Stem (STEM) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity Registrant Name	STEM, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39455
Entity Tax Identification Number	85-1972187
Entity Address, Address Line One	4 Embarcadero Ctr.
Entity Address, Address Line Two	Suite 710
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
Country Region	1
City Area Code	877
Local Phone Number	374-7836
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	STEM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		162,754,034
Entity Central Index Key	0001758766
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 75,364	$ 105,375
Short-term investments	0	8,219
Accounts receivable, net of allowances of $2,341 and $4,904 as of September 30, 2024 and December 31, 2023, respectively	92,659	302,848
Inventory	33,950	26,665
Deferred costs with suppliers	15,237	20,555
Other current assets	10,320	9,303
Total current assets	227,530	472,965
Energy storage systems, net	63,663	74,418
Contract origination costs, net	9,746	11,119
Goodwill	0	547,205
Intangible assets, net	148,183	157,146
Operating lease right-of-use assets	12,065	12,255
Other noncurrent assets	76,648	81,869
Total assets	537,835	1,356,977
Current liabilities:
Accounts payable	47,363	78,277
Accrued liabilities	57,648	76,873
Accrued payroll	10,265	14,372
Financing obligation, current portion	15,037	14,835
Deferred revenue, current portion	70,766	53,997
Other current liabilities	5,905	12,726
Total current liabilities	206,984	251,080
Deferred revenue, noncurrent	86,799	88,650
Asset retirement obligation	4,150	4,052
Convertible notes, noncurrent	525,345	523,633
Financing obligation, noncurrent	44,662	52,010
Lease liabilities, noncurrent	12,807	10,455
Other liabilities	643	416
Total liabilities	881,390	930,296
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of September 30, 2024 and December 31, 2023; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 162,714,738 and 155,932,880 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	16	16
Additional paid-in capital	1,230,957	1,198,716
Accumulated other comprehensive income (loss)	302	(42)
Accumulated deficit	(1,575,371)	(772,494)
Total Stem’s stockholders’ equity (deficit)	(344,096)	426,196
Non-controlling interests	541	485
Total stockholders’ equity (deficit)	(343,555)	426,681
Total liabilities and stockholders’ equity (deficit)	$ 537,835	$ 1,356,977

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,341	$ 4,904
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	162,714,738	155,932,880
Common stock, shares outstanding (in shares)	162,714,738	155,932,880

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenue	$ 29,291	$ 133,740	$ 88,759	$ 294,091
Cost of Revenue
Cost of Revenue	23,095	154,031	97,379	301,517
Gross profit (loss)	6,196	(20,291)	(8,620)	(7,426)
Operating expenses:
Sales and marketing	8,216	11,605	30,286	37,691
Research and development	11,086	14,420	40,503	42,020
General and administrative	27,212	21,955	61,618	58,656
Impairment of parent company guarantees	104,134	0	104,134	0
Impairment of goodwill	0	0	547,152	0
Total operating expenses	150,648	47,980	783,693	138,367
Loss from operations	(144,452)	(68,271)	(792,313)	(145,793)
Other (expense) income, net:
Interest expense	(4,512)	(4,405)	(13,850)	(10,085)
Gain on extinguishment of debt, net	0	0	0	59,121
Change in fair value of derivative liability	0	(5,155)	1,477	(7,731)
Other income, net	793	713	2,153	2,114
Total other (expense) income, net	(3,719)	(8,847)	(10,220)	43,419
Loss before (provision for) benefit from income taxes	(148,171)	(77,118)	(802,533)	(102,374)
(Provision for) benefit from income taxes	(129)	46	(344)	(354)
Net loss	$ (148,300)	$ (77,072)	$ (802,877)	$ (102,728)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.91)	$ (0.49)	$ (4.99)	$ (0.66)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.91)	$ (0.49)	$ (4.99)	$ (0.66)
Weighted-average shares used in computing net loss per share to common stockholders, basic (in shares)	162,633,996	155,829,348	160,997,019	155,474,725
Weighted-average shares used in computing net loss per share to common stockholders, diluted (in shares)	162,633,996	155,829,348	160,997,019	155,474,725
Services and other revenue
Revenue
Revenue	$ 22,143	$ 16,597	$ 52,086	$ 47,630
Cost of Revenue
Cost of Revenue	15,687	13,684	36,626	36,944
Hardware revenue
Revenue
Revenue	7,148	117,143	36,673	246,461
Cost of Revenue
Cost of Revenue	$ 7,408	$ 140,347	$ 60,753	$ 264,573

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (148,300)	$ (77,072)	$ (802,877)	$ (102,728)
Other comprehensive loss:
Unrealized gain on available-for-sale securities	0	60	3	1,650
Foreign currency translation adjustment	208	51	341	45
Total other comprehensive loss	$ (148,092)	$ (76,961)	$ (802,533)	$ (101,033)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022		154,540,197
Beginning balance at Dec. 31, 2022	$ 552,167	$ 15	$ 1,185,364	$ (1,672)	$ (632,081)	$ 541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises, net of statutory tax withholdings (in shares)		65,045
Stock option exercises, net of statutory tax withholdings	149		149
Issuance of common stock upon release of restricted stock units (in shares)		903,061
Issuance of common stock upon release of restricted stock units	1	$ 1
Stock-based compensation	8,108		8,108
Unrealized gain on available-for-sale securities	1,543			1,543
Foreign currency translation adjustments	127			127
Redemption of non-controlling interests	(72)					(72)
Net income (loss)	(44,778)				(44,778)
Ending balance (in shares) at Mar. 31, 2023		155,508,303
Ending balance at Mar. 31, 2023	517,245	$ 16	1,193,621	(2)	(676,859)	469
Beginning balance (in shares) at Dec. 31, 2022		154,540,197
Beginning balance at Dec. 31, 2022	552,167	$ 15	1,185,364	(1,672)	(632,081)	541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain on available-for-sale securities	1,650
Foreign currency translation adjustments	45
Net income (loss)	(102,728)
Ending balance (in shares) at Sep. 30, 2023		155,883,088
Ending balance at Sep. 30, 2023	453,343	$ 16	1,187,628	23	(734,809)	485
Beginning balance (in shares) at Mar. 31, 2023		155,508,303
Beginning balance at Mar. 31, 2023	517,245	$ 16	1,193,621	(2)	(676,859)	469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises, net of statutory tax withholdings (in shares)		39,528
Stock option exercises, net of statutory tax withholdings	80		80
Issuance of common stock upon release of restricted stock units (in shares)		248,580
Stock-based compensation	10,817		10,817
Purchase of capped call options	(27,840)		(27,840)
Unrealized gain on available-for-sale securities	47			47
Foreign currency translation adjustments	(133)			(133)
Contributions from non-controlling interests	6					6
Net income (loss)	19,122				19,122
Ending balance (in shares) at Jun. 30, 2023		155,796,411
Ending balance at Jun. 30, 2023	519,344	$ 16	1,176,678	(88)	(657,737)	475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises, net of statutory tax withholdings (in shares)		12,144
Stock option exercises, net of statutory tax withholdings	28		28
Issuance of common stock upon release of restricted stock units (in shares)		74,533
Stock-based compensation	10,922		10,922
Unrealized gain on available-for-sale securities	60			60
Foreign currency translation adjustments	51			51
Contributions from non-controlling interests	10					10
Net income (loss)	(77,072)				(77,072)
Ending balance (in shares) at Sep. 30, 2023		155,883,088
Ending balance at Sep. 30, 2023	453,343	$ 16	1,187,628	23	(734,809)	485
Beginning balance (in shares) at Dec. 31, 2023		155,932,880
Beginning balance at Dec. 31, 2023	426,681	$ 16	1,198,716	(42)	(772,494)	485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon release of restricted stock units (in shares)		2,632,464
Issuance of fully vested restricted stock for employee bonuses (in shares)		2,961,438
Issuance of fully vested restricted stock units for employee bonuses (Note 9)	8,114		8,114
Stock-based compensation	9,367		9,367
Unrealized gain on available-for-sale securities	3			3
Foreign currency translation adjustments	193			193
Net income (loss)	(72,307)				(72,307)
Ending balance (in shares) at Mar. 31, 2024		161,526,782
Ending balance at Mar. 31, 2024	372,051	$ 16	1,216,197	154	(844,801)	485
Beginning balance (in shares) at Dec. 31, 2023		155,932,880
Beginning balance at Dec. 31, 2023	426,681	$ 16	1,198,716	(42)	(772,494)	485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain on available-for-sale securities	3
Foreign currency translation adjustments	341
Net income (loss)	(802,877)
Ending balance (in shares) at Sep. 30, 2024		162,714,738
Ending balance at Sep. 30, 2024	(343,555)	$ 16	1,230,957	302	(1,575,371)	541
Beginning balance (in shares) at Mar. 31, 2024		161,526,782
Beginning balance at Mar. 31, 2024	372,051	$ 16	1,216,197	154	(844,801)	485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon release of restricted stock units (in shares)		1,060,744
Stock-based compensation	7,542		7,542
Foreign currency translation adjustments	(60)			(60)
Net income (loss)	(582,270)				(582,270)
Ending balance (in shares) at Jun. 30, 2024		162,587,526
Ending balance at Jun. 30, 2024	(202,737)	$ 16	1,223,739	94	(1,427,071)	485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon release of restricted stock units (in shares)		127,212
Stock-based compensation	7,218		7,218
Unrealized gain on available-for-sale securities	0
Foreign currency translation adjustments	208			208
Contributions from non-controlling interests	56					56
Net income (loss)	(148,300)				(148,300)
Ending balance (in shares) at Sep. 30, 2024		162,714,738
Ending balance at Sep. 30, 2024	$ (343,555)	$ 16	$ 1,230,957	$ 302	$ (1,575,371)	$ 541

