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    Maheep Mandloi • Mizuho Financial Group

    Maheep Mandloi's questions to Canadian Solar Inc (CSIQ) leadership

    Maheep Mandloi's questions to Canadian Solar Inc (CSIQ) leadership • Q2 2025

    Question

    Maheep Mandloi from Mizuho Securities followed up on FEOC compliance, asking specifically about the 45X tax credit eligibility for U.S. manufacturing assets and whether Canadian Solar plans to alter the ownership structure of CSI Solar in the U.S. to maintain compliance.

    Answer

    Chairman and CEO Dr. Sean Hsu stated that the company's legal and external teams believe the OBBBA language is clear, allowing them to assess compliance for 45X credits. He expressed confidence in navigating the material assistance requirements each year due to a diversified global supply chain. Dr. Hsu confirmed that the company has a strategy and will take necessary actions in the future to ensure its structure remains compliant with OBBBA rules annually.

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    Maheep Mandloi's questions to Canadian Solar Inc (CSIQ) leadership • Q4 2024

    Question

    Maheep Mandloi from Mizuho Securities USA LLC questioned if the guided quarter-over-quarter gross margin improvement applies to the full year and requested insight into the specific impacts of lower e-STORAGE shipments and trade duties on Q1 margins. He also asked about the handling of potential steel and aluminum tariffs.

    Answer

    Yan Zhuang, President of CSI Solar, confirmed the margin improvement trend is expected throughout the year, driven by increasing storage shipments and a better channel mix. CFO Xinbo Zhu specified that the primary drag on Q1 margin is the lower seasonal volume from the high-margin e-STORAGE business. CEO Shawn Qu added that steel and aluminum tariffs are already factored into their cost structure, with some impact absorbed by suppliers.

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    Maheep Mandloi's questions to Array Technologies Inc (ARRY) leadership

    Maheep Mandloi's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Maheep Mandloi of Mizuho Financial Group inquired about the expected margin profile for new products like OmniTrak and the pending APA Solar acquisition compared to the rest of Array's business.

    Answer

    CEO Kevin Hostetler did not provide specific product-line margins but emphasized that new products like OmniTrak and Skylink, which now constitute 35% of the order book, are designed to be accretive to the portfolio. He highlighted that the combination of OmniTrak and APA's foundations will create a market-leading solution for difficult terrain, implying strong value capture.

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    Maheep Mandloi's questions to Array Technologies Inc (ARRY) leadership • Q4 2024

    Question

    Maheep Mandloi from Mizuho Securities asked about the potential for book-and-bill upside to the 2025 guidance and the impact of potential steel and aluminum tariffs on components.

    Answer

    CFO Keith Jennings acknowledged that upside is possible given their lead times but stated they are holding to current guidance amid market uncertainty. President & COO Neil Manning and CEO Kevin Hostetler asserted that Array is well-positioned against tariffs due to its high domestic content strategy, with a goal of 100% domestic content in H1 2025. Hostetler also noted that tariffs could indirectly benefit Array by allowing domestic steel producers to raise prices, improving ASPs.

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    Maheep Mandloi's questions to Solaredge Technologies Inc (SEDG) leadership

    Maheep Mandloi's questions to Solaredge Technologies Inc (SEDG) leadership • Q2 2025

    Question

    Maheep Mandloi asked about SolarEdge's battery cell sourcing strategy for this year and next. He also inquired if the gross margins on batteries have returned to the company's target levels.

    Answer

    CEO Shuky Nir explained that the battery sourcing strategy prioritizes quality and reliability, followed by optimizing the supply chain for tariffs and domestic content rules. CFO Asaf Alperovitz declined to provide product-level gross margins but acknowledged that batteries have a lower margin profile and that the company is actively working to improve their cost structure.

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    Maheep Mandloi's questions to Sunrun Inc (RUN) leadership

    Maheep Mandloi's questions to Sunrun Inc (RUN) leadership • Q2 2025

    Question

    Maheep Mandloi of Mizuho Financial Group asked for clarification on the volume growth rate assumptions that underpin Sunrun's multi-year ITC safe harbor plan.

