Financial Data and Key Metrics Changes - NextTracker achieved record revenue of $924 million in Q4, representing a 26% year-over-year increase, and full-year revenue reached approximately $3 billion, an 18% increase over fiscal '24 [19][21] - Adjusted EBITDA for Q4 expanded to a record $242 million, a 52% increase year-over-year, with an adjusted EBITDA margin of 26% [20][21] - Adjusted diluted EPS for fiscal '25 was $4.22, up 38% year-over-year, while Q4 adjusted EPS was $1.29, a 34% increase compared to the prior year [21] - The company closed the year with $766 million in cash, no debt, and approximately $1.7 billion in total liquidity [23] Business Line Data and Key Metrics Changes - The backlog increased significantly from $2.1 billion at IPO to over $4.5 billion, indicating strong bookings growth momentum [7][19] - The company sold over 9 gigawatts of Hail Pro series trackers and 17 gigawatts of XTR trackers during the year, reinforcing its leading position in terrain following [16] Market Data and Key Metrics Changes - The geographic revenue mix for the full year was 69% from the U.S. and 31% from the rest of the world, with international business accounting for 30% to 40% of total business [19][39] - Contracts were signed in 17 different countries in Q4, with strong performance noted in Europe, particularly in Spain, and solid gains in Latin America led by Brazil [13][14] Company Strategy and Development Direction - NextTracker is transitioning from a pure play tracker company to a solar power technology platform supplier, acquiring adjacent technologies to create a complete solar power platform [9][10] - The company plans to increase OpEx as a percentage of revenue by approximately 100 basis points and CapEx to approximately $100 million in FY '26, while generating over $450 million in free cash flow [25][26] - The acquisition of BendTech Corporation is expected to enhance the company's offerings and enable integrated solutions that reduce system costs [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current policy uncertainties due to a geographically diversified order backlog and a healthy balance sheet [8][27] - The company anticipates revenue for FY '26 in the range of $3.2 billion to $3.4 billion, with adjusted EBITDA between $700 million and $775 million [24][27] Other Important Information - The company reached a record of 1,220 patents, reflecting its focus on engineering excellence and innovation [15] - Management highlighted the importance of customer feedback in driving product development and the need for more manufacturing in the U.S. [70][71] Q&A Session Summary Question: Insights on the House tax bill and its workability - Management noted that there are favorable aspects in the reconciliation bill, but areas needing improvement include transferability provisions and timing of tax credits [32][35] Question: International business and margin outlook - Management confirmed that international business remains consistent, with lower margins but healthy overall margins expected [39] Question: Quantifying impacts of new provisions in the House draft bill - Management indicated that the impact of policy changes would be more significant in the intermediate term, with a healthy pipeline and secure projects in the U.S. [47][49] Question: Revenue outlook and contribution from new businesses - Management stated that a third of the business is expected to come from non-tracker revenue in five years, with more details to be provided at the upcoming Analyst Day [57][78] Question: Durability of structural gross margins - Management expressed confidence in the visibility of pricing and margins for FY '26, with most of the work already contracted [85] Question: Market share and manufacturing capacity of BendTech - Management indicated that BendTech is among the top suppliers in the U.S. and has the potential for growth with NextTracker's support [89] Question: Pipeline and bookings visibility for 2028 - Management confirmed that there is a strong pipeline extending beyond 2026, with many projects already greenlit [90] Question: eBOS revenue scaling and go-to-market strategy - Management noted that there is real demand for eBOS solutions, and benefits from the acquisition of BendTech could be realized in FY '26 [105]

