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    Chris Dendrinos

    Research Analyst at RBC Capital Markets

    Chris Dendrinos is an Equity Analyst at RBC Capital Markets, specializing in coverage of Technology, Consumer Discretionary, and Utilities sectors with active company coverage including Sunrun, Westport Fuel Systems, GE Vernova, Nextracker, Array Technologies, and Shoals Technologies Group. Demonstrating strong performance metrics on both TipRanks and StockAnalysis, he has delivered an average return per rating of 16.4% over 118 ratings (45% success rate on TipRanks) and an 86.96% success rate with an 89.86% average return on StockAnalysis, ranking among the top percentile of Wall Street analysts. Dendrinos began his equity research career as a Research Associate at KLR Group, then worked for Direct Energy before joining RBC Capital Markets in 2016. He holds an undergraduate degree from Kalamazoo College and is registered with FINRA, maintaining the required securities analyst certifications.

    Chris Dendrinos's questions to Fluence Energy (FLNC) leadership

    Chris Dendrinos's questions to Fluence Energy (FLNC) leadership • Q3 2025

    Question

    Chris Dendrinos from RBC Capital Markets inquired about Fluence's manufacturing flexibility to support different cell formats if they were to switch suppliers from AESC. He also asked for an update on U.S. pricing dynamics in response to tariffs.

    Answer

    President and CEO Julian Nebreda acknowledged that switching cell technology would require adaptation but stated it would not be a major undertaking given the timeline, as new supply isn't needed until early 2027. On pricing, he said that while U.S. costs may see upward pressure over time, near-term projects are largely safeguarded, so significant price increases are not expected in the next 6-12 months.

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    Chris Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Chris Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Chris Dendrinos from RBC Capital Markets asked for confirmation on when the transitional revenues for the Sispira JV within the heavy-duty OEM segment would conclude and inquired about future funding commitments for Sispira beyond the third quarter.

    Answer

    CFO Bill Larkin confirmed that the transitional manufacturing support revenue for Sispira was substantially completed in Q2 2025, with very little expected going forward. President & CEO Daniel Sceli reiterated that, as planned, Sispira will continue to require cash contributions from its parent companies during its three-year build-out phase to support its growth.

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    Chris Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q4 2024

    Question

    Asked about the company's M&A strategy, the geographic focus for growth (North America vs. global), and whether the company has the necessary in-house R&D capabilities to execute its new strategy post-divestiture.

    Answer

    The M&A strategy will focus on acquiring capabilities to build out the high-pressure controls business into a full system, with an immediate focus on North America. The company confirmed it has the necessary R&D and engineering capabilities in-house, located in Ontario and separate from the divested business, to pursue this growth.

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    Chris Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2024

    Question

    Inquired about the exit from the Weichai JV, a potential strategic shift in the Light-Duty segment's geographic focus, and started to ask about a receivable.

    Answer

    The Weichai JV exit was a financial decision that doesn't affect the ongoing relationship. The Light-Duty segment's recent performance was due to a customer's inventory issue and a slow product launch, both of which are resolving. They are not strategically shifting away from any region and expect volumes to recover.

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    Chris Dendrinos's questions to HA Sustainable Infrastructure Capital (HASI) leadership

    Chris Dendrinos's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q2 2025

    Question

    Chris Dendrinos of RBC Capital Markets inquired about HASI's involvement with SunStrong's servicing of the Sunnova portfolio, its potential EPS impact, and the performance of HASI's residential solar portfolio.

    Answer

    President and CEO Jeffrey Lipson clarified that SunStrong is a 50%-owned joint venture, not a direct acquisition, and that its servicing of the Sunnova portfolio will add valuable scale. CFO Chuck Melko added that any financial impact will be gradual and flow through equity method investments. Lipson also distinguished HASI's portfolio, which is over 95% leases, from the loan-focused assets discussed in recent negative press, stating HASI's lease portfolio continues to perform very well.

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    Chris Dendrinos's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership

    Chris Dendrinos's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership • Q2 2025

    Question

    Chris Dendrinos asked about the specific levers, beyond the new NexSys platform, that SolarEdge can pull to regain market share in Europe. He also requested more detail on the new market segments NexSys will help address.

    Answer

    CEO Shuky Nir outlined a strategy for Europe focused on strengthening partnerships with distributors and installers to win their trust. He elaborated that the NexSys platform will specifically target segments like larger residential systems (up to 20kW) in Germany, where the current product is less competitive. The platform's better cost structure and features are expected to enhance competitiveness and drive share gains.