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net loss	$ (802,877)	$ (102,728)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	33,227	33,593
Non-cash interest expense, including interest expenses associated with debt issuance costs	1,565	1,969
Stock-based compensation	21,716	28,320
Change in fair value of derivative liability	(1,477)	7,731
Non-cash lease expense	2,251	2,162
Accretion of asset retirement obligations	177	178
Impairment loss of energy storage systems	357	2,347
Impairment loss of project assets	641	158
Impairment loss of right-of-use assets	2,096	0
Impairment of parent company guarantees	104,134	0
Impairment of goodwill	547,152	0
Net accretion of discount on investments	(29)	(1,672)
Income tax benefit from release of valuation allowance	0	(335)
(Recovery of) provision for credit losses on accounts receivable	(3,229)	1,754
Net loss on investments	0	1,561
Gain on extinguishment of debt, net	0	(59,121)
Other	(157)	(831)
Changes in operating assets and liabilities:
Accounts receivable	106,920	(67,029)
Inventory	(7,285)	(57,282)
Deferred costs with suppliers	5,318	30,579
Other assets	7,129	(17,947)
Contract origination costs, net	(927)	(4,184)
Project assets	(7,382)	(2,827)
Accounts payable	(30,675)	1,771
Accrued expenses and other liabilities	(19,935)	(28,910)
Deferred revenue	21,531	27,630
Lease liabilities	(2,181)	(2,135)
Net cash used in operating activities	(21,940)	(205,248)
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	0	(1,847)
Purchase of available-for-sale investments	0	(58,034)
Proceeds from maturities of available-for-sale investments	8,250	119,650
Proceeds from sales of available-for-sale investments	0	73,917
Purchase of energy storage systems	0	(2,912)
Capital expenditures on internally-developed software	(8,868)	(10,123)
Purchase of property and equipment	(228)	(395)
Net cash (used in) provided by investing activities	(846)	120,256
FINANCING ACTIVITIES
Proceeds from exercise of stock options and warrants	0	257
Repayment of financing obligations	(6,998)	(7,766)
Proceeds from issuance of convertible notes, net of issuance costs of $0 and $7,601 for the nine months ended September 30, 2024 and 2023, respectively	0	232,399
Repayment of convertible notes	0	(99,754)
Purchase of capped call options	0	(27,840)
Investment from (redemption of) non-controlling interests, net	56	(56)
Repayment of notes payable	0	(2,101)
Net cash (used in) provided by financing activities	(6,942)	95,139
Effect of exchange rate changes on cash, cash equivalents and restricted cash	403	114
Net (decrease) increase in cash, cash equivalents and restricted cash	(29,325)	10,261
Cash, cash equivalents and restricted cash, beginning of year	106,475	87,903
Cash, cash equivalents and restricted cash, end of period	77,150	98,164
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	9,387	4,070
NON-CASH INVESTING AND FINANCING ACTIVITIES
Change in asset retirement costs and asset retirement obligation	79	354
Purchases of energy storage systems in accounts payable	255	78
Right-of-use asset obtained in exchange for lease liability	4,166	2,782
Stock-based compensation capitalized to internal-use software	2,425	3,033
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE:
Cash and cash equivalents	75,364	97,064
Restricted cash included in other noncurrent assets	1,786	1,100
Total cash, cash equivalents, and restricted cash	$ 77,150	$ 98,164

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Convertible Notes
Payment of debt issuance costs	$ 0	$ 7,601

