Revenue

FY 2026

$3.2 billion to $3.4 billion "

$3,200,000,000 to $3,450,000,000 "

raised

Adjusted EBITDA

FY 2026

$700 million to $775 million "

$750,000,000 to $810,000,000 "

raised

Adjusted Diluted EPS

FY 2026

$3.65 to $4.03 "

$3.96 to $4.27 per share "

raised

Consistent Backlog Growth and Demand

Consistently discussed in Q2 ( " " ), Q3 ( " " " " ) and Q4 ( " " " ) with record backlog levels and strong demand noted, reflecting sequential growth and global market strength. " "

Q1 2026 call highlights a record backlog above $4.75 billion with continued strong customer bookings and healthy global demand ( " " " ).

The topic appears consistently with a bullish tone. There is an evolution toward even higher record levels and maintained customer confidence, reinforcing its crucial impact on the company’s future.

Margin Dynamics

Addressed across Q2 ( " " " ), Q3 ( " ) and Q4 ( " ) with discussions on one-off benefits (such as TrueCapture uptake, FX tailwinds, and previous one-time credits) balanced by future compression risks due to mix shifts and international projects. " "

Q1 2026 notes a one-off 45X credit providing a 150 basis point benefit with expectations of stabilizing gross margins in the low 30% range, though future risks remain tied to policy and cost factors ( " " ).

The discussion remains constant with recurring one-off benefits offset by concerns over margin compression. The sentiment is cautiously optimistic as the company projects stable margins while acknowledging potential risks, indicating its significant long‐term financial impact.

Regulatory, Policy, and Tax Uncertainty

In Q2, the focus was on the stable policy environment through incentives such as the IRA and domestic content ( " " " ). Q3 discussions mentioned safe harbor strategies and managing tariff risks ( " " " ), and Q4 elaborated on safe harbor amendments and tariff exposure amid policy uncertainty ( " " " ).

Q1 2026 provides further depth by highlighting safe harbor provisions, potential increases in safe harbor requirements, pending Trump executive actions, and the positive impact of the OBBBA reconciliation bill ( " " " " " ).

This topic is consistently emphasized. In Q1, the discussion is more detailed and proactive regarding policy shifts, with an overall neutral to cautiously positive sentiment reflecting its ongoing importance in mitigating risk and shaping future market dynamics.

Innovation and New Product Development

Q2 focused on launching new products (e.g., 100% U.S. tracker, NX Horizon, foundation solutions) with increasing R&D investment ( " " " ), Q3 highlighted significant R&D, new trackers like Hail Pro and XTR Extreme, and expanded use of TrueCapture ( " " " " ), while Q4 discussed innovative acquisitions (e.g. Bentek) and patent milestones ( " " " ).

Q1 2026 emphasizes a suite of innovations: continued strong demand for core products (MX Horizon and TrueCapture), rapid sales growth for Hail Pro (432% QoQ) and expanded XTR series, plus strategic acquisitions in robotics and AI (e.g. Amir Robotics, SensHawk) to integrate with TrueCapture ( " " ).

The innovation narrative has strengthened over time—from launching new hardware and securing patents to integrating robotics and AI—indicating an aggressive strategy to enhance the technology platform and customer value. The sentiment is highly positive and signals a key driver for future growth.

Acquisitions and Integration

Q2 mentioned the integration of two foundation business acquisitions and openness to further acquisitions ( " " ). Q3 barely touched on acquisitions, with CFO remarks focusing more on organic growth ( " ), while Q4 discussed the Bentek acquisition, related synergies, and smooth operational integration ( " " " " ).

Q1 2026 highlights three strategic acquisitions in robotics and AI (including on-site technology, Amir Robotics, and SensHawk) that complement existing systems like TrueCapture, underscoring integration opportunities without noting significant challenges ( " " " " ).

Although integration challenges were acknowledged in prior periods (especially in Q4), Q1 shifts focus towards the strategic opportunities from technology acquisitions. The recurring emphasis on integration alongside organic growth underscores its continuing large impact, with the sentiment remaining positive regarding execution and future value creation.

International Market Expansion

Q2 presented India’s renewables targets and a mixed U.S./international backlog ( " " ); Q3 highlighted strong sales across Latin America, Europe, and Australia along with margin variability ( " " " " ); Q4 emphasized record growth in Europe and expanded contracts in 17 countries despite lower margins abroad ( " " ).

Q1 2026 mentions global leadership with examples such as top market share in Europe and record backlog growth, though it does not focus heavily on margin pressures, instead stressing overall strong demand and potential for foundation technology launches in international markets ( " " ).

International expansion remains a recurring and key growth driver. While earlier calls detailed margin pressures linked to global markets, Q1 2026 focuses more on market leadership and expansion achievements. The tone remains positive regarding market capture, though the trade-off with margins continues to be an underlying strategic consideration.

Strategic Investments and Operating Expenses

Q2 detailed increased R&D investments and flat SG&A with planned continued growth spending ( " ). Q3 emphasized expanded R&D facilities, a UC Berkeley partnership, and supply chain investments ( " " " ). Q4 focused on significant CapEx and acquisition spending, with OpEx rising by 100 basis points due to broader growth initiatives ( " " ).

Q1 2026 discusses strategic investments across robotics, AI, and new tracker product lines (e.g., Hail Pro, EVOS solutions) along with increased CapEx and a noted decline in free cash flow driven by these growth-related investments ( " " " " " ).

Strategic investments are consistently prioritized with a clear upward trend in spending on technology and capacity. While operating expenses are rising, these investments are viewed as essential for sustainable long-term growth, with a positive outlook tempered by some short-term free cash flow impacts.

Software Revenue Contribution and Digital Platform Growth

Q2 focused on TrueCapture’s growing attach rate, its higher margins, and evolving revenue recognition through commissioning ( " ). Q3 reinforced this with year-over-year growth in TrueCapture, expectations of 2% revenue share, and an improved attach rate driven by an enhanced tech stack ( " " ). Q4 did not specifically address software or digital platform topics ( " " ).

Q1 2026 did not specifically address software revenue contribution or digital platform growth but mentioned strategic digital integrations via robotics and AI acquisitions that are expected to complement TrueCapture and overall digital innovation ( " " " " ).

While software revenue and digital platform growth were explicitly discussed in Q2 and Q3, Q1 2026 shows a reduced emphasis on standalone software narratives, instead integrating these themes within broader technology acquisitions. This suggests a consolidation of the digital strategy, with underlying software growth continuing but less front-and-center in the narrative.