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CEO Dan Shugar and President Howard Wenger explained the strategy is to create an integrated solar power platform, as customers want to source more components from a single supplier. They highlighted synergies in engineering, product development, and sales. They noted Bentek is a quality manufacturer with existing capacity that Nextracker can help scale with financial support and a global platform.

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Howard Wenger, President, confirmed that while a precise figure wouldn't be given, the math directionally supports bookings exceeding $1 billion for the quarter. He highlighted that the book-to-bill ratio remains greater than 1 and that backlog has increased every quarter since the company went public.

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CEO Dan Shugar explained that a significant portion of U.S. sites, estimated at 20-30% or more, have difficult soil conditions suitable for the new foundation technologies. CFO Chuck Boynton confirmed that the company booked and reported its first revenue from the Foundations business in Q2. He added that more color will be provided at a future Analyst Day.

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CFO Ahmed Pasha declined to provide a specific breakeven tariff number but reiterated that in any likely tariff scenario, Fluence's blended product will be competitive. CEO Julian Nebreda explained that the remaining 5% of revenue needed to hit the guidance midpoint will come from initial revenue recognition on new international contracts expected to be signed before year-end. CFO Ahmed Pasha confirmed that the delayed projects are a mix of both standalone and co-located assets.

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President and CEO Julian Nebreda confirmed margin pressure is mostly international and affirmed a strategy to compete globally through technology and software innovation, not just on battery price. He added that the new platform is more than an inverter and is expected to be margin accretive and become the standard offering.

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President and CEO Julian Nebreda and CFO Ahmed Pasha confirmed that the value of contracts in late-stage negotiations was 'significantly smaller' at this time last year. Regarding gross margins, Nebreda explained that strong project execution drives results to the high end, while the introduction of new products in FY25 presents a challenge that prompted a more conservative range.

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CFO Danny Abajian stated that safe harbor duration is limited by supply, noting they secured about six months of batteries in the last round. He added that a series of step-downs would allow for multiple safe harbor events. He confirmed that over half of the tariff impact comes from battery costs, specifically Chinese cells, so any reduction in that tariff would proportionally lower the overall cost impact.

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CEO Mary Powell emphasized that the company's 'maniacal' focus on cost efficiency provides flexibility to adapt to any policy tweaks, which historically take time to implement. President and CRO Paul Dickson added that Sunrun's focus on resiliency and service de-risks it from policy changes compared to competitors focused only on savings. CFO Danny Abajian clarified the growth outlook, stating that while double-digit growth is achievable, the primary focus is on unit margin expansion and cash generation, not a specific volume target.

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CFO Dominic Bardos confirmed that the level of project delays has not been as severe as in 2024, and customers are confirming their project schedules are holding. However, he maintained a 'cautiously optimistic' stance and reiterated the full-year guidance, citing the need to be prudent given macro uncertainties and potential dependencies on imported panels for some projects in the second half of the year.

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CFO Dominic Bardos explained the pullback was due to industry-wide project delays affecting all customers and represented normal business ebbs and flows. CEO Brandon Moss noted that as a domestic manufacturer, tariffs could be a net benefit. CFO Bardos confirmed that if project delays mirrored 2024 levels, results would be at the low end of the 2025 guidance range.

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CFO Dominic Bardos stated the shipping schedule is based on updated customer timelines and a healthier, more vetted order book. CEO Brandon Moss added that the backlog is becoming more diverse, citing significant revenue growth from four top-10 EPCs that were previously minimal customers. Bardos also noted the largest customer's revenue concentration had decreased year-over-year.

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CFO Asaf Alperovitz stated that the company does not break out safe harbor revenue but noted the amount in Q2 will be lower than in Q1. He did not specify the geographic driver of Q2 growth. Regarding the margin hypothetical, he explained that higher revenue improves leverage on fixed costs, and other positive drivers include new, higher-margin products and the continued ramp-up of U.S. production.

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CFO Ariel Porat explained the restricted cash is partly from safe harbor but also from other commercial agreements with customers and vendors. CEO Yehoshua Nir stated their expectation is for the European market to slightly decline in 2025, but that SolarEdge aims to gain market share within that environment.

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Interim CEO Ronen Faier stated that while OpEx reduction is an ongoing priority, the company must continue investing in new product development to secure its future. He explained the Q4 revenue drop is primarily due to significant price reductions in Europe and a sharp seasonal decline in battery shipments, which are expensive for distributors to hold over winter. These factors outweighed any stabilization benefits from the U.S. market in the quarter.

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CFO Mark Chiplock noted no current impact from federal workforce changes but acknowledged a potential for future administrative delays, which has been factored into guidance. CEO George Sakellaris added that on tariffs, equipment for near-term projects is largely secured, and future contracts include pass-through clauses. CIO Josh Baribeau addressed valuations, stating that private market valuations for their assets remain robust, in contrast to public market sentiment which he believes has been disproportionately impacted by irrational fears.

