all periods presented. The simplified method was used because the Company does not believe historical exercise data provides a reasonable basis for the expected term of its grants, due primarily to the limited number of stock option exercises that occurred. The Company expects to cease using the simplified method to determine its expected term for stock option grants in 2021. The estimated stock price volatility was derived from the Company’s actual historic stock prices over the past six years, which represents the Company’s best estimate of expected volatility. A summary of stock option activity for the year December 31, 2020 is as follows (in thousands except share amounts): Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2019 23,013,590 $ 2.48 6.6 $ 22,277 Granted 3,509,549 12.79 — — Exercised (16,159,742) 2.55 — — Forfeited (73,249) 6.32 — — Expired (5,650) 4.78 — — Options outstanding at December 31, 2020 10,284,498 $ 5.78 7.8 $ 289,316 Options exercisable at December 31, 2020 4,084,124 2.31 5.8 129,068 Options unvested at December 31, 2020 6,200,374 $ 8.07 9.1 $ 160,248 The weighted average grant-date fair value of options granted during the years ended December 31, 2020, 2019, and 2018 was $7.22, $1.67, and $1.55, respectively. As of December 31, 2020, there was approximately $8.1 million of unrecognized compensation cost related to stock option awards to be recognized over the next three years. The total fair value of stock options that vested during the years ended December 31, 2020 and 2019 was approximately $5.9 million and $6.1 million, respectively. Restricted stock awards generally vest in equal installments over a period of one 2020, 2019, and 2018, respectively. Additionally, for the years ended December 31, 2020, 2019, and 2018, there was $41.5 million, $8.4 million, and $3.9 million respectively, of unrecognized compensation cost related to restricted stock awards to be recognized over the next three years. A summary of restricted stock activity for the year ended December 31, 2020 is as follows (in thousands except share amounts): Aggregate Intrinsic Shares Value Unvested restricted stock at December 31, 2019 4,608,560 $ — Granted 3,227,149 — Vested (1,896,901) — Forfeited (64,166) Unvested restricted stock at December 31, 2020 5,874,642 $ 199,209 401(k) Savings & Retirement Plan The Company offers a 401(k) Savings & Retirement Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute 100% of their salary, up to the maximum allowable by the Internal Revenue Service regulations. Participants are immediately vested in their voluntary contributions plus actual earnings or less actual losses thereon. Participants are vested in the Company’s matching contribution based on years of service completed. Participants are fully vested upon completion of three years of service. During 2018, the Company began funding its matching contribution in a combination of cash and common stock. Accordingly, the Company has issued 403,474 shares and 841,539 shares of common stock to the Plug Power Inc. 401(k) Savings & Retirement Plan during 2020 and 2019, respectively. The Company’s expense for this plan was approximately $2.6 million, $1.9 million, and $1.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. Non-Employee Director Compensation Each non-employee director is paid an annual retainer for their services, in the form of either cash or stock compensation. The Company granted 36,175, 114,285, and 107,389 shares of stock to non-employee directors as compensation for the years ended December 31, 2020, 2019, and 2018, respectively. All common stock issued is fully vested at the time of issuance and is valued at fair value on the date of issuance. The Company’s share-based compensation expense for this plan was approximately $228 thousand, $243 thousand, and $261 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 21. Income Taxes, as restated The components of loss before income taxes and the income tax benefit for the years ended December 31, 2020, 2019, and 2018, by jurisdiction, are as follows (in thousands): 2019 2018 2020 (as restated) (as restated) U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (624,302) $ (2,698) $ (627,000) $ (82,188) $ (1,555) $ (83,743) $ (93,497) $ (1,407) $ (94,903) Income tax benefit 30,845 — 30,845 — — — 9,295 — 9,295 Net loss attributable to the Company $ (593,457) $ (2,698) $ (596,155) $ (82,188) $ (1,555) $ (83,743) $ (84,201) $ (1,407) $ (85,608) The significant components of deferred income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018, by jurisdiction, are as follows (in thousands): 2019 2018 2020 (as restated) (as restated) U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Deferred tax (benefit) expense $ (31,408) $ (67) $ (31,475) $ (10,621) $ (426) $ (11,047) $ (11,745) $ 933 $ (10,812) Net operating loss carryforward generated (51,849) (438) (52,287) (5,099) (270) (5,369) (10,321) (665) (10,986) Valuation allowance increase (decrease) 52,412 505 52,917 15,720 696 16,416 12,771 (268) 12,503 Benefit for income taxes $ (30,845) $ — $ (30,845) $ — $ — $ — $ (9,295) $ — $ (9,295) The Company’s effective income tax rate differed from the federal statutory rate as follows: 2020 2019 2018 U.S. Federal statutory tax rate (21.0) % (21.0) % (21.0) % Deferred state taxes (2.3) % 1.4 % (1.9) % Common stock warrant liability 13.4 % — % (1.0) % Other, net (3.4) % (0.5) % 0.9 % Change in valuation allowance 8.4 % 20.1 % 13.2 % (4.9) % 0.0 % (9.8) % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): U.S. Foreign Total 2019 2019 2019 2020 (as restated) 2020 (as restated) 2020 (as restated) Intangible assets $ — $ — $ 1,197 $ 1,197 $ 1,197 $ 1,197 Deferred revenue 16,082 7,922 192 129 16,274 8,051 Interest expense 21,183 10,216 — — 21,183 10,216 Other reserves and accruals 5,087 1,504 — — 5,087 1,504 Tax credit carryforwards 4,360 2,590 1,253 1,253 5,613 3,843 Amortization of stock-based compensation 3,900 9,081 — — 3,900 9,081 Non-compensatory warrants 5,020 4,322 — — 5,020 4,322 Capitalized research & development expenditures 30,870 22,601 4,483 4,483 35,353 27,084 Right of use liability (operating leases) 27,715 22,647 — — 27,715 22,647 Net operating loss carryforwards 110,978 54,438 10,014 9,576 120,992 64,014 Total deferred tax asset 225,195 135,321 17,139 16,638 242,334 151,959 Valuation allowance (154,467) (102,055) (17,127) (16,622) (171,594) (118,677) Net deferred tax assets $ 70,728 $ 33,266 $ 12 $ 16 $ 70,740 $ 33,282 Intangible assets (7,360) (15) — — (7,360) (15) Convertible debt (27,420) (6,592) — — (27,420) (6,592) Right of use asset (operating leases) (27,684) (23,040) — — (27,684) (23,040) Other reserves and accruals — — (12) (16) (12) (16) Property, plant and equipment and right of use assets (9,191) (3,619) — — (9,191) (3,619) Deferred tax liability $ (71,655) $ (33,266) $ (12) $ (16) $ (71,667) $ (33,282) Net $ (927) $ — $ — $ — $ (927) $ — The Company has recorded a valuation allowance, as a result of uncertainties related to the realization of its net deferred tax asset, at December 31, 2020 and 2019 of approximately $171.6 million and $118.7 million, respectively. A reconciliation of the current year change in valuation allowance is as follows (in thousands): U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses $ 51,848 $ $ 51,848 Increase (decrease) in valuation allowance for current year net increase (decrease) in deferred tax assets other than net operating losses (5,742) 133 (5,609) Decrease in valuation allowance as a result of foreign currency fluctuation 6,306 — 6,306 Increase in valuation allowance due to change in tax rates — 372 372 Net increase in valuation allowance $ 52,412 $ 505 $ 52,917 The deferred tax assets have been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets may not be realized due to cumulative losses. Under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), the use of loss carryforwards may be limited if a change in ownership of a company occurs. If it is determined that due to transactions involving the Company’s shares owned by its 5 percent or greater stockholders a change of ownership has occurred under the provisions of Section 382 of the Code, the Company's federal and state NOL carryforwards could be subject to significant Section 382 limitations. Approximately $4.4 million of research credit carryforwards generated after the most recent IRC Section 382 ownership change are included in the Company's deferred tax assets. Due to limitations under IRC Section 382, research credit carryforwards existing prior to the most recent IRC Section 382 ownership change will not be used and are not reflected in the Company's gross deferred tax asset at December 31, 2020. The remaining credit carryforwards will expire during the periods 2033 through 2040. At December 31, 2020, the Company has unused Canadian net operating loss carryforwards of approximately $14.0 million. The net operating loss carryforwards if unused will expire at various dates from 2026 through 2034. At December 31, 2020, the Company has Scientific Research and Experimental Development (“SR&ED”) expenditures of $17.2 million available to offset future taxable income. These SR&ED expenditures have no expiry date. At December 31, 2020, the Company has Canadian ITC credit carryforwards of $1.3 million available to offset future income tax. These credit carryforwards if unused will expire at various dates from 2022 through 2028. At December 31, 2020, the Company has unused French net operating loss carryforwards of approximately $21.3 million. The net operating loss may carryforward indefinitely or until the Company changes its activity. As of December 31, 2020, the Company has no un-repatriated foreign earnings or unrecognized tax benefits. The Company recognized an income tax benefit for the year ended December 31, 2020 of $30.8 million resulting from a source of future taxable income attributable to the net credit to additional paid-in capital of $25.6 million related to the issuance of the 3.75% Convertible Senior Notes, offset by the partial extinguishment of the 5.5% Convertible Senior Notes and $5.2 million of income tax benefit for the year ended December 31, 2020 related to the recognition of net deferred tax liabilities in connection with the Giner ELX acquisition. This resulted in a corresponding reduction in our deferred tax asset valuation allowance. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets, which remain fully reserved. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 22. Commitments and Contingencies, as restated Restricted Cash In connection with certain of the above noted sale/leaseback agreements, cash of $169.0 million was required to be restricted as security as of December 31, 2020, which restricted cash will be released over the lease term. As of December 31, 2020, the Company also had certain letters of credit backed by security deposits totaling $152.4 million that are security for the above noted sale/leaseback agreements. The Company also had letters of credit in the aggregate amount of $0.5 million at December 31, 2020 associated with a finance obligation from the sale/leaseback of its building. We consider cash collateralizing this letter of credit as restricted cash. Litigation Legal matters are defended and handled in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company has not recorded any accruals related to any legal matters. Concentrations of credit risk Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has initial commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition. At December 31, 2020, three customers comprised approximately 73.9% of the total accounts receivable balance. At December 31, 2019, two customers comprised approximately 62.6% of the total accounts receivable balance. On December 31, 2020, the Company waived the remaining vesting conditions under the Amazon Warrant, which resulted in a reduction in revenue of $399.7 million, which resulted in negative consolidated revenue of $93.2 million for the year ended December 31, 2020. See Note 18, “Warrant Transaction Agreements,” to the consolidated financial statements for further information. Total revenue in 2020 for this customer was negative $310.1 million. For the year ended December 31, 2020, this customer accounted for (332.4)% of our total consolidated revenues which included a provision for warrant charge of $420.0 million, which was recorded as a reduction of revenue. Additionally, 156.2% of our total consolidated revenues were associated primarily with two other customers. For the year ended December 31, 2019 49.7% of total consolidated revenues were associated primarily with two customers, as restated. For the year ended December 31, 2018 66.8% of total consolidated revenues were associated primarily with two customers, as restated. For purposes of assigning a customer to a sale/leaseback transaction completed with a financial institution, the Company considers the end user of the assets to be the ultimate customer. At December 31, 2020, three customers comprised approximately 73.9% of the total accounts receivable balance. At December 31, 2019, two customers comprised approximately 62.6% of the total accounts receivable balance. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 23. Subsequent Events Capital Raise In January and February 2021, the Company issued and sold in a registered equity offering an aggregate of 32,200,000 shares of its common stock at a purchase price of $65.00 per share for net proceeds of approximately $1.8 billion. 3.75% Convertible Senior Notes During January and February of 2021, $15.2 million of the 3.75% Convertible Senior Notes were converted and the Company has issued 3.0 million shares in conjunction with these conversions. Strategic Investment In February 2021, the Company completed the previously announced sale of its common stock in connection with a strategic partnership with SK Holdings to accelerate the use of hydrogen as an alternative energy source in Asian markets. The Company sold 54,966,188 shares of its common stock to a subsidiary of SK Holdings at a purchase price of $29.2893 per share, or an aggregate purchase price of approximately $1.6 billion. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Leases | Leases Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term and (3) the lease payments. ● ASC Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. ● The lease term for all of the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ● Lease payments included in the measurement of the lease liability comprise fixed payments, and for certain finance leases, the exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain at lease commencement to exercise the option. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the right of use asset is amortized over the useful life of the underlying asset. Amortization of the right of use asset is recognized and presented separately from interest expense on the lease liability. The Company’s leases do not contain variable lease payments. Right of use assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. Operating and finance lease right of use assets are presented separately on the Company’s consolidated balance sheets. The current portions of operating and finance lease liabilities are also presented separately within current liabilities and the long-term portions are presented separately within noncurrent liabilities on the consolidated balance sheets. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. |
Revenue Recognition | Revenue Recognition The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a PPA, discussed further below. The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. Promises to the customer are separated into performance obligations, and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. Payment terms for sales of fuel cells, infrastructure and service to customers are typically 30 to 90 days. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. In 2017, in separate transactions, the Company issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects a discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 18, “Warrant Transaction Agreements,’ for more details. Nature of goods and services The following is a description of principal activities from which the Company generates its revenue. (j) Sales of Fuel Cell Systems and Related Infrastructure Revenue from sales of fuel cell systems and related infrastructure represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs at shipment (and occasionally upon delivery). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. In certain instances, control of hydrogen infrastructure installations transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. (ii) Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints, the Company’s market share, pricing strategies and objectives while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. In substantially all of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. (iii) Revenue from PPAs primarily represents payments received from customers who make monthly payments to access for the Company’s GenKey solution. Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers receive the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. In conjunction with entering into a PPA with a customer, the Company may enter into transactions with third-party financial institutions in which it receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment, and separately recognizes the leaseback obligations. The Company recognizes a lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate, which is based on an analysis of the interest rates on the Company’s secured borrowings. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of PPA revenue on the consolidated statements of operations. Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. Costs to service the property, depreciation of the assets related to PPAs and fuel delivered to the customers, and other related costs are included in cost of PPA revenue in the consolidated statements of operations. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. (iv) Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated on site. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. The Company purchases hydrogen fuel from suppliers in most cases (and sometimes produces hydrogen onsite) and sells to its customers. Revenue and cost of revenue related to this fuel is recorded as dispensed and is included in the respective “Fuel delivered to customers” lines on the consolidated statements of operations. Contract costs The Company expects that incremental commission fees paid to employees as a result of obtaining sales contracts are recoverable and therefore the Company capitalizes them as contract costs. Capitalized commission fees are amortized on a straight-line basis over the period of time which the transfer of goods or services to which the assets relate occur, typically ranging from 5 to 10 years. Amortization of the capitalized commission fees is included in selling, general and administrative expenses. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general and administrative expenses. |
Cash Equivalents | Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. At December 31, 2020 and 2019, cash equivalents consist of money market accounts. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits. |
Common Stock Warrant Accounting | Common Stock Warrant Accounting The Company accounts for common stock warrants as either derivative liabilities or as equity instruments depending on the specific terms of the respective warrant agreements. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 60 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for doubtful accounts and related receivable are reduced when the amount is deemed uncollectible. As of December 31, 2020, and 2019, the allowance for doubtful accounts was $172 thousand and $249 thousand, respectively. |
Inventory | Inventory Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are originally recorded at cost or, if acquired as part of business combination, at fair value. Maintenance and repairs are expensed as costs are incurred. Depreciation on plant and equipment, which includes depreciation on the Company’s primary manufacturing facility, which is accounted for as a financing obligation, is calculated on the straight-line method over the estimated useful lives of the assets. The Company records depreciation and amortization over the following estimated useful lives: Leasehold improvements 5 ‑ 10 years Software, machinery and equipment 1 ‑ 15 years Gains and losses resulting from the sale of property and equipment are recorded in current operations. |
Equipment related to PPAs and Fuel Delivered to Customers | Equipment related to PPAs and Fuel Delivered to Customers Equipment related to PPAs and fuel delivered to customers primarily consists of the assets deployed related to PPAs and sites where we deliver fuel to customers. Equipment is depreciated over its useful life. Depreciation expense is recorded on a straight-line basis and is included in cost of revenue for PPAs or cost of fuel delivered to customers, respectively, in the consolidated statements of operations. |
Impairment of Long-Lived Assets and PPA Executory Contract Considerations | Impairment of Long-Lived Assets and PPA Executory Contract Considerations We evaluate long-lived assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. Long-lived assets that we evaluate include right of use lease assets, equipment deployed to our PPA’s, assets related primarily to our fuel delivery business and other company owned long-lived assets. Upon the occurrence of a triggering event, long-lived assets are evaluated to determine if the carrying amounts are recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups. For operating assets, the Company has generally determined that the lowest level of identifiable cash flows is based on the customer sites. The assets related primarily to our fuel delivery business are considered to be their own asset group. The cash flows are estimated based on the remaining useful life of the primary asset within the asset group. For assets related to our PPA agreements, we consider all underlying cash inflows related to our contract revenues and cash outflows relating to the costs incurred to service the PPA’s. Our cash flow estimates used in the recoverability test, are based upon, among other things, historical results adjusted to reflect our best estimate of future cash flows and operating performance. Development of future cash flows also requires us to make assumptions and to apply judgment, including timing of future expected cash flows, future cost savings initiatives, and determining recovery values. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect the outcome of our recoverability tests and cause more asset groups to be tested for impairment. If the estimated undiscounted future net cash flows for a given asset group are less than the carrying amount of the related asset group, an impairment loss is determined by comparing the estimated fair value with the carrying amount of the asset group. The impairment loss is then allocated to the long-lived assets in the asset group based on the asset’s relative carrying amounts. However, assets are not impaired below their then estimated fair values. Fair value is generally determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as well as year-over-year trends in pricing of our new equipment and overall evaluation of our industry and market, as considered necessary. The Company considers these indicators with certain of its own internal indices and metrics in determining fair value in light of the nascent state of the Company’s market and industry. The estimate of fair value represents our best estimates of these factors and is subject to variability. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect our impairment evaluation. The Company has determined that the assets deployed for certain PPA arrangements are not recoverable based on the undiscounted estimated future cash flows of the asset group. However, the estimated fair value of the assets in the asset group equal or exceed the carrying amount of the assets or otherwise limit the amount of impairment that would have been recognized. The Company has identified the primary source of the losses as the maintenance components of the PPA arrangements and the impact of customer warrant non-cash provisions. As the PPA arrangements are considered to be executory contracts and there is no specific accounting guidance that permits loss recognition for these revenue contracts, the Company has not recognized a provision for the expected future losses under these revenue arrangements. The Company expects that it will recognize future losses for these arrangements as it continues its efforts to reduce costs of delivering the maintenance component of these arrangements. |
Extended Maintenance Contracts | Extended Maintenance Contracts On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for fuel cell systems and related infrastructure that has been sold. We measure loss accruals at the customer contract level. The expected revenues and expenses for these contracts include all applicable expected costs of providing services over the remaining term of the contracts and the related unearned net revenue. A loss is recognized if the sum of expected costs of providing services under the contract exceeds related unearned net revenue and is recorded as a provision for loss contracts related to service in the consolidated statement of operations. A key component of these estimates is the expected future service costs. In estimating the expected future service costs, the Company considers its current service cost level and applies significant judgment related to expected cost saving initiatives. The expected future cost savings will be primarily dependent upon the success of the Company’s initiatives related to increasing stack life, achieving better economies of scale on service labor, and improvements in design and operations of infrastructure. If the expected cost saving initiatives are not realized, this will increase the costs of providing services and could adversely affect our estimated contract loss accrual. The following table shows the roll forward of balances in the accrual for loss contracts, including changes due to the provision (benefit) for loss accrual, releases to service cost of sales and releases due to the provision for warrants (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 (as restated) (as restated) Beginning Balance $ 3,702 $ 5,345 $ — Provision (benefit) for Loss Accrual 35,473 (394) 5,345 Released to Service Cost of Sales (2,348) (1,249) — Released to Provision for Warrants (12,814) — — Ending Balance $ 24,013 $ 3,702 $ 5,345 |
Goodwill and indefinite-lived intangible asset | Goodwill and indefinite-lived intangible asset Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually. The indefinite-lived intangible asset represents in-process research and development for cumulative research and development efforts associated with dry stack electrolyzer technology acquired in connection with the Giner ELX, Inc. acquisition. The Company has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If this is the case, the quantitative goodwill impairment test is required. If it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the quantitative goodwill impairment test is not required. The indefinite-lived intangible asset is tested for impairment annually, and more frequently when there is a triggering event. Annually, or when there is a triggering event, the Company first performs a qualitative assessment by evaluating all relevant events and circumstances to determine if it is more likely than not that the indefinite-lived intangible asset is impaired; this includes considering any potential effect on significant inputs to determining the fair value of the indefinite-lived intangible asset. When it is more likely than not that the indefinite-lived intangible asset is impaired, then the Company calculates the fair value of the intangible asset and performs a quantitative impairment test. The Company performs an impairment review of goodwill and the indefinite lived intangible asset on an annual basis at December 1, and when a triggering event is determined to have occurred between annual impairment tests. For the years ended December 31, 2020, 2019, and 2018, the Company performed a qualitative assessment of goodwill for its single reporting unit based on multiple factors including market capitalization and determined that it is not more likely than not that the fair value of its reporting unit is less than the carrying amount. For the year ended December 31, 2020, the Company performed a qualitative assessment of its indefinite lived intangible asset and determined that it is not more likely than not that its fair value is less than the carrying amount. |
Intangible Assets | Intangible Assets |
Fair Value Measurements | Fair Value Measurements The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: ● Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. ● Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value. The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019 (in thousands): Carrying Fair Fair Value Measurements As of December 31, 2020 Amount Value Level 1 Level 2 Level 3 Contingent consideration $ 9,760 $ 9,760 $ — $ — $ 9,760 Convertible senior notes 85,640 1,272,766 — 1,272,766 — Long-term debt 175,402 175,402 — — 175,402 Finance obligations 181,553 181,553 — — 181,553 Carrying Fair Fair Value Measurements As of December 31, 2019 Amount Value Level 1 Level 2 Level 3 Convertible senior notes $ 110,431 $ 188,775 $ — $ 135,320 $ 53,455 Long-term debt 112,169 112,169 — — 112,169 Finance obligations 144,089 144,089 — — 144,089 |
Equity Instruments | Equity Instruments Common stock warrants that meet certain applicable requirements of ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity Common stock warrants accounted for as equity instruments represent the warrants issued to Amazon and Walmart as discussed in Note 18, “Warrant Transaction Agreements.” The Company adopted FASB ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which requires entities to measure and classify share-based payment awards granted to a customer by applying the guidance under Topic 718, as of January 1, 2019. In order to calculate warrant charges, the Company used the Black-Scholes pricing model, which required key inputs including volatility and risk-free interest rate and certain unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company estimated the fair value of unvested warrants, considered to be probable of vesting, at the time. Based on that estimated fair value, the Company determined warrant charges, which are recorded as a reduction of revenue in the consolidated statement of operations. |
Redeemable Preferred Stock | Redeemable Preferred Stock We account for redeemable preferred stock as temporary equity in accordance with applicable accounting guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. The Company accounts for uncertain tax positions in accordance with FASB ASC No. 740-10-25, Income Taxes-Overall-Recognition he Company |
Foreign Currency Translation | Foreign Currency Translation Foreign currency translation adjustments arising from conversion of the Company’s foreign subsidiary’s financial statements to U.S. dollars for reporting purposes are included in accumulated other comprehensive income in stockholders’ equity on the consolidated balance sheets. Transaction gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency of the Company’s operations give rise to realized foreign currency transaction gains and losses, and are included in interest and other income and interest and other expense, respectively, in the consolidated statements of operations. |
Research and Development. | Research and Development Costs related to research and development activities by the Company are expensed as incurred. Certain research and development expenses have been reclassified for 2018, 2019 and 2020, including interim periods during 2019 and 2020 (see Note 2, “Restatement of Previously Issued Consolidated Financial Statements,” and Note 3 “Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements). |
Stock-Based Compensation | Stock-Based Compensation The Company maintains employee stock-based compensation plans, which are described more fully in Note 20, “Employee Benefit Plans.” Stock-based compensation represents the cost related to stock-based awards granted to employees and directors. The Company measures stock-based compensation cost at grant-date, based on the fair value of the award, and recognizes the cost as expense on a straight-line basis over the option’s requisite service period. The Company estimates the fair value of stock-based awards using a Black-Scholes valuation model. Stock-based compensation expense is recorded in cost of revenue associated with sales of fuel cell systems and related infrastructure, cost of revenue for services performed on fuel cell systems and related infrastructure, research and development expense and selling, general and administrative expenses in the consolidated statements of operations based on the employees’ respective function. The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based upon the amount of compensation cost recognized and the Company's statutory tax rate. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the income statement. No tax benefit or expense for stock-based compensation has been recorded during the years ended December 31, 2020, 2019 and 2018 since the Company remains in a full valuation allowance position. |
