🔹 Revenue (Net Sales): $1.59B (Est. $1.58B) 🟢
🔹 EPS (Diluted): $4.24 (Est. $4.27) 🔴
Guidance (FY25)
🔹 EPS: $14.00–$15.00 (Est. $15.13) 🔴
🔹 Revenue: $4.95B–$5.20B (Est. $5.30B) 🔴
🔹 Operating Income: $1.56B–$1.68B (Prior: $1.53B–$1.87B)
🔹 Gross Margin (assumption): $2.10B–$2.20B; includes $155M–$165M ramp/underutilization and $1.56B–$1.59B in Section 45X credits
🔹 OpEx (assumption): $515M–$535M; includes ~$90M production start-up expense
🔹 Capex: $0.9B–$1.2B (Prior: $1.0B–$1.5B)
🔹 Volume Sold: 16.7GW–17.4GW (Prior: 16.7GW–19.3GW)
🔹 Net Cash Balance (YE25): $1.6B–$2.1B (Prior: $1.3B–$2.0B)
Segment
🔹 Record Volume Sold: 5.3 GW in Q3
🔹 Bookings Since Last Call: 2.7 GW at ASP ~$0.309/W (excl. pricing adjusters)
🔹 Contracted Backlog: 53.7 GW valued at ~$16.4B (as of Sep 30, 2025)
Other Metrics
🔹 Operating Income: included special items (not quantified in guidance; assumptions detailed above)
🔹 Cash & Securities (Gross): $2.0B; Net Cash: $1.5B (up from $0.6B in Q2)
🔹 Q/Q Dynamics: Net sales up ~$0.5B vs. Q2 on higher third-party module volume
CEO Commentary
🔸 “We’ve strengthened our position with the commissioning of our fifth U.S. manufacturing facility, enhanced liquidity, and record sales.”
🔸 “Despite trade and policy challenges in the industry, our pricing and delivery certainty continues to differentiate us.”