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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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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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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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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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CEO Yehoshua Nir explained that the results from recent pricing promotions are expected in Q2, and no further significant moves are planned until then. CFO Ariel Porat confirmed that while cash flow from 45X transfers will become part of normal business, the amount of credits generated will still be disclosed in 10-Q filings.

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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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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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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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Gilad Yavetz, Co-Founder & CEO, and Jared Mckee, incoming CEO of Clēnera, responded that 6 GW of projects are already fully safe harbored and the company has the liquidity to accelerate construction if needed. They noted that the key projects in question, COBAR and Snowflake, are already scheduled for completion before 2027. Regarding the supply chain, they explained that current projects are not impacted, future contracts will be structured to mitigate tariff risks, and their diversified sourcing strategy provides resilience. Yonah Weisz, Director of IR, added that a key supply agreement is an option with no purchase liability.

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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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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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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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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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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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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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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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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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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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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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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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CEO Scott Strazik clarified that of the total 50 gigawatts under contract (backlog plus reservations), approximately 60% is in the U.S. He noted that while the existing backlog has negligible data center exposure, about one-third of the 21 gigawatts in slot reservation agreements is directly tied to the data center build-out.

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CEO Scott Strazik stated that while explicit orders were light post-holidays, the intensity of bidding activity is high. He emphasized that customer discussions are more focused on securing capacity and fulfilling power needs for '28-'29 rather than the 'last dollar of price,' indicating that securing premium slots is the main event.

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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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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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President and CEO Badri Kothandaraman confirmed the plan is to stick with LFP chemistry and avoid a major redesign, although standard qualifications for new cells are required. He explained that the 80% booking figure is healthy and not a concern, as the timing of this earnings call was earlier in the quarter compared to the previous one.

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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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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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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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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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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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President and CEO William Siwek explained that the strategic review is a more formalized process of their ongoing efforts, specifically targeting a restructuring of the balance sheet for both near-term and long-term health. Regarding the IRA, Siwek noted disappointment with the draft language, highlighting potential challenges with the 'placed into service' requirement for 45Y and the earlier 2027 end date for wind under 45X, which was treated differently than other technologies.

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CEO Bill Siwek explained that while contract specifics vary, tariffs would generally be included in the product cost, and the company is mitigating risk by securing additional U.S. capacity. CFO Ryan Miller addressed the 2025 outlook, stating that while it's too early for specific guidance, TPI still expects top-line growth driven by strong U.S. demand, which should outpace the reduction in Turkey. He deferred a specific update on the EBITDA target until the Q4 earnings call.

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President and CEO Jeffrey Lipson confirmed the resi solar investments were standard mezzanine loans on asset pools, unrelated to SunStrong's corporate issues. CFO Charles Melko attributed the high demand for capital to strong underlying load growth across sectors rather than a pull-forward due to policy uncertainty.

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Chief Revenue & Strategy Officer Marc Pangburn explained that some new opportunities are near-term while others are further out, but they are viewed as infrastructure assets with long-term contracted cash flows, similar to current investments. President and CEO Jeffrey Lipson added that the funding strategy for these new asset classes would be consistent with the historical model and would not inherently increase or decrease capital raising needs.

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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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CEO Brandon Moss affirmed that the order book remains strong, citing a 1.4 book-to-bill in Q4, and that progress with new customers is continuing unabated. CFO Dominic Bardos clarified that the 2025 cash from operations guidance is lower due to the back-half loaded revenue schedule, which requires significant working capital investment in the first half, thus delaying cash collections.

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CFO Dominic Bardos explained the margin pressure was due to a combination of elevated labor costs to manage volatile revenue, expedited freight charges, and other temporary supply chain inefficiencies. He emphasized these were not long-term issues and reaffirmed the company's long-term adjusted gross margin target of 40% to 45%.

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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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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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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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The company reported a strong and growing ITC transferability market with no Basel III impact yet on traditional tax equity. They stated that more frequent securitizations have no downside and are, in fact, beneficial for releasing trapped corporate capital more quickly.

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