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Description of the Business Stem, Inc. (“Stem,” the “Company,” “we,” “us,” or “our”) is a global leader in artificial intelligence (“AI”)-driven software and services that enable its customers to plan, deploy, and operate clean energy assets. We offer a comprehensive suite of solutions that transform how solar and energy storage projects are developed, built, and operated, including (i) an integrated suite of software and edge products, and (ii) full-lifecycle energy services from a team of experts. More than 16,000 global customers rely on Stem to maximize the value of their clean energy projects and portfolios. Our suite of software applications is enabled by our AI platform, Athena®. Each application serves a different purpose in helping customers to maximize the value of their energy assets. Our asset performance management (APM) software, PowerTrack™ APM, is a unified solution that empowers asset owners and operators to efficiently manage complex storage, solar, and hybrid portfolios for optimal performance. Our Energy Management System (EMS) software, PowerCore™ EMS, is a technology-agnostic, edge-to-cloud integration solution for monitoring, managing, and controlling energy storage and hybrid systems for maximum performance and reliability. Our energy optimization software, PowerBidder™ Pro, combines Athena’s wholesale market bidding engine with a web application, allowing users to leverage Athena AI and automation with our experience as a trusted operator. Our commercial- and utility-scale edge hardware solutions are original equipment manufacturers (“OEMs”)-agnostic devices used to connect customers’ solar and storage assets to our software applications in a unified view. To help our customers achieve long-term performance and profitability goals for their energy projects, we also provide advisory services spanning development and engineering, procurement and integration, and performance and operation services. In the early stages of project planning, our experts help lay a solid foundation for our customers’ solar and storage projects by guiding the design and ensuring informed decision-making. During the building stage, we provide guidance for hardware procurement and integration for timely deployment. After assets are operational, we enable optimal economic and technical returns with managed energy services like trading and bidding strategies, wholesale market participation, performance reporting, system warranties, and more. The Company operated as Rollins Road Acquisition Company (f/k/a Stem, Inc.) prior to the Merger with Star Peak Transition Corp. (“STPK”), an entity that was then listed on the New York Stock Exchange under the trade symbol “STPK,” and STPK Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of STPK (“Merger Sub”), providing for, among other things, and subject to the conditions therein, the combination of the Company and STPK pursuant to the merger of Merger Sub with and into the Company, with the Company continuing as the surviving entity (the “Merger”). Stem, Inc. was incorporated on March 16, 2009 in the State of Delaware and is headquartered in San Francisco, California. Liquidity As of September 30, 2024, we had cash and cash equivalents of $75.4 million, an accumulated deficit of $1,575.4 million, net accounts receivable of $92.7 million, and working capital, which we define as current assets less current liabilities, of $20.5 million. During the nine months ended September 30, 2024, we incurred a net loss of $802.9 million and had negative cash flows from operating activities of $21.9 million. As of September 30, 2024, our principal sources of liquidity were cash and cash equivalents totaling $75.4 million, which were held for working capital purposes and for investment growth opportunities. As of September 30, 2024, we believe that our cash position, as well as expected collections from accounts receivable, is sufficient to meet capital and liquidity requirements for at least the next 12 months. Our business prospects are subject to various risks, expenses, and uncertainties, including those discussed in Part II. Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and in Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The attainment of profitable operations is dependent upon future events, including successfully transitioning to a new software and services-oriented strategy, the successful delivery of AI-enabled software and edge device capabilities to our customers, regaining and maintaining compliance with the New York Stock Exchange’s continuing listing standards, securing new customers and maintaining current ones, securing and maintaining adequate supplier relationships, building our customer base, successfully executing our business and marketing strategy, and hiring and retaining appropriate personnel. Failure to generate sufficient revenues, achieve planned gross margins and operating profitability, control operating costs, or secure additional funding may require us to modify, delay or abandon some of our planned future expansion or development, or to otherwise enact operating cost reductions available to management, which could have a material adverse effect on our business, operating results and financial condition. Supply Chain Constraints and Risk We have in the past faced shortages and shipping delays affecting the supply of inverters, enclosures, battery modules and associated component parts for inverters and battery energy storage systems available for purchase. These shortages and delays were due in part to the macroeconomic, geopolitical and business environment, including the effects of global inflationary pressures and interest rates, general economic slowdown or a recession, changes in monetary policy, instability in financial institutions, potential import tariffs, geopolitical pressures, including the armed conflicts between Russia and Ukraine and in the Gaza Strip and nearby areas, as well as tensions between China and the United States and unknown effects of current and future trade regulations. We cannot predict the full effects the macroeconomic, geopolitical and business environment will have on our business, cash flows, liquidity, financial condition and results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X, assuming the Company will continue as a going concern. Accordingly, the consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date, but certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. In the opinion of the Company’s management, all normal and recurring adjustments considered necessary for a fair statement of the results for the interim period presented have been included in the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future interim period or year. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”). The Company presents non-controlling interests within the equity section of its unaudited condensed consolidated balance sheets, and the amount of consolidated net loss that is attributable to the Company and the non-controlling interest in its unaudited condensed consolidated statements of operations. All intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities The Company forms special purpose entities (“SPEs”), some of which are VIEs, with its investors in the ordinary course of business to facilitate the funding and monetization of its energy storage systems. A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual, ownership, or other monetary interests in the entity. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. The Company consolidates a VIE if it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIEs’ economic performance and has the obligation to absorb losses or has the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it is the primary beneficiary. Beginning in January 2022, the Company entered into strategic joint ventures through indirect wholly-owned development subsidiaries of the Company (“DevCo JVs”) with the purpose of originating potential battery storage facility projects in specific locations and conducting early-stage planning and development activities. The Company determined that the DevCo JVs are VIEs, as they lack sufficient equity to finance their activities without additional financial support. The Company determined that it has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant. Accordingly, the Company has determined that it is the primary beneficiary of the DevCo JVs, and as a result, the DevCo JVs’ operating results, assets and liabilities are consolidated by the Company, with third party minority owners’ share presented as noncontrolling interest. The Company applied the hypothetical liquidation at book value method in allocating recorded net income (loss) to each owner based on the change in the reporting period, of the amount of net assets of the entity to which each owner would be entitled to under the governing contracts in a liquidation scenario. The following table summarizes the carrying values of the assets and liabilities of the DevCo JVs that are consolidated by the Company as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 2,213 $ 2,191 Other current assets 5 30 Other noncurrent assets 15,166 8,424 Total assets 17,384 10,645 Liabilities Accounts payable 291 1,405 Other current liabilities 225 1,892 Total liabilities $ 516 $ 3,297 The Company did not make any material capital investment contributions during the nine months ended September 30, 2024. For the nine months ended September 30, 2023, the Company contributed approximately $6.6 million in capital investments for hardware purchases. The net income from the DevCo JVs was immaterial during the three and nine months ended September 30, 2024, and was $1.2 million and $1.4 million during the three and nine months ended September 30, 2023, respectively. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, depreciable life of energy storage systems; estimates of transaction price with variable consideration; the amortization of acquired intangibles; the amortization of financing obligations; deferred commissions and contract fulfillment costs; the valuation of energy storage systems, finite-lived intangible assets, internally developed software, and asset retirement obligations; and the fair value of equity instruments, equity-based instruments, derivative liability, accruals related to sales tax liabilities, and the fair value of assets acquired and liabilities assumed in a business combination; and the impairment of goodwill. Segment Information Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Interim Chief Executive Officer is the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, management has determined that the Company operates as one operating segment that is focused exclusively on innovative technology services that transform the way energy is distributed and consumed. Net assets outside of the U.S. were less than 10% of total net assets as of September 30, 2024 and December 31, 2023. Concentration of Credit Risk and Other Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company’s cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. The Company’s cash and cash equivalents are held at financial institutions where account balances may at times exceed federally insured limits. Management believes the Company is not exposed to significant credit risk due to the financial strength of the depository institution in which the cash is held. The Company has no financial instruments with off-balance sheet risk of loss. At times, the Company may be subject to a concentration of credit risk in relation to certain customers due to the purchase of large energy storage systems made by such customers. The Company routinely assesses the creditworthiness of its customers. The Company wrote-off $104.1 million of billed and unbilled accounts receivables that were deemed to be uncollectible (See Note 3 — Revenue ). The Company did not experience material losses related to receivables from individual customers, or groups of customers during the nine months ended September 30, 2023 . The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for credit losses is believed by management to be probable in the Company ’s accounts receivable. The net book value of unbilled receivables, current are $7.1 million and $161.3 million as of September 30, 2024 and December 31, 2023, respectively. Unbilled receivables, current are included in accounts receivable, net. The net book value of unbilled receivables, noncurrent are $6.0 million and $18.7 million as of September 30, 2024 and December 31, 2023, respectively. Unbilled receivables, noncurrent are included in other noncurrent assets. Significant Customers A significant customer represents 10% or more of the Company’s total revenue or accounts receivable, net balance at each reporting date. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows: Accounts Receivable Revenue Revenue September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023 Customers: Customer A 19 % 41 % * * * 18 % Customer B 38 % 28 % * * * * Customer C * * * 89 % * 41 % *Total less than 10% for the period. There are inherent risks whenever a large percentage of total revenue is concentrated in a limited number of customers. Should a significant customer terminate or fail to renew its contracts with us, in whole or in part, for any reason, or experience significant financial or operating difficulties, it could have a material adverse effect on our financial condition and results of operations. In general, a customer that makes up a significant portion of revenues in one period, may not make up a significant portion in subsequent periods. Fair Value of Financial Instruments Assets and liabilities recorded at fair value in the unaudited condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 — Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company’s assessment of the significance of a specific input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Financial assets and liabilities held by the Company measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, short-term investments, derivative liability, and convertible notes.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following table provides information on the disaggregation of revenue as recorded in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Hardware revenue $ 7,148 $ 117,143 $ 36,673 $ 246,461 Services and other revenue 22,143 16,597 52,086 47,630 Total revenue $ 29,291 $ 133,740 $ 88,759 $ 294,091 The following table summarizes reportable revenue by geographic regions determined based on the location of the customers (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 United States $ 27,425 $ 129,800 $ 84,361 $ 280,010 Rest of the world 1,866 3,940 4,398 14,081 Total revenue $ 29,291 $ 133,740 $ 88,759 $ 294,091 Remaining Performance Obligations Remaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities (deferred revenue) and amounts that will be billed and recognized as revenue in future periods. As of September 30, 2024 and September 30, 2023, the Company had $416.5 million and $545.3 million of remaining performance obligations, respectively, and the approximate percentages expected to be recognized as revenue in the future are as follows (in thousands, except percentages): September 30, 2024 Total Remaining Percent Expected to be Recognized as Revenue Less Than Two to Greater Than Services and other revenue $ 336,591 16 % 47 % 37 % Hardware revenue 79,884 100 % — % — % Total revenue $ 416,475 September 30, 2023 Total Remaining Percent Expected to be Recognized as Revenue Less Than Two to Greater Than Services and other revenue $ 331,520 14 % 48 % 38 % Hardware revenue 213,813 100 % — % — % Total revenue $ 545,333 Contract Balances Deferred revenue primarily includes cash received in advance of revenue recognition related to energy optimization services and incentives. The following table presents the changes in the deferred revenue balance during the nine months ended September 30, 2024 and September 30, 2023 (in thousands): Nine Months Ended September 30, 2024 2023 Beginning balance $ 142,647 $ 138,074 Upfront payments received from customers 62,875 217,360 Upfront or annual incentive payments received 1,580 2,805 Revenue recognized related to amounts that were included in beginning balance of deferred revenue (32,287) (26,538) Revenue recognized related to deferred revenue generated during the period (10,636) (165,997) Write-off of deferred revenue (1) (6,614) — Ending balance $ 157,565 $ 165,704 (1) Deferred revenue write-off in connection to the parent company guarantee arrangements discussed below. Parent Company Guarantees Prior to July 2023, the Company agreed in certain customer contracts to provide a guarantee that the value of purchased hardware will not decline for a certain period of time. Under this guarantee, if these customers were unable to install or designate the hardware to a specified project within such period of time, the Company would be required to assist the customer in re-marketing the hardware for resale by the customer. If a resale does not occur, the hardware will be appraised utilizing a third party. The guarantee provided that, in such cases, if the customer resold the hardware for less than the amount initially sold to the customer or the appraisal value is less than the hardware purchase price, the Company would be required to compensate the customer for any shortfall in fair value for the hardware from the initial contract price. The Company accounts for such contractual terms and guarantees as variable consideration at each measurement date. The Company updates its estimate of variable consideration each quarter, including changes in estimates related to such guarantees, for facts or circumstances that have changed from the time of the initial estimate. As a result, the Company recorded a net revenue reductions of $5.6 million and $38.7 million in hardware revenue during the three and nine months ended September 30, 2024, respectively. The overall reduction in revenue was related to deliveries that occurred prior to the current fiscal year. Impairment and Accounts Receivable Write-Off For those contracts where the customers invoked parent company guarantee (“PCG”) protection pursuant to the applicable contract, the Company has worked actively to remarket the remaining systems subject to PCG with a wide variety of potential customers. The Company has been engaged in ongoing negotiations with several parties, including the original customers who hold title to the assets, for the purchase of the remarketed hardware. Despite such efforts, such negotiations have resulted in limited transactions with mutually agreed upon pricing and terms. Recent closed transactions have resulted in resales at prices significantly below carrying values. Under contracts containing a PCG provision, in the event that the Company and the customer are unable to remarket and sell the relevant assets, the customer shall engage a third party to appraise the fair market value of the remaining hardware. As of the date of this report, none of such customers have elected to obtain a third party hardware appraisal for the previously purchased hardware. Given the uncertainty of collection from the original customers of due and unpaid amounts in those cases where the Company believes it has enforceable rights of recovery, the Company believes the likelihood for collection of the accounts receivable outstanding relating to hardware subject to these PCG’s is no longer probable. Accordingly, the Company wrote-off the remaining receivables of $104.1 million during the three months ended September 30, 2024, offset by $1.6 million for amounts previously provided for on these receivables and recorded within general and administrative expense in the unaudited condensed consolidated statements of operations. The Company is evaluating all potential remedies with respect to its enforceable rights under applicable contracts.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
SHORT-TERM INVESTMENTS	SHORT-TERM INVESTMENTS The Company did not have short-term investments as of September 30, 2024. The following tables summarize the estimated fair value of the Company’s short-term investments and the gross unrealized holding gains and losses as of December 31, 2023 (in thousands). As of December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Commercial paper $ 1,978 $ — $ — $ 1,978 U.S. government bonds 2,744 — (3) 2,741 Agency bonds 3,503 — (3) 3,500 Total short-term investments $ 8,225 $ — $ (6) $ 8,219 The Company periodically reviews the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. The Company evaluates, among other factors, whether the Company intends to sell any of these short-term investments and whether it is more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. During the nine months ended September 30, 2024, the Company did not record an allowance for credit losses related to short-term investments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. On September 30, 2024 and December 31, 2023, the carrying amount of accounts receivable, other current assets, accounts payable, and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides the financial instruments measured at fair value (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market fund $ 46,661 $ — $ — $ 46,661 Total financial assets $ 46,661 $ — $ — $ 46,661 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market fund $ 47,297 $ — $ — $ 47,297 Commercial paper — 3,971 — 3,971 Debt securities: Commercial paper — 1,978 — 1,978 U.S. government bonds — 2,741 — 2,741 Other — 3,500 — 3,500 Total financial assets $ 47,297 $ 12,190 $ — $ 59,487 Liabilities: Derivative liability $ — $ — $ 7,731 $ 7,731 The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s short-term investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. As of December 31, 2023, the Company’s other current liabilities included a derivative liability that was attributable to a derivative feature within a revenue contract, whereby final settlement was indexed to the price per ton of lithium carbonate. The balance was valued using a third party forecast for lithium carbonate. As the derivative instrument was not traded on an exchange it was classified within Level 3 of the fair value hierarchy. During the nine months ended September 30, 2024, the derivative liability was settled resulting in a gain of $1.5 million. Fair Value of Convertible Promissory Notes The convertible notes are recorded at face value less unamortized debt issuance costs (see Note 8 — Convertible Notes for additional details) on the unaudited condensed consolidated balance sheets as of September 30, 2024. As of September 30, 2024 and December 31, 2023, the estimated fair value of the 2028 Convertible Notes was $83.7 million and $149.1 million, respectively, based on Level 2 quoted bid prices of the convertible notes in an over-the-counter market on the last trading date of the reporting period. As of September 30, 2024 and December 31, 2023, the estimated fair value of the 2030 Convertible Notes was $71.6 million and $175.8 million , respectively , based on Level 2 quoted bid prices of the convertible notes in an over-the-counter market on the last trading date of the reporting period.

