FIRST SOLAR, INC. — Call Transcript 2026

Good afternoon, and welcome to First Solar's Q4 and full-year 2025 earnings and 2026 guidance call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. All participants are in listen-only mode, and please note that today's call is being recorded. I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations. Good afternoon, and thank you for joining us on today's earnings call. Joining me are our Chief Executive Officer, Mark Widmar, and our Chief Financial Officer, Alex Bradley. During this call, we will review our 2025 results and discuss our outlook for 2026. After our prepared remarks, we'll open the line for questions. Before we begin, please note that today's discussion contains forward-looking statements, and actual results may differ materially due to risks and uncertainties. We undertake no obligation to update these statements due to new information or future events. For a discussion of factors that could cause these results to differ materially, please refer to today's press release, our SEC filings, and the earnings materials available at investor.firstsolar.com. On this call, we will also reference certain non-GAAP financial information. This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP. A reconciliation of our non-GAAP items to their respective nearest US GAAP measure can be found in our earnings press release and our earnings presentation. With that, I'll turn it over to Mark. Good afternoon. Thank you for joining us today. Beginning on slide four, I will share key highlights and accomplishments from 2025. We entered the year under the new U.S. administration with a back-weighted shipping profile that required sustained production to fulfill contracted commitments concentrated in the second half, amid a persistently uncertain policy and trade environment. Over the course of the year, we navigated a budgetary reconciliation process, which created the Build Back Better Act, evolving tariff scenarios, customer negotiations, and regulatory developments, including Section 232 actions, FEOC restrictions, and AD/CVD investigations that are still unresolved and could ultimately prove to be either headwinds or tailwinds. Throughout, we remained anchored to a core guiding principle and a key differentiator valued by our customers: contract certainty, both in pricing and in timely delivery. To honor our obligations, we maintain sufficient capacity to fulfill international module commitments and actively pursue various contractual productions to address shifting tariff dynamics and, in some cases, contract terminations. Given that backdrop, we took a disciplined, selected approach to customer contracting throughout the year. That approach is proving effective. Since our last earnings call, we secured gross bookings of 2.3 GW, excluding domestic India volume and 0.1 GW of low-bin inventory clearance. We booked 1 gigawatt in our key U.S. utility scale market at an ASP of $0.364 per watt, inclusive of applicable adjusters. By remaining patient, selective, and opportunistic, we capitalized on demand that recognizes the differentiated value of our product and contracting structure, strengthening the forward earnings profile of our backlog and positioning us to navigate and potentially benefit from ongoing policy and trade uncertainty. We are pleased to have delivered record sales of 17.5 GW of modules in 2025. Net sales of $5.2 billion were at the top end of our most recent guidance range and represented a 24% year-over-year increase. full-year diluted EPS was within our most recent guidance range at $14.21 per share. We ended the year with $2.9 billion of gross cash and $2.4 billion of net cash, coming in above our guidance range. Our growth continued in 2025 as we advanced our U.S. capacity expansion, highlighted by initiating commercial production in Louisiana, our fifth U.S. factory. In addition, we announced plans to onshore the finishing of Series 6 modules initiated at our international factories by adding U.S. finishing capacity with a new facility in South Carolina. We expect production from this facility to begin in Q4 of 2026 and run through the first half of 2027. We also advanced our CdTe-based CuRe semiconductor platform. Following a limited commercial production run from Q4 2024 to Q1 2025, we delivered initial CuRe modules to customers in the first half of 2025. Based on laboratory and field testing results, CuRe has demonstrated the expected advantaged energy profile, driven by industry-leading temperature coefficient and long-term degradation rate with improved bifaciality. These results continue to support a disciplined factory-by-factory CuRe conversion rollout, expected to begin next month, starting at our Ohio Series 6 factory.... In parallel with our CdTe-based CuRe platform, we advanced our next generation perovskite thin film program. Our focus remains on efficiency, energy attributes, reliability, and a scalable path to high volume, low cost manufacturing of this potentially transformational thin film. We launched the perovskite development line at our Perrysburg campus and reached full in-line processing capabilities in Q3, marking an important step in the lab to fab transferability and enabling production of smaller form factor modules using anticipated manufacturing tools and integrated processes. In late 2025, we initiated sourcing for a perovskite Series 6 module form factor pilot line, which we expect to reach operational readiness in early 2027. While we made promising progress in 2025, additional work remains before more broadly scaling our perovskite program. Lastly, we continue to actively enforce our intellectual property rights, including our TOPCon patents in the U.S. Notably, in Q4, the U.S. Patent and Trademark Office denied three separate petitions filed by foreign headquartered manufacturers that sought to invalidate aspects of our TOPCon portfolio. This outcome reinforces our confidence in the strength of our patent portfolio. I will now turn the call over to Alex to discuss our most recent shipments and booking activities, as well as our Q4 and full-year 2025 results. Thanks, Mark. Beginning on slide five, as of December 31, 2024, contracted backlog totaled 68.5 GW, valued at $20.5 billion or approximately $0.299 per watt. For the full-year 2025, we sold 17.5 GW of modules, secured 7.4 GW of gross bookings, and recorded 8.3 GW of debookings, primarily due to our termination of contract as a result of contract breaches by customers, resulting in net full-year debookings of 0.9 GW. We ended the year with a contracted backlog of 50.1 GW, valued at $15 billion. As a reminder, the contracted backlog reflects the base ASP. A significant portion of our existing contracted backlog includes pricing adjusters that may increase the base ASP, contingent on achieving specific milestones within our technology roadmap and manufacturing replication plan. At year-end, approximately 23.2 GW of contracted volume included these adjusters, which we estimate could generate up to an additional $0.6 billion, or approximately $0.03 per watt, the majority of which we recognized in 2027, 2028. Turning to the P&L on slide six, Q4 net sales were $1.7 billion, a $0.1 billion increase sequentially. Full-year net sales were $5.2 billion, a $1 billion increase year-over-year, driven primarily by a 24% increase in module volume. Gross margin in Q4 was 40%, an increase from 38% in the prior quarter. The increase was driven by a higher mix of U.S.