Convertible Senior Notes | Convertible Senior Notes The Company accounts for its convertible senior notes with separate liability and equity components. The carrying amount of the liability component was initially determined by estimating the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the estimated fair value of the liability component from the par value of the convertible senior notes, as a whole as of the date of issuance. This difference represents a debt discount that is amortized to interest expense, with a corresponding increase to the carrying amount of the liability component, over the term of the convertible senior notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The Company has allocated issuance costs incurred to the liability and equity components. Issuance costs attributable to the liability component are being amortized to expense over the respective term of the convertible senior notes, and issuance costs attributable to the equity components were netted with the respective equity component in additional paid-in capital. |
Use of Estimates | Use of Estimates The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation. |
Subsequent Events | Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the consolidated financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the consolidated financial statements. Events and conditions arising after the balance sheet date but before the consolidated financial statements are issued are evaluated to determine if disclosure is required to keep the consolidated financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. See Note 23, “Subsequent Events.” |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, was issued. Also, in April 2019, Accounting Standards Update (ASU) 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, was issued to make improvements to updates 2016-01, Financial Instruments – Overall (Subtopic 825-10), 2016-13, Financial Instruments – Credit Losses (Topic 326) and 2017-12, Derivatives and Hedging (Topic 815). ASU 2016-13 significantly changes how entities account for credit losses for financial assets and certain other instruments, including trade receivables and contract assets, that are not measured at fair value through net income. The ASU requires a number of changes to the assessment of credit losses, including the utilization of an expected credit loss model, which requires consideration of a broader range of information to estimate expected credit losses over the entire lifetime of the asset, including losses where probability is considered remote. Additionally, the standard requires the estimation of lifetime expected losses for trade receivables and contract assets that are classified as current. The Company adopted these standards effective January 1, 2020 and determined the impact of the standards to be immaterial to the consolidated financial statements. In January 2017, ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), was issued to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The Company adopted this standard effective January 1, 2020 and determined there to be no impact to the consolidated financial statements. Recently Issued and Not Yet Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). This ASU simplifies the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. Under ASU 2020-06, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument, such as the Company’s 3.75% Convertible Senior Notes, will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. The new guidance also requires the if-converted method to be applied for all convertible instruments and requires additional disclosures. This guidance is required to be adopted by January 1, 2022, and early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company has elected to early adopt this guidance on January 1, 2021 using the modified retrospective method. Under this transition method, the cumulative effect of accounting change removed the impact of recognizing the equity component of the Company’s convertible notes at issuance and the subsequent accounting impact of additional interest expense from debt discount amortization. The cumulative effect of the accounting change upon adoption on January 1, 2021 increased the carrying amount of the convertible notes by $120.7 million, reduced accumulated deficit by $9.5 million and reduced additional paid-in capital by $130.2 million. Future interest expense of the convertible notes will be lower as a result of adoption of this guidance and net loss per share will be computed using the if-converted method for convertible instruments. In March 2020, ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, was issued to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This update was effective starting March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The adoption of this standard does not have a material impact on the Company’s consolidated financial statements. In March 2020, ASU 2020-03, Codification Improvements to Financial Instruments, was issued to make various codification improvements to financial instruments to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. This update will be effective at various dates beginning with date of issuance of this ASU. The adoption of this standard does not have a material impact on the Company’s consolidated financial statements. In December 2019, Accounting Standards Update (ASU) 2019-12, |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restatement of Previously Issued Consolidated Financial Statements | |
Summary of the adjustments between cost of revenue and research and development | As of December 31, 2019 As of December 31, 2018 Restatement Restatement Adjustments Adjustments Cost of revenue: Services performed on fuel cell systems and related infrastructure $ 6,986 $ 7,954 Power Purchase Agreements 2,539 4,264 Sales of fuel cell systems and related infrastructure 1,121 614 Fuel delivered to customers 8,846 8,325 Total cost of revenue 19,492 21,157 Research and development (19,492) (21,157) |
Summary impact of restatement adjustments and immaterial error correction to previously reported consolidated financial information | The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated balance sheets for the periods indicated (in thousands, except per share): As of December 31, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Assets Current assets: Cash and cash equivalents $ 139,496 $ — $ 139,496 Restricted cash 54,813 — 54,813 Accounts receivable 25,448 320 25,768 d Inventory 72,391 — 72,391 Prepaid expenses and other current assets 21,192 — 21,192 Total current assets 313,340 320 313,660 Restricted cash 175,191 — 175,191 Property, plant, and equipment, net 14,959 — 14,959 Right of use assets related to finance leases, net — 1,714 1,714 a Right of use assets related to operating leases, net — 63,266 63,266 a, b Equipment related to power purchase agreements and fuel delivered to customers, net 244,740 (176,971) 67,769 a, b Goodwill 8,842 — 8,842 Intangible assets, net 5,539 — 5,539 Other assets 8,573 — 8,573 Total assets $ 771,184 $ (111,671) $ 659,513 Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 40,376 $ — $ 40,376 Accrued expenses 14,213 196 14,409 d Deferred revenue 11,691 — 11,691 Operating lease liabilities — 9,428 9,428 a, b Finance lease liabilities — 226 226 a Finance obligations 49,507 (24,840) 24,667 a, b Current portion of long-term debt 26,461 — 26,461 Other current liabilities 8,543 (1,839) 6,704 b, c Total current liabilities 150,791 (16,829) 133,962 Deferred revenue 23,369 (199) 23,170 d Operating lease liabilities — 50,937 50,937 a, b Finance lease liabilities — 2,011 2,011 a Finance obligations 265,228 (145,806) 119,422 a, b Convertible senior notes, net 110,246 185 110,431 d Long-term debt 85,708 — 85,708 Other liabilities 13 2,805 2,818 c Total liabilities 635,355 (106,896) 528,459 Redeemable preferred stock: Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664 ); 10,431 shares authorized; Issued and outstanding : 2,620 at December 31, 2019 709 — 709 Series E convertible preferred stock, $0.01 par value per share; Shares authorized: 35,000 at December 31, 2019; Issued and outstanding : 500 at December 31, 2019 441 — 441 Stockholders’ equity: Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued: 318,637,560 at December 31, 2019 3,186 — 3,186 Additional paid-in capital 1,507,116 (163) 1,506,953 d Accumulated other comprehensive income 1,400 (112) 1,288 d Accumulated deficit (1,345,807) (4,500) (1,350,307) Less common stock in treasury: 15,259,045 at December 31, 2019 (31,216) — (31,216) Total stockholders’ equity 134,679 (4,775) 129,904 Total liabilities, redeemable preferred stock, and stockholders’ equity $ 771,184 $ (111,671) $ 659,513 As of December 31, 2019 (a) The "as previously reported" balances for equipment related to power purchase agreements and fuel delivered to customers, net (previously captioned leased assets, net) and the current and long-term finance obligations have been reclassified to conform to current period presentations, as follows at December 31, 2019: ● $176.0 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use assets related to operating leases, net; ● $1.7 million was reclassified from equipment related to power purchase agreements and fuel delivered to customers, net to right of use asset related to finance leases, net; ● $25.8 million was reclassified from current finance obligations to current operating lease liabilities; ● $145.5 million was reclassified from non-current finance obligations to non-current operating lease liabilities; ● $226 thousand was reclassified from current finance obligations to current finance lease liabilities, respectively; and ● $2.0 million was reclassified from non-current finance obligations to non-current finance lease liabilities (b) The correction of the misstatement associated with the right of use assets relating to operating leases resulted in the following at December 31, 2019: ● the right of use assets related to operating leases, net had a decrease of $112.7 million; ● equipment related to power purchase agreements and lessor property, net had an increase of $767 thousand; ● current operating lease liabilities had a decrease of $16.4 million; ● non-current operating lease liabilities had a decrease of $94.6 million; ● the current finance obligations had a $1.2 million increase; ● the non-current finance obligation had an increase of $1.7 million; and ● other current liabilities decreased $2.7 million. (c) Loss accrual provision: The correction of this misstatement resulted in an increase of $897 thousand to other current liabilities and an increase of $2.8 million to other long-term liabilities at December 31, 2019. (d) Other adjustments: Immaterial adjustments at December 31, 2019 resulted in an increase to accounts receivable of $320 thousand. An increase to accrued expenses of $196 thousand. A decrease to deferred revenue of $199 thousand. An increase in convertible senior notes, net of $185 thousand, and a decrease of $163 thousand to additional paid in capital and a $112 thousand decrease to accumulated other comprehensive income. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of operations for the periods indicated (in thousands, except share and per share amounts): For the Year Ended December 31, 2019 As Previously Restatement Restatement Reported Adjustments As Restated References Net revenue: Sales of fuel cell systems and related infrastructure $ 149,884 $ 36 $ 149,920 d Services performed on fuel cell systems and related infrastructure 25,217 — 25,217 Power Purchase Agreements 25,853 (300) 25,553 d Fuel delivered to customers 29,099 — 29,099 Other 186 — 186 Net revenue 230,239 (264) 229,975 Cost of revenue: Sales of fuel cell systems and related infrastructure 96,859 1,056 97,915 a, d Services performed on fuel cell systems and related infrastructure 28,801 5,781 34,582 a, c,d Benefit for loss contracts related to service — (394) (394) c Power Purchase Agreements 40,056 1,721 41,777 a, b,d Fuel delivered to customers 36,357 8,890 45,247 a, d Other 200 — 200 Total cost of revenue 202,273 17,054 219,327 Gross profit 27,966 (17,318) 10,648 Operating expenses: Research and development 33,675 (18,616) 15,059 a,d Selling, general and administrative 44,333 (1,131) 43,202 b,d Total operating expenses 78,008 (19,747) 58,261 Operating loss (50,042) 2,429 (47,613) Interest and other expense, net (35,502) (189) (35,691) b,d Change in fair value of common stock warrant liability 79 — 79 Gain (loss) on extinguishment of debt — (518) (518) d Loss before income taxes $ (85,465) $ 1,722 $ (83,743) Income tax benefit — — — Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) Preferred stock dividends declared, deemed dividends and accretion of discount (52) (1,760) (1,812) e Net loss attributable to common stockholders $ (85,517) $ (38) $ (85,555) Net loss per share: Basic and diluted $ (0.36) $ (0.36) Weighted average number of common stock outstanding 237,152,780 237,152,780 For the year ended December 31, 2019 (a) Research and development: The correction of this misstatement resulted in a net decrease of $19.5 million to research and development, and an increase of $1.1 million to the cost of revenue of fuel cell systems and related infrastructure, an increase of $7 million to the cost of revenue of services performed on fuel cell systems and related infrastructure, an increase of $2.5 million to the cost of power purchase agreements and an increase in the cost of fuel delivered to customers of $8.9 million at December 31, 2019. (b) Right of use asset: The correction of this misstatement resulted in a net decrease to cost of revenue for power purchase agreements of $747 thousand. An increase to selling, general, and administrative expense of $25 thousand, and an increase to interest and other expense, net of $522 thousand. (c) Loss accrual provision: The correction of this misstatement resulted in a net decrease to cost of revenue for services performed on fuel cell systems and related infrastructure of $1.2 million and a net decrease to the provision for loss contracts related to service of $394 thousand for the period ended December 31, 2019. (d) Other adjustments: Immaterial adjustments for the period ended December 31, 2019 resulted in the following: a net increase of $36 thousand to revenue from sales of fuel cell systems and related infrastructure. A net decrease to revenue from power purchase agreements of $300 thousand. A net decrease of $65 thousand to the cost of revenue for sales of fuel cell systems and related infrastructure. A net increase to the cost of revenue for services performed on fuel cell systems and related infrastructure of $44 thousand. A net decrease to cost of revenue for power purchase agreements of $70 thousand. A net increase of $44 thousand to cost of revenue related to fuel delivered to customers. A net increase to research and development expense of $876 thousand. A net decrease to selling general and administrative expense of $1.1 million, a net increase to interest and other expense, net of $185 thousand and an increase of $518 thousand loss on the extinguisment of debt (which was previously reported as interest and other expense, net of $518 thousand). (e) Series E redeemable convertible preferred stock deemed dividend: The correction of this misstatement resulted in a net increase of $1.8 million to preferred stock dividends declared, deemed dividends and accretion of discount. For the Year Ended December 31, 2018 As Previously Restatement Restatement Reported Adjustments As Restated References Net revenue: Sales of fuel cell systems and related infrastructure $ 107,292 $ (117) $ 107,175 d Services performed on fuel cell systems and related infrastructure 22,002 — 22,002 Power Purchase Agreements 22,869 (300) 22,569 d Fuel delivered to customers 22,469 — 22,469 Net revenue 174,632 (417) 174,215 Cost of revenue: Sales of fuel cell systems and related infrastructure 84,439 766 85,205 a,d Services performed on fuel cell systems and related infrastructure 23,698 8,573 32,271 a, d Provision for loss contracts related to service — 5,345 5,345 c Power Purchase Agreements 36,161 5,200 41,361 a, b Fuel delivered to customers 27,712 8,325 36,037 a Total cost of revenue 172,010 28,209 200,219 Gross (loss) profit 2,622 (28,626) (26,004) Operating expenses: Research and development 33,907 (21,157) 12,750 a Selling, general and administrative 38,198 (513) 37,685 d Total operating expenses 72,105 (21,670) 50,435 Operating loss (69,483) (6,956) (76,439) Interest and other expense, net (22,135) (615) (22,750) b Change in fair value of common stock warrant liability 4,286 — 4,286 Loss before income taxes $ (87,332) $ (7,571) $ (94,903) Income tax benefit 9,217 78 9,295 d Net loss attributable to the Company $ (78,115) $ (7,493) $ (85,608) Preferred stock dividends declared, deemed dividends and accretion of discount (52) — (52) Net loss attributable to common stockholders $ (78,167) $ (7,493) $ (85,660) Net loss per share: Basic and diluted $ (0.36) $ (0.39) Weighted average number of common stock outstanding 218,882,337 218,882,337 For the year ended December 31, 2018 (a) Research and development: The correction of this misstatement resulted in a net decrease of $21.2 million to research and development, and an increase of $614 thousand to the cost of sales of fuel cell systems and related infrastructure, an increase of $8.0 million to the cost of services performed on fuel cell systems and related infrastructure, an increase of $4.2 million to the cost of power purchase agreements and an increase in the cost of fuel delivered to customers of $8.3 million at December 31, 2018. (b) Right of use asset: The correction of this misstatement resulted in a net increase to cost of revenue for power purchase agreements of $937 thousand, and an increase to interest and other expense, net of $615 thousand. (c) Loss accrual provision: The correction of this misstatement resulted in a net increase to the provision for loss contracts related to service of $5.3 million for the period ended December 31, 2018. (d) Other adjustments: Immaterial adjustments for the period ended December 31, 2018 resulted in the following: a net decrease of $117 thousand to revenue from sales of fuel cell systems and related infrastructure. A net decrease to revenue from power purchase agreements of $300 thousand. A net increase of $152 thousand to the cost of revenue for sales of fuel cell systems and related infrastructure. A net increase to the cost of revenue for services performed on fuel cell systems and related infrastructure of $619 thousand. A net decrease to selling general and administrative expense of $513 thousand and an increase to the income tax benefit of $78 thousand. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of comprehensive loss for the periods indicated (in thousands): For the year ended December 31, 2019 For the year ended December 31, 2018 As Previously Cumulative As Previously Cumulative Restatement Reported Adjustments As Restated Reported Adjustments As Restated References Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) $ (78,115) $ (7,493) $ (85,608) Other comprehensive loss - foreign currency translation adjustment (184) (112) (296) (610) — (610) b Comprehensive loss attributable to the Company $ (85,649) $ 1,610 $ (84,039) $ (78,725) $ (7,493) $ (86,218) Preferred stock dividends declared, deemed dividends and accretion of discount (52) (1,760) (1,812) (52) — (52) a Comprehensive loss attributable to common stockholders (85,701) (150) (85,851) (78,777) (7,493) (86,270) For the year ened December 31, 2019 and 2018 (a) Series E convertible preferred stock deemed dividend: The correction of this misstatement resulted in a net decrease of $1.8 million to preferred stock dividends declared, deemed dividends and accretion of discount to the period ended December 31, 2019. (b) Other adjustments: Immaterial adjustment for the period ended December 31, 2019 resulted in a net increase of $112 thousand for the other comprehensive loss related to the foreign currency translation adjustment. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of stockholders’ equity (deficit) for the periods indicated (in thousands, except share amounts): Accumulated Additional Other Total Common Stock Paid-in Comprehensive Treasury Stock Accumulated Stockholders’ Restatement Shares Amount Capital Income Shares Amount Deficit Equity (Deficit) References BALANCE - December 31, 2017 (As Previously Reported) 229,073,517 $ 2,291 $ 1,250,899 $ 2,194 587,151 $ (3,102) $ (1,178,636) $ 73,646 Cumulative adjustments — — — — — — (3,417) (3,417) a,b BALANCE - December 31, 2017 (As Restated) 229,073,517 2,291 1,250,899 2,194 587,151 (3,102) (1,182,053) 70,229 BALANCE - December 31, 2018 (As Previously Reported) 234,160,661 $ 2,342 $ 1,289,714 $ 1,584 15,002,663 $ (30,637) $ (1,260,290) $ 2,713 Cumulative adjustments — — (78) — — — (6,223) (6,301) a,b BALANCE - December 31, 2018 (As Restated) 234,160,661 2,342 1,289,636 1,584 15,002,663 (30,637) (1,266,513) (3,588) BALANCE - December 31, 2019 (As Previously Reported) 318,637,560 $ 3,186 $ 1,507,116 $ 1,400 15,259,045 $ (31,216) $ (1,345,807) $ 134,679 Cumulative adjustments — — (163) (112) — — (4,500) (4,775) a,b BALANCE - December 31, 2019 (As Restated) 318,637,560 $ 3,186 $ 1,506,953 $ 1,288 15,259,045 $ (31,216) $ (1,350,307) $ 129,904 As of December 31, 2019 and 2018 (a) Restatement Items: The correction of material misstatements resulted in a net increase in accumulated deficit of $4.5 million, $6.2 million and $3.4 million as of December 31, 2019, 2018 and 2017, respectively. (b) Other adjustments: Immaterial adjustments resulted in the following: for the period ended December 31, 2019, there was a net increase of $112 thousand for the other comprehensive loss related to the foreign currency translation adjustment and a net decrease of $163 thousand in additional paid-in capital; and for the period ended December 31, 2018, there was a net decrease in additional paid-in capital of $78 thousand. The following tables present the effect of the Restatement Items, as well as other adjustments, on the Company’s consolidated statements of cashflows for the periods indicated (in thousands): For the Year Ended December 31, 2019 As previously Restatement Restatement Reported Adjustments As Restated References Operating Activities Net loss attributable to the Company $ (85,465) $ 1,722 $ (83,743) a Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of long-lived assets 11,989 (51) 11,938 b, d Amortization of intangible assets 698 — 698 Stock-based compensation 10,890 — 10,890 Loss on extinguishment of debt — 518 518 d Provision for bad debts and other assets 1,981 — 1,981 Amortization of debt issuance costs and discount on convertible senior notes 8,821 185 9,006 d Provision for common stock warrants 6,513 — 6,513 Loss on disposal of leased assets 212 — 212 Change in fair value of common stock warrant liability (79) — (79) Benefit on service contracts — (1,643) (1,643) c Changes in operating assets and liabilities that provide (use) cash: Accounts receivable 10,646 (52) 10,594 d Inventory (24,481) (152) (24,633) d Prepaid expenses, and other assets (8,110) — (8,110) Accounts payable, accrued expenses, and other liabilities 19,879 (2,645) 17,234 b, d Deferred revenue (5,016) 316 (4,700) d Net cash used in operating activities (51,522) (1,802) (53,324) Investing Activities Purchases of property, plant and equipment (5,683) — (5,683) Purchase of intangible assets (2,404) — (2,404) Purchases of equipment related to PPA and equipment related to fuel delivered to customers (6,532) — (6,532) Proceeds from sale of leased assets 375 — 375 Net cash used in investing activities (14,244) — (14,244) Financing Activities Proceeds from issuance of preferred stock and warrants, net of transaction costs 14,089 — 14,089 Proceeds from public offerings, net of transaction costs 158,428 (85) 158,343 d Proceeds from exercise of stock options 1,217 — 1,217 Payments for redemption of preferred stock (4,040) — (4,040) Proceeds from issuance of convertible senior notes, net 39,052 — 39,052 Proceeds from borrowing of long-term debt, net of transaction costs 119,186 — 119,186 Principal payments on long-term debt (24,827) (518) (25,345) d Proceeds from finance obligations 83,668 — 83,668 Repayments of finance obligations (61,713) 2,517 (59,196) b Net cash provided by financing activities 325,060 1,914 326,974 Effect of exchange rate changes on cash 53 (112) (59) d Increase in cash, cash equivalents and restricted cash 259,347 — 259,347 Cash, cash equivalents, and restricted cash beginning of period 110,153 — 110,153 Cash, cash equivalents, and restricted cash end of period $ 369,500 $ — $ 369,500 Supplemental disclosure of cash flow information Cash paid for interest $ 19,180 $ — 19,180 Summary of non-cash investing and financing activity Recognition of right of use assets $ 127,370 $ (74,446) $ 52,924 b Conversion of preferred stock to common stock 28,392 — 28,392 For the year ended December 31, 2019 (a) Refer to descriptions of the adjustments and their impact on net loss in the Consolidated Statement of Operations sections for the year ended December 31, 2019 above. (b) Right of use asset: The correction of this misstatement resulted in a net decrease to operating cashflows of $2.7 million and a net increase to cash provided by financing activities of $2.5 million for the period ended December 31, 2019. In addition there was a net decrease of $74.4 million to the non-cash investing and financing activity related to the recognition of the right of use asset. (c) Provision for loss contracts related to service: The correction of this misstatement resulted in a net decrease to operating cashflows of $1.6 million for the period ended December 31 2019. (d) Other adjustments: Immaterial adjustments resulted in an net increase to operating cashflows of $906 thousand, a decrease to cash provided by financing activites of $603 thousand and a decrease to effect of exchange rate changes on cash of $112 thousand, for the period ended December 31 2019 For the Year Ended December 31, 2018 As previously Restatement Restatement Reported Adjustments As Restated References Operating Activities Net loss attributable to the Company $ (78,115) $ (7,493) $ (85,608) a Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of long-lived assets 11,014 818 11,832 b, d Amortization of intangible assets 693 — 693 Stock-based compensation 8,771 — 8,771 Provision for bad debts and other assets 1,626 — 1,626 Amortization of debt issuance costs and discount on convertible senior notes 6,347 — 6,347 Provision for common stock warrants 10,190 — 10,190 Change in fair value of common stock warrant liability (4,286) — (4,286) Income tax benefit (9,217) (78) (9,295) d Loss on service contracts — 5,345 5,345 c Changes in operating assets and liabilities that provide (use) cash: Accounts receivable (14,398) (268) (14,666) d Inventory 19,041 152 19,193 d Prepaid expenses, and other assets (4,654) — (4,654) Accounts payable, accrued expenses, and other liabilities (10,266) 106 (10,160) d Deferred revenue 5,637 685 6,322 d Net cash used in operating activities (57,617) (733) (58,350) Investing Activities Purchases of property, plant and equipment (5,142) — (5,142) Purchases of equipment related to PPA and equipment related to fuel delivered to customers (13,501) — (13,501) Purchase of intangible assets (929) — (929) Net cash used in investing activities (19,572) — (19,572) Financing Activities Proceeds from issuance of preferred stock and warrants, net of transaction costs 30,934 — 30,934 Proceeds from public offerings, net of transaction costs 7,195 — 7,195 Proceeds from exercise of stock options 138 — 138 Proceeds from issuance of convertible senior notes, net 95,856 — 95,856 Purchase of capped calls and common stock forward (43,500) — (43,500) Principal payments on long-term debt (16,190) — (16,190) Proceeds from finance obligations 76,175 — 76,175 Repayments of finance obligations (31,264) 733 (30,531) b Net cash provided by financing activities 119,344 733 120,077 Effect of exchange rate changes on cash (57) — (57) Increase in cash, cash equivalents and restricted cash 42,098 — 42,098 Cash, cash equivalents, and restricted cash beginning of period 68,055 — 68,055 Cash, cash equivalents, and restricted cash end of period $ 110,153 $ — $ 110,153 Supplemental disclosure of cash flow information Cash paid for interest $ 13,057 $ — 13,057 Summary of non-cash investing and financing activity Recognition of right of use assets $ 79,057 $ (37,378) $ 41,679 b Net transfers between inventory and long-lived assets 18,175 — 18,175 For the year ended December 31, 2018 (a) Refer to descriptions of the adjustments and their impact on net loss in the Consolidated Statement of Operations and Consolidated Balance Sheets sections for the year ended December 31, 2018 above . (b) Right of use asset: The correction of this misstatement resulted in a net increase to operating cashflows of $818 thousand and a net increase to financing cash flows of $733 thousand for the period ended December 31, 2018. In addition, there was a net decrease of $37.4 million to the non-cash investing and financing activity related to the recognition of the right of use asset (c) Provision for loss contracts related to service: The correction of this misstatement resulted in a net increase to operating cashflows of $5.3 million for the period ended December 31 2018. (d) Other adjustments: Immaterial adjustments resulted in an net increase to cash used in operating cash flows of $597 thousand for the period ended December 31 2018 . |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements | |
Schedule of Quarterly Financial Information | Quarters ended As Restated March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Net revenue: Sales of fuel cell systems and related infrastructure $ 20,468 $ 47,746 $ 83,662 $ (246,171) Services performed on fuel cell systems and related infrastructure 6,521 6,236 6,829 (29,387) Power Purchase Agreements 6,421 6,579 6,629 6,991 Fuel delivered to customers 7,333 7,372 9,831 (40,608) Other 76 62 97 76 Net revenue 40,819 67,995 107,048 (309,099) Gross loss (9,703) (15) (28,584) (431,114) Operating expenses 15,883 26,517 25,726 46,660 Operating loss (25,586) (26,532) (54,310) (477,774) Net loss attributable to common stockholders (37,445) (9,414) (65,217) (484,105) Loss per share: Basic and Diluted $ (0.12) $ (0.03) $ (0.18) $ (1.35) Quarters ended As Restated March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Net revenue: Sales of fuel cell systems and related infrastructure $ 2,550 $ 38,702 $ 38,883 $ 69,785 Services performed on fuel cell systems and related infrastructure 6,343 5,341 6,205 7,328 Power Purchase Agreements 6,035 6,334 6,520 6,664 Fuel delivered to customers 6,582 7,089 7,649 7,779 Other — — 135 51 Net revenue 21,510 57,466 59,392 91,607 Gross (loss) profit (7,740) 6,142 4,500 7,746 Operating expenses 12,227 17,221 13,958 14,855 Operating loss (19,967) (11,079) (9,458) (7,109) Net loss attributable to common stockholders (30,560) (17,351) (18,366) (19,277) Loss per share: Basic and Diluted $ (0.14) $ (0.08) $ (0.08) $ (0.07) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of Property Plant and Equipment Useful Lives | Leasehold improvements 5 ‑ 10 years Software, machinery and equipment 1 ‑ 15 years |
Schedule of accrual for loss contracts | The following table shows the roll forward of balances in the accrual for loss contracts, including changes due to the provision (benefit) for loss accrual, releases to service cost of sales and releases due to the provision for warrants (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 (as restated) (as restated) Beginning Balance $ 3,702 $ 5,345 $ — Provision (benefit) for Loss Accrual 35,473 (394) 5,345 Released to Service Cost of Sales (2,348) (1,249) — Released to Provision for Warrants (12,814) — — Ending Balance $ 24,013 $ 3,702 $ 5,345 |
Schedule of carrying amount and estimated fair value of financial instruments | The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019 (in thousands): Carrying Fair Fair Value Measurements As of December 31, 2020 Amount Value Level 1 Level 2 Level 3 Contingent consideration $ 9,760 $ 9,760 $ — $ — $ 9,760 Convertible senior notes 85,640 1,272,766 — 1,272,766 — Long-term debt 175,402 175,402 — — 175,402 Finance obligations 181,553 181,553 — — 181,553 Carrying Fair Fair Value Measurements As of December 31, 2019 Amount Value Level 1 Level 2 Level 3 Convertible senior notes $ 110,431 $ 188,775 $ — $ 135,320 $ 53,455 Long-term debt 112,169 112,169 — — 112,169 Finance obligations 144,089 144,089 — — 144,089 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Giner ELX, Inc | |
Schedule of fair value of consideration paid | The fair value of consideration paid by the Company in connection with the Giner ELX acquisition was as follows (in thousands): Cash $ 25,820 Plug Power Stock 19,263 Contingent consideration 7,790 Total consideration $ 52,873 |
Summary of allocation of the purchase price to the estimated fair value of the net assets acquired | The following table summarizes the final allocation of the purchase price to the estimated fair value of the net assets acquired, excluding goodwill (in thousands): Accounts receivable $ 1,237 Inventory 4,108 Prepaid expenses and other assets 669 Property, plant and equipment 596 Identifiable intangibles 29,930 Accounts payable, accrued expenses and other liabilities (1,621) Deferred revenue (2,350) Deferred tax liability, net (5,889) Total net assets acquired, excluding goodwill $ 26,680 |
Business combination segment allocation | Goodwill associated with the Giner ELX acquisition was calculated as follows (in thousands): Consideration paid $ 52,873 Less: net assets acquired (26,680) Total goodwill recognized $ 26,193 |
United Hydrogen Group Inc | |
Schedule of fair value of consideration paid | The fair value of consideration paid by the Company in connection with the UHG acquisition was as follows (in thousands): Cash $ 19,293 Plug Power Stock 30,410 Contingent consideration 1,110 Total consideration $ 50,813 |
Summary of allocation of the purchase price to the estimated fair value of the net assets acquired | The following table summarizes the final allocation of the purchase price to the estimated fair value of the net assets acquired, excluding goodwill (in thousands): Accounts receivable $ 444 Inventory 89 Prepaid expenses and other assets 1,152 Property, plant and equipment 41,244 Leased property 796 Identifiable intangible asset 2,338 Long-term debt (11,336) Unfavorable customer contract (15,757) Accounts payable, accrued expenses, deferred revenue and finance obligations (4,631) Total net assets acquired, excluding goodwill $ 14,339 |
