Sign in

    Ameet Thakkar

    Director and Equity Research Analyst at BMO Capital Markets

    Ameet Thakkar is a Director and Equity Research Analyst at BMO Capital Markets, specializing in coverage of the technology and industrial sectors with a focus on companies in the clean energy and renewable space. He covers firms such as Ballard Power Systems, Stem, Sunrun, Fluence Energy, SolarEdge Technologies, and First Solar, and has issued over 220 ratings with a price target met ratio of nearly 65% and a typical potential upside of 17%. Thakkar began making public stock recommendations in 2021, previously holding roles at other firms before joining BMO, and is recognized for top-performing calls on companies like First Solar and Nextracker. He is registered with FINRA and holds securities licenses required for research and advisory roles in the industry.

    Ameet Thakkar's questions to Fluence Energy (FLNC) leadership

    Ameet Thakkar's questions to Fluence Energy (FLNC) leadership • Q3 2025

    Question

    Ameet Thakkar of BMO Capital Markets asked for an update on operating expense management and questioned the discrepancy between the higher realized Average Selling Price (ASP) in the quarter versus the lower ASP implied by the backlog.

    Answer

    President and CEO Julian Nebreda stated that OpEx will likely be held flat in FY26 before returning to its target growth rate. CFO Ahmed Pasha explained the ASP difference is due to a timing lag, as Q3 revenue reflects higher-priced contracts signed last year, and a higher mix of international projects which often include a full EPC scope, increasing the per-project revenue.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Fluence Energy (FLNC) leadership • Q2 2025

    Question

    Ameet Thakkar from BMO Capital Markets asked for a breakdown of the $700 million in paused revenue between executed contracts and those in advanced negotiation. He also inquired about the company's cash flow, specifically the working capital usage and when the significant inventory build would convert back to cash.

    Answer

    CEO Julian Nebreda explained that the $700 million was roughly split 50/50 between paused executed contracts and unsigned new contracts. He stressed that current contracts share tariff risk, aligning Fluence and its customers. CFO Ahmed Pasha attributed the recent cash burn to inventory build-up needed for the year's remaining revenue delivery, noting that receivables from Q4 sales would be collected in Q1 of the next fiscal year.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Fluence Energy (FLNC) leadership • Q4 2024

    Question

    Ameet Thakkar noted the fiscal 2025 revenue guidance seemed slightly below prior growth commentary and asked if any projects had slipped into 2026. He also requested clarity on cash conversion from EBITDA, considering the planned $300 million working capital investment.

    Answer

    CFO Ahmed Pasha clarified that the guidance is consistent with previous expectations and expressed confidence in achieving the targets. He explained the $300 million working capital investment is for the full year to support growth and domestic manufacturing. He expects free cash flow to be positive before working capital needs, though cash collection will be back-end loaded.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to QUANTA SERVICES (PWR) leadership

    Ameet Thakkar's questions to QUANTA SERVICES (PWR) leadership • Q2 2025

    Question

    Ameet Thakkar from BMO Capital Markets noted a sequential decline in the backlog from Master Service Agreements (MSAs) and asked if this reflects a shift to longer-term projects. He also asked for the expected backlog contribution from Dynamic Systems.

    Answer

    CFO Jayshree Desai dismissed concerns about the MSA backlog, attributing the fluctuation to timing issues and affirming that the electric power segment continues to see growing backlog. She disclosed that Dynamic Systems had approximately $1.8 billion in multi-year backlog at the time of acquisition, which will be officially incorporated and updated in the third quarter.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to QUANTA SERVICES (PWR) leadership • Q1 2025

    Question

    Ameet Thakkar inquired about Quanta's unsuccessful bid to be the grid operator for the Long Island Power Authority (LIPA) and whether the company plans to pursue similar grid operator roles in other jurisdictions.