-manufactured modules benefiting from Section 45X tax credits, lower non-standard freight charges due to reduced international shipments, and the resolution of the glass supply chain disruption experienced in Q3 at our Alabama facility. These benefits are partially offset by ramp and underutilization costs to Louisiana, a higher proportion of sales into the India market, and the termination amounts recognized in the third quarter related to the breach of contracts by affiliates of BP. full-year 2025 gross margin was 41%, a decrease from 44% in the prior year. The decline was primarily driven by tariff costs, as well as the impact of tariffs exacerbating warehousing expense associated with a back-weighted revenue profile, detention and demurrage, partially driven by supply-demand imbalances following certain contract terminations due to customer default, and underutilization from the curtailment of our Series 6 international facilities. These headwinds were partially offset by $1.6 billion of Section 45X tax credits recognized in 2025, relative to $1 billion in 2024, driven by a higher mix of US-manufactured module volume sold. As an update on warranty-related matters, we've resolved certain claims and have continued to advance negotiations with additional customers regarding warranty claims for select Series 7 modules produced prior to 2025. Based on our settlement experience, the estimated number of affected modules, and projected remediation costs, we believe a reasonable estimate of potential future losses will range from approximately $35 million to $75 million. Within this range, we've recorded a specific warranty liability of $50 million, representing our best estimate of the expected impacts associated with this issue. We're aware of certain statements, including in recent counterclaim filings by affiliates of BP, relating to overall PV plant underperformance. While we will not comment on existing litigation, we do encourage a review of our initial complaint filed last year, as well as our answer to those claims and our motion to dismiss, filed earlier this month. To relate to overall PV project output, we would note that solar plant performance relative to expectation is influenced by a broad set of environmental, design, operational, and grid-related factors. These include, but are not limited to, third-party prediction modeling, weather variability, terrain variability, local microclimates, shading and soiling, procurement and design decisions relating to trackers, inverters, transformers, and other plant components, design and construction parameters, including EPC quality, DC and AC system design, construction, and handling, and operational factors, including tracker, algorithm, design, and fidelity, open circuit conditions, and overall O&M scope and quality. In short, a solar plant's performance reflects its total environment system design. As we've consistently stated, First Solar fully stands behind its module warranty obligations. To the extent a customer has a valid module warranty claim, we remain ready, willing, and able to perform our responsibilities pursuant to the procedures agreed to in our warranty. SG&A, R&D, and production startup expense totaled $117 million in Q4, a decrease of approximately $27 million relative to the prior quarter. The decrease was primarily driven by the reduction of startup costs associated with the Louisiana facility commencing commercial operations. For the full-year 2025, operating expenses were $523 million, an increase of $59 million year-over-year. This includes a $42 million increase in R&D expense, driven by higher depreciation, maintenance, and utility costs associated with our research facilities, as well as increased headcount and compensation. SG&A increased by $15 million, driven primarily by higher allowance for credit losses on age receivable balances and supplier loans. Our fourth quarter operating income was $548 million, which included depreciation, amortization, and accretion of $141 million, ramp and underutilization costs of $29 million, excluding depreciation, production startup expense of $1 million, and share-based compensation expense of $3 million. For full-year 2025, our operating income was $1.6 billion, which included depreciation, amortization, and accretion of $529 million, ramp and underutilization costs of $140 million, production startup expense of $86 million, and share-based compensation expense of $19 million. Interest income, interest expense, other income, and foreign currency losses totaled $3 million in income in Q4 and $16 million in expense for the full-year. Income tax expense for the fourth quarter was $30 million, compared to a tax expense of $4 million in the third quarter. This quarter-over-quarter increase in tax expense was primarily a function of Q3 benefits, including a $20 million discrete tax benefit associated with the acceptance of a filing position on amended tax returns in a foreign jurisdiction, incremental share-based compensation benefits recorded in the prior quarter. Recorded full-year income tax expense of $53 million. Q4's earnings per diluted share were $4.84, compared to $4.24 in the previous quarter. For the full-year 2025, earnings per diluted share were $14.21, compared to $12.02 in 2024, and within our guidance range. Turning to Slide seven, I'll cover select balance sheet items and summary cash flow information. The aggregate balance of our cash equivalents, restricted cash, restricted cash equivalents, and marketable securities was $2.9 billion at year-end, an increase of $0.8 billion sequentially and $1.1 billion year-over-year. Both the sequential and full-year increases in gross cash were driven primarily by proceeds from the sale of Section 45X tax credits generated during the year and positive operating cash flows, partially offset by capital expenditures for our Louisiana facility. We monetized $0.8 billion of 2025 Section 45X tax credits in the fourth quarter, and $1.4 billion during the full-year. Notably, in January 2026, we also received $118 million for 2024 Section 45X tax credits, where we elected a direct pay option in our 2024 tax return, filed in October 2025. The sale transactions highlight the liquidity of the Section 45X tax credit sale market, and the IRS refund provides insight into direct pay election turnaround times, providing additional visibility and flexibility to optimize credit monetization and manage overall liquidity. Accounts receivable and inventory decreased both sequentially and relative to the prior year, reflecting improved customer collections and higher volume sold. Capital expenditures were $172 million in the fourth quarter, compared to $204 million in the third quarter. full-year 2025 CapEx was $870 million, compared to $1.5 billion in 2024. Our year-end net cash position was $2.4 billion, an increase of $0.9 billion from the prior quarter, and an increase of $1.2 billion from the prior year. Now I'll turn the call back to Mark, who will provide an update on market conditions, policy, and technology. All right, thank you. Turning to Slide eight. In 2025, the policy and trade environment remained complex. While we are experiencing significant direct and indirect tariff impacts, in our view, on balance, the environment is net favorable for First Solar, an example of genuine, long-standing U.S.