Financial Data and Key Metrics Changes - For Q4, revenue reached a record $924 million, up 26% year-over-year, bringing full-year revenue to approximately $3 billion, an 18% increase over fiscal '24 [19][21] - Adjusted EBITDA for Q4 expanded to a record $242 million, a 52% increase year-over-year, with an adjusted EBITDA margin of 26% [20][21] - Full-year adjusted EBITDA was $776 million, also a record, up 49% compared to fiscal '24 [21] - Adjusted diluted EPS for fiscal '25 was $4.22, up 38% year-over-year, with Q4 adjusted EPS of $1.29, a 34% increase compared to the prior year [21] - Adjusted free cash flow was $227 million in Q4 and $622 million for the full year [22] Business Line Data and Key Metrics Changes - The backlog increased significantly from $2.1 billion at IPO to over $4.5 billion, indicating strong bookings growth momentum [7][19] - The company sold over 9 gigawatts of Hail Pro series trackers and 17 gigawatts of XTR 0.75 and XTR 1.5 during the year, reinforcing its global leading position in terrain following [16] Market Data and Key Metrics Changes - Geographic revenue mix for the full year was 69% from the U.S. and 31% from the rest of the world [20] - In Q4, contracts were signed in 17 different countries, with strong performance noted in Europe, particularly Spain, and solid gains in Latin America led by Brazil [12][13] Company Strategy and Development Direction - The company is transitioning from a pure play tracker company to a solar power technology platform supplier, acquiring adjacent technologies to create a complete solar power platform [9][10] - The acquisition of BendTech Corporation aims to enable customers to source both tracker systems and eBOS components from a single supplier, enhancing the company's product offerings [10][11] - The company plans to increase OpEx as a percentage of revenue by approximately 100 basis points and CapEx to approximately $100 million in FY '26 [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current policy uncertainties due to a geographically diversified order backlog and a healthy balance sheet [8][27] - The company expects revenue in FY '26 to be in the range of $3.2 billion to $3.4 billion, with adjusted EBITDA between $700 million and $775 million [24][27] - Management highlighted the importance of the solar industry in energy dominance, noting that solar accounted for over 80% of the capacity installed in the grid last year [34] Other Important Information - The company reached a record of 1,220 patents, reflecting its focus on engineering excellence and innovation [15] - The company plans to invite analysts and investors to its headquarters in the fall to discuss its technologies and long-term plans [10] Q&A Session Summary Question: Thoughts on the House tax bill and its workability - Management noted that there are favorable aspects in the reconciliation bill, but areas needing improvement include transferability provisions and timing of tax credits [32] Question: International business and margin outlook - Management confirmed that international business constitutes 30% to 40% of total business, with lower margins generally but maintaining healthy overall margins [37] Question: Quantifying impacts of the House draft bill - Management indicated that the bill is still in early stages, and any impacts would be more visible in the intermediate term rather than immediate [44] Question: Revenue outlook and contribution from new businesses - Management stated that details on new product contributions will be provided at the upcoming Analyst Day [51] Question: Durability of structural gross margins - Management expressed confidence in the visibility of pricing, margins, and costs for FY '26, with most of the structural margins already booked [84] Question: Market share and manufacturing capacity of BendTech - Management placed BendTech among the top three or four eBOS suppliers in the U.S., noting their undercapitalization has constrained growth [87] Question: Pipeline and bookings visibility for 2028 - Management confirmed that there is a strong pipeline extending out, with many projects getting greenlit [88] Question: eBOS revenue scaling and go-to-market strategy - Management indicated that there is real demand for eBOS solutions, and they expect to realize benefits in FY '26 [104]

Financial Data and Key Metrics Changes - For Q4, revenue reached a record $924 million, up 26% year-over-year, bringing full-year revenue to approximately $3 billion, an 18% increase over fiscal 2024 [18][20] - Adjusted EBITDA for Q4 expanded to a record $242 million, a 52% increase year-over-year, with an adjusted EBITDA margin of 26% [19][20] - Adjusted diluted EPS for fiscal 2025 was $4.22, up 38% year-over-year, with Q4 adjusted EPS of $1.29, a 34% increase compared to the prior year [20] - Adjusted free cash flow was $227 million in Q4 and $622 million for the full year [21] Business Line Data and Key Metrics Changes - The company reported strong demand for its Hail Pro series trackers, with over 9 gigawatts sold during the year, and 17 gigawatts of XTR 0.75 and XTR 1.5 sold, reinforcing its global leading position in terrain following [14][15] - The backlog increased significantly from $2.1 billion at IPO to over $4.5 billion, indicating strong bookings growth momentum [5][9] Market Data and Key Metrics Changes - The geographic revenue mix for the full year was 69% from the U.S. and 31% from the rest of the world [19] - The international business signed contracts in 17 different countries in Q4 alone, with strong performance noted in Europe, particularly in Spain [11][12] Company Strategy and Development Direction - The company is transitioning from a pure play tracker company to a solar power technology platform supplier, acquiring adjacent technologies to create a complete solar power platform [6][8] - The acquisition of BendTech Corporation aims to enable customers to source both tracker systems and eBOS components from a single supplier, enhancing the company's product offerings [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current policy uncertainties due to a geographically diversified order backlog and a healthy balance sheet [6][26] - For fiscal 2026, the company expects revenue in the range of $3.2 billion to $3.4 billion, with adjusted EBITDA between $700 million and $775 million [22][26] Other Important Information - The company plans to increase OpEx as a percentage of revenue by approximately 100 basis points in FY 2026 to support growth initiatives [23] - The company has a strong focus on innovation, reaching a record 1,220 patents, including 646 issued patents and 574 patents pending [13] Q&A Session Summary Question: Thoughts on the House tax bill and its workability - Management noted that there are favorable aspects in the reconciliation bill, particularly regarding incentives for U.S. manufacturing, but also areas needing improvement [31][33] Question: International business and margin outlook - The international business continues to grow, with 30% to 40% of business being international, and margins are expected to remain healthy despite being generally lower internationally [38][39] Question: Impact of the House draft bill on volumes and bookings - Management indicated that the impact of the bill would be more significant in the intermediate term, with a healthy pipeline and secure projects in the U.S. market [45][47] Question: Revenue outlook and contribution from new businesses - The company is focused on growth, with expectations for a third of its business to come from non-tracker revenue in five years, and will provide more details at the upcoming Analyst Day [51][55] Question: Durability of structural gross margins - Management expressed confidence in the visibility of pricing, margins, and costs for fiscal 2026, with structural margins largely booked [80][81] Question: Market share and manufacturing capacity of BendTech - BendTech is considered a top supplier in the U.S. eBOS market, and the acquisition is expected to unlock growth potential due to previously constrained capacity [85][86] Question: 45X impact and tariff framework assumptions - Management indicated that Q4 saw a slight increase in 45X benefits, and the guidance for 2026 is based on a prudent approach to tariffs [89][92]

