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    Ameet Thakkar • BMO Capital Markets

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

    Ameet Thakkar's questions to Fluence Energy Inc (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.

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    Ameet Thakkar's questions to Fluence Energy Inc (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.

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    Ameet Thakkar's questions to Fluence Energy Inc (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.

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    Ameet Thakkar's questions to Quanta Services Inc (PWR) leadership

    Ameet Thakkar's questions to Quanta Services Inc (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.

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    Ameet Thakkar's questions to Quanta Services Inc (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.

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    Ameet Thakkar's questions to Nextracker Inc (NXT) leadership

    Ameet Thakkar's questions to Nextracker Inc (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.

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    Ameet Thakkar's questions to Sunrun Inc (RUN) leadership

    Ameet Thakkar's questions to Sunrun Inc (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.

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    Ameet Thakkar's questions to Solaredge Technologies Inc (SEDG) leadership

    Ameet Thakkar's questions to Solaredge Technologies Inc (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.

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    Ameet Thakkar's questions to Solaredge Technologies Inc (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.

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

    Ameet Thakkar's questions to Bloom Energy Corp (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.

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    Ameet Thakkar's questions to Bloom Energy Corp (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.

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    Ameet Thakkar's questions to Bloom Energy Corp (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.

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    Ameet Thakkar's questions to Bloom Energy Corp (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.

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    Ameet Thakkar's questions to Plug Power Inc (PLUG) leadership

    Ameet Thakkar's questions to Plug Power Inc (PLUG) leadership • Q4 2024

    Question

    Ameet Thakkar inquired about the company's plans to use external equity facilities and asked for clarification on recent usage of its convertible facility.

    Answer

    CEO Andrew Marsh stated that at-the-market (ATM) facilities have not been used since mid-November but remain available. Paul Middleton, executive, clarified that the convertible preferred security had some amortization and a partial conversion triggered by stock price movement, but confirmed that neither the ATM nor the SEPA agreement have been tapped for new capital.

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    Ameet Thakkar's questions to Plug Power Inc (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.

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