2 unchanged sentences
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: risk exposure is primarily a result of fluctuations in steel and aluminum prices and customer concentrations.
+Added: Our market risk exposure is primarily a result of fluctuations in steel and aluminum prices and customer concentrations.
We do not hold or issue financial instruments for trading purposes.
Concentrations of Major Customers
−Removed: Our customer base consists primarily of large solar developers, independent power producers, utilities and EPCs.
+Added: Our customer base consists primarily of solar developers, independent power producers, utilities and EPCs.
We do not require collateral on our accounts receivable.
At December 31, 2025, our largest customer and five largest customers accounted for 13.4% and 29.8%, respectively, of total accounts receivable.
−Removed: At December 31, 2023, our largest and five largest customers constituted 2.7% and 29.6% of trade accounts receivable, respectively.
−Removed: During the year ended December 31, 2024, two customers accounted for 15.6% and 11.9%, respectively, of total revenue.
−Removed: During the year ended December 31, 2023, one customers accounted for 13.4% of total revenue.
−Removed: During the year ended December 31, 2022, two customers accounted for 11.8% and 10.6%, respectively, of total revenue.
+Added: At December 31, 2024, our largest and five largest customers constituted 9.0% and 31.0%, respectively, of total accounts receivable.
+Added: During the year ended December 31, 2025, our two largest customers accounted for approximately 13.7% and 12.2%, respectively, of total revenue.
+Added: During the year ended December 31, 2024, our two largest customers accounted for approximately 15.6% and 11.9%, respectively, of total revenue.
+Added: During the year ended December 31, 2023, our largest customer accounted for approximately 13.4% of total revenue.
Further, our accounts receivable are from companies within the solar industry and, as such, we are exposed to normal industry credit risk.
6 unchanged sentences
Interest Rate Risk
−Removed: As of December 31, 2024, or long-term debt, net of discounts and issuance costs, was $646.6 million, of which, $249.1 million is subject to variable-rate interest agreements and is therefore subject to future changes in interest rates.
−Removed: Accordingly, a 50 basis point increase in interest rates would impact our expected annual interest expense for the next 12 months by approximately $1.2 million.
+Added: As of December 31, 2025, our long-term debt, net of discounts and issuance costs, was $658.7 million, of which $12.8 million is subject to variable-rate interest agreements and is therefore subject to future changes in interest rates.
+Added: Accordingly, a 50 basis point change in interest rates would impact our expected annual interest expense for the next 12 months by approximately $0.1 million.
Customer Financing Exposure
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.