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET Goodwill Goodwill consists of the following (in thousands): September 30, December 31, 2024 2023 Goodwill $ 547,158 $ 547,158 Effect of foreign currency translation (6) 47 Impairment charges (547,152) — Total goodwill $ — $ 547,205 Goodwill is tested for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. In connection with the preparation of the unaudited condensed consolidated financial statements for the three months ended June 30, 2024, the Company considered the decline in the Company’s stock price, market capitalization, and recent financial performance to be a triggering event for its single reporting unit and therefore completed a test for impairment of goodwill for the reporting unit as of June 30, 2024. The Company tested goodwill for impairment using a Step 1 quantitative test and compared the reporting unit’s fair value to its carrying value. An impairment is recorded for any excess carrying value above the reporting unit’s fair value, not to exceed the amount of goodwill. The Company estimates fair value of its reporting units using a discounted cash flow model, commonly referred to as the income approach. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the Company’s reporting unit. The discounted cash flow model uses management’s best estimates of economic and market conditions over the projected period using the best information available, including growth rates in revenues, costs and estimates of future expected changes in operating margins and cash expenditures. Other estimates and assumptions include terminal value growth rates, weighted average cost of capital and changes in future working capital requirements. The impairment test resulted in an impairment of $547.2 million. Intangible Assets, Net Intangible assets, net, consists of the following (in thousands): September 30, December 31, 2024 2023 Developed technology $ 32,618 $ 32,618 Trade name 11,300 11,300 Customer relationships 106,800 106,800 Internally developed software 78,576 67,282 Intangible assets 229,294 218,000 Less: Accumulated amortization (81,115) (60,868) Add: Currency translation adjustment 4 14 Total intangible assets, net $ 148,183 $ 157,146 Amortization expense for intangible assets was $7.0 million and $5.2 million for the three months ended September 30, 2024 and 2023, respectively, and $20.3 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively

ENERGY STORAGE SYSTEMS, NET

ENERGY STORAGE SYSTEMS, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
ENERGY STORAGE SYSTEMS, NET	ENERGY STORAGE SYSTEMS, NET Energy Storage Systems, Net Energy storage systems, net, consists of the following (in thousands): September 30, December 31, 2024 2023 Energy storage systems placed into service $ 138,227 $ 141,181 Less: accumulated depreciation (78,298) (70,918) Energy storage systems not yet placed into service 3,734 4,155 Total energy storage systems, net $ 63,663 $ 74,418 Depreciation expense for energy storage systems was approximately $3.5 million and $3.6 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $10.0 million and $10.8 million for the nine months ended September 30, 2024 and 2023, respectively. Depreciation expense is recognized in cost of services and other revenue. Impairment expense for energy storage systems was approximately $0.3 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $0.4 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively. Impairment expense is recognized in cost of services and other revenue.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
CONVERTIBLE NOTES	CONVERTIBLE NOTES 2028 Convertible Notes and 2028 Capped Call Options 2028 Convertible Notes On November 22, 2021, the Company issued $460.0 million aggregate principal amount of its 2028 Convertible Notes in a private placement offering to qualified institutional buyers (the “2021 Initial Purchasers”) pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2028 Convertible Notes are senior, unsecured obligations of the Company and bear interest at a rate of 0.5% per year, payable in cash semi-annually in arrears in June and December of each year, beginning in June 2022. The 2028 Convertible Notes will mature on December 1, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock. The 2028 Convertible Notes are redeemable for cash at the Company’s option at any time given certain conditions (as discussed below), at an initial conversion rate of 34.1965 shares of common stock per $1,000 principal amount of 2028 Convertible Notes, which is equivalent to an initial conversion price of approximately $29.24 (the “2028 Conversion Price”) per share of the Company’s common stock. The conversion rate is subject to customary adjustments for certain events as described in the related indenture. The Company may redeem for cash all or any portion of the 2028 Convertible Notes, at the Company’s option, on or after December 5, 2025 if the last reported sale price of the Company’s common stock has been at least 130% of the 2028 Conversion Price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest. The Company’s net proceeds from this offering were approximately $445.7 million , after deducting the 2021 Initial Purchasers’ discounts and debt issuance costs. To minimize the effect of potential dilution to the Company’s common stockholders upon conversion of the 2028 Convertible Notes, the Company entered into separate capped call transactions (the “2028 Capped Calls”) as described below. In connection with the issuance of the 2030 Convertible Notes during the second quarter of 2023, t he Company used approximately $99.8 million of the net proceeds to purchase and surrender for cancellation approximately $163.0 million aggregate principal amount of the Company’s 2028 Convertible Notes, which resulted in a $59.4 million gain on debt extinguishment. See 2030 Convertible Notes below for further details of the 2030 Convertible Notes . Upon adoption of ASU 2020-06, the Company allocated all of the debt discount to long-term debt. The debt discount is amortized to interest expense using the effective interest method, computed to be 0.9%, over the life of the 2028 Convertible Notes or approximately its seven-year term. The outstanding 2028 Convertible Notes balances as of September 30, 2024 and December 31, 2023 are summarized in the following table (in thousands): September 30, 2024 December 31, 2023 Long Term Debt Outstanding principal $ 297,024 $ 297,024 Unamortized 2021 Initial Purchasers’ debt discount and debt issuance cost (5,527) (6,501) Net carrying amount $ 291,497 $ 290,523 The following table presents total interest expense recognized related to the 2028 Convertible Notes during the three and nine months ended September 30, 2024 and 2023 (in thousands) : Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cash interest expense Contractual interest expense $ 371 $ 371 $ 1,114 $ 1,322 Non-cash interest expense Amortization of debt discount and debt issuance cost 326 323 975 1,163 Total interest expense $ 697 $ 694 $ 2,089 $ 2,485 2028 Capped Call Options On November 17, 2021, in connection with the pricing of the 2028 Convertible Notes, and on November 19, 2021, in connection with the exercise in full by the 2021 Initial Purchasers of their option to purchase additional Notes, the Company entered into the 2028 Capped Calls with certain counterparties. The Company used $66.7 million of the net proceeds to pay the cost of the 2028 Capped Calls. The 2028 Capped Calls have an initial strike price of $29.2428 per share, which corresponds to the initial conversion price of the 2028 Convertible Notes and is subject to anti-dilution adjustments. The 2028 Capped Calls have a cap price of $49.6575 per share, subject to certain adjustments. The 2028 Capped Calls are considered separate transactions entered into by and between the Company and the 2028 Capped Calls counterparties, and are not part of the terms of the 2028 Convertible Notes. The Company recorded a reduction to additional paid-in capital of $66.7 million during the year ended December 31, 2021 related to the premium payments for the 2028 Capped Calls. These instruments meet the conditions outlined in Financial Accounting Standards Board (“FASB”) ASU 2022-01 Topic 815, Derivatives and Hedging (“ASC 815”) to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met. 2030 Convertible Notes and 2030 Capped Call Options 2030 Convertible Notes On April 3, 2023, the Company issued $240.0 million aggregate principal amount of its 2030 Convertible Notes in a private placement offering to qualified institutional buyers (the “2023 Initial Purchasers”) pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2030 Convertible Notes are senior, unsecured obligations of the Company and bear interest at a rate of 4.25% per year, payable in cash semi-annually in arrears in April and October of each year, beginning on October 1, 2023. The 2030 Convertible Notes will mature on April 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. Upon conversion, the Company may choose to pay or deliver cash, shares of common stock or a combination of cash and shares of common stock. The 2030 Convertible Notes are redeemable for cash at the Company’s option at any time given certain conditions (as discussed below), at an initial conversion rate of 140.3066 shares of common stock per $1,000 principal amount of the 2030 Convertible Notes, which is equivalent to an initial conversion price of approximately $7.1272 (the “2030 Conversion Price”) per share of the Company’s common stock. The conversion rate is subject to customary adjustments for certain events as described in the related indenture. The 2030 Convertible Notes will be redeemable, in whole or in part, at the Company’s option, on or after April 5, 2027 if the last reported sale price of the Company’s common stock has been at least 130% of the 2030 Conversion Price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest. The Company’s net proceeds from this offering were approximately $232.4 million, net of $7.6 million in debt issuance costs primarily consisting of underwriters, advisory, legal, and accounting fees. The Company used approximately $99.8 million of the net proceeds to purchase and surrender for cancellation approximately $163.0 million aggregate principal amount of the Company’s 2028 Convertible Notes. See 2028 Convertible Notes above for further details on the impacts of the debt extinguishment. The outstanding 2030 Convertible Notes balances as of September 30, 2024 and December 31, 2023 are summarized in the following table (in thousands): September 30, 2024 December 31, 2023 Long Term Debt Outstanding principal $ 240,000 $ 240,000 Unamortized 2023 Initial Purchasers’ debt discount and debt issuance cost (6,152) (6,890) Net carrying amount $ 233,848 $ 233,110 The debt discount and debt issuance costs are amortized to interest expense using the effective interest method, computed to be 4.70%, over the life of the 2030 Convertible Notes or its approximately seven-year term. The following table presents total interest expense recognized related to the 2030 Convertible Notes during the three and nine months ended September 30, 2024 (in thousands) : Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cash interest expense Contractual interest expense $ 2,550 $ 2,550 $ 7,650 $ 5,043 Non-cash interest expense Amortization of debt discount and debt issuance cost 249 239 738 470 Total interest expense $ 2,799 $ 2,789 $ 8,388 $ 5,513 2030 Capped Call Options On March 29, 2023 and March 31, 2023, in connection with the pricing of the 2030 Convertible Notes, and on April 3, 2023, in connection with the exercise in full by the 2023 Initial Purchasers of their option to purchase additional 2030 Convertible Notes, the Company entered into Capped Calls (the “2030 Capped Calls”) with certain counterparties. The Company used $27.8 million of the net proceeds from the 2030 Convertible Notes to pay the cost of the 2030 Capped Calls. The 2030 Capped Calls have an initial strike price of $7.1272 per share, which corresponds to the initial conversion price of the 2030 Convertible Notes and is subject to anti-dilution adjustments. The 2030 Capped Calls have a cap price of $11.1800 per share, subject to certain adjustments. The 2030 Capped Calls are considered separate transactions entered into by and between the Company and the 2030 Capped Calls counterparties, and are not part of the terms of the 2030 Convertible Notes. The Company recorded a reduction to additional paid-in capital of $27.8 million during the second quarter of 2023 related to the premium payments for the 2030 Capped Calls. These instruments meet the conditions outlined in ASC 815 to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Incentive Plans In May 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and other awards that are settled in shares of the Company’s common stock. Stock Options The following table summarizes the stock option activity for the period ended September 30, 2024: Number of Weighted- Weighted- Aggregate Balances as of December 31, 2023 9,011,616 $ 6.99 6.0 $ 8,686 Options granted 1,410,261 2.07 Options forfeited and cancelled (800,270) 9.54 Balances as of September 30, 2024 9,621,607 $ 6.06 5.4 $ — Options vested and exercisable — September 30, 2024 7,188,666 $ 5.63 4.4 $ — As of September 30, 2024, the Company had approximately $6.9 million of remaining unrecognized stock-based compensation expense for stock options, which is expected to be recognized over a weighted average period of 1.1 years. Restricted Stock Units The following table summarizes the RSU activity for the period ended September 30, 2024: Number of RSUs Outstanding (1) Weighted-Average Balances as of December 31, 2023 11,159,272 $ 10.31 RSUs granted 10,807,909 1.91 RSUs vested (6,780,776) 8.18 RSUs forfeited (1,757,856) 5.58 Balances as of September 30, 2024 13,428,549 $ 5.24 (1) Includes certain RSUs with service and market-based vesting criteria. As of September 30, 2024, the Company had approximately $49.2 million of remaining unrecognized stock-based compensation expense for RSUs, which is expected to be recognized over a weighted average period of 1.7 years. During the three months ended March 31, 2024, the Company issued 3.0 million shares of fully vested RSU awards through the Company’s stock bonus program under the Company’s 2021 Equity Incentive Plan. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Sales and marketing $ 130 $ 1,614 $ 2,488 $ 4,109 Research and development 2,038 2,467 6,154 6,733 General and administrative 4,364 7,117 13,074 17,478 Total stock-based compensation expense $ 6,532 $ 11,198 $ 21,716 $ 28,320 Stock-based compensation expense associated with research and development of $0.7 million and $1.2 million corresponding to internal-use software, were capitalized during the three months ended September 30, 2024 and 2023, respectively. Stock-based compensation expense associated with research and development of $2.4 million and $3.1 million were capitalized as internal-use software during the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 stock-based compensation expense included stock modifications in connection with the separation agreements for certain of the Company’s former executive officers. For the nine months ended September 30, 2024 , a net reduction of stock-based compensation expense of $2.0 million was recorded within general and administrative expense and an additional charge of $0.7 million was recorded within research and development expense.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Net loss per share is computed by dividing net loss by the basic weighted-average number of shares outstanding during the period. Diluted net loss per share is computed by dividing net income by the diluted weighted-average number of shares outstanding during the period and, accordingly, reflects the potential dilutive effect of all issuable shares of common stock, including as a result of stock options, restricted stock units, warrants and convertible notes. The diluted weighted-average number of shares used in our diluted net loss per share calculation is determined using the treasury stock method for stock options, restricted stock units, and warrants, and the if-converted method for convertible notes. For periods in which we recognize losses, the calculation of diluted loss per share is the same as the calculation of basic loss per share. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (148,300) $ (77,072) $ (802,877) $ (102,728) Denominator: Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted 162,633,996 155,829,348 160,997,019 155,474,725 Net loss per share attributable to common stockholders, basic and diluted $ (0.91) $ (0.49) $ (4.99) $ (0.66) The following table shows total outstanding potentially dilutive shares excluded from the computation of diluted net loss per share attributable to common stockholders as their effect would have been anti-dilutive, as of September 30, 2024 and 2023: September 30, 2024 September 30, 2023 Outstanding 2028 Convertible Notes (if converted) 10,157,181 10,157,181 Outstanding 2030 Convertible Notes (if converted) 33,673,584 33,673,584 Outstanding stock options 9,621,607 9,062,081 Outstanding warrants 2,533 2,533 Outstanding RSUs 13,428,549 11,244,359 Total 66,883,454 64,139,738

