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    Vikram Bagri • Citigroup Inc.

    Vikram Bagri's questions to Canadian Solar Inc (CSIQ) leadership

    Vikram Bagri's questions to Canadian Solar Inc (CSIQ) leadership • Q2 2025

    Question

    Vikram Bagri from Citi sought clarification on project shipment push-outs, asking if they were related to FEOC compliance uncertainty and a slowdown in backlog bookings. He also asked for an update on the normalization of energy storage margins.

    Answer

    Chairman and CEO Dr. Sean Hsu clarified that the project push-outs were due to tariff issues, not FEOC, as the new FEOC rules apply to future projects. He noted that the energy storage pipeline, measured in dollar value, actually increased. Yan Zhong, President of CSI Solar, added that major new deals are in the final stages of negotiation. Regarding margins, Mr. Zhong stated that the company continues to work towards a 20% target for the storage business.

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    Vikram Bagri's questions to Canadian Solar Inc (CSIQ) leadership • Q4 2024

    Question

    Vikram Bagri from Citigroup Inc. sought to confirm if energy storage margins remain in the 17-20% range for Q1, which would imply very low module margins. He also asked if the full-year guidance assumes a module price rebound in the second half of the year and what would drive it.

    Answer

    CFO Xinbo Zhu stated that module margins are expected to remain stable and that the lower overall Q1 margin is due to the product mix, including lower-margin project sales, not a drop in storage margins. CEO Shawn Qu clarified that they are not forecasting a price increase in the second half; rather, prices are currently rebounding in the first half due to a policy-driven installation surge in China, which is expected to normalize later in the year.

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    Vikram Bagri's questions to Canadian Solar Inc (CSIQ) leadership • Q3 2024

    Question

    Vikram Bagri from Citigroup Inc. asked for details on funding the company's significant CapEx plans for PV and battery cells, considering potential tariff deposits and buybacks. He also requested color on the geographical mix of PV shipments for 2025 and the key factors influencing margins.

    Answer

    CFO Xinbo Zhu explained that project CapEx is largely funded by non-recourse debt, while U.S. manufacturing is supported by a new $450M debt facility, customer down payments, and equity. He affirmed confidence in liquidity, citing over $1.5B in cash at CSI Solar. On the 2025 outlook, Senior VP Thomas Koerner projected U.S. shipment volumes would be at least flat to 2024, with potential for slight growth due to strong demand.

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    Vikram Bagri's questions to Array Technologies Inc (ARRY) leadership

    Vikram Bagri's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Vikram Bagri of Citigroup asked for clarification on de-bookings, specifically whether any were the result of customers switching to a competitor versus projects simply being canceled.

    Answer

    CFO Keith Jennings and CEO Kevin Hostetler stated definitively that they have not lost orders to competitors. De-bookings or descoping events, such as the recent VCA adjustment, were attributed to projects being canceled or becoming non-viable for the customer, often due to timing and pricing changes, not a competitive loss.

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    Vikram Bagri's questions to Array Technologies Inc (ARRY) leadership • Q4 2024

    Question

    Vikram Bagri of Citi questioned the 2025 margin outlook, asking if the implied margin for the last nine months of the year suggests no sharing of 45X benefits or if there is potential risk to margins if sharing increases.

    Answer

    CFO Keith Jennings stated there are no explicit agreements to share 45X benefits and the company is comfortable with its 29-30% gross margin guidance for the year. CEO Kevin Hostetler emphasized that the primary driver of the year-over-year margin change is the accounting roll-off of prior year 45X amortization, not a degradation of underlying project profitability.

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    Vikram Bagri's questions to Array Technologies Inc (ARRY) leadership • Q3 2024

    Question

    Vikram Bagri asked about changes in customer contract terms, the outlook for the Brazilian market, and whether Array is sharing 45X benefits with customers.