    Answer

    President and CEO Duke Austin explained that while the LIPA management team recommended Quanta, the board did not, and Quanta will seek clarification. He affirmed that while Quanta is not a utility, it will evaluate unique opportunities like this as they arise. CFO Jayshree Desai confirmed this potential project was not included in the company's 2025 guidance.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Nextracker (NXT) leadership

    Ameet Thakkar's questions to Nextracker (NXT) leadership • Q1 2026

    Question

    Ameet Thakkar of BMO Capital Markets asked for customer feedback regarding the Section 232 tariff investigation and whether Nextracker's module flexibility has generated additional customer interest.

    Answer

    CEO Dan Shugar emphasized Nextracker's inherent flexibility to work with a wide array of solar panels, noting the company's historical role in helping standardize module mounting. He expressed enthusiasm for the significant growth in U.S. solar panel manufacturing and confirmed that Nextracker maintains close coordination with these module suppliers.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Sunrun (RUN) leadership

    Ameet Thakkar's questions to Sunrun (RUN) leadership • Q1 2025

    Question

    Ameet Thakkar asked if the projected 10% tariff cost increase is a gross figure before any price adjustments. He also sought clarification on California Assembly Bill 942, specifically regarding the removal of sunsetting provisions and the status of the home sale transfer rule.

    Answer

    CFO Danny Abajian confirmed the 10% tariff impact is a gross number. CEO Mary Powell clarified that the provision to remove grandfathering for existing customers was 'killed' and removed from the bill. However, the provision that would cause a customer to lose NEM 2.0 status upon a home sale remains in the bill, though its final passage is uncertain.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership

    Ameet Thakkar's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership • Q1 2025

    Question

    Ameet Thakkar sought clarification on two cash flow statement items: a $100 million increase in prepaid expenses and other assets, and a $52 million decline in deferred revenues, asking if they were related to safe harbor transactions and 45X tax credits.

    Answer

    CFO Asaf Alperovitz confirmed that these line items are indeed largely related to the 45X credit and deferred revenue. He specified that the decline in deferred revenue was primarily due to the shipment of products related to the safe harbor transaction announced in Q4.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership • Q4 2024

    Question

    Ameet Thakkar inquired about the level of liquidity SolarEdge needs to maintain on its balance sheet to support working capital for approximately $400 million in underlying demand.

    Answer

    CFO Ariel Porat provided a rule of thumb, stating that the company aims to have liquidity equivalent to the next quarter's cost of goods sold to effectively run the business.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Bloom Energy (BE) leadership

    Ameet Thakkar's questions to Bloom Energy (BE) leadership • Q1 2025

    Question

    Ameet Thakkar asked about the sourcing of scandium, given its importance and China's market dominance. He also requested an update on the total megawatts deployed to date.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) stated that Bloom is not dependent on China for scandium, sourcing it from multiple continents with supply secured for future growth. Daniel Berenbaum (CFO) explained that the company no longer reports megawatts shipped as a metric because the varying economics of each deal make it a less useful indicator of business performance.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Ameet Thakkar asked for confirmation that a large Q4 accounts receivable collection was the long-discussed SK receivable. He also inquired if there was a rule of thumb for converting the company's operating income guidance to cash flow from operations.

    Answer

    CFO Dan Berenbaum confirmed that the company did collect the large related party receivable from SK in Q4. Regarding cash flow, he did not provide a specific conversion rule but stated that he expects cash flow from operations in 2025 to be at a similar level to what was generated in 2024.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Ameet Thakkar sought confirmation that the large Q4 accounts receivable collection was the SK receivable and asked for a rule of thumb to convert operating income guidance to cash flow from operations.

    Answer

    CFO Dan Berenbaum confirmed the collection of the large related party receivable from SK in Q4. For cash flow, he reiterated guidance that 2025 cash flow from operations is expected to be at a similar level to 2024 but did not provide a specific conversion formula from operating income.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Bloom Energy (BE) leadership • Q3 2024

    Question

    Ameet Thakkar from BMO Capital Markets referenced the 10-Q filing and asked if the $184 million in factored accounts receivable included the previously discussed receivable from SK.

    Answer

    CFO Dan Berenbaum did not specify which receivables were factored but reiterated strong confidence in collecting the SK receivable before the end of the year, highlighting SK as a strong partner.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to STEM (STEM) leadership

    Ameet Thakkar's questions to STEM (STEM) leadership • Q4 2024

    Question

    Ameet Thakkar asked about the minimum cash balance required to execute the 2025 plan without external financing and questioned why the backlog was reduced further after it was supposedly scrubbed during the November strategic review.

