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    Philip Shen • ROTH MKM

    Philip Shen's questions to Canadian Solar Inc (CSIQ) leadership

    Philip Shen's questions to Canadian Solar Inc (CSIQ) leadership • Q2 2025

    Question

    Matt Ingram, on behalf of Philip Shen from ROTH Capital Partners, asked about Canadian Solar's compliance with FEOC requirements under the OBBBA, how the company is preparing for potentially stricter IRS guidance, and its upstream supply chain strategy for the U.S. given potential Section 232 tariffs.

    Answer

    Chairman and CEO Dr. Sean Hsu affirmed that Canadian Solar is currently compliant with OBBBA's FEOC requirements and has a solid, conservative strategy to remain compliant as the rules evolve annually. He believes that any future IRS guidance will not fundamentally alter their assessment based on the bill's existing language. Regarding potential Section 232 tariffs on polysilicon, Dr. Hsu reiterated the company's official position that solar-grade polysilicon does not pose a national security concern.

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    Philip Shen's questions to Canadian Solar Inc (CSIQ) leadership • Q1 2025

    Question

    Philip Shen of ROTH Capital Partners questioned why the 2025 revenue guidance was only down 10% despite larger cuts to module and battery shipment guidance. He also asked about the potential impact of proposed ITC/PTC changes and sought more detail on the drivers for the strong Q2 gross margin guidance.

    Answer

    Executive Wina Huang attributed the resilient revenue guidance to a 'profit first' strategy focusing on higher-value markets. Chairman and CEO Dr. Shawn Qu expressed confidence that the industry would adapt to any ITC changes, citing its history of extensions. For Q2 margins, President of CSI Solar Yan Zhuang highlighted strong storage volumes, while Senior VP and CFO Xinbo Zhu noted a one-time 5-6% margin benefit from a project deconsolidation.

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    Philip Shen's questions to Canadian Solar Inc (CSIQ) leadership • Q4 2024

    Question

    Philip Shen of ROTH Capital Partners, LLC asked about the trajectory of quarterly margin improvement throughout 2025, questioning which quarter might see peak margins. He also requested specifics on the tariff impacts affecting Q4 and Q1 and the reasons for their expected abatement later in the year.

    Answer

    Yan Zhuang, President of CSI Solar, reiterated the upward trend in margins through the year but declined to provide specific quarterly guidance. CEO Shawn Qu provided color, explaining that margins will improve as high-margin energy storage shipments ramp up significantly from Q2 and as the per-watt tariff impact on modules decreases with rising production from the U.S. Texas factory. He identified the tariffs as the new AD/CVD and Section 201 tariffs affecting shipments from Thailand.

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    Philip Shen's questions to Canadian Solar Inc (CSIQ) leadership • Q3 2024

    Question

    Philip Shen of ROTH Capital Partners questioned the expected module price increases following the AD/CVD ruling, whether any contracts were canceled, and if the company faced 'critical circumstances' exposure. He also asked when hyperscalers might pay higher PPA prices to support U.S. solar development.

    Answer

    Thomas Koerner, Senior VP, confirmed prices are rising and no contracts have been canceled. CEO Shawn Qu added that the company has no 'critical circumstances' exposure due to its consistent shipping schedule. Regarding data centers, Qu argued that on-site solar and storage is already cost-competitive with the grid, making premium PPA prices unnecessary and that the key is enabling project development, which he plans to prove with demo projects.

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    Philip Shen's questions to Array Technologies Inc (ARRY) leadership

    Philip Shen's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Philip Shen of Roth Capital Partners, LLC asked if the period of de-bookings and VCA issues is now fully past, and what the company expects from the upcoming executive order decision and its potential impact on bookings.

    Answer

    CEO Kevin Hostetler and CFO Keith Jennings clarified that this quarter's VCA adjustment was a proactive and positive cleanup, and other de-bookings have not been an issue due to a more conservative booking policy. Regarding the executive order, Hostetler declined to speculate on the outcome but affirmed that Array has prepared for multiple scenarios to support its customers.

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    Philip Shen's questions to Array Technologies Inc (ARRY) leadership • Q1 2025

    Question

    Philip Shen questioned Array's potential exposure to project delays in 2025 and early 2026 due to battery supply chain challenges from China tariffs. He also asked how potential reciprocal tariffs could impact shipments and revenue in the second half of the year.