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CEO Jose Mas explained that MasTec is 'bucking the trend' of market uncertainty by strategically aligning with key customers and projects that are well-positioned to navigate potential issues. Regarding the Pipeline segment, he stated that based on current activity levels, returning to prior peak revenues 'isn't out of the question,' a significant change in tone from a year ago, which underscores the monumental shift in the company's earnings potential.

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CEO Mark Widmar stated that multiple options exist for the international assets, including moving equipment or establishing U.S. finishing lines for semi-finished products, but no decision can be made until there is clarity on IRA policy. CFO Alex Bradley noted that while the 12 GW of at-risk backlog corresponds to roughly $300 million in deposits, he believes many customers will want to find a solution to receive their product and that some contracts could potentially be fulfilled with future domestic supply.

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Executive Mark Widmar expressed confidence that U.S. demand is strong enough to absorb the additional supply through 2026, noting that their vertically integrated modules will become even more valuable as domestic content rules evolve. Executive Alexander Bradley detailed the CuRe rollout, stating that after a validation period in early 2025, the technology will be deployed across the fleet in time to capture up to $0.7 billion in contractual revenue adjusters, primarily between 2026 and 2028.

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President and CEO Badri Kothandaraman confirmed they have multiple, secure sources for GaN and are not concerned about supply. He clarified that while the broader European market environment is challenging, Enphase's position is strengthening and its revenue grew due to the successful introduction of new products like the 3-phase battery and EV charger, which are expanding its addressable market.

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President and CEO Badrinarayanan Kothandaraman confirmed that the remaining $45 million of the safe harbor deal is expected to be recognized in Q2. On competitiveness, he emphasized that Enphase batteries already qualify for domestic content incentives, with manufacturing in Texas, but did not provide a direct cost comparison to competitors.

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President and CEO Badri Kothandaraman noted it was too soon for the full SunPower share shift to materialize. He affirmed a continued focus on cost reduction, explaining that the IQ9's GaN technology will deliver higher power at a similar price, lowering the cost-per-watt. He also detailed cost-down roadmaps for batteries and balance-of-system components. Chief Products Officer Raghu Belur added that AI software also improves homeowner ROI, contributing to the overall value proposition.

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Paul Middleton, executive, stated the Georgia plant's production cost is around $5/kg before the PTC, which reduces it to the $2.50/kg range. CEO Andrew Marsh added that utilization is demand-based, currently 11-12 tons/day. For future supply, Marsh cited a strong sales funnel with large industrial buyers, while Sanjay K. Shrestha mentioned opportunities from competitors exiting the market and swap agreements.

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CEO Andy Marsh explained that Plug is uniquely positioned to leverage the tech-neutral credits due to its green hydrogen production capabilities, although current regulations are a mismatch. He also noted that the company is actively working with bipartisan support in Congress to extend the existing fuel cell ITC, a process similar to what occurred in 2018.

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CEO KR Sridhar clarified the ITC requirement is that equipment must be placed in service by December 31, 2028. On competition, he stated the power demand-supply gap is so large that there is room for all viable technologies. He noted that competing gas turbines are reportedly sold out for years, making Bloom's rapid deployment a key advantage for customers who cannot afford to wait.

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CEO KR Sridhar clarified the only ITC deadline is that equipment must be placed in service by December 31, 2028. Competitively, he stated the power demand-supply gap is so large that there is ample room for all viable technologies, including gas turbines, which are reportedly sold out for years, making direct competition less of a current issue.

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CFO Joan Hooper explained the lower 12-month backlog is due to the back-end loaded nature of Q4 bookings, which will be recognized beyond the next 12 months. CEO Tom Deitrich added that the 12-month backlog is also based on customer deployment forecasts. He reiterated a book-to-bill of 1:1 or greater as the best estimate for 2025 and suggested there was likely some market share shift in electricity and gas, reflecting the portfolio's strength. On tariffs, he noted the ability to pass on costs depends on specifics, but the fundamental need for grid modernization remains unchanged.

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CEO Aaron P. Jagdfeld clarified the new products are diesel backup generators targeting both edge and hyperscale data centers. CFO York Ragen addressed the margin question, stating the low-20% EBITDA margin target still holds but the timeline is pushed out 12-18 months due to cyclical softness in C&I and clean energy. He noted that better-than-expected gross margin performance is providing a partial offset.

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President and CEO Aaron P. Jagdfeld indicated that the telecom end market likely bottomed in Q2/Q3, while the rental market remains weak and is expected to be muted into 2025. He noted that for the core industrial channel, project timelines are extending, which could create a near-term pullback as backlog is worked down. He expressed hope that the international business has found a bottom, with growth in areas like Latin America potentially offsetting continued softness in Europe.

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CEO Kevin Hostetler explained that R&D projects with strong ROI are always funded to drive organic growth. For other SG&A, the focus is on investing in the "front end" of the business, such as adding sales and marketing talent in the U.S. and Europe, to get more aggressive and combat being "out-marketed" in the past.

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