Business combination segment allocation | Goodwill associated with the UHG acquisition was calculated as follows (in thousands): Consideration paid $ 50,813 Less: net assets acquired (14,339) Total goodwill recognized $ 36,474 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share | |
Schedule of components of the calculations of basic and diluted earnings per share: | The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): Year ended December 31, 2019 2018 2020 (as restated) (as restated) Numerator: Net loss attributable to common stockholders $ (596,181) $ (85,555) $ (85,660) Denominator: Weighted average number of common stock outstanding 354,790,106 237,152,780 218,882,337 |
Schedule of potential dilutive common shares | At December 31, 2020 2019 2018 Stock options outstanding (1) 10,284,498 23,013,590 21,957,150 Restricted stock outstanding (2) 5,874,642 4,608,560 2,347,347 Common stock warrants (3) 104,753,740 110,573,392 115,824,142 Preferred stock (4) — 2,998,527 17,933,591 Convertible Senior Notes (5) 42,256,610 59,133,896 43,630,020 Number of dilutive potential shares of common stock 163,169,490 200,327,965 201,692,250 (1) During the years ended December 31, 2020, 2019, and 2018, the Company granted 3,509,549 , 3,221,892 , and 2,679,667 stock options, respectively. (2) During the years ended December 31, 2020, 2019, and 2018, the Company granted 3,227,149 , 3,201,892 , and 2,367,347 shares of restricted stock, respectively. (3) In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant had not been exercised as of December 31, 2020. In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant had been exercised with respect to 5,819,652 shares as of December 31, 2020. (4) The preferred stock amount represents the dilutive potential on the shares of common stock as a result of the conversion of the Series C Redeemable Convertible Preferred Stock (Series C Preferred Stock) and Series E Convertible Preferred Stock (Series E Preferred Stock), based on the conversion price of each preferred stock as of December 31 2019, and 2018, respectively. Of the 10,431 shares of Series C Preferred Stock issued on May 16, 2013, all shares had been converted to common stock as of December 31, 2020. On November 1, 2018, the Company issued 35,000 shares of Series E Preferred Stock. As of December 31, 2019, 30,462 shares of the Series E Preferred Stock had been converted to common stock and 4,038 shares were redeemed for cash. All of the remaining Series E Preferred Stock were converted to either common stock or cash, in January 2020 . (5) In March 2018, the Company issued the 5.5% Convertible Senior Notes. In September 2019, the Company issued the $7.5% Convertible Senior Note, which was fully converted into 16.0 million shares on July 1, 2020. In May 2020, the Company issued the 3.5% Convertible Senior Notes and repurchased $66.3 million of the 5.5% Convertible Senior Notes. In the fourth quarter of 2020, $33.5 million of the remaining 5.5% Convertible Senior Notes converted into 14.6 million shares of common stock. As of December 31, 2020, approximately $160 thousand aggregate principal amount of the 5.5% Convertible Senior Notes remained outstanding, all of which was converted in January 2021 . |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Schedule of Inventory | Inventory as of December 31, 2020 and 2019 as restated, consists of the following (in thousands): December 31, 2020 December 31, 2019 (as restated) Raw materials and supplies - production locations $ 92,221 $ 48,011 Raw materials and supplies - customer locations 12,405 9,241 Work-in-process 29,349 12,529 Finished goods 5,411 2,610 Inventory $ 139,386 $ 72,391 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment | |
Schedule of Property plant and equipment | Property, plant and equipment at December 31, 2020 and 2019 consists of the following (in thousands): December 31, 2020 December 31, 2019 Land 1,165 — Leasehold improvements $ 1,121 $ 862 Software, machinery and equipment 94,449 31,514 Property, plant, and equipment 96,735 32,376 Less: accumulated depreciation (22,186) (17,417) Property, plant, and equipment, net $ 74,549 $ 14,959 |
Equipment Related to Power Pu_2
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net | |
Equipment related to power purchase agreements and fuel delivered to customers, net | Equipment related to power purchase agreements and fuel delivered to customers, net, at December 31, 2020 and 2019 consists of the following (in thousands): December 31, 2019 December 31, 2020 (as restated) Equipment related to power purchase agreements and fuel delivered to customers 92,736 81,194 Less: accumulated depreciation (16,929) (13,425) Equipment related to power purchase agreements and fuel delivered to customers, net $ 75,807 $ 67,769 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill | |
Schedule of Intangible assets | The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2020 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 10 years $ 13,697 $ (4,042) $ 9,655 Customer relationships, Non-compete agreements, Backlog & Trademark 6 years 890 (294) 596 In process research and development Indefinite 29,000 — 29,000 $ 43,587 $ (4,336) $ 39,251 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2019 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 9 years $ 8,244 $ (2,815) $ 5,429 Trademark 9 years 320 (210) 110 $ 8,564 $ (3,025) $ 5,539 |
Schedule of future amortization of intangible assets | Estimated amortization expense for subsequent years was as follows (in thousands): 2021 1,878 2022 1,478 2023 1,478 2024 1,456 2025 and thereafter 3,961 Total $ 10,251 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses | |
Schedule of Accrued Expenses | Accrued expenses at December 31, 2020 and 2019 consist of (in thousands): 2019 2020 (as restated) Accrued payroll and compensation related costs $ 29,167 $ 2,932 Accrued accounts payable 11,750 7,254 Accrued sales and other taxes 3,665 905 Accrued interest 649 2,374 Accrued other 852 944 Total $ 46,083 $ 14,409 |
Operating and Finance Lease L_2
Operating and Finance Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating and Finance Lease Liabilities | |
Schedule of future minimum lease payments under operating leases | Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of December 31, 2020 were as follows (in thousands): Finance Total Operating Lease Lease Lease Liability Liability Liabilities 2021 $ 28,536 $ 1,261 $ 29,797 2022 27,138 1,234 28,372 2023 26,464 1,210 27,674 2024 25,947 1,293 27,240 2025 and thereafter 50,362 1,721 52,083 Total future minimum payments 158,447 6,719 165,166 Less imputed interest (44,509) (1,323) (45,832) Total $ 113,938 $ 5,396 $ 119,334 |
Schedule of operating leases other information | Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 22,626 $ 14,055 Weighted average remaining lease term (years) 6.0 5.0 Weighted average discount rate 11.7% 12.1% |
Schedule of finance leases other information | Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 471 $ 255 Weighted average remaining lease term (years) 5.6 7.7 Weighted average discount rate 8.2% 8.8% |
Finance Obligations (Tables)
Finance Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Sale Leaseback Transaction [Line Items] | |
Schedule of finance leases other information | Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 471 $ 255 Weighted average remaining lease term (years) 5.6 7.7 Weighted average discount rate 8.2% 8.8% |
Finance obligation | |
Sale Leaseback Transaction [Line Items] | |
Schedule of future minimum lease payments under finance obligations | Future minimum payments under finance obligations notes above as of December 31, 2020 were as follows (in thousands): Total Sale of Future Sale/leaseback Finance revenue - debt financings Obligations 2021 $ 41,670 $ 9,327 $ 50,997 2022 39,268 4,975 44,243 2023 39,268 3,149 42,417 2024 39,268 16,154 55,422 2025 and thereafter 53,385 — 53,385 Total future minimum payments 212,859 33,605 246,464 Less imputed interest (55,158) (9,753) (64,911) Total $ 157,701 $ 23,852 $ 181,553 |
Schedule of finance leases other information | Year ended Year ended December 31, 2020 December 31, 2019 Cash payments (in thousands) $ 44,245 $ 76,244 Weighted average remaining term (years) 5.0 5.3 Weighted average discount rate 11.3% 11.2% |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt | |
Summary of principal payments of long term debt | As of December 31, 2020 the Term Loan Facility requires the principal balance as of each of the following dates not to exceed the following (in thousands): December 31, 2021 127,317 December 31, 2022 93,321 December 31, 2023 62,920 December 31, 2024 33,692 December 31, 2025 — |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
3.75% Convertible Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of net proceeds from the Convertible Senior Notes | Amount (in thousands) Principal amount $ 212,463 Less initial purchasers' discount (6,374) Less cost of related capped calls (16,253) Less other issuance costs (617) Net proceeds $ 189,219 |
Amazon.com, Inc. Transaction Ag
Amazon.com, Inc. Transaction Agreement (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Warrant Transaction Agreements | |
Schedule of warranty assumptions | December 31, 2020 November 2, 2020 Risk-free interest rate 0.58% 0.58% Volatility 75.00% 75.00% Expected average term 6.26 6.42 Exercise price $13.81 $13.81 Stock price $33.91 $15.47 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Schedule of disaggregation of revenue | The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Year ended December 31, 2019 2018 2020 (as restated) (as restated) Sales of fuel cell systems $ (55,091) $ 130,757 $ 75,029 Sale of hydrogen infrastructure (39,204) 19,163 32,146 Services performed on fuel cell systems and related infrastructure (9,801) 25,217 22,002 Power Purchase Agreements 26,620 25,553 22,569 Fuel delivered to customers (16,072) 29,099 22,469 Other 311 186 — Net revenue $ (93,237) $ 229,975 $ 174,215 |
Schedule of receivables, contract assets and contract liabilities from contracts with customers | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): 2020 2019 Accounts receivable $ 43,041 $ 25,768 Contract assets 18,189 13,251 Contract liabilities 76,285 40,743 |
Schedule of changes in contract assets and the contract liabilities | Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract assets Year ended December 31, 2020 Transferred to receivables from contract assets recognized at the beginning of the period $ (5,483) Revenue recognized and not billed as of the end of the period 10,421 Net change in contract assets $ 4,938 Contract liabilities Year ended December 31, 2020 Increases due to cash received, net of amounts recognized as revenue during the period $ 100,492 Contract liabilities assumed as part of acquisitions 2,350 Revenue recognized that was included in the contract liability balance as of the beginning of the period (67,300) Net change in contract liabilities $ 35,542 |
Schedule of Estimated future revenue | The following table includes estimated revenue included in the backlog expected to be recognized in the future (sales of fuel cell systems and hydrogen installations are expected to be recognized as revenue within one year; sales services five Estimated future revenue December 31, 2020 Sales of fuel cell systems $ 16,209 Sale of hydrogen installations and other infrastructure 28,282 Services performed on fuel cell systems and related infrastructure 75,467 Power Purchase Agreements 178,450 Fuel delivered to customers 65,704 Other rental income 3,294 Total estimated future revenue $ 367,406 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans | |
Assumptions made for the purpose of estimating fair value | 2020 2019 2018 Expected term of options (years) 6 6 6 Risk free interest rate 0.37% - 1.37% 1.52% - 2.53% 2.81% - 2.88% Volatility 64.19% - 68.18% 69.32% - 87.94% 98.31% - 98.89% |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the year December 31, 2020 is as follows (in thousands except share amounts): Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2019 23,013,590 $ 2.48 6.6 $ 22,277 Granted 3,509,549 12.79 — — Exercised (16,159,742) 2.55 — — Forfeited (73,249) 6.32 — — Expired (5,650) 4.78 — — Options outstanding at December 31, 2020 10,284,498 $ 5.78 7.8 $ 289,316 Options exercisable at December 31, 2020 4,084,124 2.31 5.8 129,068 Options unvested at December 31, 2020 6,200,374 $ 8.07 9.1 $ 160,248 |
Nonvested Restricted Stock Shares Activity | A summary of restricted stock activity for the year ended December 31, 2020 is as follows (in thousands except share amounts): Aggregate Intrinsic Shares Value Unvested restricted stock at December 31, 2019 4,608,560 $ — Granted 3,227,149 — Vested (1,896,901) — Forfeited (64,166) Unvested restricted stock at December 31, 2020 5,874,642 $ 199,209 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Schedule Components of loss before income taxes and the provision for income taxes | The components of loss before income taxes and the income tax benefit for the years ended December 31, 2020, 2019, and 2018, by jurisdiction, are as follows (in thousands): 2019 2018 2020 (as restated) (as restated) U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (624,302) $ (2,698) $ (627,000) $ (82,188) $ (1,555) $ (83,743) $ (93,497) $ (1,407) $ (94,903) Income tax benefit 30,845 — 30,845 — — — 9,295 — 9,295 Net loss attributable to the Company $ (593,457) $ (2,698) $ (596,155) $ (82,188) $ (1,555) $ (83,743) $ (84,201) $ (1,407) $ (85,608) |
Schedule of Significant Components of Deferred Income Tax Expense (Benefit) | The significant components of deferred income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018, by jurisdiction, are as follows (in thousands): 2019 2018 2020 (as restated) (as restated) U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Deferred tax (benefit) expense $ (31,408) $ (67) $ (31,475) $ (10,621) $ (426) $ (11,047) $ (11,745) $ 933 $ (10,812) Net operating loss carryforward generated (51,849) (438) (52,287) (5,099) (270) (5,369) (10,321) (665) (10,986) Valuation allowance increase (decrease) 52,412 505 52,917 15,720 696 16,416 12,771 (268) 12,503 Benefit for income taxes $ (30,845) $ — $ (30,845) $ — $ — $ — $ (9,295) $ — $ (9,295) |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s effective income tax rate differed from the federal statutory rate as follows: 2020 2019 2018 U.S. Federal statutory tax rate (21.0) % (21.0) % (21.0) % Deferred state taxes (2.3) % 1.4 % (1.9) % Common stock warrant liability 13.4 % — % (1.0) % Other, net (3.4) % (0.5) % 0.9 % Change in valuation allowance 8.4 % 20.1 % 13.2 % (4.9) % 0.0 % (9.8) % |
Schedule of Deferred Tax Assets and Liabilities | U.S. Foreign Total 2019 2019 2019 2020 (as restated) 2020 (as restated) 2020 (as restated) Intangible assets $ — $ — $ 1,197 $ 1,197 $ 1,197 $ 1,197 Deferred revenue 16,082 7,922 192 129 16,274 8,051 Interest expense 21,183 10,216 — — 21,183 10,216 Other reserves and accruals 5,087 1,504 — — 5,087 1,504 Tax credit carryforwards 4,360 2,590 1,253 1,253 5,613 3,843 Amortization of stock-based compensation 3,900 9,081 — — 3,900 9,081 Non-compensatory warrants 5,020 4,322 — — 5,020 4,322 Capitalized research & development expenditures 30,870 22,601 4,483 4,483 35,353 27,084 Right of use liability (operating leases) 27,715 22,647 — — 27,715 22,647 Net operating loss carryforwards 110,978 54,438 10,014 9,576 120,992 64,014 Total deferred tax asset 225,195 135,321 17,139 16,638 242,334 151,959 Valuation allowance (154,467) (102,055) (17,127) (16,622) (171,594) (118,677) Net deferred tax assets $ 70,728 $ 33,266 $ 12 $ 16 $ 70,740 $ 33,282 Intangible assets (7,360) (15) — — (7,360) (15) Convertible debt (27,420) (6,592) — — (27,420) (6,592) Right of use asset (operating leases) (27,684) (23,040) — — (27,684) (23,040) Other reserves and accruals — — (12) (16) (12) (16) Property, plant and equipment and right of use assets (9,191) (3,619) — — (9,191) (3,619) Deferred tax liability $ (71,655) $ (33,266) $ (12) $ (16) $ (71,667) $ (33,282) Net $ (927) $ — $ — $ — $ (927) $ — |
Schedule of Valuation Allowance | U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses $ 51,848 $ $ 51,848 Increase (decrease) in valuation allowance for current year net increase (decrease) in deferred tax assets other than net operating losses (5,742) 133 (5,609) Decrease in valuation allowance as a result of foreign currency fluctuation 6,306 — 6,306 Increase in valuation allowance due to change in tax rates — 372 372 Net increase in valuation allowance $ 52,412 $ 505 $ 52,917 |
Nature of Operations (Details)
Nature of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2021 | Jan. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2020 | May 29, 2020 | May 18, 2020 | |
Liquidity | |||||||||||||||||||||||||
Number of common stock sold | 43,700,000 | 35,276,250 | 46,000,000 | 10,000,000 | 4,400,000 | 79,000,000 | |||||||||||||||||||
Share Price | $ 22.25 | $ 10.25 | $ 2.75 | $ 2.35 | $ 2.75 | $ 2.35 | $ 2.75 | ||||||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 927,300 | $ 344,400 | $ 120,400 | $ 23,500 | $ 23,498 | $ (269) | $ 28,265 | $ 344,398 | $ 38,098 | $ 1,271,714 | $ 158,343 | $ 7,195 | |||||||||||||
Common stock, shares issued | 318,637,560 | 473,977,469 | 318,637,560 | 473,977,469 | 318,637,560 | ||||||||||||||||||||
Cash and cash equivalents | $ 139,496 | 39,336 | $ 1,312,404 | $ 448,140 | $ 152,492 | $ 74,340 | $ 139,496 | $ 43,275 | $ 19,845 | 39,336 | 152,492 | 19,845 | 448,140 | 43,275 | $ 1,312,404 | $ 139,496 | |||||||||
Restricted cash | 321,900 | 321,900 | |||||||||||||||||||||||
Net loss attributable to common shareholders | (484,105) | (65,217) | (9,414) | (37,445) | (19,277) | (18,366) | (17,351) | (30,560) | (46,859) | (47,911) | (112,076) | (66,277) | (596,181) | (85,555) | (85,660) | ||||||||||
Net loss attributable to common shareholders | 484,105 | 65,217 | 9,414 | 37,445 | 19,277 | 18,366 | 17,351 | 30,560 | 46,859 | 47,911 | 112,076 | 66,277 | 596,181 | 85,555 | 85,660 | ||||||||||
Net cash used in operating activities | 60,402 | 35,699 | 111,891 | 48,328 | 156,506 | 54,141 | 155,476 | 53,324 | $ 58,350 | ||||||||||||||||
Accumulated deficit | (1,350,307) | (1,297,072) | (1,946,488) | (1,462,377) | (1,397,160) | (1,387,752) | (1,350,307) | (1,332,259) | (1,314,425) | (1,297,072) | (1,397,160) | (1,314,425) | (1,462,377) | (1,332,259) | (1,946,488) | (1,350,307) | |||||||||
Total operating lease, liabilities | 113,938 | 113,938 | |||||||||||||||||||||||
Total finance lease liabilities | 5,396 | 5,396 | |||||||||||||||||||||||
Operating lease liabilities | 9,428 | 7,042 | 14,314 | 10,609 | 9,453 | 8,959 | 9,428 | 8,666 | 7,512 | 7,042 | 9,453 | 7,512 | 10,609 | 8,666 | 14,314 | 9,428 | |||||||||
Finance lease liabilities | $ 226 | $ 236 | 903 | $ 374 | $ 345 | $ 204 | $ 226 | $ 310 | $ 266 | $ 236 | $ 345 | $ 266 | $ 374 | $ 310 | 903 | $ 226 | |||||||||
Incremental term loan | 175,400 | 175,400 | |||||||||||||||||||||||
Short-term borrowing | 25,400 | 25,400 | |||||||||||||||||||||||
Convertible senior notes | 85,600 | 85,600 | |||||||||||||||||||||||
Working capital | 1,400,000 | ||||||||||||||||||||||||
Interest rate (as a percent) | 3.50% | ||||||||||||||||||||||||
Finance obligation | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Total finance lease liabilities | 181,553 | 181,553 | |||||||||||||||||||||||
Finance lease liabilities | $ 32,700 | $ 32,700 | |||||||||||||||||||||||
3.75% Convertible Senior Notes | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Share Price | $ 33.91 | $ 33.91 | |||||||||||||||||||||||
Principal amount | $ 212,463 | $ 212,463 | $ 212,463 | $ 12,500 | $ 200,000 | ||||||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||||||||||||||
Private placement | 3.75% Convertible Senior Notes | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Principal amount | $ 212,500 | ||||||||||||||||||||||||
Interest rate (as a percent) | 3.75% | ||||||||||||||||||||||||
Subsequent event | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Number of common stock sold | 32.2 | ||||||||||||||||||||||||
Subsequent event | 3.75% Convertible Senior Notes | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | ||||||||||||||||||||||
Subsequent event | SK Holdings Co LTD | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Number of common stock sold | 54,996,188 | ||||||||||||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 1,600,000 | ||||||||||||||||||||||||
Common stock, shares issued | 54,966,188 | 54,966,188 | |||||||||||||||||||||||
Per share price of shares of common stock | $ 29.2893 | $ 29.2893 | |||||||||||||||||||||||
Subsequent event | Public Offerings | |||||||||||||||||||||||||
Liquidity | |||||||||||||||||||||||||
Number of common stock sold | 32,200,000 | 32,200,000 | |||||||||||||||||||||||
Share Price | $ 65 | $ 65 | $ 65 | ||||||||||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 1,800,000 | $ 1,800,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements - Restatement Background (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 117,016 | $ 90,184 | $ 71,789 | $ 64,812 | $ 63,266 | $ 47,016 | $ 39,679 | $ 33,599 | $ 71,789 | $ 39,679 | $ 90,184 | $ 47,016 | $ 117,016 | $ 63,266 | ||
Operating Lease, Liability | 113,938 | 113,938 | ||||||||||||||
Total cost of revenue | 135,632 | 68,010 | 50,522 | 83,861 | 54,892 | 51,324 | 29,250 | 118,532 | 80,574 | 254,164 | 135,466 | 376,179 | 219,327 | $ 200,219 | ||
Net Income (Loss) Available to Common Stockholders, Basic | (484,105) | (65,217) | (9,414) | (37,445) | (19,277) | (18,366) | (17,351) | (30,560) | (46,859) | (47,911) | (112,076) | (66,277) | (596,181) | (85,555) | (85,660) | |
Increase in accumulated deficit | (1,946,488) | (1,462,377) | (1,397,160) | (1,387,752) | (1,350,307) | (1,332,259) | (1,314,425) | (1,297,072) | (1,397,160) | (1,314,425) | (1,462,377) | (1,332,259) | (1,946,488) | (1,350,307) | ||
Research and Development Expense | 7,386 | 4,873 | 4,774 | 4,882 | 3,563 | 3,608 | 3,006 | 9,647 | 6,614 | 17,033 | 10,177 | 27,848 | 15,059 | 12,750 | ||
Nonoperating Income (Expense) | (17,551) | (13,462) | (11,846) | (10,999) | (8,273) | (7,965) | (8,454) | (25,308) | (16,419) | (42,859) | (24,692) | (60,484) | (35,691) | (22,750) | ||
Asset Impairment Charges | 6,430 | |||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | 58,500 | 37,700 | ||||||||||||||
Other current liabilities | 29,487 | 21,083 | 19,418 | 8,446 | 6,704 | 8,373 | 3,705 | 3,745 | 19,418 | 3,705 | 21,083 | 8,373 | 29,487 | 6,704 | ||
Other liabilities | 40,447 | 45,170 | 14,476 | 2,386 | 2,818 | 2,834 | 3,333 | 3,746 | 14,476 | 3,333 | 45,170 | 2,834 | 40,447 | 2,818 | ||
Finance Lease, Liability | 5,396 | 5,396 | ||||||||||||||
Finance obligations | 32,717 | 31,349 | 28,794 | 26,209 | 24,667 | 20,469 | 12,455 | 11,028 | 28,794 | 12,455 | 31,349 | 20,469 | 32,717 | 24,667 | ||
Financing Transaction Finance Obligation Amount | $ 148,836 | 140,662 | 131,653 | 121,322 | 119,422 | 99,669 | 76,916 | 54,864 | 131,653 | 76,916 | 140,662 | 99,669 | 148,836 | 119,422 | ||
Series E Redeemable Convertible Preferred Stock | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Dividends, Preferred Stock | 1,800 | |||||||||||||||
Provision (benefit) for loss contracts related to service | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 25,147 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 25,948 | 407 | 35,473 | 394 | 5,345 | ||
Sales of fuel cell systems and related infrastructure | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 69,428 | 33,888 | 13,974 | 47,091 | 25,183 | 23,329 | 2,312 | 47,862 | 25,641 | 117,290 | 50,824 | 171,404 | 97,915 | 85,205 | ||
Sales of fuel cell systems and related infrastructure | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 7,000 | |||||||||||||||
Fuel delivered to customers | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 17,002 | 11,076 | 11,254 | 12,800 | 11,149 | 11,146 | 10,152 | 22,330 | 21,298 | 39,332 | 32,447 | 61,815 | 45,247 | 36,037 | ||
Fuel delivered to customers | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 8,900 | |||||||||||||||
Services performed on fuel cell systems and related infrastructure | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 9,180 | 7,773 | 10,347 | 11,606 | 7,802 | 8,383 | 6,791 | 18,120 | 15,174 | 27,300 | 22,976 | 42,524 | 34,582 | 32,271 | ||
Power Purchase Agreements | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 14,744 | 14,504 | 14,771 | 12,301 | 10,814 | 8,829 | 9,833 | 29,275 | 18,662 | 44,019 | 29,476 | $ 64,640 | 41,777 | 41,361 | ||
Restatement Adjustments | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Operating Lease, Right-of-Use Asset | 90,184 | 71,789 | 64,812 | 63,266 | 47,016 | 39,679 | 33,599 | 71,789 | 39,679 | 90,184 | 47,016 | 63,266 | ||||
Total cost of revenue | 27,353 | 5,016 | 5,238 | 4,979 | 3,778 | 4,410 | 3,887 | 10,254 | 8,297 | 37,607 | 12,075 | 17,054 | 28,209 | |||
Net Income (Loss) Available to Common Stockholders, Basic | (25,838) | (745) | 47 | (989) | (209) | 756 | 444 | (705) | 1,161 | (26,543) | 952 | (38) | (7,493) | |||
Increase in accumulated deficit | (31,037) | (5,199) | (4,453) | (4,500) | (4,741) | (5,062) | (5,817) | (5,199) | (5,062) | (31,037) | (4,741) | (4,500) | ||||
Research and Development Expense | (4,578) | (4,884) | (5,638) | (4,459) | (4,465) | (5,325) | (4,367) | (10,522) | (9,692) | (15,100) | (14,157) | (18,616) | (21,157) | |||
Nonoperating Income (Expense) | (310) | (264) | (263) | (193) | (301) | (104) | (109) | (527) | (213) | (837) | (514) | (189) | (615) | |||
Other current liabilities | 3,803 | (2,274) | (1,977) | (1,839) | (1,865) | 688 | 1,474 | (2,274) | 688 | 3,803 | (1,865) | (1,839) | ||||
Other liabilities | 18,102 | 2,720 | 2,373 | 2,805 | 2,821 | 3,320 | 3,729 | 2,720 | 3,320 | 18,102 | 2,821 | 2,805 | ||||
Finance obligations | (32,343) | (28,901) | (25,838) | (24,840) | (20,643) | (18,208) | (12,969) | (28,901) | (18,208) | (32,343) | (20,643) | (24,840) | ||||
Financing Transaction Finance Obligation Amount | (196,488) | (169,000) | (150,849) | (145,806) | (108,796) | (80,615) | (56,331) | (169,000) | (80,615) | (196,488) | (108,796) | (145,806) | ||||
Restatement Adjustments | Series E Redeemable Convertible Preferred Stock | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 1,800 | |||||||||||||||
Dividends, Preferred Stock | 1,800 | 1,800 | ||||||||||||||
Restatement Adjustments | Revision of Lease Liability | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Increase in accumulated deficit | 4,500 | 4,500 | 6,200 | |||||||||||||
Restatement Adjustments | Revision of Deemed Dividend [Member] | Series E Redeemable Convertible Preferred Stock | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Deemed Dividend | 1,800 | |||||||||||||||
Restatement Adjustments | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 1,100 | |||||||||||||||
Research and Development Expense | (19,492) | (21,157) | ||||||||||||||
Restatement Adjustments | Cumulative effect from adoption of ASC 842 | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Increase in accumulated deficit | $ 3,400 | |||||||||||||||
Restatement Adjustments | Provision (benefit) for loss contracts related to service | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 20,841 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 21,642 | 407 | 394 | 5,345 | |||
Restatement Adjustments | Sales of fuel cell systems and related infrastructure | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 919 | 212 | 230 | 672 | 193 | 200 | (9) | 442 | 191 | 1,361 | 384 | 1,056 | 766 | |||
Restatement Adjustments | Sales of fuel cell systems and related infrastructure | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 614 | |||||||||||||||
Restatement Adjustments | Fuel delivered to customers | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 2,830 | 2,016 | 2,219 | 2,378 | 1,989 | 2,292 | 2,231 | 4,235 | 4,523 | 7,065 | 6,512 | 8,890 | 8,325 | |||
Restatement Adjustments | Fuel delivered to customers | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 8,300 | |||||||||||||||
Restatement Adjustments | Services performed on fuel cell systems and related infrastructure | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 2,106 | 1,282 | 2,166 | 1,607 | 1,341 | 2,165 | 668 | 3,448 | 2,833 | 5,554 | 4,174 | 5,781 | 8,573 | |||
Restatement Adjustments | Services performed on fuel cell systems and related infrastructure | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | 2,500 | 8,000 | ||||||||||||||
Restatement Adjustments | Power Purchase Agreements | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | $ 657 | $ 800 | $ 528 | $ 309 | $ 461 | $ 116 | $ 835 | $ 1,328 | $ 951 | $ 1,985 | $ 1,412 | $ 1,721 | 5,200 | |||
Restatement Adjustments | Power Purchase Agreements | Revision of Research and Development Expense | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Total cost of revenue | $ 4,200 |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements - Research and development expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Research and Development Expense | $ 7,386 | $ 4,873 | $ 4,774 | $ 4,882 | $ 3,563 | $ 3,608 | $ 3,006 | $ 9,647 | $ 6,614 | $ 17,033 | $ 10,177 | $ 27,848 | $ 15,059 | $ 12,750 | |
Gross Profit | $ (431,114) | (28,584) | (15) | (9,703) | 7,746 | 4,500 | 6,142 | (7,740) | (9,718) | (1,598) | (38,302) | 2,902 | $ (469,416) | 10,648 | (26,004) |
Restatement Adjustments | |||||||||||||||
Cost of Revenue | 19,492 | 21,157 | |||||||||||||
Research and Development Expense | (4,578) | (4,884) | (5,638) | (4,459) | (4,465) | (5,325) | (4,367) | (10,522) | (9,692) | (15,100) | (14,157) | (18,616) | (21,157) | ||
Gross Profit | $ (27,294) | $ (5,091) | $ (5,232) | $ (5,036) | $ (3,847) | $ (4,479) | $ (3,956) | $ (10,323) | $ (8,435) | $ (37,617) | $ (12,282) | (17,318) | (28,626) | ||
Restatement Adjustments | Sales of fuel cell systems and related infrastructure | |||||||||||||||
Cost of Revenue | 1,121 | 614 | |||||||||||||
Restatement Adjustments | Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Cost of Revenue | 6,986 | 7,954 | |||||||||||||
Restatement Adjustments | Power Purchase Agreements | |||||||||||||||
Cost of Revenue | 2,539 | 4,264 | |||||||||||||
Revision of Research and Development Expense | Restatement Adjustments | |||||||||||||||
Research and Development Expense | $ (19,492) | $ (21,157) |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||||||
Cash and cash equivalents | $ 1,312,404,000 | $ 448,140,000 | $ 152,492,000 | $ 74,340,000 | $ 139,496,000 | $ 43,275,000 | $ 19,845,000 | $ 39,336,000 | ||
Restricted cash | 64,041,000 | 55,704,000 | 50,634,000 | 56,804,000 | 54,813,000 | 35,720,000 | 19,400,000 | 19,297,000 | ||
Accounts receivable | 43,041,000 | 113,505,000 | 45,782,000 | 24,734,000 | 25,768,000 | 24,737,000 | 26,844,000 | 32,307,000 | ||
Inventory | 139,386,000 | 134,203,000 | 114,571,000 | 92,972,000 | 72,391,000 | 80,601,000 | 73,190,000 | 65,474,000 | ||
Prepaid expenses and other current assets | 44,324,000 | 26,731,000 | 31,436,000 | 28,500,000 | 21,192,000 | 12,804,000 | 14,001,000 | 10,296,000 | ||
Total current assets | 1,603,196,000 | 778,283,000 | 394,915,000 | 277,350,000 | 313,660,000 | 197,137,000 | 153,280,000 | 166,710,000 | ||
Restricted cash | 257,839,000 | 227,528,000 | 180,127,000 | 176,070,000 | 175,191,000 | 119,322,000 | 96,082,000 | 50,598,000 | ||
Property, plant, and equipment, net | 74,549,000 | 64,820,000 | 60,018,000 | 16,591,000 | 14,959,000 | 14,990,000 | 14,228,000 | 13,615,000 | ||
Right of use assets related to finance leases, net | 5,724,000 | 2,335,000 | 2,389,000 | 1,707,000 | 1,714,000 | 1,720,000 | 1,726,000 | 1,733,000 | ||
Right of use assets related to operating leases | 117,016,000 | 90,184,000 | 71,789,000 | 64,812,000 | 63,266,000 | 47,016,000 | 39,679,000 | 33,599,000 | ||
Equipment related to power purchase agreements and fuel delivered to customers, net | 75,807,000 | 71,891,000 | 68,428,000 | 68,402,000 | 67,769,000 | 67,248,000 | 68,982,000 | 70,928,000 | ||
Goodwill | 72,387,000 | 71,822,000 | 70,262,000 | 8,673,000 | 8,842,000 | 8,606,000 | 8,961,000 | 8,886,000 | ||
Intangible assets, net | 39,251,000 | 39,569,000 | 38,974,000 | 5,696,000 | 5,539,000 | 5,113,000 | 5,398,000 | 3,677,000 | ||
Other assets | 5,513,000 | 9,661,000 | 11,817,000 | 12,059,000 | 8,573,000 | 9,152,000 | 8,842,000 | 11,069,000 | ||
Total assets | 2,251,282,000 | 1,356,093,000 | 898,719,000 | 631,360,000 | 659,513,000 | 470,304,000 | 397,178,000 | 360,815,000 | ||
Current liabilities: | ||||||||||
Accounts payable | 50,198,000 | 58,793,000 | 39,812,000 | 35,503,000 | 40,376,000 | 36,851,000 | 36,946,000 | 31,688,000 | ||
Accrued expenses | 46,083,000 | 37,948,000 | 23,917,000 | 14,870,000 | 14,409,000 | 9,457,000 | 4,522,000 | 6,509,000 | ||
Deferred revenue | 23,275,000 | 17,226,000 | 14,902,000 | 11,557,000 | 11,691,000 | 11,480,000 | 11,730,000 | 11,736,000 | ||
Operating lease liabilities | 14,314,000 | 10,609,000 | 9,453,000 | 8,959,000 | 9,428,000 | 8,666,000 | 7,512,000 | 7,042,000 | ||
Finance lease liabilities | 903,000 | 374,000 | 345,000 | 204,000 | 226,000 | 310,000 | 266,000 | 236,000 | ||
Finance obligations | 32,717,000 | 31,349,000 | 28,794,000 | 26,209,000 | 24,667,000 | 20,469,000 | 12,455,000 | 11,028,000 | ||
Current portion of long-term debt | 25,389,000 | 74,829,000 | 50,933,000 | 27,819,000 | 26,461,000 | 17,202,000 | 15,928,000 | 12,559,000 | ||
Other current liabilities | 29,487,000 | 21,083,000 | 19,418,000 | 8,446,000 | 6,704,000 | 8,373,000 | 3,705,000 | 3,745,000 | ||
Total current liabilities | 222,366,000 | 252,211,000 | 187,574,000 | 133,567,000 | 133,962,000 | 112,808,000 | 93,064,000 | 84,543,000 | ||
Deferred revenue | 32,944,000 | 29,511,000 | 24,848,000 | 22,684,000 | 23,170,000 | 22,213,000 | 24,126,000 | 25,366,000 | ||
Operating lease liabilities | 99,624,000 | 74,422,000 | 58,410,000 | 52,165,000 | 50,937,000 | 36,599,000 | 30,631,000 | 25,657,000 | ||
Finance lease liabilities | 4,493,000 | 2,384,000 | 2,465,000 | 1,953,000 | 2,011,000 | 2,068,000 | 2,123,000 | 2,142,000 | ||
Finance obligations | 148,836,000 | 140,662,000 | 131,653,000 | 121,322,000 | 119,422,000 | 99,669,000 | 76,916,000 | 54,864,000 | ||
Common stock warrant liability | 98,000 | 525,000 | 2,231,000 | |||||||