    Answer

    CEO Kevin Hostetler stated that for 2025, customers have indicated solar-plus-storage projects are proceeding as planned since necessary components are already in-country. He does not expect reciprocal tariffs to impact H2 2025 shipments, as most components are in motion and customers see more disruption in slowing down projects than proceeding.

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    Philip Shen's questions to Array Technologies Inc (ARRY) leadership • Q4 2024

    Question

    Philip Shen from ROTH Capital Partners questioned the structural gross margin difference compared to a key peer and asked about the company's plan to accelerate bookings, which appear to be lagging.

    Answer

    CFO Keith Jennings explained that differences in scale, market mix, and operating models contribute to margin variations, reiterating Array's focus on achieving sound mid-20s margins independent of 45X. CEO Kevin Hostetler stated he is pleased with Array's win rate on the projects it competes for and will not compare booking methodologies. Jennings suggested that Remaining Performance Obligations (RPO) is a more standardized GAAP metric for comparison.

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    Philip Shen's questions to Array Technologies Inc (ARRY) leadership • Q3 2024

    Question

    Philip Shen asked for the gross bookings figure for Q3, details on any de-bookings, the outlook for Q4 bookings, and the portion of the backlog designated for Brazil.

    Answer

    CEO Kevin Hostetler noted the order book remained flat at $2 billion, with muted Q3 activity due to election and AD/CVD uncertainty. He highlighted positive momentum, citing a U.S. opportunity pipeline that is 3x larger year-over-year and strong traction for new products like OmniTrack and SkyLink. He declined to provide a specific bookings number or break out the backlog by region.

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    Philip Shen's questions to Solaredge Technologies Inc (SEDG) leadership

    Philip Shen's questions to Solaredge Technologies Inc (SEDG) leadership • Q2 2025

    Question

    Philip Shen inquired about the potential for additional safe harbor deals in the C&I segment and asked for color on the puts and takes for gross margins in 2026. In a follow-up, he asked for confirmation of a rumored 10% price cut in Europe effective August 1.

    Answer

    CEO Shuky Nir stated that while SolarEdge is well-positioned for any potential safe harbor deals, he would not comment on specifics. He also explicitly denied any recent, broad-based price cuts in Europe. CFO Asaf Alperovitz noted the company expects to fully offset tariff headwinds in 2026 through production diversification and potential pricing actions, with new products and higher revenue also serving as key margin levers.

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    Philip Shen's questions to Solaredge Technologies Inc (SEDG) leadership • Q1 2025

    Question

    Philip Shen questioned the status of the European pricing promotion initiated in November, asking if the recovery period would be extended and how EU ASPs are expected to trend. He also inquired about a potential power shift from pan-European to local distributors.

    Answer

    CEO Yehoshua Nir indicated that as most European distributors are expected to reach normal inventory levels by the end of Q2, the need for incremental pricing support should decrease. He noted the company's pricing strategy remains focused on competitiveness and value. Regarding distributors, he stated SolarEdge values all partners and would gain more insight at the upcoming Intersolar conference.

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    Philip Shen's questions to Solaredge Technologies Inc (SEDG) leadership • Q4 2024

    Question

    Philip Shen sought more details on the customer related to the $25.5M revenue restatement and asked about potential future price actions in Europe and the company's strategy against new integrated offerings from competitors.

    Answer

    CFO Ariel Porat declined to provide further customer details. CEO Yehoshua Nir stated no new significant price moves are planned until Q2 results are assessed. He positioned SolarEdge as a premium solution competing on its software suite, higher energy generation via MLPE, and superior safety and cybersecurity features.

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    Philip Shen's questions to Solaredge Technologies Inc (SEDG) leadership • Q3 2024

    Question

    Philip Shen of ROTH Capital Partners asked for quantification of the revenue undershipment versus sell-through in Q3 and Q4, and questioned the effectiveness of the EU price cuts, citing channel checks suggesting they may not stimulate demand due to high existing inventory.

    Answer

    Interim CEO Ronen Faier confirmed the Q3 undershipment was significant, with sell-through at $450 million versus shipments of about $240 million. He stated it's difficult to quantify future undershipment due to many moving parts but believes the price actions will accelerate channel clearing. He acknowledged the price cuts in Europe were in the double-digit percentage range and expressed confidence that if the current measures are insufficient, the company will find other ways to make them work.

