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    Mark Strouse • JPMorgan Chase & Co.

    Mark Strouse's questions to Array Technologies Inc (ARRY) leadership

    Mark Strouse's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. asked about near-term booking momentum amid regulatory uncertainty and requested more detail on the financial impact of descoping a legacy fixed-price Volume Commitment Agreement (VCA).

    Answer

    CEO Kevin Hostetler explained that while quoting activity is high, final awards are paused pending regulatory clarity. He detailed that the VCA reconfiguration was a net positive, as projects slipping into 2027 were repriced at current, higher-margin rates, improving the overall quality and profitability of the order book despite a reduction in total backlog value.

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    Mark Strouse's questions to Array Technologies Inc (ARRY) leadership • Q1 2025

    Question

    Mark W. Strouse asked for details on the growing interest in Volume Commitment Agreements (VCAs), potential safe harbor timelines, and whether Array would introduce new metrics for visibility. He also inquired about Q2 guidance and the status of a low-margin legacy VCA project.

    Answer

    CEO Kevin Hostetler confirmed active VCA discussions but stated the company is not planning new metrics to maintain the integrity of its order book. CFO Keith Jennings noted that while no specific Q2 guidance was provided, the first half is expected to be ~55% of full-year revenue. He also confirmed the margin impact from the legacy VCA is likely concluded for 2025.

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    Mark Strouse's questions to Array Technologies Inc (ARRY) leadership • Q4 2024

    Question

    Mark W. Strouse of J.P. Morgan inquired about the factors weighing on the Q1 2025 EBITDA margin guidance and asked about the volume of 'safe harbor' orders received in late 2024 or early 2025.

    Answer

    CFO Keith Jennings attributed the lower Q1 EBITDA margin forecast to the shipment of the second half of a large, legacy low-margin order and the roll-off of some 45X amortization. CEO Kevin Hostetler added that legacy safe harbor orders constitute less than 10% of the order book and, while new dialogues are occurring, no new safe harbor orders have been booked yet, though some are anticipated in Q1.

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    Mark Strouse's questions to Solaredge Technologies Inc (SEDG) leadership

    Mark Strouse's questions to Solaredge Technologies Inc (SEDG) leadership • Q2 2025

    Question

    Mark Strouse asked about the sustainability of recent revenue growth, questioning if there were one-time benefits from safe harboring or 25D pull-forward in the Q2 results or Q3 guidance. He also inquired about the expected cadence of gross margins beyond the third quarter.

    Answer

    CEO Shuky Nir confirmed that the Q3 guidance does not include any significant pull-forward of demand and reflects genuine business rebuilding. CFO Asaf Alperovitz added that future gross margin expansion will be driven by higher revenue improving fixed cost absorption, increased U.S. production leveraging 45X credits, new products with better cost structures, and continuous cost-saving efforts.

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    Mark Strouse's questions to Solaredge Technologies Inc (SEDG) leadership • Q3 2024

    Question

    Mark W. Strouse of JPMorgan Chase & Co. asked about the company's strategy for refinancing or repaying its current convertible debt and inquired about the net pricing received from the recent sale of 45x tax credits.

    Answer

    Interim CEO Ronen Faier stated the intention is to hold the cash and repay the convertible debt when it matures in September, as the company has the funds set aside and they are currently yielding interest. CFO Ariel Porat added that the 45x tax credits were sold for approximately $40 million net, at a price in the mid-90s.

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    Mark Strouse's questions to Enlight Renewable Energy Ltd (ENLT) leadership

    Mark Strouse's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mark Strouse inquired about Enlight's ability to manage potential changes to safe harbor rules from the July 7 executive order for its COBAR and Snowflake projects, and asked about supply chain resilience, particularly concerning potential tariffs on panels from India.

    Answer

    CEO Gilad Yavetz and incoming Clēnera CEO Jared Mckee confirmed that 6 GW of projects are already fully safe-harbored, positioning the company well. They noted that COBAR and Snowflake are already scheduled for completion before 2027. Regarding supply, they highlighted a diversified supply chain strategy and stated that current projects in delivery are not impacted by the new ADCVD case, while future contracts will be structured to avoid it. Director of IR Yonah Weisz added that a key supply agreement is an option, not a liability.