Convertible senior notes, net | 85,640,000 | 105,088,000 | 142,889,000 | 113,063,000 | 110,431,000 | 107,945,000 | 66,844,000 | 65,025,000 | ||
Long-term debt | 150,013,000 | 120,380,000 | 101,844,000 | 79,119,000 | 85,708,000 | 78,840,000 | 83,776,000 | 72,676,000 | ||
Other liabilities | 40,447,000 | 45,170,000 | 14,476,000 | 2,386,000 | 2,818,000 | 2,834,000 | 3,333,000 | 3,746,000 | ||
Total liabilities | 784,363,000 | 769,828,000 | 664,159,000 | 526,259,000 | 528,459,000 | 463,074,000 | 381,338,000 | 336,250,000 | ||
Redeemable preferred stock: | ||||||||||
Preferred stock | 0.01 | |||||||||
Stockholders' equity: | ||||||||||
Common stock, $.01 par value | 4,740,000 | 4,061,000 | 3,482,000 | 3,222,000 | 3,186,000 | 2,540,000 | 2,470,000 | 2,445,000 | ||
Additional paid-in capital | 3,446,650,000 | 2,083,169,000 | 1,658,438,000 | 1,519,094,000 | 1,506,953,000 | 1,340,781,000 | 1,325,381,000 | 1,316,815,000 | ||
Accumulated other comprehensive income | 2,451,000 | 1,846,000 | 1,159,000 | 1,052,000 | 1,288,000 | 929,000 | 1,460,000 | 1,374,000 | ||
Accumulated deficit | (1,946,488,000) | (1,462,377,000) | (1,397,160,000) | (1,387,752,000) | (1,350,307,000) | (1,332,259,000) | (1,314,425,000) | (1,297,072,000) | ||
Less common stock in treasury | (40,434,000) | (40,434,000) | (31,359,000) | (31,224,000) | (31,216,000) | (31,216,000) | (30,681,000) | (30,637,000) | ||
Total stockholders' equity | 1,466,919,000 | 586,265,000 | 234,560,000 | 104,392,000 | 129,904,000 | (19,225,000) | (15,795,000) | (7,075,000) | $ (3,588,000) | $ 70,229,000 |
Total liabilities, redeemable preferred stock, and stockholders' equity | $ 2,251,282,000 | 1,356,093,000 | 898,719,000 | 631,360,000 | 659,513,000 | 470,304,000 | 397,178,000 | 360,815,000 | ||
Series C Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 709,000 | 709,000 | 709,000 | 709,000 | 709,000 | |||||
Series E Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 441,000 | 25,746,000 | 30,926,000 | 30,931,000 | ||||||
As previously Reported | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 448,140,000 | 152,492,000 | 74,340,000 | 139,496,000 | 43,275,000 | 19,845,000 | 39,336,000 | |||
Restricted cash | 55,704,000 | 50,634,000 | 56,804,000 | 54,813,000 | 35,720,000 | 19,400,000 | 19,297,000 | |||
Accounts receivable | 113,133,000 | 45,522,000 | 24,437,000 | 25,448,000 | 24,392,000 | 26,592,000 | 32,062,000 | |||
Inventory | 134,306,000 | 114,571,000 | 92,972,000 | 72,391,000 | 80,601,000 | 73,190,000 | 65,474,000 | |||
Prepaid expenses and other current assets | 26,731,000 | 31,436,000 | 28,500,000 | 21,192,000 | 12,804,000 | 14,001,000 | 10,296,000 | |||
Total current assets | 778,014,000 | 394,655,000 | 277,053,000 | 313,340,000 | 196,792,000 | 153,028,000 | 166,465,000 | |||
Restricted cash | 227,528,000 | 180,127,000 | 176,070,000 | 175,191,000 | 119,322,000 | 96,082,000 | 50,598,000 | |||
Property, plant, and equipment, net | 64,820,000 | 60,018,000 | 16,591,000 | 14,959,000 | 14,990,000 | 14,228,000 | 13,615,000 | |||
Equipment related to power purchase agreements and fuel delivered to customers, net | 309,475,000 | 274,721,000 | 252,802,000 | 244,740,000 | 202,034,000 | 170,455,000 | 141,889,000 | |||
Goodwill | 71,962,000 | 70,402,000 | 8,673,000 | 8,842,000 | 8,606,000 | 8,961,000 | 8,886,000 | |||
Intangible assets, net | 39,169,000 | 38,574,000 | 5,296,000 | 5,539,000 | 5,113,000 | 5,398,000 | 3,677,000 | |||
Other assets | 9,661,000 | 11,817,000 | 12,059,000 | 8,573,000 | 9,152,000 | 8,842,000 | 11,069,000 | |||
Total assets | 1,500,629,000 | 1,030,314,000 | 748,544,000 | 771,184,000 | 556,009,000 | 456,994,000 | 396,199,000 | |||
Current liabilities: | ||||||||||
Accounts payable | 58,793,000 | 39,812,000 | 35,503,000 | 40,376,000 | 36,851,000 | 36,946,000 | 31,688,000 | |||
Accrued expenses | 32,031,000 | 23,320,000 | 14,273,000 | 14,213,000 | 9,457,000 | 4,522,000 | 6,509,000 | |||
Deferred revenue | 17,226,000 | 14,902,000 | 11,557,000 | 11,691,000 | 11,480,000 | 11,730,000 | 11,736,000 | |||
Finance obligations | 63,692,000 | 57,695,000 | 52,047,000 | 49,507,000 | 41,112,000 | 30,663,000 | 23,997,000 | |||
Current portion of long-term debt | 74,829,000 | 50,933,000 | 27,819,000 | 26,461,000 | 17,202,000 | 15,928,000 | 12,559,000 | |||
Other current liabilities | 17,280,000 | 21,692,000 | 10,423,000 | 8,543,000 | 10,238,000 | 3,017,000 | 2,271,000 | |||
Total current liabilities | 263,851,000 | 208,354,000 | 151,622,000 | 150,791,000 | 126,340,000 | 102,806,000 | 88,760,000 | |||
Deferred revenue | 29,648,000 | 25,038,000 | 22,912,000 | 23,369,000 | 22,444,000 | 24,519,000 | 25,835,000 | |||
Finance obligations | 337,150,000 | 300,653,000 | 272,171,000 | 265,228,000 | 208,465,000 | 157,531,000 | 111,195,000 | |||
Common stock warrant liability | 98,000 | 525,000 | 2,231,000 | |||||||
Convertible senior notes, net | 105,088,000 | 142,704,000 | 112,878,000 | 110,246,000 | 107,760,000 | 66,844,000 | 65,025,000 | |||
Long-term debt | 120,380,000 | 101,844,000 | 79,119,000 | 85,708,000 | 78,840,000 | 83,776,000 | 72,676,000 | |||
Other liabilities | 27,068,000 | 11,756,000 | 13,000 | 13,000 | 13,000 | 13,000 | 17,000 | |||
Total liabilities | 883,185,000 | 790,349,000 | 638,715,000 | 635,355,000 | 543,960,000 | 436,014,000 | 365,739,000 | |||
Stockholders' equity: | ||||||||||
Common stock, $.01 par value | 4,061,000 | 3,482,000 | 3,222,000 | 3,186,000 | 2,540,000 | 2,470,000 | 2,445,000 | |||
Additional paid-in capital | 2,083,199,000 | 1,658,532,000 | 1,519,257,000 | 1,507,116,000 | 1,340,859,000 | 1,325,459,000 | 1,316,893,000 | |||
Accumulated other comprehensive income | 1,958,000 | 1,271,000 | 1,164,000 | 1,400,000 | 929,000 | 1,460,000 | 1,374,000 | |||
Accumulated deficit | (1,431,340,000) | (1,391,961,000) | (1,383,299,000) | (1,345,807,000) | (1,327,518,000) | (1,309,363,000) | (1,291,255,000) | |||
Less common stock in treasury | (40,434,000) | (31,359,000) | (31,224,000) | (31,216,000) | (31,216,000) | (30,681,000) | (30,637,000) | |||
Total stockholders' equity | 617,444,000 | 239,965,000 | 109,120,000 | 134,679,000 | (14,406,000) | (10,655,000) | (1,180,000) | 2,713,000 | 73,646,000 | |
Total liabilities, redeemable preferred stock, and stockholders' equity | 1,500,629,000 | 1,030,314,000 | 748,544,000 | 771,184,000 | 556,009,000 | 456,994,000 | 396,199,000 | |||
As previously Reported | Series C Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 709,000 | 709,000 | 709,000 | 709,000 | 709,000 | |||||
As previously Reported | Series E Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 441,000 | 25,746,000 | 30,926,000 | 30,931,000 | ||||||
Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Accounts receivable | 372,000 | 260,000 | 297,000 | 320,000 | 345,000 | 252,000 | 245,000 | |||
Inventory | (103,000) | |||||||||
Total current assets | 269,000 | 260,000 | 297,000 | 320,000 | 345,000 | 252,000 | 245,000 | |||
Right of use assets related to finance leases, net | 2,335,000 | 2,389,000 | 1,707,000 | 1,714,000 | 1,720,000 | 1,726,000 | 1,733,000 | |||
Right of use assets related to operating leases | 90,184,000 | 71,789,000 | 64,812,000 | 63,266,000 | 47,016,000 | 39,679,000 | 33,599,000 | |||
Equipment related to power purchase agreements and fuel delivered to customers, net | (237,584,000) | (206,293,000) | (184,400,000) | (176,971,000) | (134,786,000) | (101,473,000) | (70,961,000) | |||
Goodwill | (140,000) | (140,000) | ||||||||
Intangible assets, net | 400,000 | 400,000 | 400,000 | |||||||
Total assets | (144,536,000) | (131,595,000) | (117,184,000) | (111,671,000) | (85,705,000) | (59,816,000) | (35,384,000) | |||
Current liabilities: | ||||||||||
Accrued expenses | 5,917,000 | 597,000 | 597,000 | 196,000 | ||||||
Operating lease liabilities | 10,609,000 | 9,453,000 | 8,959,000 | 9,428,000 | 8,666,000 | 7,512,000 | 7,042,000 | |||
Finance lease liabilities | 374,000 | 345,000 | 204,000 | 226,000 | 310,000 | 266,000 | 236,000 | |||
Finance obligations | (32,343,000) | (28,901,000) | (25,838,000) | (24,840,000) | (20,643,000) | (18,208,000) | (12,969,000) | |||
Other current liabilities | 3,803,000 | (2,274,000) | (1,977,000) | (1,839,000) | (1,865,000) | 688,000 | 1,474,000 | |||
Total current liabilities | (11,640,000) | (20,780,000) | (18,055,000) | (16,829,000) | (13,532,000) | (9,742,000) | (4,217,000) | |||
Deferred revenue | (137,000) | (190,000) | (228,000) | (199,000) | (231,000) | (393,000) | (469,000) | |||
Operating lease liabilities | 74,422,000 | 58,410,000 | 52,165,000 | 50,937,000 | 36,599,000 | 30,631,000 | 25,657,000 | |||
Finance lease liabilities | 2,384,000 | 2,465,000 | 1,953,000 | 2,011,000 | 2,068,000 | 2,123,000 | 2,142,000 | |||
Finance obligations | (196,488,000) | (169,000,000) | (150,849,000) | (145,806,000) | (108,796,000) | (80,615,000) | (56,331,000) | |||
Convertible senior notes, net | 185,000 | 185,000 | 185,000 | 185,000 | ||||||
Other liabilities | 18,102,000 | 2,720,000 | 2,373,000 | 2,805,000 | 2,821,000 | 3,320,000 | 3,729,000 | |||
Total liabilities | (113,357,000) | (126,190,000) | (112,456,000) | (106,896,000) | (80,886,000) | (54,676,000) | (29,489,000) | |||
Stockholders' equity: | ||||||||||
Additional paid-in capital | (30,000) | (94,000) | (163,000) | (163,000) | (78,000) | (78,000) | (78,000) | |||
Accumulated other comprehensive income | (112,000) | (112,000) | (112,000) | (112,000) | ||||||
Accumulated deficit | (31,037,000) | (5,199,000) | (4,453,000) | (4,500,000) | (4,741,000) | (5,062,000) | (5,817,000) | |||
Total stockholders' equity | (31,179,000) | (5,405,000) | (4,728,000) | (4,775,000) | (4,819,000) | (5,140,000) | (5,895,000) | $ (6,301,000) | $ (3,417,000) | |
Total liabilities, redeemable preferred stock, and stockholders' equity | $ (144,536,000) | $ (131,595,000) | $ (117,184,000) | $ (111,671,000) | $ (85,705,000) | $ (59,816,000) | $ (35,384,000) |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheets (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 | ||||||
Common stock, shares issued | 473,977,469 | 318,637,560 | ||||||
Common Stock, Shares Outstanding | 458,051,920 | 303,378,515 | ||||||
Common stock in treasury, shares | 15,926,068 | 15,259,045 | ||||||
Series C Redeemable Convertible Preferred Stock | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Redeemable convertible Preferred Stock, shares authorized | 10,431 | 10,431,000 | 10,431 | 10,431,000 | 10,431,000 | 10,431,000 | ||
Redeemable convertible Preferred Stock, shares issued | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, shares outstanding | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | |||
Series E Redeemable Convertible Preferred Stock | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Redeemable convertible Preferred Stock, shares authorized | 35,000,000 | 35,000,000 | 35,000,000 | 35,000,000 | ||||
Redeemable convertible Preferred Stock, shares issued | 500,000 | 28,269,000 | 35,000,000 | 35,000,000 | ||||
Redeemable convertible Preferred Stock, shares outstanding | 500,000 | 28,269,000 | 35,000,000 | |||||
Redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) | $ 35,000 | $ 35,000 |
Restatement of Previously Iss_7
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue: | |||||||||||||||
Net revenue | $ 309,099 | $ 107,048 | $ 67,995 | $ 40,819 | $ 91,607 | $ 59,392 | $ 57,466 | $ 21,510 | $ 78,976 | $ 138,368 | |||||
Net revenue | 107,048 | 67,995 | 40,819 | 91,607 | $ 108,814 | $ 215,862 | $ (93,237) | $ 229,975 | $ 174,215 | ||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 135,632 | 68,010 | 50,522 | 83,861 | 54,892 | 51,324 | 29,250 | 118,532 | 80,574 | 254,164 | 135,466 | 376,179 | 219,327 | 200,219 | |
Gross (loss) profit | (431,114) | (28,584) | (15) | (9,703) | 7,746 | 4,500 | 6,142 | (7,740) | (9,718) | (1,598) | (38,302) | 2,902 | (469,416) | 10,648 | (26,004) |
Operating expenses: | |||||||||||||||
Research and development | 7,386 | 4,873 | 4,774 | 4,882 | 3,563 | 3,608 | 3,006 | 9,647 | 6,614 | 17,033 | 10,177 | 27,848 | 15,059 | 12,750 | |
Selling, general and administrative | 17,210 | 21,644 | 11,109 | 9,973 | 10,395 | 13,613 | 9,221 | 32,753 | 22,834 | 49,963 | 33,229 | 79,348 | 43,202 | 37,685 | |
Change in fair value of contingent consideration | 1,130 | 1,130 | 1,160 | ||||||||||||
Total operating expenses | 46,660 | 25,726 | 26,517 | 15,883 | 14,855 | 13,958 | 17,221 | 12,227 | 42,400 | 29,448 | 68,126 | 43,406 | 114,786 | 58,261 | 50,435 |
Operating loss | (477,774) | (54,310) | (26,532) | (25,586) | (7,109) | (9,458) | (11,079) | (19,967) | (52,118) | (31,046) | (106,428) | (40,504) | (584,202) | (47,613) | (76,439) |
Interest and other expense, net | (17,551) | (13,462) | (11,846) | (10,999) | (8,273) | (7,965) | (8,454) | (25,308) | (16,419) | (42,859) | (24,692) | (60,484) | (35,691) | (22,750) | |
Change in fair value of common stock warrant liability | 72 | 427 | 1,706 | (2,126) | (420) | 7 | 79 | 4,286 | |||||||
Impairment of long-lived assets | (6,430) | ||||||||||||||
Gain (loss) on extinguishment of debt | 13,222 | (518) | (518) | 13,222 | (518) | 13,222 | (518) | 17,686 | (518) | ||||||
Loss before income taxes | (71,861) | (26,772) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (64,204) | (47,885) | (136,065) | (65,707) | (627,000) | (83,743) | (94,903) | |
Income tax benefit | 6,644 | 17,371 | 17,371 | 24,015 | 30,845 | 9,295 | |||||||||
Net loss attributable to the Company | (65,217) | (9,401) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (46,833) | (47,885) | (112,050) | (65,707) | (596,155) | (83,743) | (85,608) | |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | ||
Net loss attributable to common shareholders | $ (484,105) | $ (65,217) | $ (9,414) | $ (37,445) | $ (19,277) | $ (18,366) | $ (17,351) | $ (30,560) | $ (46,859) | $ (47,911) | $ (112,076) | $ (66,277) | $ (596,181) | $ (85,555) | $ (85,660) |
Net loss per share: | |||||||||||||||
Basic and diluted | $ (1.35) | $ (0.18) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.08) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.21) | $ (0.34) | $ (0.29) | $ (1.68) | $ (0.36) | $ (0.39) |
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 354,790,106 | 237,152,780 | 218,882,337 | |
Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ (246,171) | $ 83,662 | $ 47,746 | $ 20,468 | $ 69,785 | $ 38,883 | $ 38,702 | $ 2,550 | $ 68,214 | $ 41,252 | $ 151,876 | $ 80,135 | $ (94,295) | $ 149,920 | $ 107,175 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 69,428 | 33,888 | 13,974 | 47,091 | 25,183 | 23,329 | 2,312 | 47,862 | 25,641 | 117,290 | 50,824 | 171,404 | 97,915 | 85,205 | |
Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (29,387) | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | (9,801) | 25,217 | 22,002 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 9,180 | 7,773 | 10,347 | 11,606 | 7,802 | 8,383 | 6,791 | 18,120 | 15,174 | 27,300 | 22,976 | 42,524 | 34,582 | 32,271 | |
Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 25,147 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 25,948 | 407 | 35,473 | 394 | 5,345 | |
Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,991 | 6,629 | 6,579 | 6,421 | 6,664 | 6,520 | 6,334 | 6,035 | 13,000 | 12,369 | 19,629 | 18,889 | 26,620 | 25,553 | 22,569 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,744 | 14,504 | 14,771 | 12,301 | 10,814 | 8,829 | 9,833 | 29,275 | 18,662 | 44,019 | 29,476 | 64,640 | 41,777 | 41,361 | |
Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (40,608) | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | 7,089 | 6,582 | 14,705 | 13,671 | 24,536 | 21,320 | (16,072) | 29,099 | 22,469 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 17,002 | 11,076 | 11,254 | 12,800 | 11,149 | 11,146 | 10,152 | 22,330 | 21,298 | 39,332 | 32,447 | 61,815 | 45,247 | 36,037 | |
Other | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ 76 | 97 | 62 | 76 | 51 | 135 | 138 | 235 | 135 | 311 | 186 | ||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 131 | 63 | 81 | 50 | 150 | 144 | 275 | 150 | $ 323 | 200 | |||||
As previously Reported | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 59,461 | 57,535 | 21,579 | 79,114 | 138,575 | ||||||||||
Net revenue | 106,989 | 68,070 | 40,813 | 91,664 | 108,883 | 215,872 | 230,239 | 174,632 | |||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 108,279 | 62,994 | 45,284 | 78,882 | 51,114 | 46,914 | 25,363 | 108,278 | 72,277 | 216,557 | 123,391 | 202,273 | 172,010 | ||
Gross (loss) profit | (1,290) | 5,076 | (4,471) | 12,782 | 8,347 | 10,621 | (3,784) | 605 | 6,837 | (685) | 15,184 | 27,966 | 2,622 | ||
Operating expenses: | |||||||||||||||
Research and development | 11,964 | 9,757 | 10,412 | 9,341 | 8,028 | 8,933 | 7,373 | 20,169 | 16,306 | 32,133 | 24,334 | 33,675 | 33,907 | ||
Selling, general and administrative | 14,277 | 21,658 | 11,013 | 10,982 | 10,400 | 13,627 | 9,324 | 32,671 | 22,951 | 46,948 | 33,351 | 44,333 | 38,198 | ||
Total operating expenses | 26,241 | 31,415 | 21,425 | 20,323 | 18,428 | 22,560 | 16,697 | 52,840 | 39,257 | 79,081 | 57,685 | 78,008 | 72,105 | ||
Operating loss | (27,531) | (26,339) | (25,896) | (7,541) | (10,081) | (11,939) | (20,481) | (52,235) | (32,420) | (79,766) | (42,501) | (50,042) | (69,483) | ||
Interest and other expense, net | (17,241) | (13,198) | (11,583) | (10,806) | (7,972) | (7,861) | (8,345) | (24,781) | (16,206) | (42,022) | (24,178) | (35,502) | (22,135) | ||
Change in fair value of common stock warrant liability | (1,130) | 72 | 427 | 1,706 | (2,126) | (420) | (1,130) | 7 | 79 | 4,286 | |||||
Gain (loss) on extinguishment of debt | 13,222 | (518) | 13,222 | 13,222 | (518) | ||||||||||
Loss before income taxes | (45,902) | (26,315) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (63,794) | (49,046) | (109,696) | (67,190) | (85,465) | (87,332) | ||
Income tax benefit | 6,523 | 17,659 | 17,659 | 24,182 | 9,217 | ||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (13) | (13) | (13) | (52) | (19) | (26) | (19) | (39) | (52) | (52) | |||
Net loss attributable to common shareholders | $ (39,379) | $ (8,669) | $ (37,492) | $ (18,288) | $ (18,157) | $ (18,107) | $ (31,004) | $ (46,154) | $ (49,072) | $ (85,533) | $ (67,229) | $ (85,517) | $ (78,167) | ||
Net loss per share: | |||||||||||||||
Basic and diluted | $ (0.11) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.08) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.22) | $ (0.26) | $ (0.29) | $ (0.36) | $ (0.36) | ||
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 237,152,780 | 218,882,337 | ||
As previously Reported | Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ 83,528 | $ 47,746 | $ 20,387 | $ 69,767 | $ 38,877 | $ 38,696 | $ 2,544 | $ 68,133 | $ 41,240 | $ 151,661 | $ 80,117 | $ 149,884 | $ 107,292 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 68,509 | 33,676 | 13,744 | 46,419 | 24,990 | 23,129 | 2,321 | 47,420 | 25,450 | 115,929 | 50,440 | 96,859 | 84,439 | ||
As previously Reported | Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | 25,217 | 22,002 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 7,074 | 6,491 | 8,181 | 9,999 | 6,461 | 6,218 | 6,123 | 14,672 | 12,341 | 21,746 | 18,802 | 28,801 | 23,698 | ||
As previously Reported | Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 4,306 | 4,306 | |||||||||||||
As previously Reported | Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,704 | 6,654 | 6,496 | 6,739 | 6,595 | 6,409 | 6,110 | 13,150 | 12,519 | 19,854 | 19,114 | 25,853 | 22,869 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,087 | 13,704 | 14,243 | 11,992 | 10,353 | 8,713 | 8,998 | 27,947 | 17,711 | 42,034 | 28,064 | 40,056 | 36,161 | ||
As previously Reported | Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | 7,089 | 6,582 | 14,705 | 13,671 | 24,536 | 21,320 | 29,099 | 22,469 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,172 | 9,060 | 9,035 | 10,422 | 9,160 | 8,854 | 7,921 | 18,095 | 16,775 | 32,267 | 25,935 | 36,357 | 27,712 | ||
As previously Reported | Other | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 97 | 62 | 76 | 51 | 135 | 138 | 235 | 135 | 186 | ||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 131 | 63 | 81 | 50 | 150 | 144 | 275 | 150 | 200 | ||||||
Restatement Adjustments | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (69) | (69) | (69) | (138) | (207) | ||||||||||
Net revenue | 59 | (75) | 6 | (57) | (69) | (10) | (264) | (417) | |||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 27,353 | 5,016 | 5,238 | 4,979 | 3,778 | 4,410 | 3,887 | 10,254 | 8,297 | 37,607 | 12,075 | 17,054 | 28,209 | ||
Gross (loss) profit | (27,294) | (5,091) | (5,232) | (5,036) | (3,847) | (4,479) | (3,956) | (10,323) | (8,435) | (37,617) | (12,282) | (17,318) | (28,626) | ||
Operating expenses: | |||||||||||||||
Research and development | (4,578) | (4,884) | (5,638) | (4,459) | (4,465) | (5,325) | (4,367) | (10,522) | (9,692) | (15,100) | (14,157) | (18,616) | (21,157) | ||
Selling, general and administrative | 2,933 | (14) | 96 | (1,009) | (5) | (14) | (103) | 82 | (117) | 3,015 | (122) | (1,131) | (513) | ||
Change in fair value of contingent consideration | 1,130 | 1,130 | |||||||||||||
Total operating expenses | (515) | (4,898) | (5,542) | (5,468) | (4,470) | (5,339) | (4,470) | (10,440) | (9,809) | (10,955) | (14,279) | (19,747) | (21,670) | ||
Operating loss | (26,779) | (193) | 310 | 432 | 623 | 860 | 514 | 117 | 1,374 | (26,662) | 1,997 | 2,429 | (6,956) | ||
Interest and other expense, net | (310) | (264) | (263) | (193) | (301) | (104) | (109) | (527) | (213) | (837) | (514) | (189) | (615) | ||
Change in fair value of common stock warrant liability | 1,130 | 1,130 | |||||||||||||
Gain (loss) on extinguishment of debt | (518) | (518) | (518) | (518) | |||||||||||
Loss before income taxes | (25,959) | (457) | 47 | 239 | 322 | 756 | 405 | (410) | 1,161 | (26,369) | 1,483 | 1,722 | (7,571) | ||
Income tax benefit | 121 | (288) | (288) | (167) | 78 | ||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | 239 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | (7,493) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (1,228) | (531) | 39 | (7) | (7) | (531) | (1,760) | ||||||||
Net loss attributable to common shareholders | (25,838) | (745) | 47 | (989) | (209) | 756 | 444 | (705) | 1,161 | (26,543) | 952 | (38) | (7,493) | ||
Restatement Adjustments | Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 134 | 81 | 18 | 6 | 6 | 6 | 81 | 12 | 215 | 18 | 36 | (117) | |||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 919 | 212 | 230 | 672 | 193 | 200 | (9) | 442 | 191 | 1,361 | 384 | 1,056 | 766 | ||
Restatement Adjustments | Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 2,106 | 1,282 | 2,166 | 1,607 | 1,341 | 2,165 | 668 | 3,448 | 2,833 | 5,554 | 4,174 | 5,781 | 8,573 | ||
Restatement Adjustments | Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 20,841 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 21,642 | 407 | 394 | 5,345 | ||
Restatement Adjustments | Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (75) | (75) | (75) | (75) | (75) | (75) | (75) | (150) | (150) | (225) | (225) | (300) | (300) | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 657 | 800 | 528 | 309 | 461 | 116 | 835 | 1,328 | 951 | 1,985 | 1,412 | 1,721 | 5,200 | ||
Restatement Adjustments | Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 8,846 | 8,325 | |||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | $ 2,830 | $ 2,016 | $ 2,219 | $ 2,378 | $ 1,989 | $ 2,292 | $ 2,231 | $ 4,235 | $ 4,523 | $ 7,065 | $ 6,512 | $ 8,890 | $ 8,325 |
Restatement of Previously Iss_8
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | $ (596,155) | $ (83,743) | $ (85,608) |
Other comprehensive gain (loss) - foreign currency translation adjustment | 687 | 107 | (236) | 296 | (531) | 86 | (210) | (129) | (124) | 558 | (655) | 1,163 | (296) | (610) |
Comprehensive loss attributable to the Company | (64,530) | (9,294) | (37,668) | (17,740) | (18,353) | (17,252) | (30,757) | (46,962) | (48,009) | (111,492) | (66,362) | (594,992) | (84,039) | (86,218) |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | |
Comprehensive loss attributable to common stockholders | (64,530) | (9,307) | (37,681) | (18,981) | (18,897) | (17,265) | (30,770) | (46,988) | (48,035) | (111,518) | (66,932) | $ (595,018) | (85,851) | (86,270) |
As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | |
Other comprehensive gain (loss) - foreign currency translation adjustment | 687 | 107 | (236) | (531) | 86 | (210) | (129) | (124) | 558 | (655) | (184) | (610) | ||
Comprehensive loss attributable to the Company | (38,692) | (8,549) | (37,715) | (18,675) | (18,008) | (31,162) | (46,264) | (49,170) | (84,956) | (67,845) | (85,649) | (78,725) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (13) | (13) | (13) | (52) | (19) | (26) | (19) | (39) | (52) | (52) | ||
Comprehensive loss attributable to common stockholders | (38,692) | (8,562) | (37,728) | (18,688) | (18,021) | (31,214) | (46,283) | (49,196) | (84,975) | (67,884) | (85,701) | (78,777) | ||
Restatement Adjustments | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | 239 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | (7,493) | |
Comprehensive loss attributable to the Company | (25,838) | (745) | 47 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | ||||
Preferred stock dividends declared, deemed dividends and accretion of discount | $ (1,228) | (531) | 39 | (7) | (7) | (531) | (1,760) | |||||||
Comprehensive loss attributable to common stockholders | $ (25,838) | $ (745) | $ 47 | $ (209) | $ 756 | $ 444 | $ (705) | $ 1,161 | $ (26,543) | $ 952 | ||||
Restatement Adjustments | Cumulative Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | 1,722 | (7,493) | ||||||||||||
Other comprehensive gain (loss) - foreign currency translation adjustment | (112) | |||||||||||||
Comprehensive loss attributable to the Company | 1,610 | (7,493) | ||||||||||||
Preferred stock dividends declared, deemed dividends and accretion of discount | (1,760) | |||||||||||||
Comprehensive loss attributable to common stockholders | $ (150) | $ (7,493) |
Restatement of Previously Iss_9
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 586,265 | $ 234,560 | $ 104,392 | $ 129,904 | $ (19,225) | $ (15,795) | $ (7,075) | $ (3,588) | $ 70,229 |
Balance (in shares) | 318,637,560 | ||||||||
Balance | $ 1,466,919 | 586,265 | 234,560 | $ 104,392 | $ 129,904 | (19,225) | (15,795) | (7,075) | (3,588) |
Balance (in shares) | 473,977,469 | 318,637,560 | |||||||
Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | $ 2,291 |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | 229,073,517 |
Balance | $ 4,740 | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 |
Balance (in shares) | 473,977,469 | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 |
Additional Paid-in-Capital | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 2,083,169 | $ 1,658,438 | $ 1,519,094 | $ 1,506,953 | $ 1,340,781 | $ 1,325,381 | $ 1,316,815 | $ 1,289,636 | $ 1,250,899 |
Balance | 3,446,650 | 2,083,169 | 1,658,438 | 1,519,094 | 1,506,953 | 1,340,781 | 1,325,381 | 1,316,815 | 1,289,636 |
Accumulated Other Comprehensive Income | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 1,846 | 1,159 | 1,052 | 1,288 | 929 | 1,460 | 1,374 | 1,584 | 2,194 |
Balance | 2,451 | 1,846 | 1,159 | 1,052 | 1,288 | 929 | 1,460 | 1,374 | 1,584 |
Treasury Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | $ (3,102) |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | 587,151 |
Balance | $ (40,434) | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) |
Balance (in shares) | 15,926,068 | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 |
Accumulated Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (1,462,377) | $ (1,397,160) | $ (1,387,752) | $ (1,350,307) | $ (1,332,259) | $ (1,314,425) | $ (1,297,072) | $ (1,266,513) | $ (1,182,053) |
Balance | (1,946,488) | (1,462,377) | (1,397,160) | (1,387,752) | (1,350,307) | (1,332,259) | (1,314,425) | (1,297,072) | (1,266,513) |
As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 617,444 | 239,965 | 109,120 | 134,679 | (14,406) | (10,655) | (1,180) | 2,713 | 73,646 |
Balance | 617,444 | 239,965 | 109,120 | 134,679 | (14,406) | (10,655) | (1,180) | 2,713 | |
As previously Reported | Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | $ 2,291 |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | 229,073,517 |
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | |
As previously Reported | Additional Paid-in-Capital | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 2,083,199 | $ 1,658,532 | $ 1,519,257 | $ 1,507,116 | $ 1,340,859 | $ 1,325,459 | $ 1,316,893 | $ 1,289,714 | $ 1,250,899 |
Balance | 2,083,199 | 1,658,532 | 1,519,257 | 1,507,116 | 1,340,859 | 1,325,459 | 1,316,893 | 1,289,714 | |
As previously Reported | Accumulated Other Comprehensive Income | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 1,958 | 1,271 | 1,164 | 1,400 | 929 | 1,460 | 1,374 | 1,584 | 2,194 |
Balance | 1,958 | 1,271 | 1,164 | 1,400 | 929 | 1,460 | 1,374 | 1,584 | |
As previously Reported | Treasury Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | $ (3,102) |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | 587,151 |
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | |
As previously Reported | Accumulated Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (1,431,340) | $ (1,391,961) | $ (1,383,299) | $ (1,345,807) | $ (1,327,518) | $ (1,309,363) | $ (1,291,255) | $ (1,260,290) | $ (1,178,636) |
Balance | (1,431,340) | (1,391,961) | (1,383,299) | (1,345,807) | (1,327,518) | (1,309,363) | (1,291,255) | (1,260,290) | |
Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (31,179) | (5,405) | (4,728) | (4,775) | (4,819) | (5,140) | (5,895) | (6,301) | (3,417) |
Balance | (31,179) | (5,405) | (4,728) | (4,775) | (4,819) | (5,140) | (5,895) | (6,301) | |
Restatement Adjustments | Additional Paid-in-Capital | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (30) | (94) | (163) | (163) | (78) | (78) | (78) | (78) | |
Balance | (30) | (94) | (163) | (163) | (78) | (78) | (78) | (78) | |
Restatement Adjustments | Accumulated Other Comprehensive Income | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (112) | (112) | (112) | (112) | |||||
Balance | (112) | (112) | (112) | (112) | |||||
Restatement Adjustments | Accumulated Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (31,037) | (5,199) | (4,453) | (4,500) | (4,741) | (5,062) | (5,817) | (6,223) | (3,417) |
Balance | $ (31,037) | $ (5,199) | $ (4,453) | $ (4,500) | $ (4,741) | $ (5,062) | $ (5,817) | $ (6,223) |
Restatement of Previously Is_10
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | $ (596,155) | $ (83,743) | $ (85,608) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 2,991 | 2,748 | 6,069 | 5,433 | 9,860 | 8,858 | 14,434 | 11,938 | 11,832 | ||||||||||
Amortization of intangible assets | 175 | 175 | 398 | 338 | 835 | 518 | 1,135 | 698 | 693 | ||||||||||
Stock-based compensation | 3,045 | 2,497 | 6,188 | 5,123 | 9,258 | 7,927 | 17,135 | 10,890 | 8,771 | ||||||||||
(Gain) loss on extinguishment of debt | (13,222) | 518 | 518 | (13,222) | 518 | (13,222) | 518 | (17,686) | 518 | ||||||||||
Provision for bad debts and other assets | 307 | 907 | 1,253 | 700 | 1,981 | 1,626 | |||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 2,716 | 2,469 | 6,528 | 4,340 | 12,183 | 6,442 | 17,061 | 9,006 | 6,347 | ||||||||||
Provision for common stock warrants | 2,566 | 1,193 | 7,983 | 2,209 | 25,198 | 3,706 | 425,047 | 6,513 | 10,190 | ||||||||||
Loss on disposal of leased assets | (128) | 212 | 212 | 212 | |||||||||||||||
Impairment of long-lived assets | 6,430 | ||||||||||||||||||
Fair value adjustment to contingent consideration | 1,130 | (1,160) | |||||||||||||||||
Change in fair value of common stock warrant liability | (72) | (427) | (1,706) | 2,126 | 420 | (7) | (79) | (4,286) | |||||||||||
Deferred income tax benefit | (6,644) | (17,371) | (17,371) | (24,015) | (30,845) | (9,295) | |||||||||||||
Loss (benefit) on service contracts | (128) | (142) | 277 | (873) | 25,110 | (1,366) | 33,125 | (1,643) | 5,345 | ||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 1,034 | 5,001 | (18,333) | 9,864 | (86,056) | 11,625 | (15,701) | 10,594 | (14,666) | ||||||||||
Inventory | (20,581) | (17,716) | (37,983) | (25,431) | (57,615) | (32,843) | (63,389) | (24,633) | 19,193 | ||||||||||
Prepaid expenses and other assets | (10,794) | 1,018 | (11,887) | (460) | (4,956) | 427 | (18,401) | (8,110) | (4,654) | ||||||||||
Accounts payable, accrued expenses, and other liabilities | (3,374) | (2,887) | 3,903 | 662 | 41,125 | 10,164 | 51,880 | 17,234 | (10,160) | ||||||||||
Deferred revenue | (620) | (2,459) | 2,392 | (3,705) | 16,709 | (5,868) | 20,914 | (4,700) | 6,322 | ||||||||||
Net cash used in operating activities | (60,402) | (35,699) | (111,891) | (48,328) | (156,506) | (54,141) | (155,476) | (53,324) | (58,350) | ||||||||||
Investing Activities | |||||||||||||||||||
Purchases of property, plant and equipment | (2,507) | (1,468) | (5,009) | (2,844) | (11,265) | (4,635) | (22,526) | (5,683) | (5,142) | ||||||||||
Purchases of equipment related to PPA and equipment related to fuel delivered to customers | (3,848) | (806) | (6,256) | (1,987) | (13,699) | (2,851) | (25,738) | (6,532) | (13,501) | ||||||||||
Purchase of intangible assets | (1,860) | (1,638) | (1,860) | (1,957) | (2,404) | (929) | |||||||||||||
Proceeds from sale of leased assets | 375 | 375 | 375 | ||||||||||||||||
Net cash used in investing activities | (6,355) | (2,274) | (56,551) | (6,316) | (71,715) | (8,971) | (95,334) | (14,244) | (19,572) | ||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from issuance of preferred stock, net of transaction costs | (3) | (8) | (37) | 14,089 | 30,934 | ||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 927,300 | $ 344,400 | $ 120,400 | $ 23,500 | 23,498 | (269) | 28,265 | 344,398 | 38,098 | 1,271,714 | 158,343 | 7,195 | |||||||
Proceeds from exercise of stock options | 6,104 | 81 | 15,798 | 205 | 23,335 | (116) | 32,023 | 1,217 | 138 | ||||||||||
Payments for redemption of preferred stock | (4,040) | (4,040) | |||||||||||||||||
Proceeds from issuance of convertible senior notes, net | 205,100 | 205,098 | 39,052 | 205,098 | 39,052 | 95,856 | |||||||||||||
Repurchase of convertible senior notes | (90,238) | (90,238) | (90,238) | ||||||||||||||||
Purchase of capped calls and common stock forward | (16,253) | (16,253) | (16,253) | (43,500) | |||||||||||||||