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    Chris Dendrinos's questions to Sunrun (RUN) leadership

    Chris Dendrinos's questions to Sunrun (RUN) leadership • Q2 2025

    Question

    Chris Dendrinos from RBC Capital Markets asked about Sunrun's strategy for capturing market share from the non-TPO market following the 25D sunset, specifically regarding the onboarding of new installers. He also inquired about recent changes in tariff impacts.

    Answer

    President & CRO Paul Dickson outlined a two-pronged strategy: selectively onboarding high-quality installers into their affiliate network and directly hiring talent into their sales and installation teams. CFO Danny Abajian noted that tariff impacts have moderated to the low end of their expected range and are fully reflected in current guidance.

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    Chris Dendrinos's questions to EVgo (EVGO) leadership

    Chris Dendrinos's questions to EVgo (EVGO) leadership • Q2 2025

    Question

    Chris Dendrinos of RBC Capital Markets asked for more detail on the Q2 firmware update issue that impacted utilization and inquired about the long-term deployment strategy for NACS cables.

    Answer

    CEO Badar Khan clarified that a faulty firmware update early in Q2 was largely rectified, and the company proactively addressed legacy hardware issues simultaneously. This resulted in a strong recovery, with July's average throughput approaching 300 kWh/stall/day. On NACS cables, Khan noted that early pilot results showing significantly higher Tesla driver usage are encouraging. The company plans to retrofit about 100 cables this year and will consider accelerating the rollout if the positive productivity trends continue.

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    Chris Dendrinos's questions to Bloom Energy (BE) leadership

    Chris Dendrinos's questions to Bloom Energy (BE) leadership • Q2 2025

    Question

    Chris Dendrinos from RBC Capital Markets inquired about customer adoption of the combined heat and power (CHP) solution and asked for a competitive comparison against natural gas turbines for data center power.

    Answer

    KR Sridhar, Founder, Chairman & CEO, explained that customers show high interest in CHP, often planning to retrofit it after an initial rapid power deployment. He positioned Bloom's solution as superior to gas turbines, citing comparable CapEx for high-reliability setups, significantly lower OpEx due to better fuel efficiency, and faster deployment due to easier permitting.

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    Chris Dendrinos's questions to GE Vernova (GEV) leadership

    Chris Dendrinos's questions to GE Vernova (GEV) leadership • Q2 2025

    Question

    Chris Dendrinos asked about the robotics and automation opportunity highlighted by management, seeking to understand where the company sees the greatest potential to leverage this technology across its business lines.

    Answer

    CEO Scott Strazik described the initiative as a natural extension of the company's lean transformation. He said they are starting with 'lighthouse projects' in Gas Power and Grid factories where lean is most advanced. He also identified a significant opportunity in Wind services, envisioning robots performing blade maintenance in remote, high-altitude locations. Strazik positioned these as investments that would likely ramp in 2026 to yield returns in subsequent years.

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    Chris Dendrinos's questions to GE Vernova (GEV) leadership • Q2 2025

    Question

    Chris Dendrinos asked about the company's robotics and automation initiatives, seeking to understand where management sees the greatest opportunity to leverage this technology across its business lines.

    Answer

    CEO Scott Strazik explained that initial 'lighthouse projects' are focused on Gas Power and Grid factories where lean principles are most advanced. He identified a major future opportunity in Wind services, envisioning robots servicing blades to improve safety and efficiency. He positioned this as a key investment area for 2026 that will drive returns in subsequent years.

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    Chris Dendrinos's questions to Enphase Energy (ENPH) leadership

    Chris Dendrinos's questions to Enphase Energy (ENPH) leadership • Q2 2025

    Question

    Chris Dendrinos inquired about Enphase's strategy to strengthen its position and expand market share with the largest TPO providers, especially in a market that might see further consolidation, shifting focus from the long-tail to the 'fat part of the tail'.

    Answer

    President & CEO Badri Kothandaraman corrected the 'myth' that Enphase doesn't work closely with large TPOs, stating the company works with every one of them. He explained the strategy is to make them successful by lowering total installation costs and time, and streamlining O&M. He cited the fourth-generation battery and meter collar as examples of product innovations developed in collaboration with TPOs to reduce costs and will be working 'even more aggressively' to gain share with these key partners.

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