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table reflects the Company’s provision for income taxes and the effective tax rates for the periods presented below (in thousands, except effective tax rate): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Loss before (provision for) benefit from income taxes $ (148,171) $ (77,118) $ (802,533) $ (102,374) (Provision for) benefit from income taxes $ (129) $ 46 $ (344) $ (354) Effective tax rate (0.09) % 0.06 % (0.04) % (0.30) % For the three months ended September 30, 2024 , the Company recognized a provision for income taxes of $0.1 million, representing an effective tax rate of (0.09)%, which was lower than the statutory federal tax rate because the Company maintains a valuation allowance on its U.S. deferred tax assets and recognized a nondeductible goodwill impairment. For the nine months ended September 30, 2024, the Company recognized a provision for income taxes of $0.3 million, representing an effective tax rate of (0.04)%, which was lower than the statutory federal tax rate due to the valuation allowance on U.S. deferred tax assets and a nondeductible goodwill impairment. For the three months ended September 30, 2023, the Company recognized a benefit from income taxes of $46 thousand , representing an effective tax rate of 0.06% , which was lower than the statutory federal tax rate because the Company maintains a valuation allowance on its U.S. deferred tax assets. For the nine months ended September 30, 2023, the Company recognized a provision for income taxes of $0.4 million, representing an effective tax rate of (0.30)%,

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contingencies The Company is party to various legal proceedings from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss with respect to any currently pending legal proceeding is remote. However, litigation is inherently uncertain and it is not possible to definitively predict the ultimate disposition of any of these proceedings. As of the date of this filing, the Company does not believe that there are any pending legal proceedings or other loss contingencies that will, either individually or in the aggregate, have a material adverse effect on the Company taken as a whole. Commitments In June 2024, the Company recognized a $2.5 million operating lease liability and a corresponding operating lease right-of-use (“ROU”) asset, which are included in the unaudited condensed consolidated balance sheets as of September 30, 2024. The operating lease liability and operating lease ROU asset correspond to 6,508 square feet of leased office in San Francisco, California. As of the commencement date of the lease, the remaining lease term was 65 months. The lease agreement contemplates options to extend the non-cancelable lease term, which have been determined to be not reasonably certain to be exercised. Base rent is approximately $54,200 per month with escalating payments. Upon entering into this new lease, the Company subleased an existing office space which led to a right-of-use asset impairment of $2.1 million in June 2024. In August 2024, the Company entered into a new office lease that has not yet commenced. The Company will account for this office lease as an operating lease under ASC 842. The lease will commence in the fourth quarter of 2024 and payment of rent will begin in the third quarter of fiscal year 2025. The lease will terminate in the third quarter of 2030. Monthly rent begins at approximately $27,200 with escalating payments over the lease term. In September 2024, the Company recognized a $1.7 million operating lease liability and a corresponding operating lease right-of use asset, which are included in the unaudited condensed consolidated balance sheets as of September 30, 2024, consisting of 24,102 square feet of leased office in Longmont, Colorado. As of the commencement date of the lease, the remaining lease term was 77 months and base rent is approximately $30,100 per month with escalating payments over the lease term. Non-cancelable Purchase Obligations During the three months ended September 30, 2024, the Company incurred $10.0 million in termination expenses in relief of $116.0 million of prior purchase commitments with a supplier. Non-Income Related Taxes