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    Philip Shen's questions to Sunrun Inc (RUN) leadership

    Philip Shen's questions to Sunrun Inc (RUN) leadership • Q2 2025

    Question

    Philip Shen of Roth Capital Partners asked about Sunrun's contingency plan if ITC guidance is made retroactive and inquired about the tax equity market, noting challenges for the residential solar category and potential impacts on pricing.

    Answer

    CEO Mary Powell asserted that Sunrun can generate attractive returns even without the solar ITC, mitigating the risk of retroactivity. CFO Danny Abajian acknowledged a temporary slowdown in the tax equity market for due diligence but stressed that Sunrun's strong originator quality and unit margins are key differentiators for capital providers.

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    Philip Shen's questions to Sunrun Inc (RUN) leadership • Q1 2025

    Question

    Philip Shen followed up on the IRA transferability issue, asking for specifics on how Sunrun would manage the transition if it were removed. He also inquired about the current state of the tax equity market and supply dynamics.

    Answer

    CFO Danny Abajian responded that if transferability were removed, the company would become more reliant on the traditional tax equity market, where it has a strong historical presence. He emphasized that Sunrun's diversified and growing buyer universe for tax credits remains robust, and in an uncertain market, there could be a 'flight-to-quality' benefit for a reliable partner like Sunrun.

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    Philip Shen's questions to Sunrun Inc (RUN) leadership • Q4 2024

    Question

    Philip Shen inquired about the current dynamics in the tax equity market, including potential slowdowns and changing payment terms, and also asked about the supply status of Tesla's Powerwall 3.

    Answer

    CFO Danny Abajian reported a healthy tax equity market, having raised over $1.3 billion in 2025, with a broadening universe of transfer credit buyers and stable pricing. President and CRO Paul Dickson added that Powerwall supply is 'generally in great shape' and that Tesla remains a strong partner.

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    Philip Shen's questions to Sunrun Inc (RUN) leadership • Q3 2024

    Question

    Philip Shen requested a regional breakdown for the projected 10-15% solar installation growth in 2025. He also asked about potential supply chain issues for the Tesla Powerwall 3, noting reports of long lead times for smaller installers.

    Answer

    CFO Danny Abajian highlighted California as the largest and fastest-growing market, with other strong spots in the Northeast, Illinois, Puerto Rico, and Texas, but declined to provide specific market growth rates. President and CRO Paul Dickson stated that Sunrun has experienced 'very much the opposite' of supply shortages for Powerwall 3, viewing Tesla as a key strategic partner. He also noted Sunrun is launching new battery hardware in Q1 to diversify its offerings.

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    Philip Shen's questions to FTC Solar Inc (FTCI) leadership

    Philip Shen's questions to FTC Solar Inc (FTCI) leadership • Q2 2025

    Question

    Philip Shen asked about FTC Solar's bookings outlook, questioning why it seems to lag behind peers and when an acceleration might occur. He also inquired about the potential margin trajectory through the end of 2026.

    Answer

    President, CEO & Director Yann Brandt explained that FTC Solar is in a transition phase, establishing its 1P product with Tier 1 customers, unlike more established peers. He stated that the recent $75 million financing and expanded sales team are key to accelerating this process. Brandt expressed optimism for a significant increase in bookings, noting that while regulatory clarity will affect the scale of 'safe harbor' projects, existing projects are moving toward financial close. He positioned 2026 as a pivotal year, emphasizing that the company's easily constructible tracker provides a strong value proposition in a tight labor market, supported by a newly strengthened balance sheet.

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    Philip Shen's questions to FTC Solar Inc (FTCI) leadership • Q1 2025

    Question

    Philip Shen asked for clarification on the portion of the project pipeline that may be on hold due to tariff uncertainty and whether there has been a slowdown in development activity for projects slated for late 2026 and early 2027.

    Answer

    President and CEO Yann Brandt responded that rather than putting projects on hold, customers are building in 'operating flexibility' and resequencing project phases to avoid paying tariffs that may soon be reduced. He emphasized that the strong demand for energy keeps projects moving forward. Brandt clarified that while underlying development activity has not slowed, negotiations between offtakers and project owners have paused as they struggle to model project economics amidst tariff uncertainty.

