Our Research

Polysilicon Futures Spot Contract Price (CNY$37,645/ton = $5.37/kg) – down 0.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 8/26/2026 Note: EnergyTrend discontinued slurry saw price…

CLF -12.8%, NUE -11.8%, STLD -15.2% in three sessions on the Section 232 headline, while HRC futures fell -0.2% and Nucor’s CSP held an 11-month-high $1,170/ton. We reconcile the gap with a proprietary channel check…

A record backlog does not pay anyone until it ships. Fluence has to put 47% of its fiscal year through one quarter, out of two factories that just failed, and our rebuilt model says doing…

Polysilicon Futures Spot Contract Price (CNY$37,815/ton = $5.39/kg) – down 0.5% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 8/19/2026 Note: EnergyTrend discontinued slurry saw price…

The stock is not down 25% this year because the quarter was bad (it was). It is down because the robotaxi finally produced data — and this month’s Cybercab debut in Austin will put that…

A pledge is not a mandate, a meeting is not a floor, and half a million tons of inventory does not read press releases. Reiterate SELL on JKS, CSIQ, and DQ. BOTTOM LINE Last week’s…

Bottom Line: Our favorite solar science project printed a headline “beat” on every line the company would prefer you look at — and the stock fell -10.6% the next day anyway, because the market is…

Polysilicon Futures Spot Contract Price (CNY$38,010/ton = $5.41/kg) – up 7.1% w/w Note: Adjusted for CNY exchange rate and 13% VAT. Source: Guangzhou Futures exchange. Solar Pricing Metrics – 8/12/2026 Note: EnergyTrend discontinued slurry saw…

We spoke with divisional leadership at a private OEM targeting $1bn in revenues from RPPs, power whips, and other white-space solutions for data centers. Takeaways below. We spoke with a general manager at a data…

Our checks call out Vertiv as uniquely positioned to benefit from continuing acceleration as colocation providers and neo-clouds grow in importance to hyperscalers and frontier labs. We view Vertiv’s product strategy of pursuing a unified…

LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper +1.53% to $6.43/lb; aluminum -0.08% to $1.59/lb; nickel -2.13% to $8.80/lb; zinc +1.16% to $1.69/lb; lead +2.12% to $1.05/lb; gold +1.85% to $4,153/oz; silver +3.00%…

Polysilicon Futures Spot Contract Price (CNY$35,480/ton = $5.05/kg) – up 8.6% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 8/5/2026 Note: EnergyTrend discontinued slurry saw price…

Bottom Line Following NXT’s F1Q27 print (7/30) and the July drawdown, we hosted a Fireside Chat with CFO Chuck Boynton and IR. The call resolved the quarter’s three optical controversies — the FQ1-to-FQ2 tariff bridge,…

We view a topline miss as non-core (PetChems) as Powell dazzles us with major order flow – 3.0x book-to-bill vs. our 2.2x as a take-or-pay backlog accelerates +71% Y/Y. Expect management to further lay out…

Nextpower printed record revenue ($935mn, +8% y/y), a 37% adjusted gross margin, $233mn of adjusted EBITDA, $1.20 of adjusted EPS, a record >$5.5bn backlog, and raised the bottom of every FY27 guidance range — and…