โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข GAAP EPS: $5.30 (Normalized Est. $4.67, not directly comparable).
โข Revenue: $1.23B (Est. $1.29B) โ, -23% YoY.
โข Net Income: $571M, +25% YoY.
โข Adj. EBITDA: $744M, +11% YoY.
โข Net Cash: $1.5B.
โข Contracted Sales Backlog: 44.0 GW.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข FY2026 Revenue: $4.6Bโ$4.9B, midpoint $4.75B (Est. $5.03B) โ, cut from $4.9Bโ$5.2B.
โข FY2026 Adj. EBITDA: $2.55Bโ$2.75B, cut from $2.6Bโ$2.8B.
โข FY2026 Module Sales: 16.0โ17.0 GW, cut from 17.0โ18.2 GW.
โข FY2026 CapEx: $600Mโ$800M, lowered from $800Mโ$1.0B.
โข Q4 Adj. EBITDA: $643Mโ$843M.
โข FY2026 Net Cash: $1.7Bโ$2.3B, unchanged.
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 revenue missed consensus by ~4.7%, reflecting lower third-party module sales volumes.
โข Net income increased 25% despite a 23% revenue decline.
โข FY2026 revenue guidance midpoint reduced by $300M, or ~5.9%, and stands ~5.6% below consensus.
โข Module sales guidance midpoint lowered by ~6.3%.
โข Contracted sales backlog stood at 44.0 GW.
โข Board authorized a new $500M share repurchase program.
โข Net cash declined from $2.4B at year-end 2025 to $1.5B, reflecting working capital needs and U.S. manufacturing investments.
โข Gross profit guidance of $2.4Bโ$2.6B remains unchanged despite lower expected revenue.
โข Management highlighted potential benefits from Section 232 trade measures and its U.S.-integrated manufacturing model.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โAs a technology company and the only fully-integrated utility-scale solar manufacturer without dependency on the Chinese crystalline silicon supply chain, we believe we are structurally positioned to benefit from this environment.โ