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    Philip Shen's questions to FTC Solar Inc (FTCI) leadership • Q4 2024

    Question

    Philip Shen of ROTH MKM inquired about the specifics of the 5-gigawatt Recurrent Energy agreement, the revenue trajectory for 2025, and the sustainability of recent booking momentum.

    Answer

    President and CEO Yann Brandt explained that the Recurrent Energy deal was won due to FTC's broad 1P and 2P product offerings. He detailed that projects will be in the U.S., Europe, and Australia, starting in H2 2025, with a product mix expected to be 85-90% 1P. Brandt projected a back-half weighted revenue ramp for 2025, with continued growth expected throughout the year. He also expressed confidence in sustaining booking momentum, citing key hires and a significant increase in bidding activity.

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    Philip Shen's questions to Shoals Technologies Group Inc (SHLS) leadership

    Philip Shen's questions to Shoals Technologies Group Inc (SHLS) leadership • Q2 2025

    Question

    Philip Shen from Roth Capital Partners, LLC asked for color on the outlook for 2026 given the healthy backlog, and requested context for the implied negative free cash flow in the full-year guidance.

    Answer

    CEO Brandon Moss pointed to the strong $540.3 million in BLAO for the next four quarters as a positive indicator for 2026 but did not provide specific guidance. CFO Dominic Bardos explained that the negative free cash flow is due to working capital investments to support significant revenue growth and cash used for warranty remediation, noting both are expected to decrease by year-end.

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    Philip Shen's questions to Shoals Technologies Group Inc (SHLS) leadership • Q1 2025

    Question

    Philip Shen from ROTH Capital Partners asked about bookings velocity for projects starting in late 2026 and 2027 and the impact of the tariff environment. He also followed up on the BESS outlook, questioning how potential tariffs on Chinese battery cells could affect Shoals' solar and storage projects.

    Answer

    CEO Brandon Moss stated it was too early to comment on 2026/2027 but noted strong underlying demand from data centers is strengthening the market. Regarding BESS, he said the company is not currently seeing an impact on project timelines for 2025-2026. He added that since Shoals is starting from a low market share in BESS, it can achieve strong growth in any market climate, and noted that other battery technologies may be less affected by the tariffs.

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    Philip Shen's questions to Shoals Technologies Group Inc (SHLS) leadership • Q4 2024

    Question

    Philip Shen of ROTH Capital Partners questioned the near-term gross margin outlook for 2025, including the expected cadence throughout the year. He also followed up on bidding activity after the Voltage ITC case reversal and its potential impact on pricing.

    Answer

    CFO Dominic Bardos indicated that Q1 2025 margins would be pressured by lower volume but are expected to improve through the year with increased volume and a favorable product mix, though the facility move could create inefficiencies. CEO Brandon Moss added that Shoals continues to compete on quality and service, and commercial activity has not changed post-reversal, noting the filing of a new ITC case and an appeal of the previous one.

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    Philip Shen's questions to Shoals Technologies Group Inc (SHLS) leadership • Q3 2024

    Question

    Philip Shen inquired about the potential for the book-to-bill ratio to exceed 1.0 in Q4 and asked for management's perspective on the impact of the recent election results on the U.S. utility-scale solar market.

    Answer

    CFO Dominic Bardos confirmed that achieving a book-to-bill ratio over 1.0 is the target for Q4. CEO Brandon Moss addressed the election by highlighting the fundamental need for power, bipartisan support for solar jobs, and solar's strong economics, expressing confidence that the industry will remain strong regardless of potential policy shifts.

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    Philip Shen's questions to MasTec Inc (MTZ) leadership

    Philip Shen's questions to MasTec Inc (MTZ) leadership • Q2 2025

    Question

    Philip Shen of Roth Capital Partners, LLC followed up on the Clean Energy policy outlook, asking how tier-one customers are positioned for various outcomes. He also questioned if the recent acceleration in clean energy bookings would be sustained and inquired about the long-term trajectory for total company EBITDA margins.

    Answer

    CEO José R. Mas explained that top-tier developer customers have large portfolios of safe-harbored projects, positioning them well through 2030. He noted that recent booking strength was independent of the new legislation and that the market is becoming competitive even without subsidies. Regarding margins, Mas stated that while the long-term goal is double digits, it's not a specific target for 2026, but the business mix potential has never been better.