    Answer

    CEO Kevin Hostetler stated there are no material shifts in contract terms, though they have selectively accepted smaller initial deposits to secure large orders. He clarified that while there are no explicit 45X sharing agreements, Array is opportunistically using the margin benefit to be more competitive. President and COO Neil Manning added that the Brazilian market is stabilizing and Array is well-positioned for future growth due to its leading DG market share.

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    Vikram Bagri's questions to Oklo Inc (OKLO) leadership

    Vikram Bagri's questions to Oklo Inc (OKLO) leadership • Q1 2025

    Question

    Ted on behalf of Vikram Bagri questioned Oklo's funding needs in light of larger reactor designs and higher HALEU prices, and inquired about the NRC licensing process for the Atomic Alchemy VIPR facility.

    Answer

    CFO Richard Bealmear stated that the current balance sheet is adequate for the first plant at INL but acknowledged that growth initiatives may require future capital, which would be raised strategically. CEO Jacob Dewitte added that the VIPR facility follows a simpler Part 50 non-power reactor licensing process, which is a two-step construction and operating permit pathway, differing from the Part 52 process for the Aurora powerhouses.

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    Vikram Bagri's questions to Oklo Inc (OKLO) leadership • Q1 2025

    Question

    A representative for Vikram Bagri questioned Oklo's future funding needs in light of increased costs and growth initiatives, and also asked for details on the regulatory process for the Atomic Alchemy VIPR facility.

    Answer

    CFO Craig Bealmear confirmed the current balance sheet is adequate for the INL plant but acknowledged that factors like higher HALEU prices and a larger order book will require the company to be positioned so capital is not a constraint. Co-Founder and CEO Jacob Dewitte explained the VIPR facility follows a Part 50 license application, a two-step process similar to research reactors, which is generally considered simpler than the Part 52 process for power reactors like Aurora.

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    Vikram Bagri's questions to Oklo Inc (OKLO) leadership • Q3 2024

    Question

    Vikram Bagri of Citigroup inquired about the response from hyperscalers to Oklo's current reactor sizes and whether there are plans to develop larger 100 MW reactors. He also asked about the potential business scale of the Atomic Alchemy acquisition, including its potential for independent revenue streams and the timeline for securing customer orders.

    Answer

    CEO Jake Dewitte explained that Oklo's 15 MW and 50 MW reactors are well-suited for the modular build-out of data center campuses, offering reliability and resilience that aligns with customer needs. While acknowledging a future roadmap for reactors north of 100 MW, he stressed the current market traction with existing sizes. Regarding Atomic Alchemy, Dewitte highlighted massive synergies with Oklo's fuel recycling, creating high-value co-products. CFO Craig Bealmear added that Atomic Alchemy has stand-alone capabilities that provide near-term market access to the growing radioisotope sector, positioning Oklo advantageously before its own recycling facilities are fully operational.

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    Vikram Bagri's questions to Oklo Inc (OKLO) leadership • Q3 2024

    Question

    Vikram Bagri asked about the response from hyperscalers to Oklo's current reactor sizes, plans for larger 100 MW reactors, and the potential scale of the Atomic Alchemy acquisition, including its independent revenue streams and timeline for securing partnerships.

    Answer

    CEO Jacob Dewitte explained that Oklo's 15 MW and 50 MW reactors are well-suited for the modular build-out of data center campuses, offering critical reliability and resilience. Regarding Atomic Alchemy, Dewitte and CFO Richard Bealmear described it as a highly complementary business with stand-alone revenue potential in a large, supply-constrained radioisotope market, which also enhances the economics of Oklo's future fuel recycling by creating valuable co-products.

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    Vikram Bagri's questions to Centrus Energy Corp (LEU) leadership

    Vikram Bagri's questions to Centrus Energy Corp (LEU) leadership • Q1 2025

    Question

    An analyst on behalf of Vikram Bagri asked how potential tariffs are impacting customer discussions and supply chain exposure, and about the potential formats for future DOE task orders.