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X, assuming the Company will continue as a going concern. Accordingly, the consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date, but certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. In the opinion of the Company’s management, all normal and recurring adjustments considered necessary for a fair statement of the results for the interim period presented have been included in the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future interim period or year.
Principles of Consolidation	Principles of Consolidation
Variable Interest Entities	Variable Interest Entities The Company forms special purpose entities (“SPEs”), some of which are VIEs, with its investors in the ordinary course of business to facilitate the funding and monetization of its energy storage systems. A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual, ownership, or other monetary interests in the entity. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. The Company consolidates a VIE if it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIEs’ economic performance and has the obligation to absorb losses or has the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it is the primary beneficiary. Beginning in January 2022, the Company entered into strategic joint ventures through indirect wholly-owned development subsidiaries of the Company (“DevCo JVs”) with the purpose of originating potential battery storage facility projects in specific locations and conducting early-stage planning and development activities. The Company determined that the DevCo JVs are VIEs, as they lack sufficient equity to finance their activities without additional financial support. The Company determined that it has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant. Accordingly, the Company has determined that it is the primary beneficiary of the DevCo JVs, and as a result, the DevCo JVs’ operating results, assets and liabilities are consolidated by the Company, with third party minority owners’ share presented as noncontrolling interest. The Company applied the hypothetical liquidation at book value method in allocating recorded net income (loss) to
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, depreciable life of energy storage systems; estimates of transaction price with variable consideration; the amortization of acquired intangibles; the amortization of financing obligations; deferred commissions and contract fulfillment costs; the valuation of energy storage systems, finite-lived intangible assets, internally developed software, and asset retirement obligations; and the fair value of equity instruments, equity-based instruments, derivative liability, accruals related to sales tax liabilities, and the fair value of assets acquired and liabilities assumed in a business combination; and the impairment of goodwill.
Segment Information	Segment Information Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Interim Chief Executive Officer is the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, management has determined that the Company operates as one
Concentration of Credit Risk and Other Uncertainties	Concentration of Credit Risk and Other Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company’s cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. The Company’s cash and cash equivalents are held at financial institutions where account balances may at times exceed federally insured limits. Management believes the Company is not exposed to significant credit risk due to the financial strength of the depository institution in which the cash is held. The Company has no financial instruments with off-balance sheet risk of loss. At times, the Company may be subject to a concentration of credit risk in relation to certain customers due to the purchase of large energy storage systems made by such customers. The Company routinely assesses the creditworthiness of its customers. The Company wrote-off $104.1 million of billed and unbilled accounts receivables that were deemed to be uncollectible (See Note 3 — Revenue ). The Company did not experience material losses related to receivables from individual customers, or groups of customers during the nine months ended September 30, 2023 . The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for credit losses is believed by management to be probable in the Company ’s accounts receivable.
Significant Customers	Significant Customers
Fair Value of Financial Instruments	Fair Value of Financial Instruments Assets and liabilities recorded at fair value in the unaudited condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 — Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company’s assessment of the significance of a specific input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Financial assets and liabilities held by the Company measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, short-term investments, derivative liability, and convertible notes.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the carrying values of the assets and liabilities of the DevCo JVs that are consolidated by the Company as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 2,213 $ 2,191 Other current assets 5 30 Other noncurrent assets 15,166 8,424 Total assets 17,384 10,645 Liabilities Accounts payable 291 1,405 Other current liabilities 225 1,892 Total liabilities $ 516 $ 3,297
Schedule of Significant Customers	For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows: Accounts Receivable Revenue Revenue September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023 Customers: Customer A 19 % 41 % * * * 18 % Customer B 38 % 28 % * * * * Customer C * * * 89 % * 41 % *Total less than 10% for the period.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides information on the disaggregation of revenue as recorded in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Hardware revenue $ 7,148 $ 117,143 $ 36,673 $ 246,461 Services and other revenue 22,143 16,597 52,086 47,630 Total revenue $ 29,291 $ 133,740 $ 88,759 $ 294,091 The following table summarizes reportable revenue by geographic regions determined based on the location of the customers (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 United States $ 27,425 $ 129,800 $ 84,361 $ 280,010 Rest of the world 1,866 3,940 4,398 14,081 Total revenue $ 29,291 $ 133,740 $ 88,759 $ 294,091
Schedule of Remaining Performance Obligations	As of September 30, 2024 and September 30, 2023, the Company had $416.5 million and $545.3 million of remaining performance obligations, respectively, and the approximate percentages expected to be recognized as revenue in the future are as follows (in thousands, except percentages): September 30, 2024 Total Remaining Percent Expected to be Recognized as Revenue Less Than Two to Greater Than Services and other revenue $ 336,591 16 % 47 % 37 % Hardware revenue 79,884 100 % — % — % Total revenue $ 416,475 September 30, 2023 Total Remaining Percent Expected to be Recognized as Revenue Less Than Two to Greater Than Services and other revenue $ 331,520 14 % 48 % 38 % Hardware revenue 213,813 100 % — % — % Total revenue $ 545,333
Schedule of Contract Balances	The following table presents the changes in the deferred revenue balance during the nine months ended September 30, 2024 and September 30, 2023 (in thousands): Nine Months Ended September 30, 2024 2023 Beginning balance $ 142,647 $ 138,074 Upfront payments received from customers 62,875 217,360 Upfront or annual incentive payments received 1,580 2,805 Revenue recognized related to amounts that were included in beginning balance of deferred revenue (32,287) (26,538) Revenue recognized related to deferred revenue generated during the period (10,636) (165,997) Write-off of deferred revenue (1) (6,614) — Ending balance $ 157,565 $ 165,704

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	The following tables summarize the estimated fair value of the Company’s short-term investments and the gross unrealized holding gains and losses as of December 31, 2023 (in thousands). As of December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Commercial paper $ 1,978 $ — $ — $ 1,978 U.S. government bonds 2,744 — (3) 2,741 Agency bonds 3,503 — (3) 3,500 Total short-term investments $ 8,225 $ — $ (6) $ 8,219

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value	The following table provides the financial instruments measured at fair value (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market fund $ 46,661 $ — $ — $ 46,661 Total financial assets $ 46,661 $ — $ — $ 46,661 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market fund $ 47,297 $ — $ — $ 47,297 Commercial paper — 3,971 — 3,971 Debt securities: Commercial paper — 1,978 — 1,978 U.S. government bonds — 2,741 — 2,741 Other — 3,500 — 3,500 Total financial assets $ 47,297 $ 12,190 $ — $ 59,487 Liabilities: Derivative liability $ — $ — $ 7,731 $ 7,731

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill consists of the following (in thousands): September 30, December 31, 2024 2023 Goodwill $ 547,158 $ 547,158 Effect of foreign currency translation (6) 47 Impairment charges (547,152) — Total goodwill $ — $ 547,205
Schedule of Intangible Assets	Intangible assets, net, consists of the following (in thousands): September 30, December 31, 2024 2023 Developed technology $ 32,618 $ 32,618 Trade name 11,300 11,300 Customer relationships 106,800 106,800 Internally developed software 78,576 67,282 Intangible assets 229,294 218,000 Less: Accumulated amortization (81,115) (60,868) Add: Currency translation adjustment 4 14 Total intangible assets, net $ 148,183 $ 157,146

ENERGY STORAGE SYSTEMS, NET (Ta

ENERGY STORAGE SYSTEMS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Energy Storage Systems, Net	Energy storage systems, net, consists of the following (in thousands): September 30, December 31, 2024 2023 Energy storage systems placed into service $ 138,227 $ 141,181 Less: accumulated depreciation (78,298) (70,918) Energy storage systems not yet placed into service 3,734 4,155 Total energy storage systems, net $ 63,663 $ 74,418

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The outstanding 2028 Convertible Notes balances as of September 30, 2024 and December 31, 2023 are summarized in the following table (in thousands): September 30, 2024 December 31, 2023 Long Term Debt Outstanding principal $ 297,024 $ 297,024 Unamortized 2021 Initial Purchasers’ debt discount and debt issuance cost (5,527) (6,501) Net carrying amount $ 291,497 $ 290,523 The following table presents total interest expense recognized related to the 2028 Convertible Notes during the three and nine months ended September 30, 2024 and 2023 (in thousands) : Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cash interest expense Contractual interest expense $ 371 $ 371 $ 1,114 $ 1,322 Non-cash interest expense Amortization of debt discount and debt issuance cost 326 323 975 1,163 Total interest expense $ 697 $ 694 $ 2,089 $ 2,485 The outstanding 2030 Convertible Notes balances as of September 30, 2024 and December 31, 2023 are summarized in the following table (in thousands): September 30, 2024 December 31, 2023 Long Term Debt Outstanding principal $ 240,000 $ 240,000 Unamortized 2023 Initial Purchasers’ debt discount and debt issuance cost (6,152) (6,890) Net carrying amount $ 233,848 $ 233,110 The following table presents total interest expense recognized related to the 2030 Convertible Notes during the three and nine months ended September 30, 2024 (in thousands) : Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cash interest expense Contractual interest expense $ 2,550 $ 2,550 $ 7,650 $ 5,043 Non-cash interest expense Amortization of debt discount and debt issuance cost 249 239 738 470 Total interest expense $ 2,799 $ 2,789 $ 8,388 $ 5,513