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    Philip Shen's questions to First Solar Inc (FSLR) leadership

    Philip Shen's questions to First Solar Inc (FSLR) leadership • Q2 2025

    Question

    Philip Shen of Roth Capital Partners, LLC asked if the $0.32/watt price for international modules implies that domestic modules could be priced in the high thirties. He also inquired about remaining inventory levels and the catalysts needed for new capacity expansion announcements.

    Answer

    CEO Mark Widmar stated that domestic supply is largely contracted through 2028 and emphasized the strategic opportunity to establish U.S. finishing lines for international modules. This would mitigate tariff impacts, qualify for assembly tax credits, and get products to market faster. CFO Alex Bradley added that greater clarity on the long-term tariff regime is a key factor needed before making final expansion decisions.

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    Philip Shen's questions to First Solar Inc (FSLR) leadership • Q1 2025

    Question

    Philip Shen asked about the outlook for bookings following new tariffs, requested more detail on Series 7 and Series 6 module performance issues, and inquired when customer delivery schedules might normalize.

    Answer

    CEO Mark Widmar explained that while tariff uncertainty has increased customer inquiries for its domestic products, the company is remaining patient on pricing until IRA policy is clear. He confirmed a third-party report validated Series 7 production fixes and that settlements with affected customers are being finalized. For Series 6, he reiterated that First Solar will honor all warranty obligations. Widmar stated that delivery velocity is unlikely to improve soon as project-level uncertainty has worsened.

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    Philip Shen's questions to First Solar Inc (FSLR) leadership • Q4 2024

    Question

    Philip Shen asked about the Series 7 warranty issue, seeking confirmation that production problems are solved, whether the $100M expense is a firm cap, and the risk to future sales from customers with underperforming projects.

    Answer

    CEO Mark Widmar confirmed that the manufacturing issues have been corrected and a third-party assessment is underway. He stated the $56M-$100M warranty range is the company's best current estimate. Regarding customer relationships, Widmar emphasized that First Solar will honor its contractual warranty obligations and believes the company's long-term partnerships will remain strong despite the issue.

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    Philip Shen's questions to First Solar Inc (FSLR) leadership • Q3 2024

    Question

    Philip Shen of Roth MKM inquired about First Solar's potential to qualify for the CHIPS ITC, the reason for a slight decrease in recent U.S. booking ASPs, and the future utilization strategy for its India manufacturing facility.

    Answer

    Executive Mark Widmar stated that First Solar is actively evaluating its eligibility for the CHIPS ITC for its new U.S. facilities. Regarding India, he explained that due to Chinese dumping, the facility is pivoting to produce higher-margin tracker products for the U.S. market and is currently running at full utilization. Executive Alexander Bradley clarified that the recent U.S. ASP of $0.304/watt was for a small volume and that the overall gross bookings were impacted by lower-priced India sales and a sale of aged inventory, with the core U.S. ASP reaching up to $0.32/watt with adjusters.

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    Philip Shen's questions to Quanta Services Inc (PWR) leadership

    Philip Shen's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Philip Shen from Roth Capital Partners asked about Quanta's ability to pull forward renewables work ahead of the ITC wind-down and the company's outlook for the renewables market post-2027. He also followed up on Q2 core growth.

    Answer

    President & CEO Duke Austin and CFO Jayshree Desai both expressed confidence in the renewables market, citing the low cost of energy and strong customer demand. Desai noted that many tier-one customers have safe-harbored projects well into 2028-2029 and that Quanta's experience navigating regulatory dynamics is an advantage. Regarding core growth, Austin stated the company is growing EPS organically near double digits and revenue in the mid-single digits, with a focus on quality of earnings over top-line figures.

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    Philip Shen's questions to Quanta Services Inc (PWR) leadership • Q1 2025

    Question

    Philip Shen asked about the potential impact on interconnection work if coal plants are not decommissioned as expected, and whether Quanta's 2025 forecast for renewable construction starts has changed since year-end 2024.

    Answer

    President and CEO Duke Austin stated that the outlook for 2025 renewable construction starts remains steady and is climbing. Regarding coal plants, he sees opportunities regardless of their operational status, through either co-locating new gas generation or upgrading transmission infrastructure, highlighting a robust project pipeline for the next two decades.