Proceeds from termination of capped calls | 24,158 | 24,158 | 24,158 | ||||||||||||||||
Principal payments on long-term debt | (5,315) | (17,671) | (21,626) | (18,039) | (27,845) | (21,704) | (48,020) | (25,345) | (16,190) | ||||||||||
Proceeds from long-term debt, net | 84,761 | 49,000 | 99,546 | 99,000 | 99,496 | 99,000 | 119,186 | ||||||||||||
Proceeds from sale/leaseback transaction accounted for as finance obligations | 83,668 | 76,175 | |||||||||||||||||
Repayments of finance obligations | (5,343) | (53,580) | (11,129) | (55,712) | (19,038) | (56,603) | (27,212) | (59,196) | (30,531) | ||||||||||
Proceeds from finance obligations | 9,024 | 27,678 | 25,609 | 47,568 | 57,249 | 65,259 | 83,668 | 76,175 | |||||||||||
Net cash provided by financing activities | 4,470 | 37,086 | 182,219 | 79,866 | 590,183 | 151,395 | 1,515,529 | 326,974 | 120,077 | ||||||||||
Effect of exchange rate changes on cash | 1 | (35) | (24) | (48) | (90) | (119) | 65 | (59) | (57) | ||||||||||
Increase in cash, cash equivalents and restricted cash | (62,286) | (922) | 13,753 | 25,174 | 361,872 | 88,164 | 1,264,784 | 259,347 | 42,098 | ||||||||||
Cash, cash equivalents, and restricted cash beginning of period | $ 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | 68,055 | ||||
Cash, cash equivalents, and restricted cash end of period | 369,500 | 109,231 | 1,634,284 | 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 383,253 | 135,327 | 731,372 | 198,317 | 1,634,284 | 369,500 | 110,153 | ||
Supplemental disclosure of cash flow information | |||||||||||||||||||
Cash paid for interest | 5,155 | 4,858 | 9,466 | 8,673 | 16,975 | 8,673 | 28,942 | 19,180 | 13,057 | ||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | 340 | 2,000 | 6,836 | 11,689 | 25,857 | 29,903 | 55,651 | 52,924 | 41,679 | ||||||||||
Net transfers between inventory and long-lived assets | 18,175 | ||||||||||||||||||
Conversion of preferred stock to common stock | 441 | 441 | 43,058 | 1,883 | 1,179 | 28,392 | |||||||||||||
As previously Reported | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 2,850 | 2,776 | 5,783 | 5,496 | 9,381 | 8,944 | 11,989 | 11,014 | |||||||||||
Amortization of intangible assets | 175 | 175 | 398 | 338 | 835 | 518 | 698 | 693 | |||||||||||
Stock-based compensation | 3,045 | 2,497 | 6,188 | 5,123 | 9,258 | 7,927 | 10,890 | 8,771 | |||||||||||
(Gain) loss on extinguishment of debt | (13,222) | 518 | (13,222) | (13,222) | 518 | ||||||||||||||
Provision for bad debts and other assets | 307 | 907 | 1,253 | 1,981 | 1,626 | ||||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 2,716 | 2,469 | 6,528 | 4,340 | 12,183 | 6,257 | 8,821 | 6,347 | |||||||||||
Provision for common stock warrants | 2,566 | 1,193 | 7,983 | 2,209 | 25,198 | 3,706 | 6,513 | 10,190 | |||||||||||
Loss on disposal of leased assets | 212 | 212 | 212 | ||||||||||||||||
Fair value adjustment to contingent consideration | 1,130 | ||||||||||||||||||
Change in fair value of common stock warrant liability | 1,130 | (72) | (427) | (1,706) | 2,126 | 420 | 1,130 | (7) | (79) | (4,286) | |||||||||
Deferred income tax benefit | (6,523) | (17,659) | (17,659) | (24,182) | (9,217) | ||||||||||||||
Loss (benefit) on service contracts | 4,306 | ||||||||||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 1,011 | 4,978 | (18,393) | 9,848 | (86,004) | 11,702 | 10,646 | (14,398) | |||||||||||
Inventory | (20,581) | (17,564) | (37,983) | (25,280) | (57,718) | (32,691) | (24,481) | 19,041 | |||||||||||
Prepaid expenses and other assets | (10,794) | 1,018 | (11,817) | (460) | (4,956) | 427 | (8,110) | (4,654) | |||||||||||
Accounts payable, accrued expenses, and other liabilities | (2,933) | (2,781) | 4,699 | 1,232 | 35,748 | 13,293 | 19,879 | (10,266) | |||||||||||
Deferred revenue | (591) | (2,505) | 2,383 | (3,827) | 16,647 | (6,152) | (5,016) | 5,637 | |||||||||||
Net cash used in operating activities | (60,015) | (36,263) | (111,247) | (48,488) | (156,910) | (51,801) | (51,522) | (57,617) | |||||||||||
Investing Activities | |||||||||||||||||||
Purchases of property, plant and equipment | (2,507) | (1,468) | (5,009) | (2,844) | (11,265) | (4,635) | (5,683) | (5,142) | |||||||||||
Purchases of equipment related to PPA and equipment related to fuel delivered to customers | (3,848) | (806) | (6,256) | (1,987) | (13,699) | (2,851) | (6,532) | (13,501) | |||||||||||
Purchase of intangible assets | (1,860) | (1,638) | (1,860) | (2,404) | (929) | ||||||||||||||
Proceeds from sale of leased assets | 375 | 375 | 375 | ||||||||||||||||
Net cash used in investing activities | (6,355) | (2,274) | (56,551) | (6,316) | (71,715) | (8,971) | (14,244) | (19,572) | |||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from issuance of preferred stock, net of transaction costs | (3) | (8) | (37) | 14,089 | 30,934 | ||||||||||||||
Proceeds from public offerings, net of transaction costs | 23,498 | (269) | 28,265 | 344,398 | 38,098 | 158,428 | 7,195 | ||||||||||||
Proceeds from exercise of stock options | 6,104 | 81 | 15,798 | 205 | 23,335 | (116) | 1,217 | 138 | |||||||||||
Payments for redemption of preferred stock | (4,040) | (4,040) | |||||||||||||||||
Proceeds from issuance of convertible senior notes, net | 205,100 | 205,098 | 39,052 | 39,052 | 95,856 | ||||||||||||||
Repurchase of convertible senior notes | (90,238) | (90,238) | |||||||||||||||||
Purchase of capped calls and common stock forward | (16,253) | (16,253) | (43,500) | ||||||||||||||||
Proceeds from termination of capped calls | 24,158 | 24,158 | |||||||||||||||||
Principal payments on long-term debt | (5,315) | (17,153) | (21,626) | (17,521) | (27,845) | (21,186) | (24,827) | (16,190) | |||||||||||
Proceeds from long-term debt, net | 84,761 | 49,000 | 99,546 | 99,000 | 99,496 | 119,186 | |||||||||||||
Proceeds from sale/leaseback transaction accounted for as finance obligations | 83,668 | 76,175 | |||||||||||||||||
Repayments of finance obligations | (5,730) | (53,534) | (11,783) | (56,070) | (18,634) | (59,461) | (61,713) | (31,264) | |||||||||||
Proceeds from finance obligations | 9,024 | 27,678 | 25,609 | 47,568 | 57,249 | ||||||||||||||
Net cash provided by financing activities | 4,083 | 37,650 | 181,565 | 80,026 | 590,587 | 149,055 | 325,060 | 119,344 | |||||||||||
Effect of exchange rate changes on cash | 1 | (35) | (14) | (48) | (90) | (119) | 53 | (57) | |||||||||||
Increase in cash, cash equivalents and restricted cash | (62,286) | (922) | 13,753 | 25,174 | 361,872 | 88,164 | 259,347 | 42,098 | |||||||||||
Cash, cash equivalents, and restricted cash beginning of period | $ 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | $ 369,500 | 110,153 | 68,055 | ||||
Cash, cash equivalents, and restricted cash end of period | $ 369,500 | $ 109,231 | 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 383,253 | 135,327 | 731,372 | 198,317 | 369,500 | 110,153 | ||||
Supplemental disclosure of cash flow information | |||||||||||||||||||
Cash paid for interest | 5,155 | 4,858 | 9,466 | 8,673 | 16,975 | 8,673 | 19,180 | 13,057 | |||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | 6,189 | 26,922 | 34,530 | 56,377 | 78,626 | 127,370 | 79,057 | ||||||||||||
Conversion of preferred stock to common stock | 441 | 441 | 42,873 | 1,883 | 28,392 | ||||||||||||||
Restatement Adjustments | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | $ 239 | $ 322 | $ 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | (7,493) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 141 | (28) | 286 | (63) | 479 | (86) | (51) | 818 | |||||||||||
(Gain) loss on extinguishment of debt | 518 | 518 | 518 | 518 | |||||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 185 | 185 | |||||||||||||||||
Loss on disposal of leased assets | (128) | ||||||||||||||||||
Change in fair value of common stock warrant liability | (1,130) | (1,130) | |||||||||||||||||
Deferred income tax benefit | $ (121) | $ 288 | 288 | 167 | (78) | ||||||||||||||
Loss (benefit) on service contracts | (142) | 277 | (873) | 20,804 | (1,366) | (1,643) | 5,345 | ||||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 23 | 23 | 60 | 16 | (52) | (77) | (52) | (268) | |||||||||||
Inventory | (152) | (151) | 103 | (152) | (152) | 152 | |||||||||||||
Prepaid expenses and other assets | (70) | ||||||||||||||||||
Accounts payable, accrued expenses, and other liabilities | (441) | (106) | (796) | (570) | 5,377 | (3,129) | (2,645) | 106 | |||||||||||
Deferred revenue | (29) | 46 | 9 | 122 | 62 | 284 | 316 | 685 | |||||||||||
Net cash used in operating activities | (387) | 564 | (644) | 160 | 404 | (2,340) | (1,802) | (733) | |||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from public offerings, net of transaction costs | (85) | ||||||||||||||||||
Principal payments on long-term debt | (518) | (518) | (518) | (518) | |||||||||||||||
Repayments of finance obligations | 387 | (46) | 654 | 358 | (404) | 2,858 | 2,517 | 733 | |||||||||||
Net cash provided by financing activities | 387 | (564) | 654 | (160) | (404) | 2,340 | 1,914 | 733 | |||||||||||
Effect of exchange rate changes on cash | (10) | (112) | |||||||||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | $ (5,849) | $ 2,000 | $ (20,086) | $ (22,841) | (30,520) | $ (48,723) | $ (74,446) | $ (37,378) | |||||||||||
Conversion of preferred stock to common stock | $ 185 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements - Consolidated Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||||||
Cash and cash equivalents | $ 1,312,404,000 | $ 448,140,000 | $ 152,492,000 | $ 74,340,000 | $ 139,496,000 | $ 43,275,000 | $ 19,845,000 | $ 39,336,000 | ||
Restricted cash | 64,041,000 | 55,704,000 | 50,634,000 | 56,804,000 | 54,813,000 | 35,720,000 | 19,400,000 | 19,297,000 | ||
Accounts receivable | 43,041,000 | 113,505,000 | 45,782,000 | 24,734,000 | 25,768,000 | 24,737,000 | 26,844,000 | 32,307,000 | ||
Inventory | 139,386,000 | 134,203,000 | 114,571,000 | 92,972,000 | 72,391,000 | 80,601,000 | 73,190,000 | 65,474,000 | ||
Prepaid expenses and other current assets | 44,324,000 | 26,731,000 | 31,436,000 | 28,500,000 | 21,192,000 | 12,804,000 | 14,001,000 | 10,296,000 | ||
Total current assets | 1,603,196,000 | 778,283,000 | 394,915,000 | 277,350,000 | 313,660,000 | 197,137,000 | 153,280,000 | 166,710,000 | ||
Restricted cash | 257,839,000 | 227,528,000 | 180,127,000 | 176,070,000 | 175,191,000 | 119,322,000 | 96,082,000 | 50,598,000 | ||
Property, plant, and equipment, net | 74,549,000 | 64,820,000 | 60,018,000 | 16,591,000 | 14,959,000 | 14,990,000 | 14,228,000 | 13,615,000 | ||
Right of use assets related to finance leases, net | 5,724,000 | 2,335,000 | 2,389,000 | 1,707,000 | 1,714,000 | 1,720,000 | 1,726,000 | 1,733,000 | ||
Right of use assets related to operating leases, net | 117,016,000 | 90,184,000 | 71,789,000 | 64,812,000 | 63,266,000 | 47,016,000 | 39,679,000 | 33,599,000 | ||
Equipment related to power purchase agreements and fuel delivered to customers, net | 75,807,000 | 71,891,000 | 68,428,000 | 68,402,000 | 67,769,000 | 67,248,000 | 68,982,000 | 70,928,000 | ||
Goodwill | 72,387,000 | 71,822,000 | 70,262,000 | 8,673,000 | 8,842,000 | 8,606,000 | 8,961,000 | 8,886,000 | ||
Intangible assets, net | 39,251,000 | 39,569,000 | 38,974,000 | 5,696,000 | 5,539,000 | 5,113,000 | 5,398,000 | 3,677,000 | ||
Other assets | 5,513,000 | 9,661,000 | 11,817,000 | 12,059,000 | 8,573,000 | 9,152,000 | 8,842,000 | 11,069,000 | ||
Total assets | 2,251,282,000 | 1,356,093,000 | 898,719,000 | 631,360,000 | 659,513,000 | 470,304,000 | 397,178,000 | 360,815,000 | ||
Current liabilities: | ||||||||||
Accounts payable | 50,198,000 | 58,793,000 | 39,812,000 | 35,503,000 | 40,376,000 | 36,851,000 | 36,946,000 | 31,688,000 | ||
Accrued expenses | 46,083,000 | 37,948,000 | 23,917,000 | 14,870,000 | 14,409,000 | 9,457,000 | 4,522,000 | 6,509,000 | ||
Deferred revenue | 23,275,000 | 17,226,000 | 14,902,000 | 11,557,000 | 11,691,000 | 11,480,000 | 11,730,000 | 11,736,000 | ||
Operating lease liabilities | 14,314,000 | 10,609,000 | 9,453,000 | 8,959,000 | 9,428,000 | 8,666,000 | 7,512,000 | 7,042,000 | ||
Finance lease liabilities | 903,000 | 374,000 | 345,000 | 204,000 | 226,000 | 310,000 | 266,000 | 236,000 | ||
Finance obligations | 32,717,000 | 31,349,000 | 28,794,000 | 26,209,000 | 24,667,000 | 20,469,000 | 12,455,000 | 11,028,000 | ||
Current portion of long-term debt | 25,389,000 | 74,829,000 | 50,933,000 | 27,819,000 | 26,461,000 | 17,202,000 | 15,928,000 | 12,559,000 | ||
Other current liabilities | 29,487,000 | 21,083,000 | 19,418,000 | 8,446,000 | 6,704,000 | 8,373,000 | 3,705,000 | 3,745,000 | ||
Total current liabilities | 222,366,000 | 252,211,000 | 187,574,000 | 133,567,000 | 133,962,000 | 112,808,000 | 93,064,000 | 84,543,000 | ||
Deferred revenue | 32,944,000 | 29,511,000 | 24,848,000 | 22,684,000 | 23,170,000 | 22,213,000 | 24,126,000 | 25,366,000 | ||
Operating lease liabilities | 99,624,000 | 74,422,000 | 58,410,000 | 52,165,000 | 50,937,000 | 36,599,000 | 30,631,000 | 25,657,000 | ||
Finance lease liabilities | 4,493,000 | 2,384,000 | 2,465,000 | 1,953,000 | 2,011,000 | 2,068,000 | 2,123,000 | 2,142,000 | ||
Common stock warrant liability | 98,000 | 525,000 | 2,231,000 | |||||||
Finance obligations | 148,836,000 | 140,662,000 | 131,653,000 | 121,322,000 | 119,422,000 | 99,669,000 | 76,916,000 | 54,864,000 | ||
Convertible senior notes, net | 85,640,000 | 105,088,000 | 142,889,000 | 113,063,000 | 110,431,000 | 107,945,000 | 66,844,000 | 65,025,000 | ||
Long-term debt | 150,013,000 | 120,380,000 | 101,844,000 | 79,119,000 | 85,708,000 | 78,840,000 | 83,776,000 | 72,676,000 | ||
Other liabilities | 40,447,000 | 45,170,000 | 14,476,000 | 2,386,000 | 2,818,000 | 2,834,000 | 3,333,000 | 3,746,000 | ||
Total liabilities | 784,363,000 | 769,828,000 | 664,159,000 | 526,259,000 | 528,459,000 | 463,074,000 | 381,338,000 | 336,250,000 | ||
Redeemable preferred stock: | ||||||||||
Preferred stock | 0.01 | |||||||||
Stockholders' equity: | ||||||||||
Common stock, $.01 par value | 4,740,000 | 4,061,000 | 3,482,000 | 3,222,000 | 3,186,000 | 2,540,000 | 2,470,000 | 2,445,000 | ||
Additional paid-in capital | 3,446,650,000 | 2,083,169,000 | 1,658,438,000 | 1,519,094,000 | 1,506,953,000 | 1,340,781,000 | 1,325,381,000 | 1,316,815,000 | ||
Accumulated other comprehensive income | 2,451,000 | 1,846,000 | 1,159,000 | 1,052,000 | 1,288,000 | 929,000 | 1,460,000 | 1,374,000 | ||
Accumulated deficit | (1,946,488,000) | (1,462,377,000) | (1,397,160,000) | (1,387,752,000) | (1,350,307,000) | (1,332,259,000) | (1,314,425,000) | (1,297,072,000) | ||
Less common stock in treasury | (40,434,000) | (40,434,000) | (31,359,000) | (31,224,000) | (31,216,000) | (31,216,000) | (30,681,000) | (30,637,000) | ||
Total stockholders' equity | 1,466,919,000 | 586,265,000 | 234,560,000 | 104,392,000 | 129,904,000 | (19,225,000) | (15,795,000) | (7,075,000) | $ (3,588,000) | $ 70,229,000 |
Total liabilities, redeemable preferred stock, and stockholders' equity | $ 2,251,282,000 | 1,356,093,000 | 898,719,000 | 631,360,000 | 659,513,000 | 470,304,000 | 397,178,000 | 360,815,000 | ||
As previously Reported | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 448,140,000 | 152,492,000 | 74,340,000 | 139,496,000 | 43,275,000 | 19,845,000 | 39,336,000 | |||
Restricted cash | 55,704,000 | 50,634,000 | 56,804,000 | 54,813,000 | 35,720,000 | 19,400,000 | 19,297,000 | |||
Accounts receivable | 113,133,000 | 45,522,000 | 24,437,000 | 25,448,000 | 24,392,000 | 26,592,000 | 32,062,000 | |||
Inventory | 134,306,000 | 114,571,000 | 92,972,000 | 72,391,000 | 80,601,000 | 73,190,000 | 65,474,000 | |||
Prepaid expenses and other current assets | 26,731,000 | 31,436,000 | 28,500,000 | 21,192,000 | 12,804,000 | 14,001,000 | 10,296,000 | |||
Total current assets | 778,014,000 | 394,655,000 | 277,053,000 | 313,340,000 | 196,792,000 | 153,028,000 | 166,465,000 | |||
Restricted cash | 227,528,000 | 180,127,000 | 176,070,000 | 175,191,000 | 119,322,000 | 96,082,000 | 50,598,000 | |||
Property, plant, and equipment, net | 64,820,000 | 60,018,000 | 16,591,000 | 14,959,000 | 14,990,000 | 14,228,000 | 13,615,000 | |||
Equipment related to power purchase agreements and fuel delivered to customers, net | 309,475,000 | 274,721,000 | 252,802,000 | 244,740,000 | 202,034,000 | 170,455,000 | 141,889,000 | |||
Goodwill | 71,962,000 | 70,402,000 | 8,673,000 | 8,842,000 | 8,606,000 | 8,961,000 | 8,886,000 | |||
Intangible assets, net | 39,169,000 | 38,574,000 | 5,296,000 | 5,539,000 | 5,113,000 | 5,398,000 | 3,677,000 | |||
Other assets | 9,661,000 | 11,817,000 | 12,059,000 | 8,573,000 | 9,152,000 | 8,842,000 | 11,069,000 | |||
Total assets | 1,500,629,000 | 1,030,314,000 | 748,544,000 | 771,184,000 | 556,009,000 | 456,994,000 | 396,199,000 | |||
Current liabilities: | ||||||||||
Accounts payable | 58,793,000 | 39,812,000 | 35,503,000 | 40,376,000 | 36,851,000 | 36,946,000 | 31,688,000 | |||
Accrued expenses | 32,031,000 | 23,320,000 | 14,273,000 | 14,213,000 | 9,457,000 | 4,522,000 | 6,509,000 | |||
Deferred revenue | 17,226,000 | 14,902,000 | 11,557,000 | 11,691,000 | 11,480,000 | 11,730,000 | 11,736,000 | |||
Finance obligations | 63,692,000 | 57,695,000 | 52,047,000 | 49,507,000 | 41,112,000 | 30,663,000 | 23,997,000 | |||
Current portion of long-term debt | 74,829,000 | 50,933,000 | 27,819,000 | 26,461,000 | 17,202,000 | 15,928,000 | 12,559,000 | |||
Other current liabilities | 17,280,000 | 21,692,000 | 10,423,000 | 8,543,000 | 10,238,000 | 3,017,000 | 2,271,000 | |||
Total current liabilities | 263,851,000 | 208,354,000 | 151,622,000 | 150,791,000 | 126,340,000 | 102,806,000 | 88,760,000 | |||
Deferred revenue | 29,648,000 | 25,038,000 | 22,912,000 | 23,369,000 | 22,444,000 | 24,519,000 | 25,835,000 | |||
Common stock warrant liability | 98,000 | 525,000 | 2,231,000 | |||||||
Finance obligations | 337,150,000 | 300,653,000 | 272,171,000 | 265,228,000 | 208,465,000 | 157,531,000 | 111,195,000 | |||
Convertible senior notes, net | 105,088,000 | 142,704,000 | 112,878,000 | 110,246,000 | 107,760,000 | 66,844,000 | 65,025,000 | |||
Long-term debt | 120,380,000 | 101,844,000 | 79,119,000 | 85,708,000 | 78,840,000 | 83,776,000 | 72,676,000 | |||
Other liabilities | 27,068,000 | 11,756,000 | 13,000 | 13,000 | 13,000 | 13,000 | 17,000 | |||
Total liabilities | 883,185,000 | 790,349,000 | 638,715,000 | 635,355,000 | 543,960,000 | 436,014,000 | 365,739,000 | |||
Stockholders' equity: | ||||||||||
Common stock, $.01 par value | 4,061,000 | 3,482,000 | 3,222,000 | 3,186,000 | 2,540,000 | 2,470,000 | 2,445,000 | |||
Additional paid-in capital | 2,083,199,000 | 1,658,532,000 | 1,519,257,000 | 1,507,116,000 | 1,340,859,000 | 1,325,459,000 | 1,316,893,000 | |||
Accumulated other comprehensive income | 1,958,000 | 1,271,000 | 1,164,000 | 1,400,000 | 929,000 | 1,460,000 | 1,374,000 | |||
Accumulated deficit | (1,431,340,000) | (1,391,961,000) | (1,383,299,000) | (1,345,807,000) | (1,327,518,000) | (1,309,363,000) | (1,291,255,000) | |||
Less common stock in treasury | (40,434,000) | (31,359,000) | (31,224,000) | (31,216,000) | (31,216,000) | (30,681,000) | (30,637,000) | |||
Total stockholders' equity | 617,444,000 | 239,965,000 | 109,120,000 | 134,679,000 | (14,406,000) | (10,655,000) | (1,180,000) | 2,713,000 | 73,646,000 | |
Total liabilities, redeemable preferred stock, and stockholders' equity | 1,500,629,000 | 1,030,314,000 | 748,544,000 | 771,184,000 | 556,009,000 | 456,994,000 | 396,199,000 | |||
Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Accounts receivable | 372,000 | 260,000 | 297,000 | 320,000 | 345,000 | 252,000 | 245,000 | |||
Inventory | (103,000) | |||||||||
Total current assets | 269,000 | 260,000 | 297,000 | 320,000 | 345,000 | 252,000 | 245,000 | |||
Right of use assets related to finance leases, net | 2,335,000 | 2,389,000 | 1,707,000 | 1,714,000 | 1,720,000 | 1,726,000 | 1,733,000 | |||
Right of use assets related to operating leases, net | 90,184,000 | 71,789,000 | 64,812,000 | 63,266,000 | 47,016,000 | 39,679,000 | 33,599,000 | |||
Equipment related to power purchase agreements and fuel delivered to customers, net | (237,584,000) | (206,293,000) | (184,400,000) | (176,971,000) | (134,786,000) | (101,473,000) | (70,961,000) | |||
Goodwill | (140,000) | (140,000) | ||||||||
Intangible assets, net | 400,000 | 400,000 | 400,000 | |||||||
Total assets | (144,536,000) | (131,595,000) | (117,184,000) | (111,671,000) | (85,705,000) | (59,816,000) | (35,384,000) | |||
Current liabilities: | ||||||||||
Accrued expenses | 5,917,000 | 597,000 | 597,000 | 196,000 | ||||||
Operating lease liabilities | 10,609,000 | 9,453,000 | 8,959,000 | 9,428,000 | 8,666,000 | 7,512,000 | 7,042,000 | |||
Finance lease liabilities | 374,000 | 345,000 | 204,000 | 226,000 | 310,000 | 266,000 | 236,000 | |||
Finance obligations | (32,343,000) | (28,901,000) | (25,838,000) | (24,840,000) | (20,643,000) | (18,208,000) | (12,969,000) | |||
Other current liabilities | 3,803,000 | (2,274,000) | (1,977,000) | (1,839,000) | (1,865,000) | 688,000 | 1,474,000 | |||
Total current liabilities | (11,640,000) | (20,780,000) | (18,055,000) | (16,829,000) | (13,532,000) | (9,742,000) | (4,217,000) | |||
Deferred revenue | (137,000) | (190,000) | (228,000) | (199,000) | (231,000) | (393,000) | (469,000) | |||
Operating lease liabilities | 74,422,000 | 58,410,000 | 52,165,000 | 50,937,000 | 36,599,000 | 30,631,000 | 25,657,000 | |||
Finance lease liabilities | 2,384,000 | 2,465,000 | 1,953,000 | 2,011,000 | 2,068,000 | 2,123,000 | 2,142,000 | |||
Finance obligations | (196,488,000) | (169,000,000) | (150,849,000) | (145,806,000) | (108,796,000) | (80,615,000) | (56,331,000) | |||
Convertible senior notes, net | 185,000 | 185,000 | 185,000 | 185,000 | ||||||
Other liabilities | 18,102,000 | 2,720,000 | 2,373,000 | 2,805,000 | 2,821,000 | 3,320,000 | 3,729,000 | |||
Total liabilities | (113,357,000) | (126,190,000) | (112,456,000) | (106,896,000) | (80,886,000) | (54,676,000) | (29,489,000) | |||
Stockholders' equity: | ||||||||||
Additional paid-in capital | (30,000) | (94,000) | (163,000) | (163,000) | (78,000) | (78,000) | (78,000) | |||
Accumulated other comprehensive income | (112,000) | (112,000) | (112,000) | (112,000) | ||||||
Accumulated deficit | (31,037,000) | (5,199,000) | (4,453,000) | (4,500,000) | (4,741,000) | (5,062,000) | (5,817,000) | |||
Total stockholders' equity | (31,179,000) | (5,405,000) | (4,728,000) | (4,775,000) | (4,819,000) | (5,140,000) | (5,895,000) | $ (6,301,000) | $ (3,417,000) | |
Total liabilities, redeemable preferred stock, and stockholders' equity | $ (144,536,000) | $ (131,595,000) | (117,184,000) | (111,671,000) | (85,705,000) | (59,816,000) | (35,384,000) | |||
Series C Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 709,000 | 709,000 | 709,000 | 709,000 | 709,000 | |||||
Series C Redeemable Convertible Preferred Stock | As previously Reported | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | $ 709,000 | 709,000 | 709,000 | 709,000 | 709,000 | |||||
Series E Redeemable Convertible Preferred Stock | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | 441,000 | 25,746,000 | 30,926,000 | 30,931,000 | ||||||
Series E Redeemable Convertible Preferred Stock | As previously Reported | ||||||||||
Redeemable preferred stock: | ||||||||||
Preferred stock | $ 441,000 | $ 25,746,000 | $ 30,926,000 | $ 30,931,000 |
Unaudited Quarterly Financial_4
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements - Consolidated Balance Sheets (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Series C Redeemable Convertible Preferred Stock | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Redeemable convertible Preferred Stock, shares authorized | 10,431 | 10,431,000 | 10,431 | 10,431,000 | 10,431,000 | 10,431,000 | ||
Redeemable convertible Preferred Stock, shares issued | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, shares outstanding | 0 | 2,620,000 | 2,620 | 2,620,000 | 2,620,000 | 2,620,000 | ||
Redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | $ 16,664 | |||
Series E Redeemable Convertible Preferred Stock | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Redeemable convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Redeemable convertible Preferred Stock, shares authorized | 35,000,000 | 35,000,000 | 35,000,000 | 35,000,000 | ||||
Redeemable convertible Preferred Stock, shares issued | 500,000 | 28,269,000 | 35,000,000 | 35,000,000 | ||||
Redeemable convertible Preferred Stock, shares outstanding | 500,000 | 28,269,000 | 35,000,000 | |||||
Redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) | $ 35,000 | $ 35,000 |
Unaudited Quarterly Financial_5
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements - Consolidated Statements of Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue: | |||||||||||||||
Net revenue | $ 309,099 | $ 107,048 | $ 67,995 | $ 40,819 | $ 91,607 | $ 59,392 | $ 57,466 | $ 21,510 | $ 78,976 | $ 138,368 | |||||
Net revenue | 107,048 | 67,995 | 40,819 | 91,607 | $ 108,814 | $ 215,862 | $ (93,237) | $ 229,975 | $ 174,215 | ||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 135,632 | 68,010 | 50,522 | 83,861 | 54,892 | 51,324 | 29,250 | 118,532 | 80,574 | 254,164 | 135,466 | 376,179 | 219,327 | 200,219 | |
Gross (loss) profit | (431,114) | (28,584) | (15) | (9,703) | 7,746 | 4,500 | 6,142 | (7,740) | (9,718) | (1,598) | (38,302) | 2,902 | (469,416) | 10,648 | (26,004) |
Operating expenses: | |||||||||||||||
Research and development | 7,386 | 4,873 | 4,774 | 4,882 | 3,563 | 3,608 | 3,006 | 9,647 | 6,614 | 17,033 | 10,177 | 27,848 | 15,059 | 12,750 | |
Selling, general and administrative | 17,210 | 21,644 | 11,109 | 9,973 | 10,395 | 13,613 | 9,221 | 32,753 | 22,834 | 49,963 | 33,229 | 79,348 | 43,202 | 37,685 | |
Change in fair value of contingent consideration | 1,130 | 1,130 | 1,160 | ||||||||||||
Total operating expenses | 46,660 | 25,726 | 26,517 | 15,883 | 14,855 | 13,958 | 17,221 | 12,227 | 42,400 | 29,448 | 68,126 | 43,406 | 114,786 | 58,261 | 50,435 |
Operating loss | (477,774) | (54,310) | (26,532) | (25,586) | (7,109) | (9,458) | (11,079) | (19,967) | (52,118) | (31,046) | (106,428) | (40,504) | (584,202) | (47,613) | (76,439) |
Interest and other expense, net | (17,551) | (13,462) | (11,846) | (10,999) | (8,273) | (7,965) | (8,454) | (25,308) | (16,419) | (42,859) | (24,692) | (60,484) | (35,691) | (22,750) | |
Change in fair value of common stock warrant liability | 72 | 427 | 1,706 | (2,126) | (420) | 7 | 79 | 4,286 | |||||||
Gain (loss) on extinguishment of debt | 13,222 | (518) | (518) | 13,222 | (518) | 13,222 | (518) | 17,686 | (518) | ||||||
Loss before income taxes | (71,861) | (26,772) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (64,204) | (47,885) | (136,065) | (65,707) | (627,000) | (83,743) | (94,903) | |
Income tax benefit | 6,644 | 17,371 | 17,371 | 24,015 | 30,845 | 9,295 | |||||||||
Net loss attributable to the Company | (65,217) | (9,401) | (37,432) | (18,036) | (17,822) | (17,338) | (30,547) | (46,833) | (47,885) | (112,050) | (65,707) | (596,155) | (83,743) | (85,608) | |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | ||
Net loss attributable to common shareholders | $ (484,105) | $ (65,217) | $ (9,414) | $ (37,445) | $ (19,277) | $ (18,366) | $ (17,351) | $ (30,560) | $ (46,859) | $ (47,911) | $ (112,076) | $ (66,277) | $ (596,181) | $ (85,555) | $ (85,660) |
Net loss per share: | |||||||||||||||
Basic and diluted | $ (1.35) | $ (0.18) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.08) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.21) | $ (0.34) | $ (0.29) | $ (1.68) | $ (0.36) | $ (0.39) |
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 354,790,106 | 237,152,780 | 218,882,337 | |
Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ (246,171) | $ 83,662 | $ 47,746 | $ 20,468 | $ 69,785 | $ 38,883 | $ 38,702 | $ 2,550 | $ 68,214 | $ 41,252 | $ 151,876 | $ 80,135 | $ (94,295) | $ 149,920 | $ 107,175 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 69,428 | 33,888 | 13,974 | 47,091 | 25,183 | 23,329 | 2,312 | 47,862 | 25,641 | 117,290 | 50,824 | 171,404 | 97,915 | 85,205 | |
Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (29,387) | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | (9,801) | 25,217 | 22,002 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 9,180 | 7,773 | 10,347 | 11,606 | 7,802 | 8,383 | 6,791 | 18,120 | 15,174 | 27,300 | 22,976 | 42,524 | 34,582 | 32,271 | |
Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 25,147 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 25,948 | 407 | 35,473 | 394 | 5,345 | |
Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,991 | 6,629 | 6,579 | 6,421 | 6,664 | 6,520 | 6,334 | 6,035 | 13,000 | 12,369 | 19,629 | 18,889 | 26,620 | 25,553 | 22,569 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,744 | 14,504 | 14,771 | 12,301 | 10,814 | 8,829 | 9,833 | 29,275 | 18,662 | 44,019 | 29,476 | 64,640 | 41,777 | 41,361 | |
Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (40,608) | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | 7,089 | 6,582 | 14,705 | 13,671 | 24,536 | 21,320 | (16,072) | 29,099 | 22,469 |
Cost of revenue: | |||||||||||||||
Total cost of revenue | 17,002 | 11,076 | 11,254 | 12,800 | 11,149 | 11,146 | 10,152 | 22,330 | 21,298 | 39,332 | 32,447 | 61,815 | 45,247 | 36,037 | |
Other | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ 76 | 97 | 62 | 76 | 51 | 135 | 138 | 235 | 135 | 311 | 186 | ||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 131 | 63 | 81 | 50 | 150 | 144 | 275 | 150 | $ 323 | 200 | |||||
As previously Reported | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 59,461 | 57,535 | 21,579 | 79,114 | 138,575 | ||||||||||
Net revenue | 106,989 | 68,070 | 40,813 | 91,664 | 108,883 | 215,872 | 230,239 | 174,632 | |||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 108,279 | 62,994 | 45,284 | 78,882 | 51,114 | 46,914 | 25,363 | 108,278 | 72,277 | 216,557 | 123,391 | 202,273 | 172,010 | ||
Gross (loss) profit | (1,290) | 5,076 | (4,471) | 12,782 | 8,347 | 10,621 | (3,784) | 605 | 6,837 | (685) | 15,184 | 27,966 | 2,622 | ||
Operating expenses: | |||||||||||||||
Research and development | 11,964 | 9,757 | 10,412 | 9,341 | 8,028 | 8,933 | 7,373 | 20,169 | 16,306 | 32,133 | 24,334 | 33,675 | 33,907 | ||
Selling, general and administrative | 14,277 | 21,658 | 11,013 | 10,982 | 10,400 | 13,627 | 9,324 | 32,671 | 22,951 | 46,948 | 33,351 | 44,333 | 38,198 | ||
Total operating expenses | 26,241 | 31,415 | 21,425 | 20,323 | 18,428 | 22,560 | 16,697 | 52,840 | 39,257 | 79,081 | 57,685 | 78,008 | 72,105 | ||
Operating loss | (27,531) | (26,339) | (25,896) | (7,541) | (10,081) | (11,939) | (20,481) | (52,235) | (32,420) | (79,766) | (42,501) | (50,042) | (69,483) | ||
Interest and other expense, net | (17,241) | (13,198) | (11,583) | (10,806) | (7,972) | (7,861) | (8,345) | (24,781) | (16,206) | (42,022) | (24,178) | (35,502) | (22,135) | ||
Change in fair value of common stock warrant liability | (1,130) | 72 | 427 | 1,706 | (2,126) | (420) | (1,130) | 7 | 79 | 4,286 | |||||
Gain (loss) on extinguishment of debt | 13,222 | (518) | 13,222 | 13,222 | (518) | ||||||||||
Loss before income taxes | (45,902) | (26,315) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (63,794) | (49,046) | (109,696) | (67,190) | (85,465) | (87,332) | ||
Income tax benefit | 6,523 | 17,659 | 17,659 | 24,182 | 9,217 | ||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (13) | (13) | (13) | (52) | (19) | (26) | (19) | (39) | (52) | (52) | |||
Net loss attributable to common shareholders | $ (39,379) | $ (8,669) | $ (37,492) | $ (18,288) | $ (18,157) | $ (18,107) | $ (31,004) | $ (46,154) | $ (49,072) | $ (85,533) | $ (67,229) | $ (85,517) | $ (78,167) | ||
Net loss per share: | |||||||||||||||
Basic and diluted | $ (0.11) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.08) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.22) | $ (0.26) | $ (0.29) | $ (0.36) | $ (0.36) | ||
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 237,152,780 | 218,882,337 | ||
As previously Reported | Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | $ 83,528 | $ 47,746 | $ 20,387 | $ 69,767 | $ 38,877 | $ 38,696 | $ 2,544 | $ 68,133 | $ 41,240 | $ 151,661 | $ 80,117 | $ 149,884 | $ 107,292 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 68,509 | 33,676 | 13,744 | 46,419 | 24,990 | 23,129 | 2,321 | 47,420 | 25,450 | 115,929 | 50,440 | 96,859 | 84,439 | ||
As previously Reported | Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | 25,217 | 22,002 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 7,074 | 6,491 | 8,181 | 9,999 | 6,461 | 6,218 | 6,123 | 14,672 | 12,341 | 21,746 | 18,802 | 28,801 | 23,698 | ||
As previously Reported | Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 4,306 | 4,306 | |||||||||||||
As previously Reported | Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 6,704 | 6,654 | 6,496 | 6,739 | 6,595 | 6,409 | 6,110 | 13,150 | 12,519 | 19,854 | 19,114 | 25,853 | 22,869 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,087 | 13,704 | 14,243 | 11,992 | 10,353 | 8,713 | 8,998 | 27,947 | 17,711 | 42,034 | 28,064 | 40,056 | 36,161 | ||
As previously Reported | Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | 7,089 | 6,582 | 14,705 | 13,671 | 24,536 | 21,320 | 29,099 | 22,469 | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 14,172 | 9,060 | 9,035 | 10,422 | 9,160 | 8,854 | 7,921 | 18,095 | 16,775 | 32,267 | 25,935 | 36,357 | 27,712 | ||
As previously Reported | Other | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 97 | 62 | 76 | 51 | 135 | 138 | 235 | 135 | 186 | ||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 131 | 63 | 81 | 50 | 150 | 144 | 275 | 150 | 200 | ||||||
Restatement Adjustments | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (69) | (69) | (69) | (138) | (207) | ||||||||||
Net revenue | 59 | (75) | 6 | (57) | (69) | (10) | (264) | (417) | |||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 27,353 | 5,016 | 5,238 | 4,979 | 3,778 | 4,410 | 3,887 | 10,254 | 8,297 | 37,607 | 12,075 | 17,054 | 28,209 | ||
Gross (loss) profit | (27,294) | (5,091) | (5,232) | (5,036) | (3,847) | (4,479) | (3,956) | (10,323) | (8,435) | (37,617) | (12,282) | (17,318) | (28,626) | ||
Operating expenses: | |||||||||||||||
Research and development | (4,578) | (4,884) | (5,638) | (4,459) | (4,465) | (5,325) | (4,367) | (10,522) | (9,692) | (15,100) | (14,157) | (18,616) | (21,157) | ||
Selling, general and administrative | 2,933 | (14) | 96 | (1,009) | (5) | (14) | (103) | 82 | (117) | 3,015 | (122) | (1,131) | (513) | ||