-based solar manufacturing. In contrast, in our view, headwinds beyond reciprocal tariffs and commodity cost increases continue to build for the crystalline silicon industry. A combination of tighter trade enforcement, potential retroactive tariffs, pending Section 232 actions, expanding foreign entities of concerns or FEOC restrictions, and greater intellectual property enforcement is increasing cost, timing, and compliance risks for developers relying on crystalline silicon products with ties to China. With respect to trade, it is notable that the Trump administration has withdrawn its appeal against a U.S. Court of International Trade ruling in the Auxin litigation, requiring that the retroactive collection of previous suspended AD/CVD tariffs. If this ruling is maintained, which appears increasingly likely, amounting contingent liabilities for AD/CVD duties associated with this unlawful two-year moratorium could represent an as of yet unrealized material financial impact on those foreign producers that relied on it. In fact, one recent industry publication noted that, quote, "U.S. Customs is suggesting that no panels that came in during the moratorium qualified for the moratorium." In support of true domestic manufacturing, we are encouraged by interim Department of the Treasury guidance issued earlier this month. that in our view, clearly signal the administration's intent to address gamesmanship by Chinese-tied solar manufacturers seeking to evade U.S. regulations and benefit from tax incentives by artificially shuffling ownership stakes, voting rights, or IP licensing with the intent of evading FEOC status. We anticipate that the forthcoming FEOC restrictions will be aligned with the legislative intent of prohibiting access to tax credits for entities with sudden corporate restructuring, lacking business purpose. We also commend Commerce preliminary CVD determinations issued earlier today as part of the broader Solar IV AD/CVD investigation into Laos, India, and Indonesia, which reflect subsidy rates of approximately 81%, 126%, and 104% respectively. Note. These preliminary CVD rates do not include preliminary anti-dumping rates, which will be additive and are expected to be determined in April. It is expected that final aggregate AD/CVD rates will be determined by the end of September. We expect that the final AD/CVD duties applied in Solar IV will again support a level playing field against the illegal and unfair trade practices of Chinese-headquartered and other crystalline silicon manufacturers who strategically evade U.S. trade laws. Finally, IP enforcement must be considered within the overall legal framework that includes these recent legislative and regulatory headwinds confronting the crystalline silicon industry. Earlier today, we filed a petition with the United States International Trade Commission, or ITC, against 10 groups of foreign-headquartered manufacturers that we believe are producing products infringing on one of our U.S. TOPCon patents. This is a separate action from our three actions seeking monetary damages against affiliates of Adani, Canadian Solar, and JinkoSolar in the United States District Court. If the ITC institutes an investigation based on our complaint, we expect that the matter would be decided in approximately 18 months. If our case is successful, the ITC may issue a general exclusion order preventing the importation of infringing TOPCon products made by foreign entities, or in an alternative, may issue a limited exclusion order preventing the importation of infringing TOPCon products by the entities named in our complaint. The ITC may issue a cease and desist order, preventing the sale of infringing TOPCon products currently in the United States. Note, the IP-related headwinds confronting the crystalline silicon industry is reflected not just by First Solar's recent victories and continued enforcement efforts, but also by the recently reported $236 million settlement entered in between Maxeon and Aiko just days before a U.S. patent court was due to decide their patent dispute. In summary, the policy and trade environment, together with sustained intellectual property enforcement across the industry, have continued to generate mounting uncertainties for U.S. developers that are dependent on suppliers tethered to China-tied supply and/or IP. On the top of the technology, turning to slide nine, our strategy remains anchored in a simple premise. Customers ultimately buy lifetime energy, not just nameplate efficiency, and our roadmap is designed to optimize the balance of efficiency, energy yield, and costs while leveraging our industry-leading thin-film expertise. We continue to believe the next step change in solar will be enabled by thin-film platforms such as perovskites. We are well aware that many in the industry are seeking to crack the code of this potential next generation of advanced thin-film technology. We believe the winner of the perovskite race will also need to have the ability to manufacture the product cost-competitively in a high-volume manufacturing environment. As the world's leader in thin-film PV technology and the world's only manufacturer of thin films at scale, we believe we are uniquely positioned to advance this prospective device, given our nearly three decades of not only thin-film R&D learnings, but high-volume thin-film manufacturing experience. Our technology strategy continues to be primarily concentrated on two core thin-film-focused pillars. Firstly, we are executing a disciplined phase gate introduction of CuRe, responsibly bringing this new technology to market with proven laboratory results and expanding field validation. Consistent with our prior outlook, we expect to permanently convert the Ohio lead line to CuRe in Q1, providing a pathway to enhance the energy attributes and competitiveness of our Series 6 platform, and then rolling out these enhancements to our Series 7 platform at successive factories. Executing CuRe remains strategically important because it is designed to enhance the attributes that translate into lifetime energy, including improved temperature response and degradation behavior, which are highly valued by utility-scale customers. When adding the improved energy attributes of CuRe to the current energy advantages of thin-film CdTe, such as superior spectral and shading response. CuRe can deliver up to 8% more lifetime specific energy yield than crystalline silicon TOPCon technology in the markets we serve. Our second pillar, perovskite, is a key part of our effort to develop next generation thin-film semiconductors that can be deployed at commercial scale in both our traditional utility scale markets, while potentially expanding our addressable market segments. To date, we have achieved reliability results we believe are comparable with best-in-class R&D efforts, while continuing to advance efficiency and stability, two of the industry's key hurdles to scaling perovskite technology. A major enabler of these efforts is our dedicated perovskite development line in Ohio. As announced prior to the beginning of the call, we have entered into an agreement with Oxford PV, the holder of what we believe is the most fundamental portfolio of perovskite-related patents. Under the terms of this agreement, Oxford PV will license to us, on a non-exclusive basis, its existing issued and currently pending patent applications. We believe that this agreement will advance our freedom to develop, manufacture, and sell crystalline silicon-free, perovskite-based semiconductor modules in the U.S. utility, commercial, and residential markets. I will now turn the call