Our Research

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…

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…

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…

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…

Investment Conclusion The US is Not “Energy Independent”. The widely-promoted narrative that the United States is energy-independent and capable of replacing Persian Gulf crude flows is analytically incorrect and, in our view, is creating dangerous…

LME Metal Prices Surge Higher vs. Previous Close: Yesterday, Copper +2.16% to $6.02/lb; aluminum +1.19% to $1.65/lb; nickel +3.03% to $9.25/lb; zinc +0.72% to $1.57/lb; lead +0.09% to $1.10/lb; gold +2.14% to $4,842/oz; silver +5.22% to…

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…

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 —…

INVESTMENT SUMMARY GLJ Research reiterates its Four-Phase Iran Macro Playbook framework. As of April 6, 2026, Phase 1 is closed and Phase 2 is fully confirmed. The April 10 CPI print — the Six-Week Trigger…

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…

Bottom Line A channel check this morning between PV Magazine‘s head editor and GLJ Research, LLC surfaces two converging threats to incumbent residential solar installers: (1) rising interest rates are killing the high-pressure sales model, and (2) DIY “backyard solar” formats…

investment Conclusion February 2026 CSI data paints a bearish picture across virtually every metric we track — and introduces a new, critical data point that fundamentally alters the storage investment narrative: Tesla’s CA residential storage…

LME Metal Prices Mostly Higher Today vs. Previous Close: Today, Copper +0.94% to $5.57/lb; aluminum +0.94% to $1.62/lb; nickel -0.39% to $9.02/lb; zinc +0.66% to $1.55/lb; lead +0.35% to $1.08/lb; gold +3.70% to $4,678/oz; silver +7.22%…

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…

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…