Change in fair value of contingent consideration | 1,130 | 1,130 | |||||||||||||
Total operating expenses | (515) | (4,898) | (5,542) | (5,468) | (4,470) | (5,339) | (4,470) | (10,440) | (9,809) | (10,955) | (14,279) | (19,747) | (21,670) | ||
Operating loss | (26,779) | (193) | 310 | 432 | 623 | 860 | 514 | 117 | 1,374 | (26,662) | 1,997 | 2,429 | (6,956) | ||
Interest and other expense, net | (310) | (264) | (263) | (193) | (301) | (104) | (109) | (527) | (213) | (837) | (514) | (189) | (615) | ||
Change in fair value of common stock warrant liability | 1,130 | 1,130 | |||||||||||||
Gain (loss) on extinguishment of debt | (518) | (518) | (518) | (518) | |||||||||||
Loss before income taxes | (25,959) | (457) | 47 | 239 | 322 | 756 | 405 | (410) | 1,161 | (26,369) | 1,483 | 1,722 | (7,571) | ||
Income tax benefit | 121 | (288) | (288) | (167) | 78 | ||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | 239 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | (7,493) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (1,228) | (531) | 39 | (7) | (7) | (531) | (1,760) | ||||||||
Net loss attributable to common shareholders | (25,838) | (745) | 47 | (989) | (209) | 756 | 444 | (705) | 1,161 | (26,543) | 952 | (38) | (7,493) | ||
Restatement Adjustments | Sales of fuel cell systems and related infrastructure | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 134 | 81 | 18 | 6 | 6 | 6 | 81 | 12 | 215 | 18 | 36 | (117) | |||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 919 | 212 | 230 | 672 | 193 | 200 | (9) | 442 | 191 | 1,361 | 384 | 1,056 | 766 | ||
Restatement Adjustments | Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 2,106 | 1,282 | 2,166 | 1,607 | 1,341 | 2,165 | 668 | 3,448 | 2,833 | 5,554 | 4,174 | 5,781 | 8,573 | ||
Restatement Adjustments | Provision (benefit) for loss contracts related to service | |||||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 20,841 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 21,642 | 407 | 394 | 5,345 | ||
Restatement Adjustments | Power Purchase Agreements | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | (75) | (75) | (75) | (75) | (75) | (75) | (75) | (150) | (150) | (225) | (225) | (300) | (300) | ||
Cost of revenue: | |||||||||||||||
Total cost of revenue | 657 | 800 | 528 | 309 | 461 | 116 | 835 | 1,328 | 951 | 1,985 | 1,412 | 1,721 | 5,200 | ||
Restatement Adjustments | Fuel delivered to customers | |||||||||||||||
Net revenue: | |||||||||||||||
Net revenue | 8,846 | 8,325 | |||||||||||||
Cost of revenue: | |||||||||||||||
Total cost of revenue | $ 2,830 | $ 2,016 | $ 2,219 | $ 2,378 | $ 1,989 | $ 2,292 | $ 2,231 | $ 4,235 | $ 4,523 | $ 7,065 | $ 6,512 | $ 8,890 | $ 8,325 |
Unaudited Quarterly Financial_6
Unaudited Quarterly Financial data and Restatement of previously Issued Unaudited interim Condensed Consolidated Financial Statements - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | $ (596,155) | $ (83,743) | $ (85,608) |
Other comprehensive gain (loss) - foreign currency translation adjustment | 687 | 107 | (236) | 296 | (531) | 86 | (210) | (129) | (124) | 558 | (655) | 1,163 | (296) | (610) |
Comprehensive loss attributable to the Company | (64,530) | (9,294) | (37,668) | (17,740) | (18,353) | (17,252) | (30,757) | (46,962) | (48,009) | (111,492) | (66,362) | (594,992) | (84,039) | (86,218) |
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (1,241) | (544) | (13) | (13) | (26) | (26) | (26) | (570) | (26) | (1,812) | (52) | |
Comprehensive loss attributable to common stockholders | (64,530) | (9,307) | (37,681) | (18,981) | (18,897) | (17,265) | (30,770) | (46,988) | (48,035) | (111,518) | (66,932) | $ (595,018) | (85,851) | (86,270) |
As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | |
Other comprehensive gain (loss) - foreign currency translation adjustment | 687 | 107 | (236) | (531) | 86 | (210) | (129) | (124) | 558 | (655) | (184) | (610) | ||
Comprehensive loss attributable to the Company | (38,692) | (8,549) | (37,715) | (18,675) | (18,008) | (31,162) | (46,264) | (49,170) | (84,956) | (67,845) | (85,649) | (78,725) | ||
Preferred stock dividends declared, deemed dividends and accretion of discount | (13) | (13) | (13) | (13) | (13) | (52) | (19) | (26) | (19) | (39) | (52) | (52) | ||
Comprehensive loss attributable to common stockholders | (38,692) | (8,562) | (37,728) | (18,688) | (18,021) | (31,214) | (46,283) | (49,196) | (84,975) | (67,884) | (85,701) | (78,777) | ||
Restatement Adjustments | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | 239 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | $ (7,493) | |
Comprehensive loss attributable to the Company | (25,838) | (745) | 47 | 322 | 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | ||||
Preferred stock dividends declared, deemed dividends and accretion of discount | $ (1,228) | (531) | 39 | (7) | (7) | (531) | $ (1,760) | |||||||
Comprehensive loss attributable to common stockholders | $ (25,838) | $ (745) | $ 47 | $ (209) | $ 756 | $ 444 | $ (705) | $ 1,161 | $ (26,543) | $ 952 |
Unaudited Quarterly Financial_7
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited interim Condensed Consolidated Financial Statements - Condensed Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 586,265 | $ 234,560 | $ 104,392 | $ 129,904 | $ (19,225) | $ (15,795) | $ (7,075) | $ (3,588) | $ 70,229 |
Balance (in shares) | 318,637,560 | ||||||||
Balance | $ 1,466,919 | 586,265 | 234,560 | $ 104,392 | $ 129,904 | (19,225) | (15,795) | (7,075) | (3,588) |
Balance (in shares) | 473,977,469 | 318,637,560 | |||||||
As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 617,444 | 239,965 | 109,120 | 134,679 | $ (14,406) | (10,655) | (1,180) | 2,713 | 73,646 |
Balance | 617,444 | 239,965 | 109,120 | 134,679 | (14,406) | (10,655) | (1,180) | 2,713 | |
Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (31,179) | (5,405) | (4,728) | (4,775) | (4,819) | (5,140) | (5,895) | (6,301) | (3,417) |
Balance | (31,179) | (5,405) | (4,728) | (4,775) | (4,819) | (5,140) | (5,895) | (6,301) | |
Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | $ 2,291 |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | 229,073,517 |
Balance | $ 4,740 | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 |
Balance (in shares) | 473,977,469 | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 |
Common Stock | As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | $ 2,291 |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | 229,073,517 |
Balance | $ 4,061 | $ 3,482 | $ 3,222 | $ 3,186 | $ 2,540 | $ 2,470 | $ 2,445 | $ 2,342 | |
Balance (in shares) | 406,123,816 | 348,201,792 | 322,220,469 | 318,637,560 | 253,982,578 | 246,975,173 | 244,537,235 | 234,160,661 | |
Additional Paid-in-Capital | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ 2,083,169 | $ 1,658,438 | $ 1,519,094 | $ 1,506,953 | $ 1,340,781 | $ 1,325,381 | $ 1,316,815 | $ 1,289,636 | $ 1,250,899 |
Balance | 3,446,650 | 2,083,169 | 1,658,438 | 1,519,094 | 1,506,953 | 1,340,781 | 1,325,381 | 1,316,815 | 1,289,636 |
Additional Paid-in-Capital | As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 2,083,199 | 1,658,532 | 1,519,257 | 1,507,116 | 1,340,859 | 1,325,459 | 1,316,893 | 1,289,714 | 1,250,899 |
Balance | 2,083,199 | 1,658,532 | 1,519,257 | 1,507,116 | 1,340,859 | 1,325,459 | 1,316,893 | 1,289,714 | |
Additional Paid-in-Capital | Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (30) | (94) | (163) | (163) | (78) | (78) | (78) | (78) | |
Balance | (30) | (94) | (163) | (163) | (78) | (78) | (78) | (78) | |
Accumulated Other Comprehensive Income | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 1,846 | 1,159 | 1,052 | 1,288 | 929 | 1,460 | 1,374 | 1,584 | 2,194 |
Balance | 2,451 | 1,846 | 1,159 | 1,052 | 1,288 | 929 | 1,460 | 1,374 | 1,584 |
Accumulated Other Comprehensive Income | As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | 1,958 | 1,271 | 1,164 | 1,400 | 929 | 1,460 | 1,374 | 1,584 | 2,194 |
Balance | 1,958 | 1,271 | 1,164 | 1,400 | 929 | 1,460 | 1,374 | 1,584 | |
Accumulated Other Comprehensive Income | Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (112) | (112) | (112) | (112) | |||||
Balance | (112) | (112) | (112) | (112) | |||||
Treasury Stock | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | $ (3,102) |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | 587,151 |
Balance | $ (40,434) | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) |
Balance (in shares) | 15,926,068 | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 |
Treasury Stock | As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | $ (3,102) |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | 587,151 |
Balance | $ (40,434) | $ (31,359) | $ (31,224) | $ (31,216) | $ (31,216) | $ (30,681) | $ (30,637) | $ (30,637) | |
Balance (in shares) | 15,926,068 | 15,292,591 | 15,261,007 | 15,259,045 | 15,259,045 | 15,020,437 | 15,002,663 | 15,002,663 | |
Accumulated Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (1,462,377) | $ (1,397,160) | $ (1,387,752) | $ (1,350,307) | $ (1,332,259) | $ (1,314,425) | $ (1,297,072) | $ (1,266,513) | $ (1,182,053) |
Balance | (1,946,488) | (1,462,377) | (1,397,160) | (1,387,752) | (1,350,307) | (1,332,259) | (1,314,425) | (1,297,072) | (1,266,513) |
Accumulated Deficit | As previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | (1,431,340) | (1,391,961) | (1,383,299) | (1,345,807) | (1,327,518) | (1,309,363) | (1,291,255) | (1,260,290) | (1,178,636) |
Balance | (1,431,340) | (1,391,961) | (1,383,299) | (1,345,807) | (1,327,518) | (1,309,363) | (1,291,255) | (1,260,290) | |
Accumulated Deficit | Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance | $ (31,037) | (5,199) | (4,453) | (4,500) | (4,741) | (5,062) | (5,817) | (6,223) | (3,417) |
Balance | $ (31,037) | $ (5,199) | $ (4,453) | $ (4,500) | $ (4,741) | $ (5,062) | $ (5,817) | $ (6,223) |
Unaudited Quarterly Financial_8
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited interim Condensed Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | $ (596,155) | $ (83,743) | $ (85,608) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 2,991 | 2,748 | 6,069 | 5,433 | 9,860 | 8,858 | 14,434 | 11,938 | 11,832 | ||||||||||
Amortization of intangible assets | 175 | 175 | 398 | 338 | 835 | 518 | 1,135 | 698 | 693 | ||||||||||
Stock-based compensation | 3,045 | 2,497 | 6,188 | 5,123 | 9,258 | 7,927 | 17,135 | 10,890 | 8,771 | ||||||||||
(Gain) loss on extinguishment of debt | (13,222) | 518 | 518 | (13,222) | 518 | (13,222) | 518 | (17,686) | 518 | ||||||||||
Provision for bad debts and other assets | 307 | 907 | 1,253 | 700 | 1,981 | 1,626 | |||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 2,716 | 2,469 | 6,528 | 4,340 | 12,183 | 6,442 | 17,061 | 9,006 | 6,347 | ||||||||||
Provision for common stock warrants | 2,566 | 1,193 | 7,983 | 2,209 | 25,198 | 3,706 | 425,047 | 6,513 | 10,190 | ||||||||||
Loss on disposal of leased assets | (128) | 212 | 212 | 212 | |||||||||||||||
Fair value adjustment to contingent consideration | 1,130 | (1,160) | |||||||||||||||||
Loss (benefit) on service contracts | (128) | (142) | 277 | (873) | 25,110 | (1,366) | 33,125 | (1,643) | 5,345 | ||||||||||
Change in fair value of common stock warrant liability | (72) | (427) | (1,706) | 2,126 | 420 | (7) | (79) | (4,286) | |||||||||||
Deferred income tax benefit | (6,644) | (17,371) | (17,371) | (24,015) | (30,845) | (9,295) | |||||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 1,034 | 5,001 | (18,333) | 9,864 | (86,056) | 11,625 | (15,701) | 10,594 | (14,666) | ||||||||||
Inventory | (20,581) | (17,716) | (37,983) | (25,431) | (57,615) | (32,843) | (63,389) | (24,633) | 19,193 | ||||||||||
Prepaid expenses and other assets | (10,794) | 1,018 | (11,887) | (460) | (4,956) | 427 | (18,401) | (8,110) | (4,654) | ||||||||||
Accounts payable, accrued expenses, and other liabilities | (3,374) | (2,887) | 3,903 | 662 | 41,125 | 10,164 | 51,880 | 17,234 | (10,160) | ||||||||||
Deferred revenue | (620) | (2,459) | 2,392 | (3,705) | 16,709 | (5,868) | 20,914 | (4,700) | 6,322 | ||||||||||
Net cash used in operating activities | (60,402) | (35,699) | (111,891) | (48,328) | (156,506) | (54,141) | (155,476) | (53,324) | (58,350) | ||||||||||
Investing Activities | |||||||||||||||||||
Purchases of property, plant and equipment | (2,507) | (1,468) | (5,009) | (2,844) | (11,265) | (4,635) | (22,526) | (5,683) | (5,142) | ||||||||||
Purchase of intangible assets | (1,860) | (1,638) | (1,860) | (1,957) | (2,404) | (929) | |||||||||||||
Purchases of equipment related to PPA and equipment related to fuel delivered to customers | (3,848) | (806) | (6,256) | (1,987) | (13,699) | (2,851) | (25,738) | (6,532) | (13,501) | ||||||||||
Net cash paid for acquisitions | (45,286) | (45,113) | (45,113) | ||||||||||||||||
Proceeds from sale of leased assets | 375 | 375 | 375 | ||||||||||||||||
Net cash used in investing activities | (6,355) | (2,274) | (56,551) | (6,316) | (71,715) | (8,971) | (95,334) | (14,244) | (19,572) | ||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from issuance of preferred stock, net of transaction costs | (3) | (8) | (37) | 14,089 | 30,934 | ||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 927,300 | $ 344,400 | $ 120,400 | $ 23,500 | 23,498 | (269) | 28,265 | 344,398 | 38,098 | 1,271,714 | 158,343 | 7,195 | |||||||
Proceeds from exercise of stock options | 6,104 | 81 | 15,798 | 205 | 23,335 | (116) | 32,023 | 1,217 | 138 | ||||||||||
Payments for redemption of preferred stock | (4,040) | (4,040) | |||||||||||||||||
Proceeds from issuance of convertible senior notes, net | 205,100 | 205,098 | 39,052 | 205,098 | 39,052 | 95,856 | |||||||||||||
Repurchase of convertible senior notes | (90,238) | (90,238) | (90,238) | ||||||||||||||||
Purchase of capped calls and common stock forward | (16,253) | (16,253) | (16,253) | (43,500) | |||||||||||||||
Proceeds from termination of capped calls | 24,158 | 24,158 | 24,158 | ||||||||||||||||
Principal payments on long-term debt | (5,315) | (17,671) | (21,626) | (18,039) | (27,845) | (21,704) | (48,020) | (25,345) | (16,190) | ||||||||||
Proceeds from long-term debt, net | 84,761 | 49,000 | 99,546 | 99,000 | 99,496 | 99,000 | 119,186 | ||||||||||||
Repayments of finance obligations | (5,343) | (53,580) | (11,129) | (55,712) | (19,038) | (56,603) | (27,212) | (59,196) | (30,531) | ||||||||||
Proceeds from finance obligations | 9,024 | 27,678 | 25,609 | 47,568 | 57,249 | 65,259 | 83,668 | 76,175 | |||||||||||
Net cash provided by financing activities | 4,470 | 37,086 | 182,219 | 79,866 | 590,183 | 151,395 | 1,515,529 | 326,974 | 120,077 | ||||||||||
Effect of exchange rate changes on cash | 1 | (35) | (24) | (48) | (90) | (119) | 65 | (59) | (57) | ||||||||||
Increase in cash, cash equivalents and restricted cash | (62,286) | (922) | 13,753 | 25,174 | 361,872 | 88,164 | 1,264,784 | 259,347 | 42,098 | ||||||||||
Cash, cash equivalents, and restricted cash beginning of period | $ 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | 68,055 | ||||
Cash, cash equivalents, and restricted cash end of period | 369,500 | 109,231 | 1,634,284 | 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 383,253 | 135,327 | 731,372 | 198,317 | 1,634,284 | 369,500 | 110,153 | ||
Supplemental disclosure of cash flow information | |||||||||||||||||||
Cash paid for interest | 5,155 | 4,858 | 9,466 | 8,673 | 16,975 | 8,673 | 28,942 | 19,180 | 13,057 | ||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | 340 | 2,000 | 6,836 | 11,689 | 25,857 | 29,903 | 55,651 | 52,924 | 41,679 | ||||||||||
Net transfers between inventory and long-lived assets | 18,175 | ||||||||||||||||||
Conversion of preferred stock to common stock | 441 | 441 | 43,058 | 1,883 | 1,179 | 28,392 | |||||||||||||
As previously Reported | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | (39,379) | (8,656) | (37,479) | (18,275) | (18,144) | (18,094) | (30,952) | (46,135) | (49,046) | (85,514) | (67,190) | (85,465) | (78,115) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 2,850 | 2,776 | 5,783 | 5,496 | 9,381 | 8,944 | 11,989 | 11,014 | |||||||||||
Amortization of intangible assets | 175 | 175 | 398 | 338 | 835 | 518 | 698 | 693 | |||||||||||
Stock-based compensation | 3,045 | 2,497 | 6,188 | 5,123 | 9,258 | 7,927 | 10,890 | 8,771 | |||||||||||
(Gain) loss on extinguishment of debt | (13,222) | 518 | (13,222) | (13,222) | 518 | ||||||||||||||
Provision for bad debts and other assets | 307 | 907 | 1,253 | 1,981 | 1,626 | ||||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 2,716 | 2,469 | 6,528 | 4,340 | 12,183 | 6,257 | 8,821 | 6,347 | |||||||||||
Provision for common stock warrants | 2,566 | 1,193 | 7,983 | 2,209 | 25,198 | 3,706 | 6,513 | 10,190 | |||||||||||
Loss on disposal of leased assets | 212 | 212 | 212 | ||||||||||||||||
Fair value adjustment to contingent consideration | 1,130 | ||||||||||||||||||
Loss (benefit) on service contracts | 4,306 | ||||||||||||||||||
Change in fair value of common stock warrant liability | 1,130 | (72) | (427) | (1,706) | 2,126 | 420 | 1,130 | (7) | (79) | (4,286) | |||||||||
Deferred income tax benefit | (6,523) | (17,659) | (17,659) | (24,182) | (9,217) | ||||||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 1,011 | 4,978 | (18,393) | 9,848 | (86,004) | 11,702 | 10,646 | (14,398) | |||||||||||
Inventory | (20,581) | (17,564) | (37,983) | (25,280) | (57,718) | (32,691) | (24,481) | 19,041 | |||||||||||
Prepaid expenses and other assets | (10,794) | 1,018 | (11,817) | (460) | (4,956) | 427 | (8,110) | (4,654) | |||||||||||
Accounts payable, accrued expenses, and other liabilities | (2,933) | (2,781) | 4,699 | 1,232 | 35,748 | 13,293 | 19,879 | (10,266) | |||||||||||
Deferred revenue | (591) | (2,505) | 2,383 | (3,827) | 16,647 | (6,152) | (5,016) | 5,637 | |||||||||||
Net cash used in operating activities | (60,015) | (36,263) | (111,247) | (48,488) | (156,910) | (51,801) | (51,522) | (57,617) | |||||||||||
Investing Activities | |||||||||||||||||||
Purchases of property, plant and equipment | (2,507) | (1,468) | (5,009) | (2,844) | (11,265) | (4,635) | (5,683) | (5,142) | |||||||||||
Purchase of intangible assets | (1,860) | (1,638) | (1,860) | (2,404) | (929) | ||||||||||||||
Purchases of equipment related to PPA and equipment related to fuel delivered to customers | (3,848) | (806) | (6,256) | (1,987) | (13,699) | (2,851) | (6,532) | (13,501) | |||||||||||
Net cash paid for acquisitions | (45,286) | (45,113) | |||||||||||||||||
Proceeds from sale of leased assets | 375 | 375 | 375 | ||||||||||||||||
Net cash used in investing activities | (6,355) | (2,274) | (56,551) | (6,316) | (71,715) | (8,971) | (14,244) | (19,572) | |||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from issuance of preferred stock, net of transaction costs | (3) | (8) | (37) | 14,089 | 30,934 | ||||||||||||||
Proceeds from public offerings, net of transaction costs | 23,498 | (269) | 28,265 | 344,398 | 38,098 | 158,428 | 7,195 | ||||||||||||
Proceeds from exercise of stock options | 6,104 | 81 | 15,798 | 205 | 23,335 | (116) | 1,217 | 138 | |||||||||||
Payments for redemption of preferred stock | (4,040) | (4,040) | |||||||||||||||||
Proceeds from issuance of convertible senior notes, net | 205,100 | 205,098 | 39,052 | 39,052 | 95,856 | ||||||||||||||
Repurchase of convertible senior notes | (90,238) | (90,238) | |||||||||||||||||
Purchase of capped calls and common stock forward | (16,253) | (16,253) | (43,500) | ||||||||||||||||
Proceeds from termination of capped calls | 24,158 | 24,158 | |||||||||||||||||
Principal payments on long-term debt | (5,315) | (17,153) | (21,626) | (17,521) | (27,845) | (21,186) | (24,827) | (16,190) | |||||||||||
Proceeds from long-term debt, net | 84,761 | 49,000 | 99,546 | 99,000 | 99,496 | 119,186 | |||||||||||||
Repayments of finance obligations | (5,730) | (53,534) | (11,783) | (56,070) | (18,634) | (59,461) | (61,713) | (31,264) | |||||||||||
Proceeds from finance obligations | 9,024 | 27,678 | 25,609 | 47,568 | 57,249 | ||||||||||||||
Net cash provided by financing activities | 4,083 | 37,650 | 181,565 | 80,026 | 590,587 | 149,055 | 325,060 | 119,344 | |||||||||||
Effect of exchange rate changes on cash | 1 | (35) | (14) | (48) | (90) | (119) | 53 | (57) | |||||||||||
Increase in cash, cash equivalents and restricted cash | (62,286) | (922) | 13,753 | 25,174 | 361,872 | 88,164 | 259,347 | 42,098 | |||||||||||
Cash, cash equivalents, and restricted cash beginning of period | $ 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 110,153 | 369,500 | 110,153 | 369,500 | 110,153 | $ 369,500 | 110,153 | 68,055 | ||||
Cash, cash equivalents, and restricted cash end of period | $ 369,500 | $ 109,231 | 731,372 | 383,253 | 307,214 | 369,500 | 198,317 | 135,327 | 109,231 | 383,253 | 135,327 | 731,372 | 198,317 | 369,500 | 110,153 | ||||
Supplemental disclosure of cash flow information | |||||||||||||||||||
Cash paid for interest | 5,155 | 4,858 | 9,466 | 8,673 | 16,975 | 8,673 | 19,180 | 13,057 | |||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | 6,189 | 26,922 | 34,530 | 56,377 | 78,626 | 127,370 | 79,057 | ||||||||||||
Conversion of preferred stock to common stock | 441 | 441 | 42,873 | 1,883 | 28,392 | ||||||||||||||
Restatement Adjustments | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net loss attributable to the Company | (25,838) | (745) | 47 | $ 239 | $ 322 | $ 756 | 405 | (698) | 1,161 | (26,536) | 1,483 | 1,722 | (7,493) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation of long-lived assets | 141 | (28) | 286 | (63) | 479 | (86) | (51) | 818 | |||||||||||
(Gain) loss on extinguishment of debt | 518 | 518 | 518 | 518 | |||||||||||||||
Amortization of debt issuance costs and discount on convertible senior notes | 185 | 185 | |||||||||||||||||
Loss on disposal of leased assets | (128) | ||||||||||||||||||
Loss (benefit) on service contracts | (142) | 277 | (873) | 20,804 | (1,366) | (1,643) | 5,345 | ||||||||||||
Change in fair value of common stock warrant liability | (1,130) | (1,130) | |||||||||||||||||
Deferred income tax benefit | $ (121) | $ 288 | 288 | 167 | (78) | ||||||||||||||
Changes in operating assets and liabilities that provide (use) cash: | |||||||||||||||||||
Accounts receivable | 23 | 23 | 60 | 16 | (52) | (77) | (52) | (268) | |||||||||||
Inventory | (152) | (151) | 103 | (152) | (152) | 152 | |||||||||||||
Prepaid expenses and other assets | (70) | ||||||||||||||||||
Accounts payable, accrued expenses, and other liabilities | (441) | (106) | (796) | (570) | 5,377 | (3,129) | (2,645) | 106 | |||||||||||
Deferred revenue | (29) | 46 | 9 | 122 | 62 | 284 | 316 | 685 | |||||||||||
Net cash used in operating activities | (387) | 564 | (644) | 160 | 404 | (2,340) | (1,802) | (733) | |||||||||||
Financing Activities | |||||||||||||||||||
Proceeds from public offerings, net of transaction costs | (85) | ||||||||||||||||||
Principal payments on long-term debt | (518) | (518) | (518) | (518) | |||||||||||||||
Repayments of finance obligations | 387 | (46) | 654 | 358 | (404) | 2,858 | 2,517 | 733 | |||||||||||
Net cash provided by financing activities | 387 | (564) | 654 | (160) | (404) | 2,340 | 1,914 | 733 | |||||||||||
Effect of exchange rate changes on cash | (10) | (112) | |||||||||||||||||
Summary of non-cash investing and financing activity | |||||||||||||||||||
Recognition of right of use assets | $ (5,849) | $ 2,000 | $ (20,086) | $ (22,841) | (30,520) | $ (48,723) | $ (74,446) | $ (37,378) | |||||||||||
Conversion of preferred stock to common stock | $ 185 |
Unaudited Quarterly Financial_9
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited interim Condensed Consolidated Financial Statements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | $ 58,500 | $ 37,700 | ||||||||||||
Research and development | $ 7,386 | $ 4,873 | $ 4,774 | $ 4,882 | $ 3,563 | $ 3,608 | $ 3,006 | $ 9,647 | $ 6,614 | $ 17,033 | $ 10,177 | $ 27,848 | 15,059 | $ 12,750 |
As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Research and development | 11,964 | 9,757 | 10,412 | 9,341 | 8,028 | 8,933 | 7,373 | 20,169 | 16,306 | 32,133 | 24,334 | 33,675 | 33,907 | |
Restatement Adjustments | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Research and development | $ (4,578) | $ (4,884) | $ (5,638) | $ (4,459) | $ (4,465) | $ (5,325) | $ (4,367) | $ (10,522) | $ (9,692) | $ (15,100) | $ (14,157) | (18,616) | (21,157) | |
Cost of Revenue | $ 19,492 | $ 21,157 |
Unaudited Quarterly Financia_10
Unaudited Quarterly Financial data and Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Long-term Line of Credit | $ 175,400 | |||||||||||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 71,891 | $ 68,428 | $ 68,402 | $ 67,769 | $ 67,248 | $ 68,982 | $ 70,928 | $ 68,428 | $ 68,982 | $ 71,891 | $ 67,248 | 75,807 | $ 67,769 | |
Other Liabilities, Noncurrent | 45,170 | 14,476 | 2,386 | 2,818 | 2,834 | 3,333 | 3,746 | 14,476 | 3,333 | 45,170 | 2,834 | 40,447 | 2,818 | |
Operating Lease, Liability | 113,938 | |||||||||||||
Accounts receivable | 113,505 | 45,782 | 24,734 | 25,768 | 24,737 | 26,844 | 32,307 | 45,782 | 26,844 | 113,505 | 24,737 | 43,041 | 25,768 | |
Inventory, Net | 134,203 | 114,571 | 92,972 | 72,391 | 80,601 | 73,190 | 65,474 | 114,571 | 73,190 | 134,203 | 80,601 | 139,386 | 72,391 | |
Prepaid Expense and Other Assets, Current | 26,731 | 31,436 | 28,500 | 21,192 | 12,804 | 14,001 | 10,296 | 31,436 | 14,001 | 26,731 | 12,804 | 44,324 | 21,192 | |
Goodwill | 71,822 | 70,262 | 8,673 | 8,842 | 8,606 | 8,961 | 8,886 | 70,262 | 8,961 | 71,822 | 8,606 | 72,387 | 8,842 | |
Operating Lease, Right-of-Use Asset | 90,184 | 71,789 | 64,812 | 63,266 | 47,016 | 39,679 | 33,599 | 71,789 | 39,679 | 90,184 | 47,016 | 117,016 | 63,266 | |
Intangible Assets, Net (Excluding Goodwill) | 39,569 | 38,974 | 5,696 | 5,539 | 5,113 | 5,398 | 3,677 | 38,974 | 5,398 | 39,569 | 5,113 | 39,251 | 5,539 | |
Accrued Liabilities, Current | 37,948 | 23,917 | 14,870 | 14,409 | 9,457 | 4,522 | 6,509 | 23,917 | 4,522 | 37,948 | 9,457 | 46,083 | 14,409 | |
Other Liabilities, Current | 21,083 | 19,418 | 8,446 | 6,704 | 8,373 | 3,705 | 3,745 | 19,418 | 3,705 | 21,083 | 8,373 | 29,487 | 6,704 | |
Deferred Revenue, Noncurrent | 29,511 | 24,848 | 22,684 | 23,170 | 22,213 | 24,126 | 25,366 | 24,848 | 24,126 | 29,511 | 22,213 | 32,944 | 23,170 | |
Other assets | 9,661 | 11,817 | 12,059 | 8,573 | 9,152 | 8,842 | 11,069 | 11,817 | 8,842 | 9,661 | 9,152 | 5,513 | 8,573 | |
Accounts payable | 58,793 | 39,812 | 35,503 | 40,376 | 36,851 | 36,946 | 31,688 | 39,812 | 36,946 | 58,793 | 36,851 | 50,198 | 40,376 | |
Convertible senior notes, net | 105,088 | 142,889 | 113,063 | 110,431 | 107,945 | 66,844 | 65,025 | 142,889 | 66,844 | 105,088 | 107,945 | 85,640 | 110,431 | |
Additional Paid in Capital | 2,083,169 | 1,658,438 | 1,519,094 | 1,506,953 | 1,340,781 | 1,325,381 | 1,316,815 | 1,658,438 | 1,325,381 | 2,083,169 | 1,340,781 | 3,446,650 | 1,506,953 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,846 | 1,159 | 1,052 | 1,288 | 929 | 1,460 | 1,374 | 1,159 | 1,460 | 1,846 | 929 | 2,451 | 1,288 | |
Research and Development Expense | 7,386 | 4,873 | 4,774 | 4,882 | 3,563 | 3,608 | 3,006 | 9,647 | 6,614 | 17,033 | 10,177 | 27,848 | 15,059 | $ 12,750 |
Cost of Goods and Services Sold | 135,632 | 68,010 | 50,522 | 83,861 | 54,892 | 51,324 | 29,250 | 118,532 | 80,574 | 254,164 | 135,466 | 376,179 | 219,327 | 200,219 |
Nonoperating Income (Expense) | (17,551) | (13,462) | (11,846) | (10,999) | (8,273) | (7,965) | (8,454) | (25,308) | (16,419) | (42,859) | (24,692) | (60,484) | (35,691) | (22,750) |
Selling, General and Administrative Expense | 17,210 | 21,644 | 11,109 | 9,973 | 10,395 | 13,613 | 9,221 | 32,753 | 22,834 | 49,963 | 33,229 | 79,348 | 43,202 | 37,685 |
Income tax benefit | 6,644 | 17,371 | 17,371 | 24,015 | 30,845 | 9,295 | ||||||||
Net revenue | 107,048 | 67,995 | 40,819 | 91,607 | 108,814 | 215,862 | (93,237) | 229,975 | 174,215 | |||||
Net Cash Provided by (Used in) Operating Activities | (60,402) | (35,699) | (111,891) | (48,328) | (156,506) | (54,141) | (155,476) | (53,324) | (58,350) | |||||
Repayments of Debt | 5,343 | 53,580 | 11,129 | 55,712 | 19,038 | 56,603 | 27,212 | 59,196 | 30,531 | |||||
Accumulated deficit | (1,462,377) | (1,397,160) | (1,387,752) | (1,350,307) | (1,332,259) | (1,314,425) | (1,297,072) | (1,397,160) | (1,314,425) | (1,462,377) | (1,332,259) | (1,946,488) | (1,350,307) | |
Bonus Accrual | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Other Labor-related Expenses | 5,300 | 5,300 | ||||||||||||
ROU assets and lease liabilities | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Other Labor-related Expenses | 2,400 | |||||||||||||
As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | 309,475 | 274,721 | 252,802 | 244,740 | 202,034 | 170,455 | 141,889 | 274,721 | 170,455 | 309,475 | 202,034 | 244,740 | ||
Other Liabilities, Noncurrent | 27,068 | 11,756 | 13 | 13 | 13 | 13 | 17 | 11,756 | 13 | 27,068 | 13 | 13 | ||
Accounts receivable | 113,133 | 45,522 | 24,437 | 25,448 | 24,392 | 26,592 | 32,062 | 45,522 | 26,592 | 113,133 | 24,392 | 25,448 | ||
Inventory, Net | 134,306 | 114,571 | 92,972 | 72,391 | 80,601 | 73,190 | 65,474 | 114,571 | 73,190 | 134,306 | 80,601 | 72,391 | ||
Prepaid Expense and Other Assets, Current | 26,731 | 31,436 | 28,500 | 21,192 | 12,804 | 14,001 | 10,296 | 31,436 | 14,001 | 26,731 | 12,804 | 21,192 | ||
Goodwill | 71,962 | 70,402 | 8,673 | 8,842 | 8,606 | 8,961 | 8,886 | 70,402 | 8,961 | 71,962 | 8,606 | 8,842 | ||
Intangible Assets, Net (Excluding Goodwill) | 39,169 | 38,574 | 5,296 | 5,539 | 5,113 | 5,398 | 3,677 | 38,574 | 5,398 | 39,169 | 5,113 | 5,539 | ||
Accrued Liabilities, Current | 32,031 | 23,320 | 14,273 | 14,213 | 9,457 | 4,522 | 6,509 | 23,320 | 4,522 | 32,031 | 9,457 | 14,213 | ||
Other Liabilities, Current | 17,280 | 21,692 | 10,423 | 8,543 | 10,238 | 3,017 | 2,271 | 21,692 | 3,017 | 17,280 | 10,238 | 8,543 | ||
Deferred Revenue, Noncurrent | 29,648 | 25,038 | 22,912 | 23,369 | 22,444 | 24,519 | 25,835 | 25,038 | 24,519 | 29,648 | 22,444 | 23,369 | ||
Other assets | 9,661 | 11,817 | 12,059 | 8,573 | 9,152 | 8,842 | 11,069 | 11,817 | 8,842 | 9,661 | 9,152 | 8,573 | ||
Accounts payable | 58,793 | 39,812 | 35,503 | 40,376 | 36,851 | 36,946 | 31,688 | 39,812 | 36,946 | 58,793 | 36,851 | 40,376 | ||
Convertible senior notes, net | 105,088 | 142,704 | 112,878 | 110,246 | 107,760 | 66,844 | 65,025 | 142,704 | 66,844 | 105,088 | 107,760 | 110,246 | ||
Additional Paid in Capital | 2,083,199 | 1,658,532 | 1,519,257 | 1,507,116 | 1,340,859 | 1,325,459 | 1,316,893 | 1,658,532 | 1,325,459 | 2,083,199 | 1,340,859 | 1,507,116 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,958 | 1,271 | 1,164 | 1,400 | 929 | 1,460 | 1,374 | 1,271 | 1,460 | 1,958 | 929 | 1,400 | ||
Research and Development Expense | 11,964 | 9,757 | 10,412 | 9,341 | 8,028 | 8,933 | 7,373 | 20,169 | 16,306 | 32,133 | 24,334 | 33,675 | 33,907 | |
Cost of Goods and Services Sold | 108,279 | 62,994 | 45,284 | 78,882 | 51,114 | 46,914 | 25,363 | 108,278 | 72,277 | 216,557 | 123,391 | 202,273 | 172,010 | |
Nonoperating Income (Expense) | (17,241) | (13,198) | (11,583) | (10,806) | (7,972) | (7,861) | (8,345) | (24,781) | (16,206) | (42,022) | (24,178) | (35,502) | (22,135) | |
Selling, General and Administrative Expense | 14,277 | 21,658 | 11,013 | 10,982 | 10,400 | 13,627 | 9,324 | 32,671 | 22,951 | 46,948 | 33,351 | 44,333 | 38,198 | |
Income tax benefit | 6,523 | 17,659 | 17,659 | 24,182 | 9,217 | |||||||||
Net revenue | 106,989 | 68,070 | 40,813 | 91,664 | 108,883 | 215,872 | 230,239 | 174,632 | ||||||
Net Cash Provided by (Used in) Operating Activities | (60,015) | (36,263) | (111,247) | (48,488) | (156,910) | (51,801) | (51,522) | (57,617) | ||||||
Repayments of Debt | 5,730 | 53,534 | 11,783 | 56,070 | 18,634 | 59,461 | 61,713 | 31,264 | ||||||
Accumulated deficit | (1,431,340) | (1,391,961) | (1,383,299) | (1,345,807) | (1,327,518) | (1,309,363) | (1,291,255) | (1,391,961) | (1,309,363) | (1,431,340) | (1,327,518) | (1,345,807) | ||
Provision (benefit) for loss contracts related to service | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 25,147 | 706 | 95 | 13 | 206 | 363 | 162 | 801 | 201 | 25,948 | 407 | 35,473 | 394 | 5,345 |
Provision (benefit) for loss contracts related to service | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 4,306 | 4,306 | ||||||||||||
Sales of fuel cell systems and related infrastructure | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 69,428 | 33,888 | 13,974 | 47,091 | 25,183 | 23,329 | 2,312 | 47,862 | 25,641 | 117,290 | 50,824 | 171,404 | 97,915 | 85,205 |
Sales of fuel cell systems and related infrastructure | Revision of Research and Development Expense | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 7,000 | |||||||||||||
Sales of fuel cell systems and related infrastructure | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 68,509 | 33,676 | 13,744 | 46,419 | 24,990 | 23,129 | 2,321 | 47,420 | 25,450 | 115,929 | 50,440 | 96,859 | 84,439 | |
Fuel delivered to customers | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 17,002 | 11,076 | 11,254 | 12,800 | 11,149 | 11,146 | 10,152 | 22,330 | 21,298 | 39,332 | 32,447 | 61,815 | 45,247 | 36,037 |
Fuel delivered to customers | Revision of Research and Development Expense | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 8,900 | |||||||||||||
Fuel delivered to customers | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 14,172 | 9,060 | 9,035 | 10,422 | 9,160 | 8,854 | 7,921 | 18,095 | 16,775 | 32,267 | 25,935 | 36,357 | 27,712 | |
Services performed on fuel cell systems and related infrastructure | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 9,180 | 7,773 | 10,347 | 11,606 | 7,802 | 8,383 | 6,791 | 18,120 | 15,174 | 27,300 | 22,976 | 42,524 | 34,582 | 32,271 |
Services performed on fuel cell systems and related infrastructure | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 7,074 | 6,491 | 8,181 | 9,999 | 6,461 | 6,218 | 6,123 | 14,672 | 12,341 | 21,746 | 18,802 | 28,801 | 23,698 | |
Power Purchase Agreements | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 14,744 | 14,504 | 14,771 | 12,301 | 10,814 | 8,829 | 9,833 | 29,275 | 18,662 | 44,019 | 29,476 | $ 64,640 | 41,777 | 41,361 |
Power Purchase Agreements | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | $ 14,087 | $ 13,704 | $ 14,243 | $ 11,992 | 10,353 | 8,713 | 8,998 | $ 27,947 | 17,711 | $ 42,034 | 28,064 | $ 40,056 | $ 36,161 | |