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $23.8 million, up from $20.2 million in the fourth quarter and $18.3 million in the prior year period, reflecting a 30% year-over-year growth [26][27] - Operating EBITDA increased to $12.3 million for the first quarter, compared to $10.7 million in the prior year period, primarily due to the NJR acquisition [28][29] - The company reported a GAAP net loss attributable to stockholders of $15.3 million [28] Business Line Data and Key Metrics Changes - The acquisition of rooftop assets from NJR positively impacted revenue and operating EBITDA, with the company owning and operating approximately 85,000 home solar assets and servicing around 60,000 residential solar systems [5][6] - Portfolio O&M expenses were $3.9 million in the first quarter, down from $5.3 million in the fourth quarter, indicating a sequential decline of over 25% [27] - SG&A expenses were $14.1 million in the first quarter, down from $15.5 million in the fourth quarter but up from $13.5 million in the prior year period [27] Market Data and Key Metrics Changes - The company is experiencing a cautious approach to new growth opportunities due to uncertainty in the market, which has affected cash burn and revenue collection timing [7][29] - The New Jersey market has deep liquidity in the SREC market, which is expected to continue supporting revenue generation [39] Company Strategy and Development Direction - The company aims to achieve positive free cash flow through growth in solar installations, prudent cost containment, and disciplined acquisition strategies [6][11] - Spruce Pro is identified as a key revenue driver, leveraging existing infrastructure to provide services to third-party owners of solar assets [15][16] - The company is focused on operational enhancements through strategic sourcing and better vendor management to improve efficiency and margin expansion [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market challenges, emphasizing the predictability of cash flows from existing solar assets [20][23] - The company is optimistic about achieving profitability and positive cash flow through reduced spending and operational efficiencies [31] - Management highlighted the unique position of Spruce Power as a third-party operator, which mitigates risks associated with aggressive customer acquisition strategies [23][44] Other Important Information - The company has approximately $96.5 million in total cash, with $61.9 million being unrestricted cash at the end of the first quarter [29] - The Board of Directors has approved the renewal of the company's share repurchase program [22] Q&A Session Summary Question: What is the scale of revenue opportunity for Spruce Pro and the lead times to build that business? - Management indicated that Spruce Pro is a capital-light endeavor with a deep pipeline of prospects and expects to make further announcements in the next quarter [35][36] Question: What does the refinancing environment look like for the FC1 loan? - Management expressed confidence in obtaining like-for-like terms for refinancing and is exploring more favorable credit options [38] Question: Why are SRECs for the SP Five acquisition so high compared to other assets? - Management explained that New Jersey has deep liquidity and high prices in the SREC market, which is expected to continue [39] Question: What drove the decision for the CFO transition? - Management noted that the CFO's decision to move to a private company aligns with her personal objectives, and they are actively searching for a replacement [40][41] Question: How durable is the business model compared to industry peers under the new administration? - Management highlighted that being a third-party operator allows them to mitigate risks associated with new installations and tax credits, maintaining a strong liquidity profile [43][44]