back over to Alex, who will discuss our 2026 outlook and guidance. Thanks, Mark. Before turning to our financial guidance, I want to briefly reiterate our approach to managing the business amid a dynamic market, policy, and trade environment. We enter 2026 with a backlog of 50.1 GW, despite taking a highly selective approach to bookings over the past two years. We expect to continue this strategy in 2026 as we await the outcome of, and impact on forward module demand and pricing from, the numerous political, regulatory, and legal matters discussed earlier in the call. We believe our market position with non-FEOC and high U.S. content supply, and our proprietary thin-film platform remains long-term advantage. Our existing contracted backlog relative to our production capacity, provides us with the ability and flexibility to be patient. Regarding 2026 U.S. deliveries, many of our customers continue to face both regulatory and commercial challenges, including federal permitting approval delays. As we previously stated, we will continue to work with customers to accommodate schedule shifts, where possible, consistent with our philosophy of supporting our long-term partnerships, even where we are not contractually required to do so. We enter 2026 with a fully allocated position for our U.S. production. Given tariff uncertainty, our India productions are assumed to be sold into the India domestic market. We'll continue to monitor opportunities to export products into the U.S., where it is margin accretive to do so. Our guidance assumes our India facility operating at full capacity, with the ability to flex production as needed through the year in response to changes in demand signals. Demand for our Series 6 international products produced in Malaysia and Vietnam remains constrained. Our decision in Q4 of 2025 to establish a new finishing line in the U.S., allows us to make use of a portion of the front end of these Southeast Asian facilities, optimizing freight, tariffs, and domestic content for the sale of incremental products into the U.S. domestic market. We intend to run our remaining end-to-end capacity in Malaysia and Vietnam at low utilization rates this year, despite the financial impact of doing so, maintaining a near-term option to increase throughput should catalysts, such as the political and regulatory matters discussed earlier, drive incremental profitable demand. Slide 10 shows our capacity and forecast production for 2026 and into 2027. Nameplate capacity reflects current output entitlement at full scale, throughput, and yield, with downtime solely for planned maintenance. Production reflects nameplate capacity adjusted for factory ramp, other downtime, including for technology and tool upgrades, and any planned reduction in throughput, including due to market demand. Related to technology, as previously noted, we expect to recommence running Series 6 CuRe products in Perrysburg this quarter. Assumed in our 2026 production forecast for India, is downtime associated with tool upgrades, with the intent of beginning CuRe production on our first Series 7 line in India in early 2027, followed by the remainder of the Series 7 fleet thereafter. Additionally, our Southeast Asian capacity is reduced significantly in both 2026 and 2027, due to the removal of tools destined for our U.S. finishing line, as well as for reuse in our perovskite development work. By 2027, U.S. finishing capacity is forecast to be 3.5 GW, with a remaining Southeast Asia capacity of 1.8 GW for fully finished International Series 6 modules. With projected U.S. nameplate capacity of 14.9 GW in 2026, growing to 17.1 GW in 2027, with the scaling of Louisiana and South Carolina, we expect global nameplate capacity of 19 GW in 2026 and 22.1 GW in 2027. Note, we expect U.S. nameplate to continue to increase as we drive technology throughput and yield improvements. In terms of production, as previously noted, we expect significant underutilization of our International Series 6 facilities. India is assumed to run high throughput with the ability to flex production as needed based on local demand and international sale options. With forecasted U.S. production of 13-13.3 GW this year, and 14.9-16.1 GW next year, this results in total forecasted production of 16.5-17.5 GW in 2026, and 18.9-20.5 GW in 2027. Turn to slide 11. Other assumptions embedded within our guidance today. Expected volume sold of 17-18.2 GW is above forecast production as we reduce inventory levels by year-end. We forecast an ASP of approximately $0.308 per watt for volume sold in the U.S., slightly above our contracted backlog. This includes certain freight, tariff, and commodity recovery and technology upside. We expect limited ASP upside from CuRe sales in 2026, largely as a function of contractual notification deadlines relative to the timing of the decision to recommend secure production. Combined with India domestic sales, the majority of which we expect will book and deliver within the next year, we forecast a global ASP recognized of approximately $0.287 per watt. Cost per watt sold is forecast to remain relatively flat year-over-year at approximately $0.267 per watt, which includes the impact of tariffs and the impact of reshoring U.S. manufacturing, largely recognized through ramp and underutilization expense, and excludes the benefit of Section 45X credits generated by domestic manufacturing. Including the benefit of Section 45X credits, cost for what sold is projected to be down approximately $0.03 per watt year-over-year. Cost per watt released from inventory is expected to increase approximately $0.02 per watt year-over-year. Approximately half of this increase is forecast to come from a mix shift, as both Southeast Asia production reduces and Louisiana, Alabama increases. The other half to come as a result of multiple factors, including increases in tariff costs, increases in core bill of material costs, increases in utility rates, and downtime for technology upgrades. Period costs are expected to decrease by an equivalent approximately $0.02 per watt from a combination of lower standard sales rate due to greater domestic mix shift, the effective elimination of non-standard freight charges as a function of reduced international product imports, reduced warehousing costs, and other period cost reductions. To provide some more color, we forecast total net tariff cost impact across bill of material and finished goods imports, recognized in both Cost per watt produced and period costs toward cost what sold of $155 million-$175 million. Net of expected contractual recoveries on finished goods sold, we expect a total tariff impact of $125 million-$135 million. This assumes a Section 122 tariff in place for 150 days at 15%, impacting all bill of materials, works in progress, and finished goods imports in that time period. In addition, certain commodities, including aluminum, are subject to long-lasting, higher rate Section 232 tariffs. Note that we recognize the P&L impact of tariffs at the time of product sale. Our total tariff impact in 2026 reflects higher tariff rates paid on bill of materials, works in progress, and finished goods imports incurred prior to the recent Supreme Court decision. Tariffs also indirectly lead to underlying commodity cost pressure for our variable U.S. bill of material, including relating to aluminum, steel, glass, interlayer targets, and spares. Electricity rate hikes increase fixed costs. These cost increases are not