ASU 2019-08 | As previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Additional Paid in Capital | 6,500 | 3,500 | 3,000 | 3,500 | 6,500 | |||||||||
Accumulated deficit | $ 6,500 | $ 3,500 | $ 3,000 | $ 3,500 | $ 6,500 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | May 31, 2020 | May 29, 2020 | May 18, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of Significant Accounting Policies | ||||||||||||||
Loss accrual | $ 24,013 | $ 3,702 | $ 5,345 | |||||||||||
Operating lease maximum allowed extension percentage | 75.00% | |||||||||||||
Minimum number of days after an invoice is issued when accounts receivable is considered due | 30 days | |||||||||||||
Maximum number of days after an invoice is issued when accounts receivable is considered due | 60 days | |||||||||||||
Allowance for doubtful accounts receivable | $ 172 | 249 | ||||||||||||
Accumulated deficit | (1,946,488) | (1,350,307) | $ (1,462,377) | $ (1,397,160) | $ (1,387,752) | $ (1,332,259) | $ (1,314,425) | $ (1,297,072) | ||||||
Additional paid-in capital | 3,446,650 | 1,506,953 | $ 2,083,169 | $ 1,658,438 | $ 1,519,094 | $ 1,340,781 | $ 1,325,381 | $ 1,316,815 | ||||||
Interest rate (as a percent) | 3.50% | |||||||||||||
Stock-Based Compensation | ||||||||||||||
Tax benefit (expense) for stock-based compensation | $ 0 | $ 0 | $ 0 | |||||||||||
Fuel | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 10 years | |||||||||||||
Hydrogen infrastructure | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 20 years | |||||||||||||
Minimum | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Payment terms for fuel cells and its services | 30 days | |||||||||||||
Extension period | 5 years | |||||||||||||
Uptime of the fleet (as a percent) | 97.00% | |||||||||||||
Intangible Assets | ||||||||||||||
Intangible asset useful lives | 5 years | |||||||||||||
Maximum | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Payment terms for fuel cells and its services | 90 days | |||||||||||||
Extension period | 10 years | |||||||||||||
Uptime of the fleet (as a percent) | 98.00% | |||||||||||||
Intangible Assets | ||||||||||||||
Intangible asset useful lives | 10 years | |||||||||||||
Leasehold Improvements | Minimum | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 5 years | |||||||||||||
Leasehold Improvements | Maximum | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 10 years | |||||||||||||
Software, machinery and equipment | Minimum | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 1 year | |||||||||||||
Software, machinery and equipment | Maximum | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Estimated useful life | 15 years | |||||||||||||
3.75% Convertible Senior Notes | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||||
5.5% Convertible Senior Notes | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||
Cumulative Adjustment | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Convertible Debt | $ 120,700 | |||||||||||||
Accumulated deficit | 9,500 | |||||||||||||
Additional paid-in capital | $ 130,200 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Accrual for loss contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accrual for loss contracts | |||
Beginning Balance | $ 3,702 | $ 5,345 | |
Provision (benefit) for Loss Accrual | 35,473 | 394 | $ 5,345 |
Released to Service Cost of Sales | (2,348) | (1,249) | |
Released to Provision for Warrants | (12,814) | ||
Ending Balance | $ 24,013 | $ 3,702 | $ 5,345 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair value measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Level 2 | ||
Fair Value | ||
Convertible senior notes | $ 1,272,766 | $ 135,320 |
Level 3 | ||
Fair Value | ||
Contingent consideration | 9,760 | |
Convertible senior notes | 53,455 | |
Long-term debt | 175,402 | 112,169 |
Finance obligations | 181,553 | 144,089 |
Carrying value | ||
Fair Value | ||
Contingent consideration | 9,760 | |
Convertible senior notes | 85,640 | 110,431 |
Long-term debt | 175,402 | 112,169 |
Finance obligations | 181,553 | 144,089 |
Fair value | ||
Fair Value | ||
Contingent consideration | 9,760 | |
Convertible senior notes | 1,272,766 | 188,775 |
Long-term debt | 175,402 | 112,169 |
Finance obligations | $ 181,553 | $ 144,089 |
Acquisitions - Fair value of co
Acquisitions - Fair value of consideration (Details) - USD ($) $ in Thousands | Jun. 22, 2020 | Jun. 18, 2020 |
Giner ELX, Inc | ||
Cash | $ 25,820 | |
Plug Power Stock | 19,263 | |
Contingent consideration | 7,790 | |
Total consideration | $ 52,873 | |
United Hydrogen Group Inc | ||
Cash | $ 19,293 | |
Plug Power Stock | 30,410 | |
Contingent consideration | 1,110 | |
Total consideration | $ 50,813 |
Acquisitions - Allocation Of Pu
Acquisitions - Allocation Of Purchase Price (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 22, 2020 | Jun. 18, 2020 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Deferred tax liability, net | $ (5,900) | ||
Giner ELX, Inc | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Accounts receivable | $ 1,237 | ||
Inventory | 4,108 | ||
Prepaid expenses and other assets | 669 | ||
Property, Plant and equipment. | 596 | ||
Identifiable intangibles | 29,930 | ||
Accounts payable, accrued expenses, deferred revenue and finance obligations | (1,621) | ||
Deferred revenue | (2,350) | ||
Deferred tax liability, net | (5,889) | ||
Total net assets acquired, excluding goodwill | $ 26,680 | ||
United Hydrogen Group Inc | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Accounts receivable | $ 444 | ||
Inventory | 89 | ||
Prepaid expenses and other assets | 1,152 | ||
Property, Plant and equipment. | 41,244 | ||
Leased property | 796 | ||
Identifiable intangibles | 2,338 | ||
Long-term debt | (11,336) | ||
Unfavorable customer contract | (15,757) | ||
Accounts payable, accrued expenses, deferred revenue and finance obligations | (4,631) | ||
Total net assets acquired, excluding goodwill | $ 14,339 |
Acquisitions - Goodwill (Detail
Acquisitions - Goodwill (Details) - USD ($) $ in Thousands | Jun. 22, 2020 | Jun. 18, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Total goodwill recognized | $ 72,387 | $ 71,822 | $ 70,262 | $ 8,673 | $ 8,842 | $ 8,606 | $ 8,961 | $ 8,886 | ||
Giner ELX, Inc | ||||||||||
Consideration paid | $ 52,873 | |||||||||
Less: net assets acquired | (26,680) | |||||||||
Total goodwill recognized | $ 26,193 | |||||||||
United Hydrogen Group Inc | ||||||||||
Consideration paid | $ 50,813 | |||||||||
Less: net assets acquired | (14,339) | |||||||||
Total goodwill recognized | $ (36,474) |
Acquisitions - Narratives (Deta
Acquisitions - Narratives (Details) $ in Thousands | Jun. 22, 2020USD ($)item | Jun. 18, 2020USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) |
Warrants | $ 98 | $ 525 | $ 2,231 | |||||||
Increase in goodwill | $ 62,600 | |||||||||
Change in fair value | $ 1,130 | $ 1,130 | $ 1,160 | |||||||
Deferred tax liability | 5,900 | |||||||||
Reduction to valuation allowance | 5,200 | |||||||||
Unrecognized tax benefits released due to expiration of stature of limitations | 5,200 | |||||||||
Giner ELX, Inc | ||||||||||
Percentage of outstanding shares | 100.00% | |||||||||
Earn-out payments | $ 16,000 | 7,800 | ||||||||
Achievement of Allagash earn out | 8,000 | |||||||||
Receipt of certain customer opportunities | 2,000 | |||||||||
Achievement of revenue targets | $ 6,000 | |||||||||
Number of electrolyzer stacks | item | 2 | |||||||||
Warrants term | 2 years | |||||||||
Increase in other liabilities | 700 | |||||||||
Increase in goodwill | 700 | |||||||||
Fair value contingent estimated | 9,600 | |||||||||
Change in fair value | 1,800 | |||||||||
Deferred tax liability | $ 5,889 | |||||||||
Revenues | 3,600 | |||||||||
Giner ELX, Inc | Non achieving of allagash earn out revenue by July 31, 2033 | ||||||||||
Percentage of monthly reduction of contingent consideration | 8.33% | |||||||||
Giner ELX, Inc | Earn-out revenue exceeds 150% of target stated for year 2023 | ||||||||||
Warrants | $ 5,000 | |||||||||
Giner ELX, Inc | Earn-out revenue exceeds 200% of target stated for year 2023 | ||||||||||
Warrants | $ 10,000 | |||||||||
United Hydrogen Group Inc | ||||||||||
Percentage of outstanding shares | 100.00% | |||||||||
Earn-out payments | $ 1,100 | 200 | ||||||||
Cash paid in respect to certain indebtedness | $ 1,000 | |||||||||
Increase in goodwill | 200 | |||||||||
Decrease in long term debt | 1,900 | |||||||||
Increase in other liabilities | 1,700 | |||||||||
Payment made on achievement of first milestone | 300 | |||||||||
Change in fair value of contingent consideration due to reduction in the probability assessment | $ 610 | |||||||||
Revenues | 4,200 | |||||||||
United Hydrogen Group Inc | Common Stock | ||||||||||
Value of shares of common stock issued | $ 6,500 | |||||||||
Developed Technology Rights | United Hydrogen Group Inc | ||||||||||
Fair value of acquisition | 2,300 | |||||||||
In process R&D | Giner ELX, Inc | ||||||||||
Fair value of acquisition | 29,000 | |||||||||
Customer relationships | Giner ELX, Inc | ||||||||||
Fair value of acquisition | 400 | |||||||||
Wet Stack Technology | Giner ELX, Inc | ||||||||||
Fair value of acquisition | $ 400 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||||||
Net (loss) income attributable to common shareholders | $ (484,105) | $ (65,217) | $ (9,414) | $ (37,445) | $ (19,277) | $ (18,366) | $ (17,351) | $ (30,560) | $ (46,859) | $ (47,911) | $ (112,076) | $ (66,277) | $ (596,181) | $ (85,555) | $ (85,660) |
Denominator: | |||||||||||||||
Weighted average number of common stock outstanding | 371,010,544 | 316,645,050 | 305,192,201 | 260,053,150 | 236,759,521 | 231,114,868 | 220,605,068 | 310,918,626 | 225,899,224 | 330,949,265 | 229,519,323 | 354,790,106 | 237,152,780 | 218,882,337 |
Earnings Per Share - Dilutive P
Earnings Per Share - Dilutive Potential Common Shares (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Nov. 01, 2018 | May 16, 2013 | Jan. 31, 2020 | Jul. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2020 | May 18, 2020 | Sep. 30, 2019 | Mar. 31, 2018 | Apr. 04, 2017 |
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 163,169,490 | 200,327,965 | 201,692,250 | ||||||||||||
Interest rate (as a percent) | 3.50% | ||||||||||||||
Convertible senior notes | $ 85,600 | $ 85,600 | |||||||||||||
Stock options | |||||||||||||||
Earnings Per Share | |||||||||||||||
Stock options granted | 3,509,549 | 3,221,892 | 2,679,667 | ||||||||||||
Warrant Transaction Agreements | |||||||||||||||
Earnings Per Share | |||||||||||||||
Shares of common stock that can be purchased from warrants issued (in shares) | 55,286,696 | 55,286,696 | 55,286,696 | ||||||||||||
Number of warrants exercised (in shares) | 5,819,652 | 0 | |||||||||||||
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement | |||||||||||||||
Earnings Per Share | |||||||||||||||
Shares of common stock that can be purchased from warrants issued (in shares) | 5,819,652 | ||||||||||||||
Series C Preferred Stock | |||||||||||||||
Earnings Per Share | |||||||||||||||
Shares issued (in shares) | 10,431 | ||||||||||||||
Series E Preferred Stock | |||||||||||||||
Earnings Per Share | |||||||||||||||
Shares issued (in shares) | 35,000 | ||||||||||||||
Number of shares redeemed | 4,038 | ||||||||||||||
Number of preferred shares that had been converted to common stock | 500 | 30,462 | |||||||||||||
5.5% Convertible Senior Notes | |||||||||||||||
Earnings Per Share | |||||||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||
Conversion of notes through common stock issuance | 14,600,000 | ||||||||||||||
Repurchase amount | $ 66,300 | ||||||||||||||
Convertible senior notes | $ 33,500 | $ 33,500 | |||||||||||||
Long-term borrowings | $ 160 | $ 160 | $ 48,700 | ||||||||||||
7.5% Convertible Senior Note | |||||||||||||||
Earnings Per Share | |||||||||||||||
Interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | |||||||||||
Conversion of notes through common stock issuance | 16,000,000 | ||||||||||||||
Stock options | |||||||||||||||
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 10,284,498 | 23,013,590 | 21,957,150 | ||||||||||||
Stock options granted | 3,509,549 | 3,221,892 | 2,679,667 | ||||||||||||
Restricted stock | |||||||||||||||
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 5,874,642 | 4,608,560 | 2,347,347 | ||||||||||||
Stock options granted | 3,227,149 | 3,201,892 | 2,367,347 | ||||||||||||
Warrants | |||||||||||||||
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 104,753,740 | 110,573,392 | 115,824,142 | ||||||||||||
Preferred stock | |||||||||||||||
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 2,998,527 | 17,933,591 | |||||||||||||
Convertible Senior Notes | |||||||||||||||
Earnings Per Share | |||||||||||||||
Number of dilutive potential common stock | 42,256,610 | 59,133,896 | 43,630,020 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Inventory | ||||||||
Raw materials and supplies - production locations | $ 92,221 | $ 48,011 | ||||||
Raw materials and supplies - customer locations | 12,405 | 9,241 | ||||||
Work-in-process | 29,349 | 12,529 | ||||||
Finished goods | 5,411 | 2,610 | ||||||
Inventory | $ 139,386 | $ 134,203 | $ 114,571 | $ 92,972 | $ 72,391 | $ 80,601 | $ 73,190 | $ 65,474 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Property, plant and equipment | |||||||||
Property, plant, and equipment, gross | $ 96,735 | $ 32,376 | |||||||
Less: accumulated depreciation | (22,186) | (17,417) | |||||||
Property, plant, and equipment, net | 74,549 | 14,959 | $ 64,820 | $ 60,018 | $ 16,591 | $ 14,990 | $ 14,228 | $ 13,615 | |
Depreciation expense | 4,800 | 3,600 | $ 2,600 | ||||||
Land | |||||||||
Property, plant and equipment | |||||||||
Property, plant, and equipment, gross | 1,165 | ||||||||
Leasehold Improvements | |||||||||
Property, plant and equipment | |||||||||
Property, plant, and equipment, gross | 1,121 | 862 | |||||||
Software, machinery and equipment | |||||||||
Property, plant and equipment | |||||||||
Property, plant, and equipment, gross | $ 94,449 | $ 31,514 |
Equipment Related to Power Pu_3
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||||||||
Lessor property and equipment related to power purchase agreements | $ 92,736 | $ 81,194 | ||||||
Less: accumulated depreciation | (16,929) | (13,425) | ||||||
Lessor property and equipment related to power purchase agreements, net | $ 75,807 | $ 71,891 | $ 68,428 | $ 68,402 | 67,769 | $ 67,248 | $ 68,982 | $ 70,928 |
Restatement Adjustments | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lessor property and equipment related to power purchase agreements, net | $ (237,584) | $ (206,293) | $ (184,400) | $ (176,971) | $ (134,786) | $ (101,473) | $ (70,961) |
Equipment Related to Power Pu_4
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net - Future minimum lease payments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Depreciation expense | $ 7.9 | $ 6.3 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lease term | 1 year | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lease term | 10 years |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Gross Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Gross Carrying Amount | $ 43,587 | $ 8,564 | ||||||
Accumulated Amortization | (4,336) | (3,025) | ||||||
Total | 39,251 | 5,539 | ||||||
Goodwill | 72,387 | 8,842 | $ 71,822 | $ 70,262 | $ 8,673 | $ 8,606 | $ 8,961 | $ 8,886 |
Increase in goodwill | 62,600 | |||||||
Translation gain on goodwill | 900 | |||||||
Goodwill impairments | 0 | 0 | ||||||
EnergyOr | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Acquired | 1,500 | |||||||
Milestone payments | $ 3,000 | |||||||
American Fuel Cell LLC | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Milestone payments | 2,900 | |||||||
In process R&D | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Gross Carrying Amount | 29,000 | |||||||
Total | $ 29,000 | |||||||
Acquired technology | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Weighted Average Amortization Period | 10 years | 9 years | ||||||
Gross Carrying Amount | $ 13,697 | $ 8,244 | ||||||
Accumulated Amortization | (4,042) | (2,815) | ||||||
Total | $ 9,655 | $ 5,429 | ||||||
Customer relationships, Backlog & Trademark | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Weighted Average Amortization Period | 6 years | |||||||
Gross Carrying Amount | $ 890 | |||||||
Accumulated Amortization | (294) | |||||||
Total | $ 596 | |||||||
Trademark | ||||||||
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets | ||||||||
Weighted Average Amortization Period | 9 years | |||||||
Gross Carrying Amount | $ 320 | |||||||
Accumulated Amortization | (210) | |||||||
Total | $ 110 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets and Goodwill | |||||||||
Amortization of Intangible Assets | $ 175 | $ 175 | $ 398 | $ 338 | $ 835 | $ 518 | $ 1,135 | $ 698 | $ 693 |
Estimated amortization expense | |||||||||
2021 | 1,878 | ||||||||
2022 | 1,478 | ||||||||
2023 | 1,478 | ||||||||
2024 | 1,456 | ||||||||
2025 and thereafter | 3,961 | ||||||||
Total | $ 10,251 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Accrued Expenses | ||||||||
Accrued payroll and compensation related costs | $ 29,167 | $ 2,932 | ||||||
Accrued accounts payable | 11,750 | 7,254 | ||||||
Accrued sales and other taxes | 3,665 | 905 | ||||||
Accrued interest | 649 | 2,374 | ||||||
Accrued other | 852 | 944 | ||||||
Total | $ 46,083 | $ 37,948 | $ 23,917 | $ 14,870 | $ 14,409 | $ 9,457 | $ 4,522 | $ 6,509 |
Operating and Finance Lease L_3
Operating and Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||||||||
Rental expense for all operating lease | $ 22,300 | $ 14,600 | $ 10,200 | ||||||
Gross profit on sale leaseback transactions | 61,000 | 26,200 | $ 16,400 | ||||||
Right of use assets obtained in exchange for new operating lease liabilities | 58,500 | 37,700 | |||||||
Right of use assets related to operating leases | 117,016 | 63,266 | $ 90,184 | $ 71,789 | $ 64,812 | $ 47,016 | $ 39,679 | $ 33,599 | |
Amortization of right-of-use asset from operating lease | 48,600 | 23,600 | |||||||
Right of use assets related to finance leases, net | 5,724 | 1,714 | $ 2,335 | $ 2,389 | $ 1,707 | $ 1,720 | $ 1,726 | $ 1,733 | |
Amortization of right-of-use asset from finance lease | 102 | 32 | |||||||
Prepaid rent and security deposit | 5,800 | 6,000 | |||||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 4,100 | $ 100 | |||||||
Minimum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease Term - as Lessee | 1 year | ||||||||
Maximum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease Term - as Lessee | 9 years |
Operating and Finance Lease L_4
Operating and Finance Lease Liabilities - Future minimum lease payments under operating and finance leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Future minimum lease payments under operating lease | |
2021 | $ 28,536 |
2022 | 27,138 |
2023 | 26,464 |
2024 | 25,947 |
2025 and thereafter | 50,362 |
Total future minimum lease payments | 158,447 |
Less imputed lease interest | (44,509) |
Total operating lease, liabilities | 113,938 |
Future minimum lease payments under finance leases | |
2021 | 1,261 |
2022 | 1,234 |
2023 | 1,210 |
2024 | 1,293 |
2025 and thereafter | 1,721 |
Total future minimum lease payments | 6,719 |
Less imputed lease interest | (1,323) |
Total finance lease liabilities | 5,396 |
Total future minimum payments | 165,166 |
Future minimum lease payments under operating and finance leases | |
2021 | 29,797 |
2022 | 28,372 |
2023 | 27,674 |
2024 | 27,240 |
2025 and thereafter | 52,083 |
Less imputed lease interest | (45,832) |
Total | $ 119,334 |
Operating and Finance Lease L_5
Operating and Finance Lease Liabilities - Other information related to the operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Operating Lease, Description [Abstract] | ||
Cash payments | $ 22,626 | $ 14,055 |
Weighted average remaining lease term (in years) | 6 years | 5 years |
Weighted average discount rate (as a percent) | 11.70% | 12.10% |
Operating and Finance Lease L_6
Operating and Finance Lease Liabilities - Other information related to the finance leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other information | ||
Cash payments | $ 471 | $ 255 |
Weighted average remaining lease term (years) | 5 years 7 months 6 days | 7 years 8 months 12 days |
Weighted average discount rate | 8.20% | 8.80% |
Finance Obligations - Narrative
Finance Obligations - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Sale Leaseback Transaction [Line Items] | ||||||||
Total operating lease, liabilities | $ 113,938 | |||||||
Short term operating lease obligation | 14,314 | $ 10,609 | $ 9,453 | $ 8,959 | $ 9,428 | $ 8,666 | $ 7,512 | $ 7,042 |
Long term operating lease obligation | 99,624 | 74,422 | 58,410 | 52,165 | 50,937 | 36,599 | 30,631 | 25,657 |
Total finance lease liabilities | 5,396 | |||||||
Short term finance lease obligation | 903 | 374 | 345 | 204 | 226 | 310 | 266 | 236 |
Long term finance lease obligation | 4,493 | $ 2,384 | $ 2,465 | $ 1,953 | 2,011 | $ 2,068 | $ 2,123 | $ 2,142 |
Sale Leaseback Agreements | ||||||||
Sale Leaseback Transaction [Line Items] | ||||||||
Total operating lease, liabilities | 157,700 | 112,400 | ||||||
Short term operating lease obligation | 24,700 | 16,800 | ||||||
Long term operating lease obligation | 132,900 | 95,600 | ||||||
Total finance lease liabilities | 23,852 | 31,700 | ||||||
Short term finance lease obligation | 8,000 | 7,900 | ||||||
Long term finance lease obligation | $ 15,900 | $ 23,800 |
Finance Obligations - Future mi
Finance Obligations - Future minimum payments under finance obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future minimum lease payments under finance leases | ||
2021 | $ 1,261 | |
2022 | 1,234 | |
2023 | 1,210 | |
2024 | 1,293 | |
2025 and thereafter | 1,721 | |
Total future minimum lease payments | 6,719 | |
Less imputed lease interest | (1,323) | |
Total finance lease liabilities | 5,396 | |
Total future minimum payments | 165,166 | |
Finance obligation | ||
Future minimum lease payments under finance leases | ||
2021 | 50,997 | |
2022 | 44,243 | |
2023 | 42,417 | |
2024 | 55,422 | |
2025 and thereafter | 53,385 | |
Total future minimum lease payments | 246,464 | |
Less imputed lease interest | (64,911) | |
Total finance lease liabilities | 181,553 | |
Sale of Future Revenue - Debt | ||
Future minimum lease payments under finance leases | ||
2021 | 41,670 | |
2022 | 39,268 | |
2023 | 39,268 | |
2024 | 39,268 | |
2025 and thereafter | 53,385 | |
Total future minimum lease payments | 212,859 | |
Less imputed lease interest | (55,158) | |
Total finance lease liabilities | 157,701 | |
Sale Leaseback Agreements | ||
Future minimum lease payments under finance leases | ||
2021 | 9,327 | |
2022 | 4,975 | |
2023 | 3,149 | |
2024 | 16,154 | |
Total future minimum lease payments | 33,605 | |
Less imputed lease interest | (9,753) | |
Total finance lease liabilities | $ 23,852 | $ 31,700 |
Finance Obligations - Other inf
Finance Obligations - Other information related to finance obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sale Leaseback Transaction [Line Items] | ||
Cash payments | $ 471 | $ 255 |
Weighted average remaining term (years) | 5 years 7 months 6 days | 7 years 8 months 12 days |
Weighted average discount rate | 8.20% | 8.80% |
Finance obligation | ||
Sale Leaseback Transaction [Line Items] | ||
Cash payments | $ 44,245 | $ 76,244 |
Weighted average remaining term (years) | 5 years | 5 years 3 months 18 days |
Weighted average discount rate | 11.30% | 11.20% |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 | Nov. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2020 | |
Long-Term Debt | ||||||||||||
Interest rate (as a percent) | 3.50% | |||||||||||
Loss on extinguishment of debt | $ 13,222 | $ (518) | $ (518) | $ 13,222 | $ (518) | $ 13,222 | $ (518) | $ 17,686 | $ (518) | |||
Proceeds from escrow | $ 700 | 250 | ||||||||||
Interest expense | $ 800 | |||||||||||
Percent of securities in foreign subsidiaries guaranteed to secure debt | 65.00% | |||||||||||
Principal payments of long term debt | ||||||||||||
December 31, 2021 | $ 127,317 | |||||||||||
December 31, 2022 | 93,321 | |||||||||||
December 31, 2023 | 62,920 | |||||||||||
December 31, 2024 | 33,692 | |||||||||||
Incremental term loan | 175,400 | |||||||||||
Short-term other assets | ||||||||||||
Long-Term Debt | ||||||||||||
Proceeds from escrow | 700 | |||||||||||
Secured term loan facility | ||||||||||||
Long-Term Debt | ||||||||||||
Borrowing | $ 20,000 | |||||||||||
Secured term loan facility | Loan and security agreement | ||||||||||||
Long-Term Debt | ||||||||||||
Borrowing | $ 100,000 | |||||||||||
Interest rate (as a percent) | 9.50% | 12.00% | ||||||||||
Term Loan facility | ||||||||||||
Principal payments of long term debt | ||||||||||||
Incremental term loan | $ 165,800 | |||||||||||
Generate Lending, LLC | Secured term loan facility | Loan and security agreement | ||||||||||||
Long-Term Debt | ||||||||||||
Loan Amount | $ 100,000 | |||||||||||
NY Green Bank | ||||||||||||
Long-Term Debt | ||||||||||||
Loss on extinguishment of debt | $ 500 | |||||||||||
Cash held in escrow deposit | $ 1,750 |
Convertible Senior Notes - Net
Convertible Senior Notes - Net proceeds (Details) $ / shares in Units, $ in Thousands | Jul. 01, 2020shares | May 18, 2020USD ($)D$ / shares | Feb. 28, 2021USD ($)shares | Jan. 31, 2021USD ($)shares | Nov. 30, 2020$ / sharesshares | Aug. 31, 2020$ / sharesshares | May 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Mar. 31, 2019$ / sharesshares | Feb. 28, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($)$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | May 29, 2020USD ($) | Mar. 31, 2018USD ($) |
Convertible Senior Notes | |||||||||||||||||||||||||
Interest rate (as a percent) | 3.50% | ||||||||||||||||||||||||
Net proceeds | $ 9,024 | $ 27,678 | $ 25,609 | $ 47,568 | $ 57,249 | $ 65,259 | $ 83,668 | $ 76,175 | |||||||||||||||||
Aggregate consideration | 90,238 | 90,238 | 90,238 | ||||||||||||||||||||||
Conversion of convertible notes to common stock | 62,553 | ||||||||||||||||||||||||
Convertible senior notes | $ 85,600 | 85,600 | |||||||||||||||||||||||
Convertible senior note | $ 441 | 441 | 43,058 | 1,883 | 1,179 | 28,392 | |||||||||||||||||||
Proceeds from issuance of convertible senior notes, net | 205,100 | 205,098 | 39,052 | 205,098 | 39,052 | $ 95,856 | |||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 13,222 | $ (518) | $ (518) | $ 13,222 | $ (518) | $ 13,222 | (518) | $ 17,686 | $ (518) | ||||||||||||||||
Closing price of the company's stock | $ / shares | $ 22.25 | $ 10.25 | $ 2.75 | $ 2.35 | $ 2.35 | $ 2.75 | |||||||||||||||||||
Common stock shares issued | shares | 43,700,000 | 35,276,250 | 46,000,000 | 10,000,000 | 4,400,000 | 79,000,000 | |||||||||||||||||||
Subsequent event | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Common stock shares issued | shares | 32.2 | ||||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Fair value of convertible senior notes | $ 53,455 | $ 53,455 | |||||||||||||||||||||||
3.75% Convertible Senior Notes | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Principal amount | $ 200,000 | $ 212,463 | $ 212,463 | $ 212,463 | $ 12,500 | ||||||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||||||||||||||
Net proceeds | $ 189,219 | ||||||||||||||||||||||||
Maturity principal amount | $ 1 | ||||||||||||||||||||||||
Conversion rates for the notes (in shares) | 198.6196 | ||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 5.03 | ||||||||||||||||||||||||
Trading days | D | 20 | ||||||||||||||||||||||||
Consecutive trading days | D | 30 | ||||||||||||||||||||||||
Conversion price (as a percent) | 130.00% | ||||||||||||||||||||||||
Number of business days | 5 days | ||||||||||||||||||||||||
Number of consecutive trading days | 5 days | ||||||||||||||||||||||||
Principal amount (as a percent) | 98.00% | ||||||||||||||||||||||||
Percentage of principal amount to be redeemed | 100.00% | ||||||||||||||||||||||||
Carrying amount of the liability component | $ 75,200 | ||||||||||||||||||||||||
Carrying amount of the equity component | $ 130,300 | $ 130,249 | $ 130,249 | ||||||||||||||||||||||
Effective interest rate (as a percent) | 29.00% | ||||||||||||||||||||||||
Transaction costs for issuance | $ 7,000 | ||||||||||||||||||||||||
Initial purchasers' discount | 6,400 | 6,374 | |||||||||||||||||||||||
Other issuance costs | 600 | 617 | |||||||||||||||||||||||
Transaction costs attributable to the liability component | 2,600 | ||||||||||||||||||||||||
Transaction costs attributable to the equity component | $ 4,400 | ||||||||||||||||||||||||
Closing price of the company's stock | $ / shares | $ 33.91 | $ 33.91 | |||||||||||||||||||||||
Fair value of convertible senior notes | $ 1,300,000 | $ 1,300,000 | |||||||||||||||||||||||
3.75% Convertible Senior Notes | Subsequent event | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | ||||||||||||||||||||||
Conversion of notes through common stock issuance | shares | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||
Convertible senior note | $ 15,200 | $ 15,200 | $ 15,200 | ||||||||||||||||||||||
3.75% Convertible Senior Notes | Minimum | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Redemption notice days | 1 day | ||||||||||||||||||||||||
3.75% Convertible Senior Notes | Maximum | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Redemption notice days | 3 days | ||||||||||||||||||||||||
3.75% Convertible Senior Notes | Private placement | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Principal amount | $ 212,500 | ||||||||||||||||||||||||
Interest rate (as a percent) | 3.75% | ||||||||||||||||||||||||
7.5% Convertible Senior Note | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Principal amount | $ 40,000 | $ 40,000 | $ 40,000 | ||||||||||||||||||||||
Interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | |||||||||||||||||||
Conversion of notes through common stock issuance | shares | 16,000,000 | ||||||||||||||||||||||||
Maturity principal amount | $ 48,000 | $ 48,000 | $ 48,000 | ||||||||||||||||||||||
Proceeds from issuance of convertible senior notes, net | $ 39,100 | ||||||||||||||||||||||||
Percentage of principal amount to be redeemed | 120.00% | ||||||||||||||||||||||||
5.5% Convertible Senior Notes | |||||||||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||||||||
Principal amount | $ 100,000 | 100,000 | $ 160 | $ 160 | 100,000 | $ 100,000 | |||||||||||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||||||||||||
Repurchase of convertible senior notes | shares | 9,400,000 | ||||||||||||||||||||||||
Aggregate repurchase of debt | $ 128,900 | ||||||||||||||||||||||||
Aggregate consideration | 90,200 | ||||||||||||||||||||||||
Conversion of notes through common stock issuance | shares | 14,600,000 | ||||||||||||||||||||||||
Debt component of debt exchange | 35,500 | ||||||||||||||||||||||||
Equity component of debt exchange | $ 93,400 | ||||||||||||||||||||||||
Discount rate for fair value of liability | 29.80% | ||||||||||||||||||||||||
Long-term borrowings | $ 48,700 | $ 160 | $ 160 | ||||||||||||||||||||||
Convertible senior notes | 33,500 | $ 33,500 | |||||||||||||||||||||||
Maturity principal amount | 66,300 | ||||||||||||||||||||||||
Gain on early debt extinguishment | $ 13,200 | ||||||||||||||||||||||||
Percentage of principal amount to be redeemed | 100.00% | ||||||||||||||||||||||||
Carrying amount of the liability component | $ 58,200 | ||||||||||||||||||||||||
Carrying amount of the equity component | $ 37,700 | $ 37,702 | 37,702 | ||||||||||||||||||||||
Effective interest rate (as a percent) | 16.00% | ||||||||||||||||||||||||
Transaction costs for issuance | $ 4,100 | ||||||||||||||||||||||||
Initial purchasers' discount | 3,300 | ||||||||||||||||||||||||
Other issuance costs | 900 | $ 1,700 | |||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 4,500 | ||||||||||||||||||||||||
Transaction costs attributable to the liability component | 2,400 | ||||||||||||||||||||||||
Transaction costs attributable to the equity component | $ 1,700 |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | May 31, 2020 | May 29, 2020 | May 18, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Convertible Senior Notes | ||||||||||||
Net carrying amount | $ 110,431 | $ 85,640 | $ 105,088 | $ 142,889 | $ 113,063 | $ 107,945 | $ 66,844 | $ 65,025 | ||||
3.75% Convertible Senior Notes | ||||||||||||
Convertible Senior Notes | ||||||||||||
Principal amount | 212,463 | $ 212,463 | $ 12,500 | $ 200,000 | ||||||||
Unamortized debt discount | (124,655) | |||||||||||
Unamortized debt issuance costs | (2,295) | |||||||||||
Net carrying amount | 85,513 | |||||||||||
Carrying amount of the equity component | 130,249 | 130,300 | ||||||||||
5.5% Convertible Senior Notes | ||||||||||||
Convertible Senior Notes | ||||||||||||
Principal amount | 100,000 | 160 | $ 100,000 | $ 100,000 | ||||||||
Unamortized debt discount | (27,818) | (32) | ||||||||||
Unamortized debt issuance costs | (1,567) | (1) | ||||||||||
Net carrying amount | 70,615 | $ 127 | ||||||||||
Carrying amount of the equity component | 37,702 | $ 37,700 | ||||||||||
Income tax benefit on equity component | $ 9,200 |
Convertible Senior Notes - Conv
Convertible Senior Notes - Conversion (Details) - USD ($) $ in Thousands | May 18, 2020 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 29, 2020 | Mar. 31, 2018 |
Convertible Senior Notes | ||||||||||||
Net proceeds | $ 9,024 | $ 27,678 | $ 25,609 | $ 47,568 | $ 57,249 | $ 65,259 | $ 83,668 | $ 76,175 | ||||
5.5% Convertible Senior Notes | ||||||||||||
Convertible Senior Notes | ||||||||||||
Principal amount | $ 100,000 | 160 | 100,000 | $ 100,000 | ||||||||
Less initial purchasers' discount | $ (3,300) | |||||||||||
Less other issuance costs | (900) | $ (1,700) | ||||||||||
3.75% Convertible Senior Notes | ||||||||||||
Convertible Senior Notes | ||||||||||||
Principal amount | 200,000 | 212,463 | $ 212,463 | $ 12,500 | ||||||||
Less initial purchasers' discount | (6,400) | (6,374) | ||||||||||
Less cost of related capped calls | (16,253) | |||||||||||
Less other issuance costs | $ (600) | (617) | ||||||||||
Net proceeds | $ 189,219 |
Convertible Senior Notes - Capp
Convertible Senior Notes - Capped Call and Common Stock Forward (Details) - USD ($) $ / shares in Units, $ in Thousands | May 18, 2020 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Jul. 01, 2020 | May 29, 2020 | Sep. 30, 2019 | Mar. 31, 2018 |