    Answer

    CFO Danny Abajian responded that the safe harbor plan is based on an assumption of 'modestly growing' volume. He emphasized that the company remains anchored on margin growth and disciplined execution rather than pursuing aggressive volume expansion.

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    Maheep Mandloi's questions to Sunrun Inc (RUN) leadership • Q1 2025

    Question

    Maheep Mandloi sought clarification on the net PPA price increase required to offset tariffs, considering ITC benefits. He also asked about the new Flex product's impact on upfront costs and return profile.

    Answer

    CFO Danny Abajian detailed that the 3-7% annual cost impact from tariffs would be partially offset by a higher ITC basis, with the remainder addressed through pricing, cost efficiencies, or other measures. Executive Patrick Jobin explained that for the Flex product, installation efficiencies from larger systems largely offset higher equipment costs, resulting in similar or even superior upfront returns before accounting for upside revenue.

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    Maheep Mandloi's questions to Sunrun Inc (RUN) leadership • Q4 2024

    Question

    Maheep Mandloi asked for the reasons behind the flattish solar installation guidance for 2025 and requested more detail on why a slower ramp in domestic content for affiliate partners is impacting the cash generation forecast.

    Answer

    CEO Mary Powell attributed the flat solar volume to slower growth from affiliate partners as Sunrun prioritizes its higher-growth direct business and storage-first strategy. President and CRO Paul Dickson elaborated that smaller affiliate partners face challenges in obtaining qualifying domestic hardware and operationalizing the qualification process.

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    Maheep Mandloi's questions to Sunrun Inc (RUN) leadership • Q3 2024

    Question

    Maheep Mandloi asked for clarity on the safe harbor process under the Inflation Reduction Act (IRA), questioning if there are new guidelines similar to the previous two-year window for sunsetting tax credits.

    Answer

    CFO Danny Abajian clarified that there is a four-year safe harbor period under the new IRA rules. He affirmed that Sunrun has 'developed playbooks' from past experiences with safe harbor strategies and that the company's financial guidance considers all possibilities.

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    Maheep Mandloi's questions to Enlight Renewable Energy Ltd (ENLT) leadership

    Maheep Mandloi's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Maheep Mandloi questioned the possibility of retroactive changes to safe harbor rules for projects qualified before the July 4 executive order. He also asked for clarification on the updated ITC sales guidance of $70-80 million, inquiring if it represented a reduction from previous estimates.

    Answer

    CEO Gilad Yavetz stated that the broad consensus among law firms is that retroactive legislation is unlikely. He also added that key projects are planned for operation before 2027, providing an additional layer of protection. Director of IR Yonah Weisz clarified that the tax benefit guidance was narrowed from a previous range of $60-80 million to the current $70-80 million, representing a slight increase at the midpoint.

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    Maheep Mandloi's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Maheep Mandloi of Mizuho Financial Group sought clarity on whether safe harbor rules could be retroactively changed for projects secured before July 4, based on the company's legal checks. He also asked a housekeeping question about the $70-80 million guidance for ITC sales, questioning if this represented a reduction from previous estimates.

    Answer

    CEO Gilad Yavetz stated that the broad consensus among law firms is that retroactive legislation is unlikely. He added that several major projects are scheduled for completion before 2027, providing an additional layer of security. Director of IR Yonah Weisz clarified the ITC guidance, explaining the range was narrowed from a previous $60-80 million to $70-80 million, representing a slight increase at the midpoint, not a reduction.

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    Maheep Mandloi's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Maheep Mandloi of Mizuho Financial Group sought clarification on safe harbor rules, asking if it's possible for regulations to retroactively affect projects that were safe harbored before July 4, based on legal checks. He also asked a housekeeping question about whether the updated $70-80 million guidance for ITC sales represented a reduction from previous estimates.