Financial Data and Key Metrics Changes - The company reported a revenue of $1.3 billion for 2020, with cash flow from operations at approximately $513.7 million in 2024, indicating a profitable position [7][12] - In Q4 2024, the non-GAAP gross margin was reported at 53%, while in Q1 2025, it decreased to 49% [12] - Operating income remained healthy, hovering around mid-20s percentage, with Q4 2024 showing 31.5% and Q1 2025 at over 26% [13] Business Line Data and Key Metrics Changes - The company has shipped approximately 81.5 million microinverters and has a total of 4.8 million systems installed, averaging about 17 to 18 microinverters per system [5][6] - Battery storage systems are nearing the two gigawatt-hour mark, with the company starting to ship larger battery systems since 2020 [6] Market Data and Key Metrics Changes - The U.S. market faced challenges due to high interest rates and the transition to NEM 3.0, which impacted revenue in 2023 and 2024 [8][10] - The European market also presented challenges, with each country having unique nuances affecting performance [10] Company Strategy and Development Direction - The company aims to innovate its way out of current challenges, focusing on building the best microinverters and battery systems [10] - The strategy includes leveraging the Inflation Reduction Act to enhance U.S. manufacturing and job creation [33] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic conditions and high interest rates have led to a decline in revenues, but they are optimistic about future improvements as installers adjust to new regulations [8][10] - The company is focused on maintaining high-quality products and customer experience, with a target of less than one minute for customer service response times [27] Other Important Information - The company has a strong emphasis on semiconductor integration and predictive control, which differentiates its products in the market [14][15] - The company has a CapEx light model, relying on contract manufacturing partners, which helps maintain operational efficiency [30] Q&A Session Summary Question: Are there upgrade paths for current donors with older systems? - Yes, older inverters can be recycled, and there are upgrade paths available for customers to transition from older models to newer ones [67] Question: Have you considered investing more in marketing to simplify your message? - The company focuses on training installers to effectively communicate the value proposition to homeowners, utilizing tools like SolarGraph to aid in proposals [70][72] Question: What is the current payback period for homeowners investing in an Enphase system? - The payback period has increased to over ten years in states like Texas and Florida due to high interest rates, while in California, it is currently between six to seven years [84][86] Question: How is Enphase mitigating risks from proposed ITC rollbacks? - The company is lobbying for a phased approach to the elimination of residential tax credits and believes that long-term, it will adapt to market changes [88][92] Question: How does Enphase persuade installers to choose its products over competitors? - Installers are well-informed about the benefits of Enphase products, and the company has made improvements to its systems to enhance value propositions [99][102]

Core Viewpoint - Enphase Energy, Inc. has launched its IQ Balcony Solar System in Belgium, enhancing its presence in the European solar market [1] Group 1: Product Launch and Features - The IQ Balcony Solar Kit includes two IQ8HC Microinverters, one IQ Balcony Gateway, IQ Cables, and one AC Power cable, designed for easy installation [1] - The system allows residents with limited roof space to generate renewable energy from balconies and patios, making it suitable for off-grid applications [2] Group 2: Market Context and Growth Potential - Belgium aims to increase its solar capacity by 40% by the end of 2025, which may drive residential customers to adopt the IQ Balcony Solar System [3] - The European solar market is projected to add 70 gigawatts (GW) of solar capacity by 2025, reflecting a 7% growth rate [4] - Enphase's recent product launches in Germany, Poland, and Luxembourg align with the strategy to capitalize on the growing European market [5] Group 3: Competitive Landscape - Other solar companies like Canadian Solar, Emeren Group, and SolarEdge Technologies are also expanding in Europe to benefit from the market growth [6] - Canadian Solar has a pipeline of 4,890 megawatts (MW) in the EMEA region as of December 31, 2024 [7] - Emeren has 5,294 MW of solar projects in advanced and early-stage development in Europe as of December 31, 2024 [7] Group 4: Financial Performance and Stock Movement - Enphase Energy shares have declined by 14% in the past month, contrasting with a 34.6% rise in the industry [11] - The company currently holds a Zacks Rank 5 (Strong Sell), indicating potential challenges in the market [12]