contractually recoverable from our customers. Sales rates forecast to be approximately $0.014 per watt in 2026. Warehousing-related cost of approximately $200 million is down from 2025, but remains high, and part of the function of underutilization of space, driven by our forecast Southeast Asian curtailment. Beginning in 2027, we expect to reduce warehouse costs to a longer-term run rate of approximately $100 million per year. Forecast ramp and underutilization expenses of $115-155 million are a function of curtailing Malaysian, Vietnam capacity, as well as the ramp of our U.S. finishing line. Setup costs is expected to be $110-120 million, driven primarily by the ongoing depreciation and logistics associated with idled finishing equipment in transit, as well as certain tariff-related costs incurred to import that equipment and warehousing such equipment for use at our new South Carolina facility. Finally, a note on capital structure. Our strong balance sheet remains a strategic differentiator. It allows us to navigate periods of volatility, including near-term supply and demand imbalances in certain international markets, while continuing to support R&D investment, technology capital spend, and capacity growth, including localizing the U.S. solar supply chain in support of energy security and national policy objectives. We ended 2025 in a strong liquidity position and have since enhanced our financial flexibility by entering into a new $1.5 billion senior unsecured revolving credit facility, improved commercial terms, greater flexibility, more relaxed covenants. In 2026, we intend to fund CapEx through cash on hand and operating cash flow. We plan to prepay the remaining balances outstanding under our India credit facilities, including our loan with the DFC, ahead of its scheduled maturity. Doing so enables us to optimize our jurisdictional capital structure, increase the capacity of our local working capital facilities, while reducing exposure to India rupee volatility-related hedging costs. Separately, while not assumed in our guidance, potential monetization of 2026 Section 45X tax credits provides additional liquidity optionality. Our capital allocation priorities remain unchanged. Firstly, we prioritize maintaining a resilient working capital reserve, approximately $1.5-2 billion, to account for industry cyclicality and uncertainty and short-term supply and demand imbalances. Secondly, we deploy cash to fund growth and replicate technology improvements across the fleet. Thirdly, we invest in innovation through R&D and targeted capital investments, as well as strategic enablers such as licensing arrangements, to advance our technology roadmap, including perovskite optionality. Fourthly, we'll consider M&A, which we're actively evaluating, to pursue complementary technology-adjacent opportunities to reinforce our strategic differentiation. As we near the conclusion of recent years of sustained high CapEx associated with manufacturing capacity growth. We will evaluate applying cash generation in excess of the above capital priorities to share repurchases. We'll provide an update on this later in the year, pending clarity around certain factors, including policy catalysts, realization of new bookings volume, and any decisions around 2026 Section 45X tax credit monetization. I'll now cover the full-year 2026 guidance ranges on slide 12. Our net sales guidance is between $4.9-5.2 billion. Gross margin is expected to be between $2.5-2.6 billion, or approximately 49.5%, which includes $2.1-2.19 billion of Section 45X tax credits and $115-155 million of ramp and underutilization costs. SG&A expense is expected to be between $215-225 million, and R&D expense between $285-290 million. The primary driver for our increase is due to higher investment in advanced research, including expanded perovskite and innovation center activity and planned headcount additions. SG&A and R&D expense combined is expected to total $500-515 million, and total operating expenses, which includes $110-120 million of production startup expense, expected to be between $610 million and $635 million. Included within our R&D expense guide for 2026 are approximately $100 million of costs associated with perovskite development. Going forward, we intend to guide on an adjusted EBITDA basis, which we believe provides the clarity to our underlying operating performance and enhances comparability across periods. We forecast full-year adjusted EBITDA of $2.6-2.8 billion. My 1st quarter earnings cadence perspective, we expect module sales of 3.4-4 GW, Section 45X tax credits of $330-400 million, resulting in adjusted EBITDA between $400 million and $500 million. Capital expenditures in 2026 forecast to range from $0.8-1 billion. Approximately half of the spend was for capacity expansion, primarily the South Carolina finishing line and the Louisiana plant. Remaining spend is expected to be split evenly between CuRe in India and R&D technology replication and maintenance. Expect to end 2026 with gross and net cash balances between $1.7 billion and $2.3 billion, and assume a full repayment of our India credit facility with the U.S. International Development Finance Corporation by June 30th, 2026. With that, we conclude our prepared remarks and open the call for questions. Operator? We will now begin the question and answer session. Please limit yourself to one question. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Our first question comes from the line of Brian Lee with Goldman Sachs. Your line is open. Please go ahead. Hey, guys. Good afternoon. Thanks for taking the questions. I guess just on the ASP front, Mark, you mentioned the $0.364 per watt, including adders for the U.S. bookings this quarter. How much did the adders add there? Is that sort of the level of entitlement, 36 and above, that you would expect for U.S. bookings through the rest of the year? Maybe can you comment on visibility you have on the pricing environment from this point forward? Just secondarily, on the gross margins, I'd be curious. I mean, this is implying kind of a 10% component gross margin in the guidance, even if I, you know, factor out underutilization and the 45X credit. I know there's a lot of moving pieces, Alex, but when do you guys kind of get back to, you know, high teens, 20% type of gross margin for components the way you were at in 2024? Kind of what are some of the big bridges to get back there? Thank you. All right, I'll do the ASP conversation. Alex, obviously, take the gross margin. There's about two and a half cents to $0.03 of the value of the adder in terms of the ASP, that $0.364. That's about the number. The CuRe attributes will give you close to 3%. Not everything that was booked in that $0.364 actually had the adder. If you sort of broke it out a little bit, you potentially are going to see slightly higher prices for the CuRe attributes for the product that we booked with the CuRe attributes. You know, look, I think the entitlement-wise, I mean, I feel good about the pricing that we're at now, but I think there's some more catalysts that could still happen. I think some are leaning in with all the uncertainty that we referenced on the call in terms of what happens with 232 and what window are they trying to book into, given the constraints with FEOC. I think if we continue to see more momentum there, we just obviously saw the Solar IV announcements, which obviously are going to address, you know, imports coming in from those three countries