    Answer

    Gilad Yavetz (Co-Founder, CEO & Director) and Yonah Weisz (Director of IR) provided answers. Mr. Yavetz stated that the broad consensus among law firms is that retroactive legislation is unlikely. He added that several major projects are planned for operation before 2027, providing an additional layer of security. Mr. Weisz clarified the ITC guidance, explaining that the range was narrowed from a previous $60-80 million to the current $70-80 million, not a reduction.

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    Maheep Mandloi's questions to Shoals Technologies Group Inc (SHLS) leadership

    Maheep Mandloi's questions to Shoals Technologies Group Inc (SHLS) leadership • Q2 2025

    Question

    Maheep Mandloi from Mizuho Financial Group asked for more color on the revenue contribution from international markets, given the company's 20-gigawatt pipeline and backlog composition.

    Answer

    CEO Brandon Moss reported that while 2025 revenue contribution has been minimal, they have secured projects in Chile and Australia. He noted that approximately 13% of the BLAO is for international projects and expects revenue from this segment to accelerate in 2026, driven by their export partnership and tracking in line with Investor Day projections.

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    Maheep Mandloi's questions to Shoals Technologies Group Inc (SHLS) leadership • Q1 2025

    Question

    Maheep Mandloi of Mizuho Securities requested more information on the announced contract with a hyperscaler and asked a housekeeping question about the expected shrinkback litigation costs for the remainder of the year.

    Answer

    CEO Brandon Moss clarified that the product supplied to the hyperscaler consists of large DC combiners and recombiners with a high average selling price, and expressed confidence in Shoals' ability to win in the BESS space. CFO Dominic Bardos outlined the litigation timeline, expecting potential mediation in Q4 2025 and a possible trial in 2026, indicating that legal expenses will continue for the foreseeable future.

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    Maheep Mandloi's questions to Enphase Energy Inc (ENPH) leadership

    Maheep Mandloi's questions to Enphase Energy Inc (ENPH) leadership • Q2 2025

    Question

    Maheep Mandloi asked for a quantification of the tariff impact on the Q3 2025 earnings guidance and inquired about potential risks from Section 232 tariffs on silicon carbide, a material used in some power electronics.

    Answer

    President & CEO Badri Kothandaraman clarified that Enphase does not use silicon carbide, so it is unaffected by those potential tariffs. He detailed that the Q3 gross margin impact from reciprocal tariffs is estimated at 3-5%, or a 4% midpoint. This breaks down to a 1% impact from microinverters, due to supply chain diversification, and a 3% impact from batteries, primarily from cell sourcing. He stated the long-term solution to offset this is the fifth-generation battery, which will fundamentally improve the product's gross margin structure.

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    Maheep Mandloi's questions to Enphase Energy Inc (ENPH) leadership • Q1 2025

    Question

    On behalf of Maheep Mandloi, David Benjamin asked if the Q2 guide assumes negative impacts from tariffs on Southeast Asian modules and whether the elevated channel inventory implies a new round of destocking.

    Answer

    President and CEO Badri Kothandaraman clarified that Enphase does not deal with modules and expects no impact on residential solar demand from those tariffs. He explained that channel inventory is slightly up due to lower-than-expected Q1 sell-through, but he views it as a normal cyclical adjustment that will be corrected through disciplined shipments and seasonal demand improvement in Q2.

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    Maheep Mandloi's questions to Enphase Energy Inc (ENPH) leadership • Q4 2024

    Question

    Maheep Mandloi asked about the financing of the safe harbor deals and questioned if there was a difference between the gross margins in Europe versus the U.S.

    Answer

    President and CEO Badrinarayanan Kothandaraman declined to provide details on customer financing. He clarified that European gross margins are at similar levels to U.S. gross margins, as the pricing strategy and list prices with distributors are approximately the same in both regions.

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    Maheep Mandloi's questions to Enphase Energy Inc (ENPH) leadership • Q3 2024

    Question

    Maheep Mandloi asked for the specific launch timing for the commercial and residential versions of the IQ9 microinverter and inquired about Enphase's plans for deploying its nearly $1.8 billion cash balance.