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    Mark Strouse's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. inquired about the potential impact of the July 7 executive order on safe harbor rules for projects completing in 2027-2028, and the company's ability to accelerate construction if needed. He also asked about supply chain risks related to potential U.S. tariffs on solar panels from India and the company's ability to pass on any increased costs.

    Answer

    Gilad Yavetz, Co-Founder & CEO, and Jared Mckee, incoming CEO of Clēnera, responded that 6 GW of projects are already fully safe harbored, covering the majority of their plan through 2027. They affirmed the company's strong liquidity allows for accelerated investment if criteria change. Regarding supply chain, they highlighted a diversified strategy, stating current projects are not impacted by new cases and future contracts will mitigate tariff risks. Yonah Weisz, Director of IR, added that a key supply agreement is an option with no purchase liability.

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    Mark Strouse's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. inquired about the potential impact of the July 7 executive order on safe harbor rules for projects completing in 2027-2028, and Enlight's ability to accelerate construction. He also asked about supply chain risks related to potential U.S. tariffs on solar panels from India and the company's capacity to pass on any increased costs.

    Answer

    Gilad Yavetz (Co-Founder, CEO & Director) and Jared Mckee (VP Business Development) responded. Mr. Yavetz confirmed that 6 GW of projects are already fully safe harbored, and the company has the liquidity to accelerate investments if needed, reaffirming the 2027-2028 roadmap. Mr. Mckee added that key projects like COBAR and Snowflake are already scheduled for completion before 2027. Regarding supply chain, Mr. Mckee stated current projects are not impacted by the new ADCVD case, and future contracts will mitigate this risk. Mr. Yavetz highlighted the company's diversified supply chain, and Yonah Weisz (Director of IR) clarified that a key supply agreement is an option with no purchase liability.

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    Mark Strouse's questions to Brookfield Renewable Corp (BEPC) leadership

    Mark Strouse's questions to Brookfield Renewable Corp (BEPC) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. requested details on Brookfield's safe harboring strategy for its U.S. projects through 2029. He asked for a breakdown of how much was safe harbored before 2025 versus planned for 2025 and beyond, and how the company is balancing the need to spend now against the risk of potential rule changes.

    Answer

    CEO Connor Teskey clarified that the vast majority of the safe harboring for their U.S. pipeline is already completed. He emphasized that their strategy prioritizes using the 'off-site on-site physical work test' approach, which minimizes the need to pull forward significant capital expenditures. As a result, Teskey stated that the incremental cost of executing this strategy is 'not particularly material' in the context of their overall organic development spending.

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    Mark Strouse's questions to Brookfield Renewable Partners LP (BEP) leadership

    Mark Strouse's questions to Brookfield Renewable Partners LP (BEP) leadership • Q2 2025

    Question

    Mark Strouse asked for details on Brookfield's safe harboring strategy, specifically how much of the U.S. pipeline was secured before potential 2025 rule changes and how the company balances the cost of securing credits against the risk of policy shifts.

    Answer

    CEO Connor Teskey responded that the vast majority of their U.S. pipeline safe harboring is already completed. He emphasized that their strategy prioritizes using the 'physical work test' over pulling forward significant capital expenditures, ensuring the incremental cost is not material. This approach aligns with their disciplined strategy of only deploying capital when both costs and revenues are locked in, minimizing financial risk.

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    Mark Strouse's questions to First Solar Inc (FSLR) leadership

    Mark Strouse's questions to First Solar Inc (FSLR) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. asked about the potential risk to First Solar's contracted backlog through 2028 if the upcoming executive order negatively alters the Safe Harbor language.