Investment Rating - Stock Rating: Overweight [4] - Industry View: Attractive [4] - Price Target: Rmb28.94 [4] Core Insights - LONGi expects a 10% global demand growth in 2025 under an optimistic scenario, with uncertain domestic demand in the second half of 2025 [2][7] - The company anticipates single-digit increases in Europe and the US, while robust demand is expected from emerging markets in the Middle East and India [2] - Oversupply may persist until a turning point, potentially in 4Q25 or 1Q26, as industry players navigate around profit break-even levels [2][7] - Despite mild demand and large supply, significant fluctuations in average selling prices (ASP) are not expected, indicating a more rational industry environment [2][7] - Financing channels are tightening, leading to rising financing costs across the industry [2] Summary by Sections Demand and Supply Dynamics - LONGi's cell production facility in Malaysia is capable of supplying the US market, which currently lacks solar cell supply, with anti-dumping and countervailing duty (AD/CVD) tariff rates at approximately 41% [2][7] - As of the end of 2024, LONGi acknowledged a valid cell capacity of 60GW (TOPCon and BC), with BC Gen II capacity projected to reach 50GW by the end of 2025 following capacity upgrades [2] Shipment Performance - In 1Q25, BC module shipments reached 4.3GW, driven by a rush in installations, particularly in the distributed solar sector, comprising 1.2GW of BC Gen II and 3.1GW of BC Gen I [3]

Group 1: Market Performance - Coinbase Global (COIN) and First Solar (FSLR) stocks surged over 20% following the announcement of a U.S. trade deal with China [1][2] - Coinbase's stock price increased significantly as it was added to the S&P 500, coinciding with Bitcoin's price rising above $100,000 [2] - First Solar's stock excitement is linked to potential tax credits of up to $10 billion from legislative changes in the Inflation Reduction Act [2] Group 2: Company Outlook - Coinbase anticipates short-term volatility in the crypto market but expects stability later in Q2 and into Q3 due to Bitcoin's post-halving cycle and clearer U.S. crypto regulations [5] - Coinbase's total sales are projected to increase by 10% in fiscal 2025 and by another 5% in FY26, reaching $7.65 billion, while annual earnings are expected to drop to $3.97 per share in FY25 before rebounding to $7.08 in FY26 [6] - First Solar expects a 15% increase in total sales this year, with a further 13% spike in FY26 to $5.46 billion, and EPS is projected to rise by 23% in FY25 and 49% in FY26 to $22.16 per share [9] Group 3: Analyst Sentiment - Analysts at J.P. Morgan noted that the new tax credit proposal aligns with bullish expectations for solar stocks like First Solar, contributing to the stock rally [11] - Wolfe Research upgraded First Solar to outperform, while Bernstein analysts predict Coinbase could see $16 billion in capital inflows following its S&P 500 addition [12] - Both Coinbase and First Solar currently hold a Zacks Rank 3 (Hold), with potential for upward earnings estimate revisions and buy ratings in the near future [13]

Company Overview - FTC Solar, Inc. is a leading provider of solar tracker systems, software, and engineering services, founded in 2017 by renewable energy industry veterans [3] - The company specializes in solar trackers that enhance energy production by optimizing solar panel orientation, offering a competitive installation cost-per-watt advantage [3] Upcoming Investor Meetings - FTC Solar's management team, including CEO Yann Brandt, will participate in investor meetings at the CLEANPOWER 2025 conference on May 20, 2025, in Phoenix, alongside analysts from UBS, Guggenheim, and Roth Securities [1] - The company will host in-person investor meetings at the Bank of America Power, Utilities and Alternative Energy Conference on May 28, 2025, in New York [2] - FTC Solar will also hold in-person investor meetings at the Roth Securities London Conference on June 25, 2025, in London [2] Contact Information - For investor inquiries, FTC Solar's Vice President of Investor Relations, Bill Michalek, can be contacted at (737) 241-8618 or via email at IR@FTCSolar.com [4]

May 12, 2025 45700 Northport Loop East Fremont, California 94538 Dear [Investor], I am writing to you as one of our largest SunPower shareholders [Nasdaq: SPWR] to ask for your proxy vote in our 'virtual' annual meeting of stockholders at 11:00 a.m. Pacific Time on Thursday, May 29, 2025. While annual meetings have shrunk in size, this particular virtual meeting is critical to the new SunPower and its shareholders. We need shareholder approval for three proposals. The first two proposals are both non-contro ...