December 15, 2023
Are Solar ABS Bonds the “Second Coming” of the Solar YieldCo Ponzi Schemes that Effectively Bankrupted SunEdison? SunEdison, the once high-flying solar company seen by many as the solar “savior” of the industry (i.e., it…
December 13, 2023
How’s Inflation Trending, and Just How Loose Are Financial Conditions at Present Ahead of the Fed’s Rate Decision/Powell’s Testimony Later Today? In this note, in detail, we analyze yesterday’s CPI inflation report, and also look…
December 10, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 14-15), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China…
December 8, 2023
How’d Jinko Solar Fare in 3Q23? In 3Q23, JKS reported rev/GM%/non-GAAP EPS of $4.4bn/19.3%/$2.55 (Street $4.2bn/14.95%/$1.18). And, on those results 10/30/23, we’ll remind our readers that JKS’ share price surged +10.3% (while the lion’s share…
December 5, 2023
The Spread Between US HRC Spot Prices and Foreign HRC Spot Prices Has Exploded Higher Recently; is it Justified? As detailed below (Ex. 1), since 10/13/23, US HRC spot prices have surged +$335/s. ton, vs….
December 1, 2023
Houston, We Have a Problem. As a reminder, when SEDG reported 3Q23 results a few weeks back, despite negatively preannouncing days prior (due to order delays/cancellations as customers double/triple ordered in 2022, primarily in Europe),…
November 19, 2023
What’s Up? In this note, we detail why, with last week’s release of the US Treasury’s latest Quarterly Refunding Announcement (“QTR”), the relationship between the Federal Reserve and the US Treasury, through 1Q24E, will likely…
November 16, 2023
Price Tracker. Applying a modified approach, below we detail PV pricing data by substrate (Ex. 15-16), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in…
November 8, 2023
What’s Up? In this note, following, what we see as incremental discussions we held this week with: (a) the leading distributor of solar parts in the U.S., as well as (b) the world’s leading multi-platform…
November 3, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 12-13), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China…
November 2, 2023
So, How did Sunrun Fare in Q3? In this note, we provide our quick thoughts on Sunrun’s 3Q23 results reported last night, where the company: (a) saw -$804.7mn in free-cash-flow burn, despite cutting its staff…
November 2, 2023
SolarEdge Falls as it Guides to 4Q23E non-GAAP (which is BS as stock comp counts) Operating Income Loss of -$106.9mn (vs. Street’s $11.3mn GAAP Est.). As of the writing of this note (i.e., 3:17am EST),…
October 31, 2023
What’s Up? We remind our readers that “core services” PCE inflation is what Fed chair Jerome Powell has been harping about in recent talks, with a laser focus on “core services PCE excluding housing” as…
October 23, 2023
What’s Up? As a follow-up to our 10/9/23 note titled “GLJ Macro/Steel Weekly – Are Homebuilder Stocks Setting up as the Next Great Shorts?“, since which the SPDR S&P Homebuilder ETF has traded down -6.4%…
October 19, 2023
So How Did Tesla’s 3Q23 Results Come in vs. the Street’s Drastically Reduced Estimates? Last night, TSLA reported auto revs/auto-gross-margins (excl. credits) of $19.6bn/16.3%, missing Cons.’ $20.9bn/18.02% ests. by -6.44% and -172bps, respectively (we focus…