April 29, 2026
Bottom Line Enphase delivered the kind of “beat” that does not survive contact with the second page. Headline 1Q26 revenue of $282.9M printed in-line (-0.3% vs. consensus $283.8M), and the optical (non-GAAP) OPEX line drove…
April 27, 2026
What Changed This Morning Early this morning, Sungrow Power Supply (300274 CH) reported 1Q26 net income of RMB 2.3B versus Bloomberg consensus of RMB 3.32B — a 31% miss and -40% YoY. Management cites intensifying…
April 23, 2026
Bottom Line Tesla reported 1Q26 revenue of $22.387B and non-GAAP EPS of $0.41, optically a modest beat. This “beat”, however, was entirely manufactured. Stripping out management-disclosed one-time items — i.e., $230M of auto warranty true-downs…
April 21, 2026
Executive Summary Tesla reports 1Q26 results tomorrow after the close, and in our view, this print is just as much about the headline numbers as it is the forward commentary. The consensus calls for 1Q26…
April 17, 2026
Summary We conducted a channel check with a senior executive at APsystems (APS), a tier-one microinverter and module-level power electronics (MLPE) supplier to the US residential solar market. The conversation followed the Chapter 11 bankruptcy…
April 16, 2026
Investment Summary The Chapter 11 bankruptcy filing of Freedom Forever, LLC on April 15, 2026, coupled with the Texas Attorney General fraud investigation into Sunrun and Freedom Forever, LLC (for violations of the Deceptive Trade…
April 13, 2026
Investment Thesis Ahead of JKS’s 4Q25 Earnings Report This Thursday, Updating Our Bottom-Up Cost Driver Model for Intra-Quarter Commodity Prices, Global Demand Data, and Our On-the-Ground U.S. Installer Channel Checks, We See a Sizeable Guidance…
April 8, 2026
Executive Summary This note presents evidence that Tesla’s (TSLA) share price has been significantly and systematically elevated over the past six years by an options market structure uniquely dependent on aggressive retail call buying —…
April 2, 2026
Record Inventory Build, Energy Storage Collapse, and a Robotaxi Program Losing Its Engineering Leadership Ahead of Purported Launch Reinforce Our Sell Thesis GLJ Research View GLJ Research View Tesla’s 1Q26 delivery report is materially worse…
March 31, 2026
Investment Thesis The March 20, 2026 Intex/Guggenheim ABS surveillance data (Ex. 4) — reviewed and confirmed through a proprietary channel discussion with a senior structured products professional — is the most important document in the…
March 30, 2026
Investment Conclusion We reiterate our Sell rating and $24.86 12-month price target on Tesla (TSLA). Our final Q1 2026 delivery model — incorporating GLJ’s proprietary VIN-based US production channel check, CPCA/CNEVPost China production and delivery…
March 26, 2026
I. Investment Thesis We are maintaining our SELL rating on Sunrun (RUN) with an updated price target of $4.63, implying approximately 63% downside from current levels. Our conviction has strengthened following a direct channel check…
March 19, 2026
(a) The Quarter – A Clean Miss Dressed Up in Project Asset Language Q4 revenue of $1.217B missed the $1.355B Consensus estimate by ~10% — a wide miss for what is supposed to be a…
March 18, 2026
Investment Thesis We reiterate our SELL rating on JinkoSolar (JKS US) and adjust our 2026E yr-end PT modestly higher to $12.10 (-51% downside) from $10.15 prior on our updated estimates. The March 12, 2026 PV…
March 16, 2026
Investment Thesis – Estimate & Macro Update We reiterate our SELL rating on CLF and keep our 12-month price target flat at $9.42/share — reflecting the February 10 GLJ update note valuation methodology (13.0x 2026E…