    Answer

    CEO Mark Widmar clarified that the executive order is intended to address the new tech-neutral tax credits, not the legacy Section 48 and 45 credits that govern projects safe-harbored by 2024. Therefore, he stated that the company's contracted backlog through 2028 should be unaffected, and the new guidance actually creates booking opportunities out to 2030.

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    Mark Strouse's questions to First Solar Inc (FSLR) leadership • Q4 2024

    Question

    Mark Strouse questioned the difference between the 2025 cost per watt produced ($0.20) and sold ($0.24), asking if the company is ahead of its Analyst Day targets and if the $0.04 gap is transitory.

    Answer

    CFO Alex Bradley explained that while produced cost is near Analyst Day targets, it faces new headwinds from tariffs and production mix. He detailed that the $0.04/watt gap in period costs is driven significantly by a near-term surge in warehousing expenses, estimated at $250 million, due to back-end loaded shipments and inventory build. CEO Mark Widmar added that core costs are also pressured by aluminum tariffs and higher-than-expected glass costs.

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    Mark Strouse's questions to Xylem Inc (XYL) leadership

    Mark Strouse's questions to Xylem Inc (XYL) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. inquired about the margin drag from legacy energy projects within the MCS segment's backlog and the expected margin trajectory as it gets executed. He also asked about the sustainability of the significant margin expansion in the Applied Water segment.

    Answer

    CFO William Grogan quantified the impact of lower-margin legacy projects in MCS, stating they will create 50-100 basis points of sequential margin pressure in Q3 before improving in Q4. For Applied Water, he confirmed there were no one-time items, attributing about two-thirds of the 420 basis point expansion to 80/20 initiatives and the remainder to positive price-cost. He expects margins to moderate sequentially in Q3 due to some volume pull-ahead but remain robust year-over-year.

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    Mark Strouse's questions to Generac Holdings Inc (GNRC) leadership

    Mark Strouse's questions to Generac Holdings Inc (GNRC) leadership • Q2 2025

    Question

    Mark Strouse of JPMorgan Chase & Co. asked for details on the data center backlog, specifically whether it consists of larger hyperscalers or traditional data centers, and inquired about the feasibility, timeline, and CapEx required for potential capacity expansion.

    Answer

    Chairman, President & CEO Aaron Jagdfeld confirmed the pipeline includes both traditional data centers and hyperscalers, with significant traction among hyperscalers who are planning for 2027 and beyond. He explained that Generac has nine C&I facilities globally and recently commissioned a new plant in Wisconsin, which frees up other facilities for large megawatt generator production. He stated that while 2026 capacity is sufficient, the company will need to make 'big bold bets' on additional capacity for 2027, which could involve organic expansion and would be funded by strong free cash flow.

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    Mark Strouse's questions to Generac Holdings Inc (GNRC) leadership • Q1 2025

    Question

    Mark W. Strouse inquired about the indirect impact of tariffs on steel prices, how hedges are buffering this, and the potential margin impact or pricing reaction required if prices remain elevated.

    Answer

    President and CEO Aaron P. Jagdfeld acknowledged that tariffs provide 'air cover' for price increases on key metals. He stated that while hedges are small, the guidance reflects current prices. The company would react to further increases with more pricing actions and its institutionalized 'Pape' cost-out program. He also noted that falling logistics costs could provide a partial offset.

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    Mark Strouse's questions to Generac Holdings Inc (GNRC) leadership • Q4 2024

    Question

    Mark Strouse asked about the impact of tariffs, questioning Generac's medium-term strategy for its supply chain and whether the tariff situation creates a competitive advantage or disadvantage.

    Answer

    CEO Aaron P. Jagdfeld stated that while he couldn't speak for competitors, Generac has proactively diversified its supply chain with dual and triple sourcing to build resiliency and flexibility. He acknowledged some cost increases are likely but will be managed through supplier negotiations and minimal pricing actions. He asserted that Generac's unmatched scale in key markets is a more significant and durable competitive advantage than any tariff-related positioning.