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    Philip Shen's questions to Nextracker Inc (NXT) leadership

    Philip Shen's questions to Nextracker Inc (NXT) leadership • Q1 2026

    Question

    Philip Shen of Roth Capital Partners asked about the percentage of the backlog that is safe harbored, the potential risk from a future executive order, and the possible impact of the Interior Department's memo on projects on federal land.

    Answer

    President Howard Wenger and CEO Dan Shugar stated that based on customer feedback, they believe a 'very high percentage' and the 'vast majority' of their U.S. backlog is safe harbored. They conveyed that while the industry is still digesting new guidance, the early read is that the situation is manageable and the recently passed OBBBA bill provides a crucial bridge for the industry.

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    Philip Shen's questions to Nextracker Inc (NXT) leadership • Q4 2025

    Question

    Philip Shen asked for quantification of the potential volume impact from the proposed House tax bill and for color on Q4 bookings activity and the outlook for future bookings.

    Answer

    An executive explained it's too early to quantify the tax bill's impact, which they see as an intermediate-term issue for projects 3-4 years out. President Howard Wenger added that Q4 bookings were strong enough to grow the backlog sequentially despite record revenue. He noted the pipeline remains healthy as Tier 1 customers have secured their project pipelines.

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    Philip Shen's questions to Nextracker Inc (NXT) leadership • Q3 2025

    Question

    Philip Shen asked for color on the backlog conversion timing, specifically if the majority of the 87% convertible backlog is in year one, and inquired about pricing trends for fiscal '26 and '27.

    Answer

    Howard Wenger, President, confirmed that the majority of the backlog slated for the next eight quarters will be recognized in the next four quarters, providing strong near-term visibility. On pricing, he stated the environment is currently stable globally. He added that historically, the industry reduces costs and prices over time with scale, a trend Nextracker contributes to through innovation.

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    Philip Shen's questions to Nextracker Inc (NXT) leadership • Q2 2025

    Question

    Philip Shen of Roth MKM inquired about the size and margin profile of Q2 bookings, which he estimated to be near $1 billion. He also asked about the contribution from new products and the inclusion of new Master Supply Agreements (MSAs) or Volume Commitment Agreements (VCAs) in the backlog.

    Answer

    President Howard Wenger confirmed a strong quarter for bookings, raising the total backlog to a record of over $4.5 billion. He stated the new bookings are consistent with the company's typical 2/3 U.S. and 1/3 rest-of-world mix, and their margin profile aligns with forward-looking profitability targets. Wenger also affirmed that new MSAs and VCAs were part of the quarter's bookings.

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    Philip Shen's questions to Enphase Energy Inc (ENPH) leadership

    Philip Shen's questions to Enphase Energy Inc (ENPH) leadership • Q2 2025

    Question

    Philip Shen asked for clarification on the Q3 revenue guidance, specifically regarding safe harbor revenue, the expected timing of the 25D tax credit demand pull-forward, and the current level of microinverter channel inventory. He also requested the assumptions behind the company's forecast of a 20% decline in the U.S. solar TAM for 2026.

    Answer

    President & CEO Badri Kothandaraman clarified that the Q3 guidance includes no safe harbor revenue as TPO partners await regulatory clarity. He anticipates the 25D demand rush to begin in early Q4 and described channel inventory as only 'slightly above' the target eight to ten weeks. Kothandaraman detailed his 2026 TAM forecast, projecting a drop from 4.5 GW to 3.5 GW, with the lease market growing from 2.0 GW to 2.5 GW while the cash/loan market contracts from 2.5 GW to 1.0 GW.

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    Philip Shen's questions to Enphase Energy Inc (ENPH) leadership • Q1 2025

    Question

    Philip Shen inquired about the potential revenue cadence for Q3 and Q4 2025 and asked for clarification on the gross impact of tariffs on Q3 margins, beyond the stated net impact.

    Answer

    President and CEO Badri Kothandaraman declined to provide specific forward revenue guidance but highlighted several growth drivers, including the new 4th-generation battery, the IQ9 microinverter launch in Q4, and a suite of new products expanding their market in Europe. He did not quantify the gross tariff impact, stating only that the company is taking numerous actions to mitigate costs.