    Answer

    President and CEO Badri Kothandaraman stated the IQ9 will launch in the second half of 2025, starting with commercial versions and followed by residential models. Regarding the cash balance, he outlined a three-pronged strategy: first, funding organic growth and expansion; second, pursuing selective M&A in areas like energy management software; and third, executing systematic share buybacks, particularly during periods of stock pressure.

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    Maheep Mandloi's questions to Renew Energy Global PLC (RNW) leadership

    Maheep Mandloi's questions to Renew Energy Global PLC (RNW) leadership • Q4 2025

    Question

    Maheep Mandloi of Mizuho Financial Group questioned the geographic mix of module sales, asking about international plans and margin expectations for fiscal 2026. He also inquired about leveraging declining Indian interest rates for new debt or refinancing.

    Answer

    CFO Kailash Vaswani stated the current order book is largely for the Indian market but the company is building an international pipeline. He expressed cautious optimism that margins would remain strong in FY26. Regarding interest rates, Vaswani noted the company will opportunistically refinance existing debt and benefit from lower rates on new financing, highlighting that approximately 40% of their debt is floating rate.

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    Maheep Mandloi's questions to Renew Energy Global PLC (RNW) leadership • Q3 2025

    Question

    Maheep Mandloi from Mizuho Securities USA LLC asked for an update on the solar cell and module production run rate, the expected revenue recognition from the manufacturing backlog, potential risks from Topcon patent litigation, and the valuation multiples for the recent 300 MW asset sale.

    Answer

    An unnamed executive, likely CEO Sumant Sinha, reported module production is at 10-11 MW per day and cell production is also ramping up with high efficiency. CFO Kailash Vaswani clarified that third-party sales are reported, while captive sales are capitalized. An executive also dismissed concerns over Topcon patent litigation, as ReNew does not export to the U.S., and confirmed the recent asset sale valuation was in line with past capital recycling transactions.

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    Maheep Mandloi's questions to Renew Energy Global PLC (RNW) leadership • Q2 2025

    Question

    Maheep Mandloi inquired about the drivers of recent cost optimizations and the potential for future reductions. He also asked for clarity on PPA pricing for new capacity, the rationale for reconfiguring the solar/wind mix in hybrid projects, and whether the 900 MW external module order book includes international sales.

    Answer

    CFO Kailash Vaswani attributed cost savings to discretionary spending cuts and renegotiated O&M contracts, with benefits expected to continue. Sumant Sinha, Founder, Chairman and CEO, added that new projects meet return thresholds and that reconfiguring hybrid projects with more solar and batteries is driven by falling equipment costs, which improves IRRs and reduces variability. He confirmed the current 900 MW order book is entirely domestic to India.

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    Maheep Mandloi's questions to Bloom Energy Corp (BE) leadership

    Maheep Mandloi's questions to Bloom Energy Corp (BE) leadership • Q1 2025

    Question

    Maheep Mandloi sought to confirm that the 100 basis point tariff impact was based on the current 10% rate and asked about the potential impact if tariffs reverted to higher, previously discussed levels.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) confirmed the 100 basis point estimate is the result of a detailed portfolio analysis of the entire supply chain. He described it as a 'thought-through process' and reiterated the company's commitment to mitigating the impact through internal efforts to maintain its full-year margin guidance.

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    Maheep Mandloi's questions to Nextracker Inc (NXT) leadership

    Maheep Mandloi's questions to Nextracker Inc (NXT) leadership • Q3 2025

    Question

    Maheep Mandloi asked for the drivers behind the high gross margin in Q3 and why it might not be repeatable, and also inquired about the cadence of bookings since the recent election.

    Answer

    Dan Shugar, CEO, explained the strong 36% gross margin in Q3 was due to tailwinds including favorable FX, operationalized savings in freight, and material cost savings. He noted Q4 margins would be slightly lower due to international mix. Howard Wenger, President, addressed the political climate by stating customers are calm and focused on the strong macro story of solar meeting rising electricity demand, which prevails across administrations.

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