Capped Call and Common Stock Forward | ||||||||||||
Interest rate (as a percent) | 3.50% | |||||||||||
Share Price | $ 22.25 | $ 10.25 | $ 2.75 | $ 2.35 | ||||||||
Common stock shares issued | 43,700,000 | 35,276,250 | 46,000,000 | 10,000,000 | 4,400,000 | 79,000,000 | ||||||
Common Stock Forward | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Common stock shares issued | 14,397,906 | |||||||||||
3.75% Convertible Senior Notes | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |||||||
Principal amount | $ 200,000 | $ 212,463 | $ 212,463 | $ 212,463 | $ 12,500 | |||||||
Share Price | $ 33.91 | $ 33.91 | ||||||||||
3.75% Convertible Senior Notes | Capped Call | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Capped call options amount | $ 16,200 | |||||||||||
Cap price | $ 6.7560 | |||||||||||
Premium (as a percent) | 60.00% | |||||||||||
Share Price | $ 4.11 | |||||||||||
5.5% Convertible Senior Notes | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||||
Principal amount | $ 100,000 | $ 100,000 | $ 160 | $ 160 | $ 100,000 | |||||||
5.5% Convertible Senior Notes | Capped Call | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Capped call options amount | $ 16,000 | |||||||||||
Cap price | $ 3.82 | |||||||||||
Premium (as a percent) | 100.00% | |||||||||||
Share Price | $ 1.91 | |||||||||||
Recorded in additional paid-in capital | $ 24,200 | |||||||||||
7.5% Convertible Senior Note | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||
Principal amount | $ 40,000 | |||||||||||
7.5% Convertible Senior Note | Common Stock Forward | ||||||||||||
Capped Call and Common Stock Forward | ||||||||||||
Net cost incurred | $ 27,500 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands | Apr. 13, 2020USD ($) | Feb. 28, 2021USD ($)$ / sharesshares | Jan. 31, 2021USD ($)$ / sharesshares | Nov. 30, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Feb. 28, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Mar. 31, 2019USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2020USD ($)item$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Mar. 31, 2020$ / shares |
Stockholders' equity | |||||||||||||||||||
Preferred stock, Shares authorized | 5,000,000 | 5,000,000 | |||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||
Net proceeds from shares of common stock sold | $ | $ 927,300 | $ 344,400 | $ 120,400 | $ 23,500 | $ 23,498 | $ (269) | $ 28,265 | $ 344,398 | $ 38,098 | $ 1,271,714 | $ 158,343 | $ 7,195 | |||||||
Common Stock Shares, Outstanding | 303,378,515 | 458,051,920 | 458,051,920 | 303,378,515 | |||||||||||||||
Common Stock, Shares, Issued | 318,637,560 | 473,977,469 | 473,977,469 | 318,637,560 | |||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Number of votes per share | item | 1 | ||||||||||||||||||
Common stock shares issued | 43,700,000 | 35,276,250 | 46,000,000 | 10,000,000 | 4,400,000 | 79,000,000 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 22.25 | $ 10.25 | $ 2.75 | $ 2.35 | $ 2.35 | $ 2.75 | |||||||||||||
Series A Junior Participating Cumulative Preferred Stock | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||
Common Stock Shares, Outstanding | 0 | 0 | 0 | 0 | |||||||||||||||
At Market Issuance Sales Agreement | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Net proceeds from shares of common stock sold | $ | $ 14,500 | $ 7,000 | |||||||||||||||||
Common stock shares issued | 6,300,000 | 3,800,000 | |||||||||||||||||
Authorized amount | $ | $ 75,000 | ||||||||||||||||||
Warrant Issued With Amazon And Walmart Stores Inc Transaction Agreement In 2017 | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Number of warrants exercised (in shares) | 68,380,913 | 26,188,434 | |||||||||||||||||
Maximum | Warrant Issued With Amazon And Walmart Stores Inc Transaction Agreement In 2017 | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Class of Warrant or Right Issued | 110,573,392 | ||||||||||||||||||
Subsequent event | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Common stock shares issued | 32.2 | ||||||||||||||||||
Subsequent event | SK Holdings Co LTD | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Net proceeds from shares of common stock sold | $ | $ 1,600,000 | ||||||||||||||||||
Common Stock, Shares, Issued | 54,966,188 | 54,966,188 | |||||||||||||||||
Common stock shares issued | 54,996,188 | ||||||||||||||||||
Per share price of shares of common stock | $ / shares | $ 29.2893 | $ 29.2893 | |||||||||||||||||
Subsequent event | Public Offerings | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Net proceeds from shares of common stock sold | $ | $ 1,800,000 | $ 1,800,000 | |||||||||||||||||
Common stock shares issued | 32,200,000 | 32,200,000 | |||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 65 | $ 65 | $ 65 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Details) $ in Millions | Nov. 01, 2018shares | May 31, 2020shares | Apr. 30, 2020shares | Jan. 31, 2020shares | Nov. 30, 2018USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)installmentshares |
Series C Redeemable Convertible Preferred Stock | |||||||
Redeemable preferred stock | |||||||
Number of shares of common stock issued on conversion of preferred stock | 1,858,256 | 923,819 | |||||
Number of preferred shares that had been converted to common stock | 1,750 | 870 | |||||
Series E Redeemable Convertible Preferred Stock | |||||||
Redeemable preferred stock | |||||||
Shares issued (in shares) | 35,000 | ||||||
Net proceeds from public offering | $ | $ 30.9 | ||||||
Number of monthly installments | installment | 13 | ||||||
Redemption value for each installment | $ | $ 2.7 | ||||||
Shares outstanding (in shares) | 500 | 0 | |||||
Preferred stock, dividends | $ | $ 1.8 | ||||||
Series E Preferred Stock | |||||||
Redeemable preferred stock | |||||||
Shares issued (in shares) | 35,000 | ||||||
Number of preferred shares that had been converted to common stock | 500 | 30,462 |
Warrant Transaction Agreements
Warrant Transaction Agreements - Amazon.com, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2020USD ($)$ / sharesshares | Nov. 02, 2020USD ($)installment$ / sharesshares | Jan. 01, 2019USD ($)installmentshares | Jul. 20, 2017USD ($) | Apr. 04, 2017USD ($)shares | Dec. 31, 2020$ / sharesshares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jul. 31, 2017shares | Apr. 30, 2017shares |
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Reduction in revenue | $ 10,900 | $ 399,700 | ||||||||||||||||||||
Selling, general and administrative | $ 17,210 | $ 21,644 | $ 11,109 | $ 9,973 | $ 10,395 | $ 13,613 | $ 9,221 | $ 32,753 | $ 22,834 | $ 49,963 | $ 33,229 | $ 79,348 | $ 43,202 | $ 37,685 | ||||||||
Exercise price calculation | The exercise price of the third tranche of Walmart Warrant Shares will be an amount per share equal to ninety percent (90%) of the 30-day volume weighted average share price of the common stock as of the final vesting date of the second tranche of Walmart Warrant Shares | |||||||||||||||||||||
Risk-free interest rate | 0.58% | 0.58% | 0.58% | 0.58% | ||||||||||||||||||
Volatility | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||
Expected average term | 6 years 3 months 3 days | 6 years 5 months 1 day | ||||||||||||||||||||
Exercise price | $ / shares | $ 13.81 | $ 13.81 | $ 13.81 | $ 13.81 | ||||||||||||||||||
Stock price | $ / shares | $ 33.91 | 15.47 | $ 33.91 | $ 33.91 | ||||||||||||||||||
Warrant Transaction Agreements | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Shares of common stock that can be purchased from warrants issued (in shares) | shares | 55,286,696 | 55,286,696 | 55,286,696 | |||||||||||||||||||
Reduction in revenue | $ 399,700 | $ 420,000 | $ 4,100 | 9,800 | ||||||||||||||||||
Warrant shares vested (in shares) | shares | 55,286,696 | 55,286,696 | 20,368,782 | 55,286,696 | 20,368,782 | |||||||||||||||||
Fair value of warrants per share | $ / shares | $ 26.95 | $ 10.57 | ||||||||||||||||||||
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Shares of common stock that can be purchased from warrants issued (in shares) | shares | 5,819,652 | |||||||||||||||||||||
Cash payments to be received under agreement | $ 600,000 | |||||||||||||||||||||
Selling, general and administrative | $ 6,700 | |||||||||||||||||||||
Exercise price calculation | $1.1893 | |||||||||||||||||||||
Tranche two of warrants issued with the Amazon.com, Inc. Transaction Agreement | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Cash payments to be received under agreement | $ 50,000 | |||||||||||||||||||||
Reduction in revenue | $ 9,000 | $ 4,100 | $ 9,800 | |||||||||||||||||||
Warrant shares vested (in shares) | shares | 29,098,260 | |||||||||||||||||||||
Number of installments | installment | 4 | |||||||||||||||||||||
Tranche two of warrants issued with the Amazon.com, Inc. Transaction Agreement | Maximum | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Cash payments to be received under agreement | $ 200,000 | |||||||||||||||||||||
Tranche three of warrants issued with the Amazon.com, Inc. Transaction Agreement | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Cash payments to be received under agreement | $ 50,000 | |||||||||||||||||||||
Reduction in revenue | $ 24,100 | |||||||||||||||||||||
Warrant shares vested (in shares) | shares | 20,368,784 | |||||||||||||||||||||
Number of installments | installment | 8 | |||||||||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 13.81 | $ 13.81 | $ 13.81 | |||||||||||||||||||
Fair value of warrants per share | $ / shares | $ 10.57 | |||||||||||||||||||||
Tranche three of warrants issued with the Amazon.com, Inc. Transaction Agreement | Maximum | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Cash payments to be received under agreement | $ 400,000 | |||||||||||||||||||||
Warrant Issued With Amazon | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||
Reduction in revenue | $ 399,700 | |||||||||||||||||||||
Warrant shares vested (in shares) | shares | 5,354,905 | 12,730,490 | 5,354,905 | 5,354,905 |
Warrant Transaction Agreement_2
Warrant Transaction Agreements - Walmart Stores, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Millions | Jul. 20, 2017USD ($)installment$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) |
Warrant Transaction Agreements | ||||
Reduction in revenue | $ 10.9 | $ 399.7 | ||
Exercise price calculation | The exercise price of the third tranche of Walmart Warrant Shares will be an amount per share equal to ninety percent (90%) of the 30-day volume weighted average share price of the common stock as of the final vesting date of the second tranche of Walmart Warrant Shares | |||
Warrants issued with the Walmart Stores, Inc transaction agreement | ||||
Warrant Transaction Agreements | ||||
Shares of common stock that can be purchased from warrants issued (in shares) | shares | 55,286,696 | |||
Reduction in revenue | $ 5 | $ 2.4 | $ 0.4 | |
Cash payments to be received under agreement | $ 200 | |||
Warrant shares vested (in shares) | shares | 5,819,652 | 13,094,217 | ||
Tranche one of warrants issued with the Walmart Stores Inc transaction agreement | ||||
Warrant Transaction Agreements | ||||
Warrant shares vested (in shares) | shares | 5,819,652 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.1231 | |||
Tranche two of warrants issued with the Walmart Stores, Inc. Transaction Agreement | ||||
Warrant Transaction Agreements | ||||
Cash payments to be received under agreement | $ 50 | |||
Warrant shares vested (in shares) | shares | 29,098,260 | |||
Number of installments | installment | 4 | |||
Number of shares per installment | shares | 7,274,565 | |||
Tranche three of warrants issued with the Walmart Stores, Inc. Transaction Agreement | ||||
Warrant Transaction Agreements | ||||
Shares of common stock that can be purchased from warrants issued (in shares) | shares | 20,368,784 | |||
Cash payments to be received under agreement | $ 50 | |||
Number of installments | installment | 8 | |||
Number of shares per installment | shares | 2,546,098 | |||
Maximum | Warrants issued with the Walmart Stores, Inc transaction agreement | ||||
Warrant Transaction Agreements | ||||
Cash payments to be received under agreement | $ 600 | |||
Maximum | Tranche two of warrants issued with the Walmart Stores, Inc. Transaction Agreement | ||||
Warrant Transaction Agreements | ||||
Cash payments to be received under agreement | 200 | |||
Maximum | Tranche three of warrants issued with the Walmart Stores, Inc. Transaction Agreement | ||||
Warrant Transaction Agreements | ||||
Cash payments to be received under agreement | $ 400 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||||||||||||||
Net revenue | $ 309,099 | $ 107,048 | $ 67,995 | $ 40,819 | $ 91,607 | $ 59,392 | $ 57,466 | $ 21,510 | $ 78,976 | $ 138,368 | |||||
Net revenue | 107,048 | 67,995 | 40,819 | 91,607 | $ 108,814 | $ 215,862 | $ (93,237) | $ 229,975 | $ 174,215 | ||||||
Sales of fuel cell systems | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | (55,091) | 130,757 | 75,029 | ||||||||||||
Sale of hydrogen installations and other infrastructure | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | (39,204) | 19,163 | 32,146 | ||||||||||||
Services performed on fuel cell systems and related infrastructure | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | (29,387) | 6,829 | 6,236 | 6,521 | 7,328 | 6,205 | 5,341 | 6,343 | 12,757 | 11,684 | 19,586 | 17,889 | (9,801) | 25,217 | 22,002 |
Power Purchase Agreements | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | 6,991 | 6,629 | 6,579 | 6,421 | 6,664 | 6,520 | 6,334 | 6,035 | 13,000 | 12,369 | 19,629 | 18,889 | 26,620 | 25,553 | 22,569 |
Fuel delivered to customers | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | (40,608) | 9,831 | 7,372 | 7,333 | 7,779 | 7,649 | $ 7,089 | $ 6,582 | 14,705 | $ 13,671 | 24,536 | 21,320 | (16,072) | 29,099 | $ 22,469 |
Other | |||||||||||||||
Revenue | |||||||||||||||
Net revenue | $ 76 | $ 97 | $ 62 | $ 76 | $ 51 | $ 135 | $ 138 | $ 235 | $ 135 | $ 311 | $ 186 |
Revenue - Contract balances (De
Revenue - Contract balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Revenue | ||||||||
Accounts receivable | $ 43,041 | $ 113,505 | $ 45,782 | $ 24,734 | $ 25,768 | $ 24,737 | $ 26,844 | $ 32,307 |
Contract assets | 18,189 | 13,251 | ||||||
Contract liabilities | $ 76,285 | $ 40,743 |
Revenue - Changes in contract a
Revenue - Changes in contract assets and contract liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Contract assets | |
Transferred to receivables from contract assets recognized at the beginning of the period | $ (5,483) |
Revenue recognized and not billed as of the end of the period | 10,421 |
Net change in contract assets | 4,938 |
Contract liabilities | |
Increases due to cash received, net of amounts recognized as revenue during the period | 100,492 |
Contract liabilities assumed as part of acquisitions | 2,350 |
Revenue recognized that was included in the contract liability balance as of the beginning of the period | (67,300) |
Net change in contract liabilities | $ 35,542 |
Revenue - Estimated future reve
Revenue - Estimated future revenue (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue | |
Total estimated future revenue | $ 367,406 |
Sales of fuel cell systems | |
Revenue | |
Total estimated future revenue | 16,209 |
Sale of hydrogen installations and other infrastructure | |
Revenue | |
Total estimated future revenue | 28,282 |
Services performed on fuel cell systems and related infrastructure | |
Revenue | |
Total estimated future revenue | 75,467 |
Power Purchase Agreements | |
Revenue | |
Total estimated future revenue | 178,450 |
Fuel delivered to customers | |
Revenue | |
Total estimated future revenue | 65,704 |
Other | |
Revenue | |
Total estimated future revenue | $ 3,294 |
Maximum | Sales of fuel cell systems | |
Revenue | |
Duration of estimated revenue expected to be recognized in future (in years) | 1 year |
Maximum | Services performed on fuel cell systems and related infrastructure | |
Revenue | |
Duration of estimated revenue expected to be recognized in future (in years) | 7 years |
Maximum | Power Purchase Agreements | |
Revenue | |
Duration of estimated revenue expected to be recognized in future (in years) | 7 years |
Minimum | Services performed on fuel cell systems and related infrastructure | |
Revenue | |
Duration of estimated revenue expected to be recognized in future (in years) | 5 years |
Minimum | Power Purchase Agreements | |
Revenue | |
Duration of estimated revenue expected to be recognized in future (in years) | 5 years |
Revenue - Others (Details)
Revenue - Others (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue | ||
Capitalized contract costs | $ 1.5 | $ 0.5 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions For Estimating Fair Value (Details) - USD ($) $ in Millions | May 12, 2011 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Benefit Plans | ||||
Compensation cost | $ 14.4 | $ 8.8 | $ 7.4 | |
Assumptions for estimating fair value | ||||
Dividend Yield | 0.00% | |||
Stock options | ||||
Employee Benefit Plans | ||||
Number of options outstanding (in shares) | 10,284,498 | 23,013,590 | ||
Compensation cost | $ 6.8 | $ 6 | $ 6.4 | |
Stock options granted | 3,509,549 | 3,221,892 | 2,679,667 | |
Assumptions for estimating fair value | ||||
Expected term of options (years) | 6 years | 6 years | 6 years | |
Stock options | Minimum | ||||
Assumptions for estimating fair value | ||||
Risk free rate (as a percent): | 0.37% | 1.52% | 2.81% | |
Volatility (as a percent): | 64.19% | 69.32% | 98.31% | |
Stock options | Maximum | ||||
Assumptions for estimating fair value | ||||
Risk free rate (as a percent): | 1.37% | 2.53% | 2.88% | |
Volatility (as a percent): | 68.18% | 87.94% | 98.89% | |
the 2011 Plan | Stock options | ||||
Employee Benefit Plans | ||||
Maximum number of common stock shares available for issuance | 1,000,000 | 42,400,000 | ||
Aggregate number of options granted (in shares) | 10,200,000 | |||
Number of options available for issuance (in shares) | 800,000 | |||
Expiration period | 10 years | |||
Stock options granted | 0 | |||
the 2011 Plan | Stock options | Minimum | ||||
Employee Benefit Plans | ||||
Vesting period | 1 year | |||
the 2011 Plan | Stock options | Maximum | ||||
Employee Benefit Plans | ||||
Vesting period | 3 years | |||
the 2011 Plan | Employees | Stock options | ||||
Employee Benefit Plans | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
the 2011 Plan | Board of Directors | Stock options | ||||
Employee Benefit Plans | ||||
Vesting period | 1 year |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Activity, Weighted Average Exercise Price (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Options outstanding, beginning balance (in shares) | 23,013,590 | ||
Granted (in shares) | 3,509,549 | 3,221,892 | 2,679,667 |
Exercised (in shares) | (16,159,742) | ||
Forfeited (in shares) | (73,249) | ||
Expired (in shares) | (5,650) | ||
Options outstanding, end balance (in shares) | 10,284,498 | 23,013,590 | |
Options exercisable (in shares) | 4,084,124 | ||
Options unvested (in shares) | 6,200,374 | ||
Weighted Average Exercise Price | |||
Options outstanding, beginning balance, weighted-average exercise price | $ 2.48 | ||
Granted, weighted-average exercise price | 12.79 | ||
Exercised, weighted-average exercise price | 2.55 | ||
Forfeited, weighted-average exercise price | 6.32 | ||
Expired, weighted-average exercise price | 4.78 | ||
Options outstanding, end balance, weighted-average exercise price | 5.78 | $ 2.48 | |
Options exercisable, weighted-average exercise price | 2.31 | ||
Options unvested, weighted-average exercise price | $ 8.07 | ||
Stock option activity additional disclosures | |||
Options outstanding, weighted-average remaining contractual term | 7 years 9 months 18 days | 6 years 7 months 6 days | |
Options exercisable, weighted-average remaining contractual term | 5 years 9 months 18 days | ||
Options unvested, weighted-average remaining contractual term | 9 years 1 month 6 days | ||
Options outstanding, aggregate intrinsic value | $ 289,316 | $ 22,277 | |
Options exercisable, aggregate intrinsic value | 129,068 | ||
Options unvested, aggregate intrinsic value | $ 160,248 | ||
Weighted-average grant date fair value of options granted (per share) | $ 7.22 | $ 1.67 | $ 1.55 |
Unrecognized compensation cost | $ 8,100 | ||
Period for recognition | 3 years | ||
Fair value of stock options that vested during the period | $ 5,900 | $ 6,100 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefit Plans | |||
Compensation cost | $ 14,400 | $ 8,800 | $ 7,400 |
Restricted stock | |||
Employee Benefit Plans | |||
Compensation cost | 7,600 | 2,800 | 966 |
Unrecognized compensation cost | $ 41,500 | $ 8,400 | $ 3,900 |
Period for recognition | 3 years | ||
Shares | |||
Unvested restricted stock, beginning balance (in shares) | 4,608,560 | ||
Granted (in shares) | 3,227,149 | ||
Vested (in shares) | (1,896,901) | ||
Forfeited (in shares) | (64,166) | ||
Unvested restricted stock, end balance (in shares) | 5,874,642 | 4,608,560 | |
Aggregate Intrinsic Value | |||
Unvested restricted stock aggregate intrinsic value | $ 199,209 | ||
Restricted stock | Minimum | |||
Employee Benefit Plans | |||
Vesting period | 1 year | ||
Restricted stock | Maximum | |||
Employee Benefit Plans | |||
Vesting period | 3 years |
Employee Benefit Plans - 401(K)
Employee Benefit Plans - 401(K) Saving And Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefit Plan Compensation | |||
Compensation cost | $ 14,400 | $ 8,800 | $ 7,400 |
Non Employee Director | |||
Employee Benefit Plan Compensation | |||
Granted (in shares) | 36,175 | 114,285 | 107,389 |
Compensation cost | $ 228 | $ 243 | $ 261 |
Savings And Retirement Plan 401 K | |||
401(K) Savings & Retirement Plan | |||
Percent of salary employee is permitted to contribute | 100.00% | ||
Vesting period | 3 years | ||
Common stock, shares issued | 403,474 | 841,539 | |
Total expense (including issuance of shares) | $ 2,600 | $ 1,900 | $ 1,800 |
Income Taxes - Components Of In
Income Taxes - Components Of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of loss before income taxes and income tax benefit | ||||||||||||||
Loss before income taxes | $ (71,861) | $ (26,772) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (64,204) | $ (47,885) | $ (136,065) | $ (65,707) | $ (627,000) | $ (83,743) | $ (94,903) |
Income tax benefit | 6,644 | 17,371 | 17,371 | 24,015 | 30,845 | 9,295 | ||||||||
Net loss attributable to the Company | $ (65,217) | $ (9,401) | $ (37,432) | $ (18,036) | $ (17,822) | $ (17,338) | $ (30,547) | $ (46,833) | $ (47,885) | $ (112,050) | $ (65,707) | (596,155) | (83,743) | (85,608) |
Significant components of deferred income tax expense (benefit) | ||||||||||||||
Deferred tax (benefit) expense | (31,475) | (11,047) | (10,812) | |||||||||||
Net operating loss carryforward generated | (52,287) | (5,369) | (10,986) | |||||||||||
Valuation allowance increase (decrease) | 52,917 | 16,416 | 12,503 | |||||||||||
U.S. | ||||||||||||||
Components of loss before income taxes and income tax benefit | ||||||||||||||
Loss before income taxes | (624,302) | (82,188) | (93,497) | |||||||||||
Income tax benefit | 30,845 | 9,295 | ||||||||||||
Net loss attributable to the Company | (593,457) | (82,188) | (84,201) | |||||||||||
Significant components of deferred income tax expense (benefit) | ||||||||||||||
Deferred tax (benefit) expense | (31,408) | (10,621) | (11,745) | |||||||||||
Net operating loss carryforward generated | (51,849) | (5,099) | (10,321) | |||||||||||
Valuation allowance increase (decrease) | 52,412 | 15,720 | 12,771 | |||||||||||
Foreign | ||||||||||||||
Components of loss before income taxes and income tax benefit | ||||||||||||||
Loss before income taxes | (2,698) | (1,555) | (1,407) | |||||||||||
Net loss attributable to the Company | (2,698) | (1,555) | (1,407) | |||||||||||
Significant components of deferred income tax expense (benefit) | ||||||||||||||
Deferred tax (benefit) expense | (67) | (426) | 933 | |||||||||||
Net operating loss carryforward generated | (438) | (270) | (665) | |||||||||||
Valuation allowance increase (decrease) | $ 505 | $ 696 | $ (268) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective income tax rate reconciliation | |||
U.S. Federal statutory tax rate | (21.00%) | (21.00%) | (21.00%) |
Deferred state taxes | (2.30%) | 1.40% | (1.90%) |
Common stock warrant liability | 13.40% | (1.00%) | |
Other, net | (3.40%) | (0.50%) | 0.90% |
Change in valuation allowance | 8.40% | 20.10% | 13.20% |
Total effective income tax rate | (4.90%) | 0.00% | (9.80%) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Significant components of the Company's deferred tax assets and liabilities | ||
Intangible assets | $ 1,197 | $ 1,197 |
Deferred revenue | 16,274 | 8,051 |
Interest expense | 21,183 | 10,216 |
Other reserves and accruals | 5,087 | 1,504 |
Tax credit carryforwards | 5,613 | 3,843 |
Amortization of stock-based compensation | 3,900 | 9,081 |
Non-Compensatory warrants | 5,020 | 4,322 |
Capitalized research & development expenditures | 35,353 | 27,084 |
Right of use liability (operating leases) | 27,715 | 22,647 |
Net operating loss carryforwards | 120,992 | 64,014 |
Total deferred tax asset | 242,334 | 151,959 |
Valuation allowance | (171,594) | (118,677) |
Net deferred tax assets | 70,740 | 33,282 |
Intangible assets | (7,360) | (15) |
Convertible debt | (27,420) | (6,592) |
Right of use asset (operating leases) | (27,684) | (23,040) |
Other reserves and accruals | (12) | (16) |
Property, plant and equipment and right of use assets | (9,191) | (3,619) |
Deferred tax liability | (71,667) | (33,282) |
Net | (927) | |
Deferred tax assets, valuation allowance | 171,600 | 118,700 |
U.S. | ||
Significant components of the Company's deferred tax assets and liabilities | ||
Deferred revenue | 16,082 | 7,922 |
Interest expense | 21,183 | 10,216 |
Other reserves and accruals | 5,087 | 1,504 |
Tax credit carryforwards | 4,360 | 2,590 |
Amortization of stock-based compensation | 3,900 | 9,081 |
Non-Compensatory warrants | 5,020 | 4,322 |
Capitalized research & development expenditures | 30,870 | 22,601 |
Right of use liability (operating leases) | 27,715 | 22,647 |
Net operating loss carryforwards | 110,978 | 54,438 |
Total deferred tax asset | 225,195 | 135,321 |
Valuation allowance | (154,467) | (102,055) |
Net deferred tax assets | 70,728 | 33,266 |
Intangible assets | (7,360) | (15) |
Convertible debt | (27,420) | (6,592) |
Right of use asset (operating leases) | (27,684) | (23,040) |
Property, plant and equipment and right of use assets | (9,191) | (3,619) |
Deferred tax liability | (71,655) | (33,266) |
Net | (927) | |
Foreign | ||
Significant components of the Company's deferred tax assets and liabilities | ||
Intangible assets | 1,197 | 1,197 |
Deferred revenue | 192 | 129 |
Tax credit carryforwards | 1,253 | 1,253 |
Capitalized research & development expenditures | 4,483 | 4,483 |
Net operating loss carryforwards | 10,014 | 9,576 |
Total deferred tax asset | 17,139 | 16,638 |
Valuation allowance | (17,127) | (16,622) |
Net deferred tax assets | 12 | 16 |
Other reserves and accruals | (12) | (16) |
Deferred tax liability | $ (12) | $ (16) |
Income Taxes - Change In Valuat
Income Taxes - Change In Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in valuation allowance | |||
Increase in valuation allowance for current year increase in net operating losses | $ 51,848 | ||
Increase (decrease) in valuation allowance for current year net increase (decrease) in deferred tax assets other than net operating losses | (5,609) | ||
Decrease in valuation allowance as a result of foreign currency fluctuation | 6,306 | ||
Increase in valuation allowance due to change in tax rates | 372 | ||
Net increase in valuation allowance | 52,917 | $ 16,416 | $ 12,503 |
U.S. | |||
Change in valuation allowance | |||
Increase in valuation allowance for current year increase in net operating losses | 51,848 | ||
Increase (decrease) in valuation allowance for current year net increase (decrease) in deferred tax assets other than net operating losses | (5,742) | ||
Decrease in valuation allowance as a result of foreign currency fluctuation | 6,306 | ||
Net increase in valuation allowance | 52,412 | 15,720 | 12,771 |
Foreign | |||
Change in valuation allowance | |||
Increase (decrease) in valuation allowance for current year net increase (decrease) in deferred tax assets other than net operating losses | 133 | ||
Increase in valuation allowance due to change in tax rates | 372 | ||
Net increase in valuation allowance | $ 505 | $ 696 | $ (268) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes | |||
Pre-change net operating losses that can be used in future years | $ 13,500 | ||
Net operating losses not subject to IRC section 382 | 450,900 | ||
Deferred tax assets, U.S. net operating loss carryforwards | 464,400 | ||
Amount of net operating loss carryforwards that will expire due to IRC Section 382 limitations | 4,400 | ||
Net operating loss carryforwards | 120,992 | $ 64,014 | |
Un-repatriated foreign earnings | 0 | ||
Restated adjustment | |||
Income taxes | |||
Net operating loss carryforwards | 205,200 | 25,000 | $ 43,400 |
Canada | |||
Income taxes | |||
Research and experimental development expenditure carryforwards | 17,200 | ||
Canadian ITC credit carryforwards | 1,300 | ||
Foreign | |||
Income taxes | |||
Net operating loss carryforwards | 10,014 | $ 9,576 | |
Foreign | French | |||
Income taxes | |||
Unused net operating loss carryforwards | 21,300 | ||
Foreign | Canada | |||
Income taxes | |||
Net operating loss carryforwards | $ 14,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2018 | May 31, 2020 | May 29, 2020 | May 18, 2020 | Mar. 31, 2018 | |
Deferred income tax benefit | $ (6,644) | $ (17,371) | $ (17,371) | $ (24,015) | $ (30,845) | $ (9,295) | ||||
Interest rate (as a percent) | 3.50% | |||||||||
Giner ELX, Inc | ||||||||||
Income tax benefit related to deferred taxes | 5,200 | |||||||||
3.75% Convertible Senior Notes | ||||||||||
Future taxable income attributable to the net credit to additional paid-in capital | $ 25,600 | |||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | ||||||
5.5% Convertible Senior Notes | ||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% |
Commitments and Contingencies -
Commitments and Contingencies - Concentrations of Credit Risk (Details) $ in Thousands | Dec. 31, 2020USD ($)customer | Jul. 20, 2017USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)customer | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | Dec. 31, 2018USD ($)customer |
Customer Concentration | |||||||||||
Restricted cash | $ 169,000 | $ 169,000 | |||||||||
Letter of credit | 152,400 | 152,400 | |||||||||
Reduction in revenue | $ 10,900 | 399,700 | |||||||||
Consolidated revenue | $ 107,048 | $ 67,995 | $ 40,819 | $ 91,607 | $ 108,814 | $ 215,862 | (93,237) | $ 229,975 | $ 174,215 | ||
Letter of Credit | |||||||||||
Customer Concentration | |||||||||||
Letter of credit | $ 500 | $ 500 | |||||||||
Accounts receivable | Customer concentration | Customers | |||||||||||
Customer Concentration | |||||||||||
Number of customers | customer | 3 | 2 | 3 | 2 | |||||||
Concentration risk (as a percent) | 73.90% | 62.60% | |||||||||
Revenues | Customer concentration | Customers | |||||||||||
Customer Concentration | |||||||||||
Number of customers | customer | 2 | 2 | 2 | 2 | 2 | ||||||
Concentration risk (as a percent) | 156.20% | 49.70% | 66.80% | ||||||||
Warrant Transaction Agreements | |||||||||||
Customer Concentration | |||||||||||
Reduction in revenue | $ 399,700 | $ 420,000 | $ 4,100 | $ 9,800 | |||||||
Warrant Transaction Agreements | Revenues | Customer concentration | Amazon | |||||||||||
Customer Concentration | |||||||||||
Consolidated revenue | $ 310,100 | ||||||||||
Concentration risk (as a percent) | 332.40% | ||||||||||
Provision for common stock warrants | $ 420,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 28, 2021 | Jan. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2020 | May 29, 2020 | May 18, 2020 | |
Subsequent Events | ||||||||||||||||||||
Public offerings, common stock, net (in shares) | 43,700,000 | 35,276,250 | 46,000,000 | 10,000,000 | 4,400,000 | 79,000,000 | ||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 927,300 | $ 344,400 | $ 120,400 | $ 23,500 | $ 23,498 | $ (269) | $ 28,265 | $ 344,398 | $ 38,098 | $ 1,271,714 | $ 158,343 | $ 7,195 | ||||||||
Conversion of preferred stock to common stock | $ 441 | $ 441 | $ 43,058 | $ 1,883 | $ 1,179 | $ 28,392 | ||||||||||||||
Interest rate (as a percent) | 3.50% | |||||||||||||||||||
Common stock, shares issued | 318,637,560 | 473,977,469 | 473,977,469 | 318,637,560 | ||||||||||||||||
Share price (in dollars per share) | $ 22.25 | $ 10.25 | $ 2.75 | $ 2.35 | $ 2.35 | $ 2.75 | ||||||||||||||
3.75% Convertible Senior Notes | ||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |||||||||||||||
Share price (in dollars per share) | $ 33.91 | $ 33.91 | ||||||||||||||||||
Subsequent event | ||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
Public offerings, common stock, net (in shares) | 32.2 | |||||||||||||||||||
Subsequent event | SK Holdings Co LTD | ||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
Public offerings, common stock, net (in shares) | 54,996,188 | |||||||||||||||||||
Per share price of shares of common stock | $ 29.2893 | $ 29.2893 | ||||||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 1,600,000 | |||||||||||||||||||
Common stock, shares issued | 54,966,188 | 54,966,188 | ||||||||||||||||||
Subsequent event | 3.75% Convertible Senior Notes | ||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
Conversion of preferred stock to common stock | $ 15,200 | $ 15,200 | $ 15,200 | |||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | 3.75% | |||||||||||||||||
Conversion of notes through common stock issuance | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||||
Subsequent event | Public Offerings | ||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
Public offerings, common stock, net (in shares) | 32,200,000 | 32,200,000 | ||||||||||||||||||
Proceeds from public offerings, net of transaction costs | $ 1,800,000 | $ 1,800,000 | ||||||||||||||||||
Share price (in dollars per share) | $ 65 | $ 65 | $ 65 |