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    Philip Shen's questions to Enphase Energy Inc (ENPH) leadership • Q4 2024

    Question

    Philip Shen sought details on the safe harbor agreement, asking if any such revenue was recognized in Q4, the product split of the $95 million deal, and the type of customer involved. He also asked about the potential revenue cadence for 2025 and how the company is preparing for potential AD/CVD tariffs on battery anodes.

    Answer

    President and CEO Badrinarayanan Kothandaraman stated the safe harbor deal is mostly for microinverters and declined to name the customer. He clarified that smaller, run-rate deals in Q4 were not classified as safe harbor. While not providing full-year guidance, he expressed confidence in growth driven by new products like the IQ9. Chief Products Officer Raghu Belur added that the company is closely tracking the anode AD/CVD investigation and is proactively diversifying its battery supply chain geographically to mitigate risks.

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    Philip Shen's questions to Enphase Energy Inc (ENPH) leadership • Q3 2024

    Question

    Philip Shen asked for an updated timeline on reaching a $450-500 million quarterly sell-through run rate and questioned how Enphase is competing with the demand for Tesla's Powerwall 3.

    Answer

    President and CEO Badri Kothandaraman explained that unforeseen installer bankruptcies and the European downturn have delayed the run-rate goal. Regarding competition, he stated that data shows Enphase is holding its market share, with California sell-through up 13%. He emphasized Enphase's strengths in reliability and service, and highlighted the upcoming fourth-generation battery, which is expected to reduce installed costs by $300/kWh, making it highly competitive for backup systems.

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    Philip Shen's questions to Daqo New Energy Corp (DQ) leadership

    Philip Shen's questions to Daqo New Energy Corp (DQ) leadership • Q1 2025

    Question

    Philip Shen asked about the timeline for eliminating polysilicon overcapacity, which competitors have exited the market, and the expected trend for industry utilization rates through 2025. He also inquired about the outlook for demand in China after the May 31 policy change.

    Answer

    Executive Anita Zhu explained that the supply/demand rebalancing will take longer than in previous cycles as competitors have strong financial backing, and no players have completely exited yet, only reduced utilization. She noted current industry utilization is 40-50% and expects inventory depletion to take at least four months, with prices remaining suppressed in the RMB 35-40/kg range for the rest of 2025. For China, she projected full-year 2025 demand of 250-300 gigawatts, viewing the new policy as a positive long-term shift to a market-driven model despite near-term uncertainty.

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    Philip Shen's questions to Daqo New Energy Corp (DQ) leadership • Q3 2024

    Question

    Philip Shen of Roth MKM inquired about potential Chinese government policies to curtail polysilicon production based on energy intensity. He asked about the timing of such policies, their potential impact on market capacity, and the near-term outlook for polysilicon pricing with or without these reforms.

    Answer

    Deputy CEO Anita Zhu acknowledged ongoing discussions with industry associations (CPIA) and government bodies about production cuts to address oversupply. CFO Ming Yang added that while the timing is uncertain, potentially late 2024 or later, China has a history of successful supply-side reforms. Mr. Yang stated that while pricing is complex, the company believes it has bottomed, though the timing and magnitude of a recovery remain unknown.

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    Philip Shen's questions to JinkoSolar Holding Co Ltd (JKS) leadership

    Philip Shen's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q4 2024

    Question

    Philip Shen of ROTH Capital Partners followed up on the alternative U.S. supply chain, asked for Q1 2025 gross margin expectations after a weak Q4, and requested the CapEx forecast for 2025.

    Answer

    CMO Gener Miao clarified that Jinko may use OEMs outside the AD/CVD scope as a short-term solution. CFO Charlie Cao projected that Q1 gross margin would be slightly lower than Q4's 3.6% due to seasonality and lower-priced orders, with a moderate improvement expected in Q2. CFO Pan Li provided the 2025 CapEx forecast, stating it would be significantly lower at approximately RMB 4 to 5 billion.

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    Philip Shen's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q3 2024

    Question

    Philip Shen inquired about JinkoSolar's module shipment volume to the U.S. for Q3 and Q4 2024, the outlook for 2025, and the company's strategy for managing risks associated with the upcoming AD/CVD decisions, including potential retroactivity.