that we referenced. There's potentially more tailwinds, depending on how they play out, that could support even better pricing as we move forward. I think, visibility-wise, I think that's kind of a good indication of where we expect the market pricing to be relative to the CuRe technology. Brian, on the gross margin, if you back out the 45X, it's about a 7% gross margin. If you think about that against the $5 billion revenue profile, it's about $350 million of gross margin. If you try and walk that back up to, call it, the 20% number we've talked about before, this year, we've got about $165 million of tariffs sitting in there, and about $135 million on utilization. About $300 million or so there, about six points of margin. ... you've got about $200 million of warehousing. I think we said in the prepared remarks, that'll come down to about $100 million on a run rate basis next year. Pick up another $100 million there, another 2 points of margin. If you look at the adjusters, we talked about, you know, $600 million in the backlog, mostly recognized in 2027, 2028. You take $300 million across each of those years, that's another 6 points of margin. That kind of walks you back up to, you know, around about the $1 billion of gross margin and the 20% number. Tariff is obviously still in that's, that's an impact that we're still wrestling with. but I'd also say you've got incremental volume coming in next year, which is not factored into that, and the contribution margin benefit of that, even ex-IRA, is gonna be meaningful. I'd also say we're trying to look at this on an ex-IRA basis, but it's challenging to do that to some degree because we are adding incremental costs, both by U.S. manufacturing and also by the mix shift to bringing more production into the U.S. We're doing that, and that allows us, enables us to capture that 45X credit. I know we're looking on a ex-IRA basis, but if you think about it with the IRA included, with that 45X, yes, the core shows 7% this year and the walk up that we talked about just now. You've got 43 points of IRA. The growth margin on a GAAP basis will be 50% this year relative to 41% last year, which is the highest we've seen. Obviously, we want to keep growing the core underlying non-IRA, and there's a path there, as I said, that takes you back up to that 20%, and we're about $1 billion at that $5 billion revenue profile. You can't ignore the two and the interconnectedness of the fact that we are reshoring capacity, and that does come at a cost, both direct cost and mix shift cost, that enable us to capture those 45X benefits. Yeah, Brian, I want to add a couple of things to. One, back to on the pricing environment, because I also want to make sure this is clear, is that that product or that ASP is also reflective of largely influenced by a domestic content product, right? Now, what we do a lot of times is it's agreed to around some number of points which allow us to bring in some amount of international volume, assuming the tariff rates are amenable, such that we can blend international. If we ended up doing a straight up international deal, for example, with some of the capacity we have available with our Malaysia, Vietnam facilities, I would expect that price point to be closer to $0.30. I just want to make sure that that's clear. If we actually end up, you know, booking some of that international volume as we go forward, that you may see a lower ASP there because of that dynamic. I want to make sure that's clear. The other one, just to Alex's point around tariff. The other thing is kind of creating some headwind for us this year is, and we've mentioned this before, I mean, there is insufficient glass supply in the US, and we've been working to bring in basically brownfield and mothballed facilities and getting them up and operational. To support the scaling that we have right now, we are bringing in some glass internationally and using it in our US production, and that is creating a cost headwind. My inbound freight costs are higher. I'm bearing the cost of the tariffs, and what we would expect to do as we scale up our supply chain here in the US, which we're in the midst of doing, we'll see less of a dependency on that import of that glass, which will also help us a little bit on our gross margin profile. Your next question comes from the line of Julien Dumoulin-Smith with Jefferies LLC. Your line is now open. Please go ahead. Thank you. Thank you all very much. Appreciate the opportunity to connect here. Appreciate it. Look, if I can ask you first off, just to reconcile on the volumes produced versus sold. Can you comment a little bit about just what you're seeing here of late? Separately, can you comment a little bit about what you're actually seeing in terms of sell-through on volumes out of Asia? I know you prepared comments had some nuance on this, but just elaborate a little bit about what both Southeast Asia/India are assuming here in 2026 and what you're seeing preliminarily in 2027 as well. Yeah. You know, if you go to the slides, we give you a walk on what we're expecting to produce versus sell. The delta between the two is about 700 MW coming out of inventory. That's the gap you're seeing between produced volume and sold volume. We gave you the U.S. number for sold. You can see it in there. It's 12.9. It's 9.33. It's in the script there. We'll come back to you. Yeah, the delta is coming out of inventory. What was your second question, Julien? I think part of it, your question was on the Southeast Asia, I think is what you're. Yeah, on sell-through. Yeah, let's talk through that. India is gonna produce called 3 GW or so this year and will be sold into the India market. We're actually gonna have a, you know, a really strong quarter. We had a really strong Q4 and we'll have a strong Q1 in India. Demand in India is strong. We got 3 GW or so, a little bit north of that because we got some inventory sell-through that will sell in 2026 in India, domestically manufactured, sold into the India market, okay? Now, on the Southeast Asia, you know, those factories are kind of running 20% or so. I mean, they're extremely underutilized. You know, what Alex said in his prepared remarks is that we're looking at this almost as option value. Some of that capacity will be fully utilized once we get our South Carolina facility up, because the front-end capacity for, call it, half of the Southeast Asia manufacturing will come to the U.S. That'll solve a piece of that underutilization. The other half is, you know. is going to continue to be underutilized at a very low utilization rate. What we're looking at this is really an option to allow some of these potential tailwinds around Section 232 and other things to play itself out, to see what the impact of that could be, to create more demand for those international operations. We also, I think as we indicated in our last call, we are trying to work with a couple of counterparties on potentially meaningful volume offtake for those international production. You know, that's all still in the works. It's still gonna be largely tethered back to what happens in the policy environment. You know, we are incurring significant underutilization and cost headwinds because of what we're trying to do right now is figure out, let's create an option, let's evaluate what we continue to see in the market. We've been sort of wearing this for over a year now. You know, it was about a year ago when these tariffs came in place, and, you know, we started to throttle down, you know, kinda towards the end of Q2, beginning of Q3, and we've kind of run at a very low utilization rate to try to sort of buy some time to see how these tariffs ultimately get played out. Your next question comes from the line of Mark Strouse with JP Morgan. Your line is now open. Please go ahead. Yes, good afternoon. Thanks for taking our questions. Within the last couple of months, there was a individual with a vast amount of resources that is talking about ramping up, supply of U.S.