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Activity Under the Plan	The following table summarizes the stock option activity for the period ended September 30, 2024: Number of Weighted- Weighted- Aggregate Balances as of December 31, 2023 9,011,616 $ 6.99 6.0 $ 8,686 Options granted 1,410,261 2.07 Options forfeited and cancelled (800,270) 9.54 Balances as of September 30, 2024 9,621,607 $ 6.06 5.4 $ — Options vested and exercisable — September 30, 2024 7,188,666 $ 5.63 4.4 $ —
Schedule of Restricted Stock Activity	The following table summarizes the RSU activity for the period ended September 30, 2024: Number of RSUs Outstanding (1) Weighted-Average Balances as of December 31, 2023 11,159,272 $ 10.31 RSUs granted 10,807,909 1.91 RSUs vested (6,780,776) 8.18 RSUs forfeited (1,757,856) 5.58 Balances as of September 30, 2024 13,428,549 $ 5.24
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Sales and marketing $ 130 $ 1,614 $ 2,488 $ 4,109 Research and development 2,038 2,467 6,154 6,733 General and administrative 4,364 7,117 13,074 17,478 Total stock-based compensation expense $ 6,532 $ 11,198 $ 21,716 $ 28,320

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (148,300) $ (77,072) $ (802,877) $ (102,728) Denominator: Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted 162,633,996 155,829,348 160,997,019 155,474,725 Net loss per share attributable to common stockholders, basic and diluted $ (0.91) $ (0.49) $ (4.99) $ (0.66)
Schedule of Potentially Dilutive Shares	The following table shows total outstanding potentially dilutive shares excluded from the computation of diluted net loss per share attributable to common stockholders as their effect would have been anti-dilutive, as of September 30, 2024 and 2023: September 30, 2024 September 30, 2023 Outstanding 2028 Convertible Notes (if converted) 10,157,181 10,157,181 Outstanding 2030 Convertible Notes (if converted) 33,673,584 33,673,584 Outstanding stock options 9,621,607 9,062,081 Outstanding warrants 2,533 2,533 Outstanding RSUs 13,428,549 11,244,359 Total 66,883,454 64,139,738

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	The following table reflects the Company’s provision for income taxes and the effective tax rates for the periods presented below (in thousands, except effective tax rate): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Loss before (provision for) benefit from income taxes $ (148,171) $ (77,118) $ (802,533) $ (102,374) (Provision for) benefit from income taxes $ (129) $ 46 $ (344) $ (354) Effective tax rate (0.09) % 0.06 % (0.04) % (0.30) %

BUSINESS (Details)

BUSINESS (Details) customer in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) customer	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of customers (more than) | customer	16						16
Cash and cash equivalents	$ 75,364			$ 97,064			$ 75,364	$ 97,064	$ 105,375
Accumulated deficit	1,575,371						1,575,371		772,494
Accounts receivable, net of allowances	92,659						92,659		$ 302,848
Working capital	20,500						20,500
Net loss	$ 148,300	$ 582,270	$ 72,307	$ 77,072	$ (19,122)	$ 44,778	802,877	102,728
Negative cash flows from operating activities							$ 21,940	$ 205,248

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets
Cash and cash equivalents	$ 75,364	$ 105,375	$ 97,064
Other current assets	10,320	9,303
Other noncurrent assets	76,648	81,869
Total assets	537,835	1,356,977
Liabilities
Other current liabilities	5,905	12,726
Total liabilities	881,390	930,296
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	2,213	2,191
Other current assets	5	30
Other noncurrent assets	15,166	8,424
Total assets	17,384	10,645
Liabilities
Accounts payable	291	1,405
Other current liabilities	225	1,892
Total liabilities	$ 516	$ 3,297

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of operating segments | segment			1
Net book value of the billed and unbilled receivable	$ 104,100,000		$ 104,100,000
Unbilled receivables, current	7,100,000		7,100,000		$ 161,300,000
Unbilled receivables, noncurrent	6,000,000		6,000,000		$ 18,700,000
DevCo JVs
Concentration Risk [Line Items]
Contribution paid			0	$ 6,600,000
Net income	$ 0	$ 1,200,000	$ 0	$ 1,400,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Significant Customers (Details) - Customer Concentration Risk	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Customer A | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		19%		41%
Customer A | Revenue
Concentration Risk [Line Items]
Concentration risk, percentage			18%
Customer B | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		38%		28%
Customer C | Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	89%		41%

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 29,291	$ 133,740	$ 88,759	$ 294,091
United States
Disaggregation of Revenue [Line Items]
Revenue	27,425	129,800	84,361	280,010
Rest of the world
Disaggregation of Revenue [Line Items]
Revenue	1,866	3,940	4,398	14,081
Hardware revenue
Disaggregation of Revenue [Line Items]
Revenue	7,148	117,143	36,673	246,461
Services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 22,143	$ 16,597	$ 52,086	$ 47,630

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Line Items]
Remaining performance obligations	$ 416,475	$ 416,475	$ 545,333
Net book value of the billed and unbilled receivable	104,100	104,100
Reduction in accounts receivable	1,600
Hardware revenue
Capitalized Contract Cost [Line Items]
Remaining performance obligations	79,884	79,884	$ 213,813
Revenue reduction	$ 5,600	$ 38,700

REVENUE - Schedule of Remaining

REVENUE - Schedule of Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Performance Obligations	$ 416,475	$ 545,333
Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Performance Obligations	336,591	331,520
Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Performance Obligations	$ 79,884	$ 213,813
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		14%
Percent Expected to be Recognized as Revenue		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		100%
Percent Expected to be Recognized as Revenue		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		48%
Percent Expected to be Recognized as Revenue		4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		0%
Percent Expected to be Recognized as Revenue		4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	16%
Percent Expected to be Recognized as Revenue	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	100%
Percent Expected to be Recognized as Revenue	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	47%
Percent Expected to be Recognized as Revenue	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	0%
Percent Expected to be Recognized as Revenue	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		38%
Percent Expected to be Recognized as Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue		0%
Percent Expected to be Recognized as Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Services and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	37%
Percent Expected to be Recognized as Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Hardware revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent Expected to be Recognized as Revenue	0%
Percent Expected to be Recognized as Revenue

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 142,647	$ 138,074
Upfront payments received from customers	62,875	217,360
Upfront or annual incentive payments received	1,580	2,805
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(32,287)	(26,538)
Revenue recognized related to deferred revenue generated during the period	(10,636)	(165,997)
Write-off of deferred revenue	(6,614)	0
Ending balance	$ 157,565	$ 165,704

SHORT-TERM INVESTMENTS - Schedu

SHORT-TERM INVESTMENTS - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost		$ 8,225
Unrealized Gain		0
Unrealized Loss		(6)
Estimated Fair Value	$ 0	8,219
Commercial paper
Marketable Securities [Line Items]
Amortized Cost		1,978
Unrealized Gain		0
Unrealized Loss		0
Estimated Fair Value		1,978
U.S. government bonds
Marketable Securities [Line Items]
Amortized Cost		2,744
Unrealized Gain		0
Unrealized Loss		(3)
Estimated Fair Value		2,741
Agency bonds
Marketable Securities [Line Items]
Amortized Cost		3,503
Unrealized Gain		0
Unrealized Loss		(3)
Estimated Fair Value		$ 3,500

SHORT-TERM INVESTMENTS - Narrat

SHORT-TERM INVESTMENTS - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses recorded	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt securities:
Available-for-sale	$ 0	$ 8,219
Commercial paper
Debt securities:
Available-for-sale		1,978
U.S. government bonds
Debt securities:
Available-for-sale		2,741
Fair Value, Recurring
Debt securities:
Total financial assets	46,661	59,487
Liabilities:
Derivative liability		7,731
Fair Value, Recurring | Commercial paper
Debt securities:
Available-for-sale		1,978
Fair Value, Recurring | U.S. government bonds
Debt securities:
Available-for-sale		2,741
Fair Value, Recurring | Other
Debt securities:
Available-for-sale		3,500
Fair Value, Recurring | Money market fund
Cash equivalents:
Cash equivalents	46,661	47,297
Fair Value, Recurring | Commercial paper
Cash equivalents:
Cash equivalents		3,971
Level 1 | Fair Value, Recurring
Debt securities:
Total financial assets	46,661	47,297
Liabilities:
Derivative liability		0
Level 1 | Fair Value, Recurring | Commercial paper
Debt securities:
Available-for-sale		0
Level 1 | Fair Value, Recurring | U.S. government bonds
Debt securities:
Available-for-sale		0
Level 1 | Fair Value, Recurring | Other
Debt securities:
Available-for-sale		0
Level 1 | Fair Value, Recurring | Money market fund
Cash equivalents:
Cash equivalents	46,661	47,297
Level 1 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Cash equivalents		0
Level 2 | Fair Value, Recurring
Debt securities:
Total financial assets	0	12,190
Liabilities:
Derivative liability		0
Level 2 | Fair Value, Recurring | Commercial paper
Debt securities:
Available-for-sale		1,978
Level 2 | Fair Value, Recurring | U.S. government bonds
Debt securities:
Available-for-sale		2,741
Level 2 | Fair Value, Recurring | Other
Debt securities:
Available-for-sale		3,500
Level 2 | Fair Value, Recurring | Money market fund
Cash equivalents:
Cash equivalents	0	0
Level 2 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Cash equivalents		3,971
Level 3 | Fair Value, Recurring
Debt securities:
Total financial assets	0	0
Liabilities:
Derivative liability		7,731
Level 3 | Fair Value, Recurring | Commercial paper
Debt securities:
Available-for-sale		0
Level 3 | Fair Value, Recurring | U.S. government bonds
Debt securities:
Available-for-sale		0
Level 3 | Fair Value, Recurring | Other
Debt securities:
Available-for-sale		0
Level 3 | Fair Value, Recurring | Money market fund
Cash equivalents:
Cash equivalents	$ 0	0
Level 3 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Cash equivalents		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Gain on settlement of derivative liability	$ 0	$ (5,155)	$ 1,477	$ (7,731)
Convertible Notes | Level 2 | 2028 Convertible Notes
Debt Instrument [Line Items]
Convertible debt	83,700		83,700		$ 149,100
Convertible Notes | Level 2 | 2030 Convertible Notes
Debt Instrument [Line Items]
Convertible debt	$ 71,600		$ 71,600		$ 175,800

