INCOME TAXES	6 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]
INCOME TAXES	NOTE 21: INCOME TAXES For the three months ended June 30, 2024, the Company reported tax benefits and an effective tax rate of 8.6%, compared to the three months ended June 30, 2023, where the Company reported income taxes and an effective tax rate of 22.3%. For the six months ended June 30, 2024, the Company reported tax benefits and an effective tax rate of 11.1%, compared to the six months ended June 30, 2023, where the Company reported income taxes and an effective tax rate of 19.8%. The change in effective tax rate in the three and six months ended June 30, 2024 compared to the corresponding period in 2023 is primarily attributable to the fact that the pre-tax loss for the quarter was in jurisdictions where the Company is either subject to a lower tax rate or where we do not anticipate a future tax benefit. As of June 30, 2024, and December 31, 2023, unrecognized tax benefits were valued at $20,152 and $15,908, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest as of June 30, 2024 and December 31, 2023 were $5,345 and $2,927, respectively. As of June 30, 2024 the deferred tax asset related to stock based compensation was $33,934. Given the decrease in the Company's stock price, it is possible that the actual value of the stock based awards will be less than the grant date fair value awards, resulting in a possible write-off of the deferred tax asset. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”), which includes several incentives intended to promote clean energy, battery and energy storage, electrical vehicles, and other solar products, and is expected to impact our business and operations. As part of such incentives, the IRA will, among other things, extend the investment tax credit (“ITC”) through 2034 and is therefore expected to increase the demand for solar products. The IRA is expected to further incentivize residential and commercial solar customers and developers due to the inclusion of significant tax credits for qualifying energy projects, and Advanced Manufacturing Production Tax Credits ("AMPTC") for U.S. manufacturing of eligible components (under IRC §45X), including PV inverters and DC-optimized systems. The Company has been manufacturing eligible products in the U.S. since the fourth quarter of 2023. In the three and six months ended June 30, 2024, the Company manufactured and sold products that entitle it to $15,161 and $30,121 of AMPTCs, respectively, which were recorded as a reduction in of cost of revenues. As of June 30, 2024 and December 31, 2023 benefits from AMPTCs of $36,141 and $6,020, respectively, were recorded as a tax prepayment within prepayment and other current assets. The implementation of the new incentive rules is complex and further guidance by the U.S. Treasury on these rules is still pending.

INCOME TAXES

6 Months Ended

Jun. 30, 2024

NOTE 21: INCOME TAXES

For the three months ended June 30, 2024, the Company reported tax benefits and an effective tax rate of 8.6%, compared to the three months ended June 30, 2023, where the Company reported income taxes and an effective tax rate of 22.3%.

For the six months ended June 30, 2024, the Company reported tax benefits and an effective tax rate of 11.1%, compared to the six months ended June 30, 2023, where the Company reported income taxes and an effective tax rate of 19.8%.

The change in effective tax rate in the three and six months ended June 30, 2024 compared to the corresponding period in 2023 is primarily attributable to the fact that the pre-tax loss for the quarter was in jurisdictions where the Company is either subject to a lower tax rate or where we do not anticipate a future tax benefit.

As of June 30, 2024, and December 31, 2023, unrecognized tax benefits were valued at $20,152 and $15,908, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest as of June 30, 2024 and December 31, 2023 were $5,345 and $2,927, respectively.

As of June 30, 2024 the deferred tax asset related to stock based compensation was $33,934. Given the decrease in the Company's stock price, it is possible that the actual value of the stock based awards will be less than the grant date fair value awards, resulting in a possible write-off of the deferred tax asset.

In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”), which includes several incentives intended to promote clean energy, battery and energy storage, electrical vehicles, and other solar products, and is expected to impact our business and operations. As part of such incentives, the IRA will, among other things, extend the investment tax credit (“ITC”) through 2034 and is therefore expected to increase the demand for solar products. The IRA is expected to further incentivize residential and commercial solar customers and developers due to the inclusion of significant tax credits for qualifying energy projects, and Advanced Manufacturing Production Tax Credits ("AMPTC") for U.S. manufacturing of eligible components (under IRC §45X), including PV inverters and DC-optimized systems. The Company has been manufacturing eligible products in the U.S. since the fourth quarter of 2023. In the three and six months ended June 30, 2024, the Company manufactured and sold products that entitle it to $15,161 and $30,121 of AMPTCs, respectively, which were recorded as a reduction in of cost of revenues. As of June 30, 2024 and December 31, 2023 benefits from AMPTCs of $36,141 and $6,020, respectively, were recorded as a tax prepayment within prepayment and other current assets. The implementation of the new incentive rules is complex and further guidance by the U.S. Treasury on these rules is still pending.