-based solar panel, production over the coming years. Just curious, you know, if that is having any real impact on the conversations you're having with your customers, especially if you look out, to later this decade. I have a quick follow-up. Thanks. Look, obviously very much aware of the announcement and the ambitions. You know, from my understanding, a lot of that is not necessarily focused for, you know, kind of our utility scale market that we're primarily focused on. I think it's primarily looked to be captive for their own consumption, for their own programs that they're envisioning. You know, it's also out in our horizon, and I think there's also a pretty strong realization of some pretty significant challenges to try to get to that type of scale. If you're really thinking about this as fully vertically integrated all the way from polysilicon forward, you're not only you're trying to solve the constraint at, let's say, the cell level, you've got to think through how do you sell the wafer and how do you think through the polysilicon. The capital investment to try to move all that forward is going to be pretty overwhelming. The technical aspects around it as well, of understanding freedom to operate issues. We've already talked about there are IP infringements all over the place, within the crystalline silicon world, and everybody's going to stand up and try to protect their IP where it makes sense. It hasn't really impacted our conversations yet. I think if they got to a realization where you started to see, you know, sites being announced, actual equipment being purchased, you know, operations being commenced, then I think you know, maybe it starts to sort of inform our customers' views of other thoughts and ideas, but as of right now, it's having very little impact. Mark, just wanted to comment around that. As you're well aware, the biggest constraint that we're seeing in the market for hyperscalers right now is access to power. As we've just gone through the process of looking to site our new finishing line, the biggest constraint we faced around that was land with available power to connect. Again, Mark mentioned you've got a capital constraint, which even that could be overcome, IP constraints, just knowledge and know-how. You've also got the constraint of how you would power these facilities. If you're trying to build to that scale, you'd be in the same constraints that the hyperscalers have today. Okay, thank you for that. That makes sense. Then I just wanted to ask a clarifying follow-up to Brian Lee's question earlier. Mark, when you said the $0.364 is for the domestic content, are you saying that that is the blended rate, so it would be a higher amount than that for the U.S. domestic content, average with the whatever, $0.30 for international, or is that $0.364 how we should be thinking about the domestic content portion? The way we, I tried to mention this a little bit last time, the way we actually price is we, you know, we negotiate with the customer some number of points that they need. Given their procurement strategy around, you know, the tracker in particular, and then what are the incremental points that they need relative to the window that they plan on putting the project into service? We will negotiate a points construct, which then gives us the optionality to blend whatever percentage we can internationally. And we're in a pretty good, you know, balance between, you know, the domestic S7 and the domestic, excuse me, international S7. You know, we can optimize there pretty well, assuming we choose not to sell into the India market. Where we're a little bit more off, misaligned is really with the only having, call it 3 GW of capacity for Series 6 in the U.S., and then trying to match that up with 7 GW of international production, which makes it harder because you can't really blend that much international to achieve, let's say, a 30 or 40 or 50-point requirement that a customer has. Moving some of that finishing capacity in the U.S. also brings in some domestic content, so that helps move that equation a little bit. What I was trying to say that if you have no domestic content at all embedded into a blended price construct. You're gonna see a much lower. If I go out and say, "Okay, I want a customer to buy 500 MW of an international only with no domestic content value," and you may see some of that in some customers that are doing a PTC project, as an example, because the uplift on, you know, the PTC is, you know, not as meaningful as it is on the ITC. You know, those prices are gonna be lower. I just sort of want to make sure that that's clear and that's understood, that, you know, you could see a delta, you know, I, you know, I said $0.30 or somewhere in that range. If you're selling just a pure international S6 product into the U.S. market, you would see a lower ASP clearing price. Your next question comes from the line of Philip Shen with Roth Capital Partners. Your line is now open. Please go ahead. Hey, guys. Thanks for taking my questions. First one, just was wondering if you could give us a little more color on why no EPS guide for 2026? Secondly, in terms of the ASP implied for the 2026 guide, you know, it seems like the U.S. ASP, it might be a little bit low. I think in 2025, it was closer to $0.324, but the implied U.S. ASP in the 2026 guide seems to be closer to $0.308. I was wondering if you might be able to give some color on that. Finally, on Oxford PV, can you share what kinds of efficiencies you're able to generate? What are you seeing in your test modules, if any? What's your sense of timing as to when commercial volumes could actually ramp? Thanks, guys. On the EPS piece, we're moving the guidance to EBITDA. We think it gives a better view of operational performance, it's better comparability year-over-year. Especially a year like this year, where you've got significant costs associated with both underutilization of our Southeast Asia facilities, as we're deliberately curtailing those, as Mark mentioned, waiting for an option around whether there's profitable capacity or profitable production to be had there to serve the market. We've got significant startup costs as we're moving that equipment from Southeast Asia to the U.S. You know, historically, we haven't done that around startup and ramp production, but this is a lot different, where it's actually taking tools we already have in the ground and idling them for a significant period of time. I think it makes it more comparable. On the tax side also, we've got potential challenges around Pillar Two this year, which will make the tax number very noisy going down to EPS. On a kind of core non-Pillar Two basis, expect very low tax expense for the year. Because the agreement's not yet been finalized, there's a potential chance we'll have to accrue significant Pillar Two expense, which ultimately we don't believe will ever get realized on a cash basis. Until those agreements are finalized, we'd