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    Dushyant Ailani • Jefferies

    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership

    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership • Q2 2025

    Question

    Dushyant Ailani of Jefferies Financial Group Inc. requested an update on the progress of international business development, particularly in markets like Taiwan.

    Answer

    KR Sridhar, Founder, Chairman & CEO, reported that international business constitutes about 30% of revenue, a ratio expected to hold given strong US demand. He confirmed continued strength in Korea and active market development in Taiwan, Germany, Italy, and the UK, where the company is making progress with policymakers and regulators.

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    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership • Q1 2025

    Question

    Dushyant Ailani asked about the strong margins from repowering activities in Q1 and the future outlook for that business. He also questioned the sensitivity of the 100 basis point tariff impact if tariffs were to increase.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) expressed strong conviction in the company's guidance, stating it was based on a detailed analysis of their diversified, non-China-dependent supply chain. Daniel Berenbaum (CFO) added that a favorable product mix, including repowerings, contributed to Q1's strong gross margin and that repowering is an ongoing, albeit variable, part of the business.

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    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Dushyant Ailani asked what percentage of the 2025 guidance is expected to come from 'book and ship' business. He also inquired about which U.S. regions offer the quickest turnaround opportunities based on natural gas availability.

    Answer

    CFO Dan Berenbaum declined to provide a specific percentage for 'book and ship' but noted it was the majority of 2024 revenue and is factored into their rigorous forecasting. CEO KR Sridhar identified the Great Lakes and Midwest as a 'sleeping giant' for growth due to industrial reshoring and available gas, while noting the Northeast is more challenging due to pipeline constraints.

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    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Dushyant Ailani asked for the percentage of 2025 guidance expected from "book-and-ship" business and inquired about which U.S. regions offer the quickest deployment opportunities.

    Answer

    CFO Dan Berenbaum declined to provide a specific percentage for book-and-ship in the 2025 guidance but noted its increasing importance. CEO KR Sridhar identified the Great Lakes and Midwest as a "sleeping giant" for growth due to industrial reshoring and available gas infrastructure, contrasting it with the pipeline-constrained Northeast.

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    Dushyant Ailani's questions to Bloom Energy Corp (BE) leadership • Q3 2024

    Question

    Dushyant Ailani from Jefferies asked about customer conversations and concerns regarding the upcoming expiration of the Investment Tax Credit (ITC).

    Answer

    CEO K.R. Sridhar stated that Bloom has a long history of navigating policy changes. He emphasized that a significant portion of the business already operates without ITC dependence, and that falling costs and rising electricity prices mitigate the impact. He described the ITC as a "nitro boost" for growth, not a critical dependency, calling its absence a "speed bump."

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    Dushyant Ailani's questions to Enphase Energy Inc (ENPH) leadership

    Dushyant Ailani's questions to Enphase Energy Inc (ENPH) leadership • Q2 2025

    Question

    Representing Julien Dumoulin Smith, Dushyant Ailani asked about the practical dynamics of the 25D tax credit pull-forward, questioning if loan originations would proceed in Q4 given the requirement for systems to be fully installed by year-end.

    Answer

    President & CEO Badri Kothandaraman affirmed his belief that the demand rush will occur as expected. He expressed confidence in the expertise of installers, stating they have extensive experience and can quickly complete installations once they expand their crews to meet the anticipated surge in demand.

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    Dushyant Ailani's questions to Plug Power Inc (PLUG) leadership

    Dushyant Ailani's questions to Plug Power Inc (PLUG) leadership • Q1 2025

    Question

    Dushyant Ailani followed up on the 45V tax credit, asking how much capital has been spent on the Texas facility to determine if it meets the safe harbor requirements. He also asked about the status of conversations with customers regarding potential tariff-related surcharges.

    Answer

    CEO Andy Marsh stated that Plug has spent $250 million of the $800 million total CapEx for the Texas project, which at 37% is well above the 5% spend requirement for safe harbor. Regarding tariffs, Marsh explained that current inventory levels provide a buffer, and since the electrolyzer business was designed with non-Chinese content, he believes surcharges may not ultimately be necessary.

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    Dushyant Ailani's questions to Plug Power Inc (PLUG) leadership • Q3 2024

    Question

    Dushyant Ailani inquired about the maintenance schedule for the Georgia and Tennessee hydrogen plants and the timing for monetizing Investment Tax Credits (ITCs).

    Answer

    CFO Paul Middleton described plant maintenance as routine, involving planned shutdowns twice a year for 7-10 days, with supply managed through onsite storage. Regarding ITCs, he stated that Plug is working with a top-tier broker and multiple interested parties, and he is optimistic a deal could be finalized before the end of the year.

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    Dushyant Ailani's questions to Archer-Daniels-Midland Co (ADM) leadership

    Dushyant Ailani's questions to Archer-Daniels-Midland Co (ADM) leadership • Q1 2025

    Question

    Dushyant Ailani inquired about the Refined Products and Other (RPO) subsegment, asking what drove its relative strength despite a challenging environment in the U.S. and lower EMEA export volumes.

    Answer

    CEO Juan Luciano clarified that while Q1 was slightly better, the full-year outlook for RPO remains softer. He pointed to significantly lower biodiesel margins, reduced benefits from U.S. SME market flows in EMEA compared to the prior year, and continued pressure from new refining capacity as reasons for the overall weaker outlook.

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