Company Notes

Solid Results/Outlook. FSLR’s reported solid Q2 results, with both revs and EPS ahead of expectations. And, while the company recorded negative net bookings in 1H25 (due to 1.1GW of cancellations in Q2), FSLR has since…

Is Sunrun Counting on the IRS to Be as Inept with Safe Harboring as It Has Been with the Recursive ITC? Earlier this week, we highlighted Sunrun’s own guidance that its inventory will balloon from…

All 20 members of Tesla’s Dojo team – including its leader, Peter Bannon – have left the company to join a startup called DensityAI (yes, the entire team). Last night, we learned that the lion’s…

So, Despite: Reporting 2Q25A Op. Cash Flow of -$293mn (Cons. -$142mn), 2Q25A Free-Cash-Flow of -$985mn (Cons. -$565mn), The Trump Administration’s Ongoing Attempts to Shut Down the U.S. Solar Industry, Seeing All its Peers Recently Go…

Is Cameco “Unfairly” Benefitting from the Explosion in Gas Turbine Order Books Resulting from Simmering AI CAPEX Spend? Last week, Cameco reported 2Q25A rev/non-GAAP EPS of C$877mn/C$0.74 vs. GLJe’s ests. of C$801/C$0.43 (Cons C$825/C$0.34), or…

Are Western American Depository Receipt (“ADR”) Investors Missing the Forest for the Trees? Despite a plethora of incremental global poly-Si news (today/yesterday), because the Invesco Solar TAN ETF is down today (where NEXTracker, or the…

Our Take on Tesla’s 2Q25A Results. While TSLA reported Q2 top-line sales and non-GAAP adj. EPS that missed Cons. ests. – i.e., Cons. ests. that were revised sharply lower through 2Q25, lowering the “bar” for…

Our preview flagged incremental buyers waiting on the sidelines to buy this print – +LDD% move as of publication affirms both the viability of this narrative post-earnings AND the incrementality of this update. There just…

Is Enphase a (Good) Short into Tonight’s Earnings Report? Betting against heavily shorted solar stocks (i.e., ENPH, with 26.469mn shares sold short at present, or 20.88% of the float, currently boasts its highest level of…

Tesla 2Q25E Earnings Preview. In this note, we adjust our 2Q25E TSLA model after our review of: (a) our expectation for an increase in gross profit/car sold QoQ as other cars sold saw price increases…

So… What’s the Update on SunRun’s SUNRN 2025-2 Solar Lease/PPA ABS Bond? In our attempt to keep tabs on the state of affairs in the solar Asset-Backed-Security (“ABS”) space, below we provide visibility into what…

Is Canadian Solar Incorporated in Canada or the People’s Republic of China (“PRC”)? When we asked popular artificial intelligence applications OpenAI and xAI where Canadian Solar (“CSIQ”) is incorporated, the answer from both was Canada….

GEV reports second quarter earnings on 7/23 – the focus remains on the long-term narrative with equipment slot contracting the focus for Power & Electrification. Although the stock up +16% in the last 30 days,…

Is Daqo New Energy (“DQ”) Now a Top Solar Sector BUY? In light of the China Ministry of Industry and Information Technology’s (“MIIT”) new proposed policy around the polysilicon segment, which includes a significant restructuring…

We highlight both positive and negative feedback on our initiation but we emphasize that investors agree – analysts simply aren’t doing the work on Power Services despite the abundance of data-points quantifying this compelling opportunity-set….