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    Mark Strouse's questions to GE Vernova Inc (GEV) leadership

    Mark Strouse's questions to GE Vernova Inc (GEV) leadership • Q2 2025

    Question

    Mark Strouse inquired about pricing trends within the Gas Power services business, asking for details on pricing for both the existing installed base and newly signed service agreements.

    Answer

    CEO Scott Strazik confirmed that GE Vernova is in a 'price up environment' for services, driven by strong market fundamentals like recent capacity market auctions. He explained that this justifies incremental pricing for upgrades that add capacity. Strazik noted these price increases will materialize in the income statement over the next 12 to 24 months, which is a shorter cycle than new equipment orders.

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    Mark Strouse's questions to GE Vernova Inc (GEV) leadership • Q2 2025

    Question

    Mark Strouse inquired about pricing dynamics within the Gas Power services business, asking about trends for both the existing installed base and newly signed service agreements.

    Answer

    CEO Scott Strazik confirmed a 'price up environment' for services, driven by strong market demand for incremental capacity which justifies higher pricing for upgrades. He explained that this positive pricing will materialize in the income statement over the next 12 to 24 months, representing a shorter conversion cycle than new equipment sales.

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    Mark Strouse's questions to GE Vernova Inc (GEV) leadership • Q3 2024

    Question

    Mark Strouse returned to the topic of 2025 power equipment orders, asking about the specific product mix (Aero vs. H-class) that U.S. hyperscalers are interested in and any financial differences.

    Answer

    CEO Scott Strazik responded that discussions with hyperscalers are definitively shifting towards HA-class gas turbines as they plan multi-gigawatt data center parks requiring baseload power. He highlighted the maturity of the HA product line and its compelling life cycle economics, which include strong equipment margins and significant long-term services revenue from high utilization rates.

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    Mark Strouse's questions to Enphase Energy Inc (ENPH) leadership

    Mark Strouse's questions to Enphase Energy Inc (ENPH) leadership • Q2 2025

    Question

    Mark Strouse sought clarification on Enphase's strategy to help its long-tail installer customers access financing, specifically asking if the company was considering using its own balance sheet as part of the solution.

    Answer

    President & CEO Badri Kothandaraman stated that Enphase is not currently looking at using its balance sheet for these financing initiatives. He emphasized that the company's value lies in its deep data and relationships with installers—including performance history and customer service scores—which positions Enphase as an ideal partner to help vet and facilitate financing arrangements.

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    Mark Strouse's questions to Enphase Energy Inc (ENPH) leadership • Q4 2024

    Question

    Mark Strouse asked whether the safe harbor revenue recognized in Q1 and Q2 should be modeled with gross and operating margins that differ from the corporate average.

    Answer

    President and CEO Badrinarayanan Kothandaraman gave a direct answer, stating that the safe harbor deals should be assumed to have the company's usual gross margins and should not be adjusted in models.

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    Mark Strouse's questions to Enphase Energy Inc (ENPH) leadership • Q3 2024

    Question

    Mark Strouse questioned whether the recent spike in interest rates is causing a pause in the U.S. solar market and requested an outlook for Enphase's European business in 2025.

    Answer

    President and CEO Badri Kothandaraman responded that U.S. sell-through data remains positive and that he expects 2025 growth to be driven by lower interest rates, ITC adders, and rising utility prices. For Europe, he believes the market is at a bottom, with new products like 3-phase batteries and Balcony Solar set to expand the company's addressable market by $4 billion, positioning Enphase for a rebound when the cycle turns.

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    Mark Strouse's questions to Nextracker Inc (NXT) leadership

    Mark Strouse's questions to Nextracker Inc (NXT) leadership • Q4 2025

    Question

    Mark W. Strouse asked for an assessment of the new House tax bill, questioning its workability regarding provisions like 'placed in service' timing and other requirements for the solar industry.

    Answer

    CEO Dan Shugar stated that while some aspects like 45X manufacturing incentives are favorable, areas such as transferability and 'placed in service' timing need improvement. He noted that Nextracker has been actively engaging with representatives and is cautiously optimistic about achieving a constructive outcome, emphasizing that the bill is not yet final.