    Answer

    President and CEO Amir Vexler stated that tariffs have not disrupted their supply chain or customer discussions, highlighting that their supply chain is fully domestic unlike foreign competitors. Regarding DOE task orders, he declined to speculate on specific contracting mechanisms like cost-sharing, affirming Centrus is prepared for any format.

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    Vikram Bagri's questions to Solaredge Technologies Inc (SEDG) leadership

    Vikram Bagri's questions to Solaredge Technologies Inc (SEDG) leadership • Q1 2025

    Question

    Vikram Bagri asked for an update on the non-GAAP OpEx run rate target, whether the full-year breakeven free cash flow implies a breakeven Q2, and if normalized distributor inventory by end of Q2 means Q3 revenues will match sell-through.

    Answer

    CFO Asaf Alperovitz confirmed the year-end OpEx target of $85-$90 million and noted the company continues to seek efficiencies. He stated that SolarEdge does not provide quarterly free cash flow guidance. Regarding Q3, he reiterated the focus on reducing inventory levels but did not comment on whether revenues would match sell-through.

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    Vikram Bagri's questions to Solaredge Technologies Inc (SEDG) leadership • Q3 2024

    Question

    Vikram Bagri of Citigroup asked if the Q3 sell-through figure reflected the most recent price cuts, what the current manufacturing capacity is, what revenue level is needed to achieve mid-20% gross margins, and how the company is setting OpEx targets amid uncertainty.

    Answer

    CFO Ariel Porat clarified that the major European price reductions occurred after Q3 ended and are not reflected in the Q3 results. Interim CEO Ronen Faier added that manufacturing capacity is significantly lower than the previous $1 billion level after exiting facilities in Mexico and reducing operations in China and Europe. He stated that achieving a 20% gross margin is possible at a level below the prior $550 million target, but depends heavily on geographic mix. OpEx will be managed to reach breakeven during 2025.

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    Vikram Bagri's questions to Generac Holdings Inc (GNRC) leadership

    Vikram Bagri's questions to Generac Holdings Inc (GNRC) leadership • Q4 2024

    Question

    Vikram Bagri asked about the assumptions in the 2025 guidance, specifically the extent of any demand pullback after the recent surge. He also questioned how the company reconciles potential price increases with its strategy to improve close rates.

    Answer

    CEO Aaron P. Jagdfeld clarified that the guidance assumes a normalization to a new, higher baseline, not a pullback, though he noted a tough comparison for portable generators. Regarding pricing and close rates, he explained that the company is focused on initiatives to lift close rates, highlighting consumer financing as a key lever that has shown a high correlation with closing deals. He mentioned they are actively working with partners like Synchrony on new programs.

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    Vikram Bagri's questions to Fluence Energy Inc (FLNC) leadership

    Vikram Bagri's questions to Fluence Energy Inc (FLNC) leadership • Q1 2025

    Question

    Vikram Bagri asked about the outlook for Average Selling Price (ASP) pressure given Chinese competition and inquired where the $30 million in cost reductions were being made.

    Answer

    President and CEO Julian Nebreda and CFO Ahmed Pasha acknowledged ongoing ASP pressure but noted it is offset by significant volume growth. Julian Nebreda explained the cost cuts are being made across the organization, excluding product and sales, to align the cost structure with the lower 2025 revenue forecast.

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    Vikram Bagri's questions to Nextracker Inc (NXT) leadership

    Vikram Bagri's questions to Nextracker Inc (NXT) leadership • Q3 2025

    Question

    Vikram Bagri asked about the business environment in Brazil, the margin gap between international markets and the U.S., and the current attach rate for software.

    Answer

    Howard Wenger, President, stated the company's ethos is to not 'chase bad business' and to focus on large TAMs where its product plays well, noting strong fundamentals for growth in key international markets. He declined to quantify margin differentiation by region. Chuck Boynton, CFO, addressed software, stating the attach rate is increasing for new and existing customers, which drove the recent revenue contribution, and that there is still room for improvement.

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