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 547,158		$ 547,158
Effect of foreign currency translation	(6)		47
Impairment charges	(547,152)	$ (547,200)	0
Total goodwill	$ 0		$ 547,205

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) reporting_unit	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units | reporting_unit			1
Asset impairment charges	$ 547,152		$ 547,152		$ 547,200	$ 0
Amortization of intangible assets	$ 7,000	$ 5,200	$ 20,300	$ 18,500

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 229,294	$ 218,000
Less: Accumulated amortization	(81,115)	(60,868)
Add: Currency translation adjustment	4	14
Total intangible assets, net	148,183	157,146
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	32,618	32,618
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	11,300	11,300
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	106,800	106,800
Internally developed software
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 78,576	$ 67,282

ENERGY STORAGE SYSTEMS, NET - S

ENERGY STORAGE SYSTEMS, NET - Schedule of Energy Storage Systems, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (78,298)	$ (70,918)
Total energy storage systems, net	63,663	74,418
Energy storage systems placed into service
Property, Plant and Equipment [Line Items]
Total energy storage systems, gross	138,227	141,181
Energy storage systems not yet placed into service
Property, Plant and Equipment [Line Items]
Total energy storage systems, gross	$ 3,734	$ 4,155

ENERGY STORAGE SYSTEMS, NET - N

ENERGY STORAGE SYSTEMS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,500	$ 3,600	$ 10,000	$ 10,800
Impairment loss of energy storage systems	$ 300	$ 300	$ 357	$ 2,347

CONVERTIBLE NOTES - Narrative (

CONVERTIBLE NOTES - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 03, 2023 USD ($) day $ / shares	Nov. 22, 2021 USD ($) day $ / shares	Nov. 19, 2021 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Mar. 29, 2023 $ / shares
Debt Instrument [Line Items]
Proceeds from convertible notes							$ 0	$ 232,399
Gain on extinguishment of debt, net				$ 0	$ 0		$ 0	$ 59,121
Capped Call Options
Debt Instrument [Line Items]
Cost of capped calls			$ 66,700			$ 27,800			$ 66,700
Initial strike price (in dollars per share) | $ / shares			$ 29.2428							$ 7.1272
Cap price (in dollars per share) | $ / shares			$ 49.6575							$ 11.1800
2028 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Face amount		$ 460,000
Fixed interest rate, annual		0.50%
Conversion ratio		0.0341965
Conversion price (in dollars per share) | $ / shares		$ 29.24
Redemption price, percentage		100%
Proceeds from convertible notes		$ 445,700				99,800
Cancellation of aggregate principal						163,000
Gain on extinguishment of debt, net						$ 59,400
Effective interest percentage		0.90%
Term		7 years
2028 Convertible Notes | Convertible Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Conversion price, percentage		130%
2028 Convertible Notes | Convertible Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | day		20
2030 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Face amount	$ 240,000
Fixed interest rate, annual	4.25%
Conversion ratio	0.1403066
Conversion price (in dollars per share) | $ / shares	$ 7.1272
Redemption price, percentage	100%
Proceeds from convertible notes	$ 232,400
Effective interest percentage	4.70%
Term	7 years
Debt issuance costs	$ 7,600
2030 Convertible Notes | Convertible Notes | Capped Call Options
Debt Instrument [Line Items]
Proceeds from convertible notes	$ 27,800
2030 Convertible Notes | Convertible Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Conversion price, percentage	130%
2030 Convertible Notes | Convertible Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | day	20

CONVERTIBLE NOTES - Schedule of

CONVERTIBLE NOTES - Schedule of Outstanding Convertible Notes (Details) - Convertible Notes - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2028 Convertible Notes
Debt Instrument [Line Items]
Outstanding principal	$ 297,024	$ 297,024
Unamortized Initial Purchasers' debt discount and debt issuance cost	(5,527)	(6,501)
Net carrying amount	291,497	290,523
2030 Convertible Notes
Debt Instrument [Line Items]
Outstanding principal	240,000	240,000
Unamortized Initial Purchasers' debt discount and debt issuance cost	(6,152)	(6,890)
Net carrying amount	$ 233,848	$ 233,110

CONVERTIBLE NOTES - Schedule _2

CONVERTIBLE NOTES - Schedule of Interest Expense Recognized Related to Convertible Note (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance cost			$ 1,565	$ 1,969
2028 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 371	$ 371	1,114	1,322
Amortization of debt discount and debt issuance cost	326	323	975	1,163
Total interest expense	697	694	2,089	2,485
2030 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	2,550	2,550	7,650	5,043
Amortization of debt discount and debt issuance cost	249	239	738	470
Total interest expense	$ 2,799	$ 2,789	$ 8,388	$ 5,513

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options Outstanding
Options outstanding, beginning of period (in shares)	9,011,616
Options granted (in shares)	1,410,261
Options forfeited and cancelled (in shares)	(800,270)
Options outstanding, end of period (in shares)	9,621,607	9,011,616
Options vested and exercisable (in shares)	7,188,666
Weighted- Average Exercise Price Per Share
Options outstanding, weighted average exercise price (in dollars per share)	$ 6.06	$ 6.99
Options granted, weighted average exercise price (in dollars per share)	2.07
Options forfeited and cancelled, weighted average exercise price (in dollars per share)	9.54
Options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 5.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life, options outstanding	5 years 4 months 24 days	6 years
Weighted average remaining contractual life, options vested and exercisable	4 years 4 months 24 days
Aggregate intrinsic value, options outstanding	$ 0	$ 8,686
Aggregate intrinsic value, options vested and exercisable	$ 0

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized stock-based compensation expense for stock options	$ 6.9			$ 6.9
Research and development | Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount capitalized				0.7
General and administrative | Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount capitalized				(2)
Internally developed software | Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount capitalized	0.7		$ 1.2	$ 2.4	$ 3.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition of stock-based compensation expense				1 year 1 month 6 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition of stock-based compensation expense				1 year 8 months 12 days
Remaining unrecognized stock-based compensation expense for RSUs	$ 49.2			$ 49.2
RSUs vested (in shares)		3,000,000		6,780,776

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of RSU Activity (Details) - RSU - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024
Number of RSUs Outstanding
RSUs outstanding, beginning (in shares)	11,159,272	11,159,272
RSUs granted (in shares)		10,807,909
RSUs vested (in shares)	(3,000,000)	(6,780,776)
RSUs forfeited (in shares)		(1,757,856)
RSUs outstanding, ending (in shares)		13,428,549
Weighted-Average Grant Date Fair Value Per Share
RSUs outstanding, weighted average grant date fair value, beginning (in dollars per share)	$ 10.31	$ 10.31
RSUs granted, weighted average grant date fair value (in dollars per share)		1.91
RSUs vested, weighted average grant date fair value (in dollars per share)		8.18
RSUs forfeited, weighted average grant date fair value (in dollars per share)		5.58
RSUs outstanding, weighted average grant date fair value, ending (in dollars per share)		$ 5.24

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,532	$ 11,198	$ 21,716	$ 28,320
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	130	1,614	2,488	4,109
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,038	2,467	6,154	6,733
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,364	$ 7,117	$ 13,074	$ 17,478

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (148,300)	$ (582,270)	$ (72,307)	$ (77,072)	$ 19,122	$ (44,778)	$ (802,877)	$ (102,728)
Denominator:
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	162,633,996			155,829,348			160,997,019	155,474,725
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	162,633,996			155,829,348			160,997,019	155,474,725
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.91)			$ (0.49)			$ (4.99)	$ (0.66)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.91)			$ (0.49)			$ (4.99)	$ (0.66)

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	66,883,454	64,139,738
Outstanding 2028 Convertible Notes (if converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	10,157,181	10,157,181
Outstanding 2030 Convertible Notes (if converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	33,673,584	33,673,584
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	9,621,607	9,062,081
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	2,533	2,533
Outstanding RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	13,428,549	11,244,359

INCOME TAXES - Schedule of Prov

INCOME TAXES - Schedule of Provision for Income Taxes and the Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Loss before (provision for) benefit from income taxes	$ (148,171)	$ (77,118)	$ (802,533)	$ (102,374)
(Provision for) benefit from income taxes	$ (129)	$ 46	$ (344)	$ (354)
Effective tax rate	(0.09%)	0.06%	(0.04%)	(0.30%)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 129	$ (46)	$ 344	$ 354
Effective tax rate	(0.09%)	0.06%	(0.04%)	(0.30%)
(Benefit) for income taxes, federal				$ 300

COMMITMENTS AND CONTINGNECIES (

COMMITMENTS AND CONTINGNECIES (Details)	1 Months Ended			3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) ft²	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) ft²	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 12,065,000			$ 12,065,000	$ 12,065,000		$ 12,255,000
Lease term	77 months		65 months	77 months	77 months
Base rent per month	$ 30,100	$ 27,200	$ 54,200
Impairment loss of right-of-use assets			2,100,000		$ 2,096,000	$ 0
Termination expenses				$ 10,000,000
Purchase obligation	116,000,000			116,000,000	116,000,000
Loss contingency accrual amount	5,600,000			5,600,000	5,600,000
Building
Loss Contingencies [Line Items]
Operating lease liability	1,700,000		2,500,000	1,700,000	1,700,000
Operating lease right-of-use assets	$ 1,700,000		$ 2,500,000	$ 1,700,000	$ 1,700,000
Area of lease | ft²	24,102		6,508	24,102	24,102