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    Mark Strouse's questions to Nextracker Inc (NXT) leadership • Q3 2025

    Question

    Mark Strouse asked about the impact of the updated domestic content rules, questioning if they have accelerated quoting activity and if they provide Nextracker with increased pricing power.

    Answer

    Dan Shugar, CEO, stated the new rules were positive, simplifying the process for customers to get the 10% ITC bonus and amplifying Nextracker's value. Howard Wenger, President, added that more customers are requesting 100% domestic content, which carries a modest price premium reflecting the increased cost to the company, reinforcing their partnership approach with repeat customers.

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    Mark Strouse's questions to Nextracker Inc (NXT) leadership • Q2 2025

    Question

    Mark W. Strouse of JPMorgan Chase & Co. questioned the company's language regarding fiscal 2026 growth. He asked why Nextracker projected 'growth' for FY26 but stopped short of specifying 'double-digit growth' as it did for FY25, probing whether this reflects backlog visibility or other booking trends.

    Answer

    CEO Dan Shugar responded that more color on the FY26 revenue plan will be provided in subsequent calls. He emphasized the company's strong position with a $4.5 billion backlog and steady growth across multiple global regions. He noted that while the second half of FY25 will see more shipments to competitive regions like the Middle East, the company is on track for double-digit growth this year.

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    Mark Strouse's questions to Itron Inc (ITRI) leadership

    Mark Strouse's questions to Itron Inc (ITRI) leadership • Q1 2025

    Question

    Mark W. Strouse asked about the timing of tariff mitigation efforts to better understand how to model the annualized $15 million net impact throughout the remainder of the year.

    Answer

    CEO Tom Deitrich advised that the majority of the $15 million net cost impact should be modeled for the second half of the year. He explained this is due to the timing of when pricing mechanisms take effect, when sourcing changes are implemented, and the flow-through of existing inventory. He noted a minimal impact in Q1, a small impact in Q2, and a larger impact in H2.

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    Mark Strouse's questions to Fluence Energy Inc (FLNC) leadership

    Mark Strouse's questions to Fluence Energy Inc (FLNC) leadership • Q1 2025

    Question

    Mark Strouse asked about the potential impact from a recent executive order on permitting, noting its absence from the company's presentation slide on government policy.

    Answer

    President and CEO Julian Nebreda stated that Fluence has seen no real impact from the order to date and added his understanding was that the related permitting freezes on federal lands had already been lifted.

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    Mark Strouse's questions to Fluence Energy Inc (FLNC) leadership • Q4 2024

    Question

    On behalf of Mark Strouse, an analyst asked about the basis for the 30%+ revenue growth target for 2026 and the potential for U.S. market share gains. A second question sought details on the traction seen in the digital business.

    Answer

    President and CEO Julian Nebreda stated the 2026 growth outlook is based on the strength and growth of their internal project pipeline. On the digital business, he clarified the $100 million in Annual Recurring Revenue (ARR) includes both services (75%) and digital (25%). He highlighted successful market entries in ERCOT, MISO, and Japan, expressing confidence the business will become material soon.

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    Mark Strouse's questions to Ormat Technologies Inc (ORA) leadership

    Mark Strouse's questions to Ormat Technologies Inc (ORA) leadership • Q3 2024

    Question

    Mark Strouse of JPMorgan Chase & Co. inquired about the pricing of the new tolling agreements in Texas and their expected impact on margin accretion. He also asked for an update on merchant pricing trends and whether there was reason for increased optimism.

    Answer

    CFO Assaf Ginzburg stated that the pricing for 2-hour battery tolling agreements in Texas is roughly half the value of 4-hour agreements in California. He projected that the Energy Storage segment's gross margin will improve towards 20-30% over the next few years, driven by new contracted assets like Bottleneck. Ginzburg noted that while the company still likes the merchant environment in Texas for occasional upside from weather events, the business model is shifting to a more balanced and less volatile portfolio with a higher percentage of contracted assets, which will stabilize and improve profitability.

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