    Answer

    Gener Miao, CMO of JinkoSolar Co., Ltd., confirmed that U.S. shipments were 15-18% of the total in Q3 but are expected to be lower in Q4 due to seasonality. He stated that the full-year 2024 U.S. share should be within the 5-10% target. Miao noted that 2025 plans are pending election and AD/CVD outcomes, and the company is actively working with legal counsel to mitigate retroactive tariff risks.

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    Philip Shen's questions to Emeren Group Ltd (SOL) leadership

    Philip Shen's questions to Emeren Group Ltd (SOL) leadership • Q4 2024

    Question

    Philip Shen asked for a breakdown of Emeren's 2025 revenue guidance, details on the $100 million in Development Service Agreement (DSA) revenue under negotiation, the 2025 cash flow outlook, the nature of recent project delays, the U.S. project mix between community and utility-scale solar, and the company's strategy regarding power prices and data center customers.

    Answer

    CFO Kevin Chen reiterated the 2025 guidance, with IPP revenue at $28-$30 million and DSA revenue at $35-$45 million, comprising over 70% of total revenue. CEO Yumin Liu and CFO Kevin Chen added that the $100 million DSA pipeline is targeted to close in 2025, is 70% European, and consists of half new and half repeat customers. They expect positive operating cash flow for 2025. Regarding delays, Yumin Liu noted that approaching government deadlines in Europe should resolve issues, with minimal impact on 2025 DSA milestones. He also detailed the U.S. project mix (80% utility-scale, 20% community solar by megawatts) and confirmed the company is building expertise to serve data center customers in key regions.

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    Philip Shen's questions to Emeren Group Ltd (SOL) leadership • Q3 2024

    Question

    Philip Shen of Roth MKM inquired about the potential impact of the U.S. election results on the Inflation Reduction Act (IRA) and Investment Tax Credit (ITC), particularly regarding domestic content requirements for battery projects. He also asked about the risk of further project delays, the conservatism of the 2025 guidance, and the expected breakdown of 2025 EBITDA between the IPP and DSA segments and their geographic mix.

    Answer

    CEO Yumin Liu and CFO Ke Chen addressed the questions. Mr. Liu stated that while they are preparing for potential ITC changes, development risk for signed DSAs is passed to the investor, and they see no immediate impact on their U.S. strategy. He acknowledged that unexpected administrative hurdles in Europe caused Q3 project delays, with some sales now likely to close in Q1 2025. Mr. Chen affirmed the 2025 EBITDA guidance of over $50 million is conservative, as it relies solely on the predictable IPP and DSA segments. He specified that IPP would contribute $18-$20 million, with DSA providing the remaining $30 million-plus. Mr. Liu added that approximately 90% of the DSA pipeline is based in Europe.

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    Philip Shen's questions to Emeren Group Ltd (SOL) leadership • Q2 2024

    Question

    Philip Shen of ROTH Capital Partners questioned the company's confidence in its significant implied Q4 revenue ramp. He also asked for more details on the $2 million project write-off, its root cause, and the likelihood of future write-offs. Finally, he requested an update on the year-end cash balance target and operating cash flow expectations.

    Answer

    CEO Yumin Liu expressed high confidence in the Q4 forecast, citing that deal negotiations have been underway for months, many are on an exclusive basis, and a significant portion involves valuable COD (Commercial Operation Date) assets. CFO Ke Chen clarified the $2 million write-off was due to U.S. interconnection challenges and stated that no significant further write-offs are expected in the second half. Chen also affirmed the company expects to be operating cash flow positive for the full year and is confident in collecting cash from its projected sales by year-end.

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    Philip Shen's questions to Emeren Group Ltd (SOL) leadership • Q1 2024

    Question

    Philip Shen questioned the light Q1 results and Q2 guidance, which imply a significant ramp-up in the second half of the year. He asked for the expected quarterly cadence of project monetizations and the specific reasons for project delays in Europe, beyond general timing issues, and inquired about the root cause of delayed payments for Polish projects.

    Answer

    CFO Ke Chen and CEO Yumin Liu confirmed the second-half ramp-up, attributing delays to administrative and permit approval processes in Spain and Hungary, which they are confident will resolve in Q3 and Q4. Mr. Liu noted that in Spain, a new government rule allows up to 14 months for approvals, pushing a project from H1 to H2. Regarding the delayed Polish payments, they explained it was due to waiting for a Performance Acceptance Certificate (PAC) and the project's final financing closure, with cash expected in June.

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