    Answer

    CFO Doran Hole and CEO Arun Narayanan affirmed the current cash balance is sufficient, citing the positive operating cash flow guidance for 2025 and Q1 working capital releases. Hole clarified that after the initial review, the backlog underwent significant additional scrubbing for stale deals and was then adjusted again to conform to the new, stricter definition requiring an issued purchase order.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to PLUG POWER (PLUG) leadership

    Ameet Thakkar's questions to PLUG POWER (PLUG) leadership • Q4 2024

    Question

    Ameet Thakkar inquired about the company's plans to rely on external equity facilities, given its focus on cost-cutting and achieving positive gross margins.

    Answer

    CEO Andrew Marsh stated that the company has not used its ATM or SEPA facilities since mid-November 2024, though they remain available if needed. CFO Paul Middleton added that while there were minor issuances tied to a prior convertible note, the primary equity facilities are unused. He pointed to the strong cash position and other liquidity sources as key factors for navigating the year.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Ameet Thakkar sought clarification on the terms of the new convertible debt, specifically regarding the investor's ability to convert their holdings to common shares on a monthly basis.

    Answer

    CFO Paul Middleton clarified that while the investor has an option to amortize a limited portion of the loan monthly, Plug Power retains the option to repay that amount in cash or issue shares. He stressed that it is not an automatic share conversion and that the investor has a long-term, no-short position, reflecting confidence in the company's future performance.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Ameet Thakkar from BMO Capital Markets sought clarification on the terms of the new convertible note, specifically asking if the investor has the ability to convert the debt into common shares on a monthly basis.

    Answer

    CFO Paul Middleton confirmed the investor has an option to amortize a limited portion of the loan monthly. However, he clarified that Plug Power retains the option to repay this portion in cash or, alternatively, provide shares. It is not an automatic share conversion, giving the company control over potential dilution.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Ballard Power Systems (BLDP) leadership

    Ameet Thakkar's questions to Ballard Power Systems (BLDP) leadership • Q2 2024

    Question

    Ameet Thakkar inquired about the potential impact of the stringent Section 48E guidelines on U.S. customer demand and asked for an update on market receptivity for Ballard's stationary power products, particularly in the data center market.

    Answer

    CEO Randall MacEwen responded that he has not seen high reliance on the Section 48E credit for Ballard's primary U.S. market, which is transit buses funded by other federal programs. He expressed significant optimism for the data center market, highlighting the strategic partnership with Vertiv. He detailed the value proposition for fuel cell backup power, including zero emissions, low noise, extended duration, and a compact megawatt-scale footprint.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to Ballard Power Systems (BLDP) leadership • Q2 2024

    Question

    Ameet Thakkar of BMO Capital Markets asked about the potential impact of Section 48E guidelines on U.S. demand and for an update on the market receptivity for Ballard's stationary power products, particularly in the data center market.

    Answer

    CEO Randall MacEwen stated he has not seen high reliance on the Section 48E credit, as Ballard's primary U.S. market, transit buses, uses different funding. He described the data center market as a compelling opportunity for backup power, highlighting the strategic partnership with Vertiv. He detailed the value proposition, including zero emissions, low noise, extended backup duration, and a smaller footprint for megawatt-scale applications.

    Ask Fintool Equity Research AI

    Ameet Thakkar's questions to NOVA leadership

    Ameet Thakkar's questions to NOVA leadership • Q2 2024

    Question

    Questioned the flat corporate interest expense in the guidance despite plans to delever and asked if the recent ABS pricing was negatively impacted by issues at a public competitor.

    Answer

    The flat interest expense in the forecast was acknowledged as a fair point, suggesting it's a placeholder. The company confirmed that market noise from a competitor's issues was 'not helpful' for the recent ABS pricing but noted they successfully executed the deal and are expanding their investor base, which should lead to tighter spreads in the future.

    Ask Fintool Equity Research AI