have to accrue that. We think it helps us with comparability as well. On the ASP side, I think your number is right, $0.308. That's if you look at what's in the backlog, it's around $0.30. It's about what's in the backlog coming out at that ASP with a little bit of uplift relative to some adjusters we get around freight, around commodities, and then there's a little bit of upside on the tech side as well there. If you think about, we mentioned on the adjusters going forward, there's about $600 million or about $0.03 a watt on average of adjusted value sitting aligned with the QA platform, and most of that, we said, will be realized 2027, 2028, which is when we'll start having much more QA product available to us. This year we have limited QO production, and given the timing of our decision to run that QO relative to the notification timings in the contracts, we're going to see very limited upside from that this year. That's why you're seeing that U.S. ASP around $30.8. I think the other thing, Phil, when you're looking at your year-on-year, you have to remember that last year, as we realized throughout the year, a handful of terminations, obviously, the largest one being the Lightsource bp termination, which, you know, that obviously impacts revenue, but, you know, you'd have to normalize, pull that out of your top-line revenue, and then do your math from that standpoint. But that clearly provided some incremental uplift to the reported ASP last year because of some of those terminations. As it relates to the Oxford PV, or just our perovskite program, basically what we're doing right now, Phil, we have a development line where we're doing small form factor modules, so think of them they're like 60 centimeters by 20 centimeters or so. These are actual, fully functional, small form factor modules that we're producing in an actual integrated production process, and doing all of our kind of conversion of some of the efforts we do in our advanced research, whether it's in California or whether it's in Sweden, and then we're doing all that testing within our development line. You know, if you, if you look at our, as we said in the prepared remarks, if you look at our efficiencies and what we're seeing, you know, in stability, we're best in class from many, many, many ways, right? Many different dimensions. I feel good about where we are from a program standpoint, but, you know, there are still fundamental challenges that have to be addressed. We are very good at understanding the nuances of thin films, right? We understand the issue of metastability, right? We understand the impact of encapsulating the thin film, right? To protect the thin film. We have a number of what have been identified as, you know, best in class in particular, Chinese perovskite product. If you put those out into a test field, as we have, first off, they'll even tell you in their literature that they give you, "Do not expose the module to open circuit," which means effectively, once you install it has to be immediately energized. If you choose to, you know, to expose it to open circuit, it degrades almost instantaneously in some cases. There's others that because their encapsulation is so poor, that the film just starts to, over time, effectively pull apart, right? There's a huge significant delamination that happens with the film, and it can't sustain itself over extended periods of time. There's a lot of many factors or many factors that factor into how do you commercialize a product? We are working on all of those dimensions, right? Our view is we need to think about the development, not just to drive the efficiency, also drive the attributes to a point where they're competitive, and then to manufacture that in a way that creates an enduring product that can be, you know, into the field for 30+ years and perform at attributes that are relatively close to the current thin-film technologies that we have. That we can do that all in HVM and do that in a way that we can do it cost-competitively. There's many different things that we're working on in that regard, Phil. I would just say we're pleased with where we are. Our next phase is we will be investing. We've already started our procurement process to put together a pilot line that will make full-size modules, largely still for development purposes. We will deploy those modules in the field as well, some commercially with customers. As we evolve the development program, as we evolve the HVM issues in larger form factors... Anytime you scale from something that's, call it, you know, 20 by 6 centimeters to something that is, you know, 2.5 square meters, there's issues you're gonna have to deal with through that scaling process, and especially the uniformity of the cell. Once we are better informed around how all that's progressing, that'll determine, you know, overall commercial readiness. The entitlement here is an efficiency number that is 20+%. It's a, it's an LTR that is, you know, competitive, a bifaciality that's, call it, 70%, and a tempco that's, you know, somewhere in, you know, the mid-teens. You know, which is better than we have now with CdTe. That's the aspiration of what we're trying to accomplish, but a lot of work between now and then. Your next question comes from the line of Vikram Bagri with Citi. Your line is now open. Please go ahead. Good evening, everyone. I wanted to ask, you know, sort of a two-part question about India capacity and potential for cancellations. First, on India, can you talk about the pricing environment? I was wondering if you can give us confidence that the sales in the market are viable, the pricing is stable, and is expected to stay stable throughout the year. I understand there is no sizable spot market in the U.S., but is there a possibility some of that volume can be rerouted to the U.S., given the 15% tariff now in place? Finally, on India, it seems there is a lot of domestic capacity for panels being ramped up. How do you think about that capacity in the long term and the viability of that market for solar panels? As a follow-up on cancellations, you've historically mentioned, you know, pricing and new players pulling back investments from renewables, and the U.S. market has created this risk of cancellations. With lower tariffs, how are the conversations going with customers? Is that risk much lower now? And if you can quantify how much of the contracts are potentially at risk of cancellations. Thank you. All right, I'll deal with the India question first, and I don't know if you got the tariff question. Okay, all right. Look, what I would say is right now, you know, pricing is a point to look at in India. It is, it is lower. What I would say, though, is we're effectively realizing high teens to low 20% gross margin. If you wanna look at it from a gross margin standpoint, because I think you have to understand the cost of manufacturing in India is significantly lower than what the cost of manufacturing is in the U.S. Yes, lower pricing, but you basically balance that out with a lower cost of production, and you're realizing, you know, kinda high teens to low 20% type gross margin in India. So, you know, that's obviously where we stand right now. As you if you look across, you know, the horizon of what do we, you know, how would we optimize that, you know, production, and one of the things I think you said is the risk of overcapacity. Look, I agree that there's that risk, but there's also what's counterbalancing that and why there's also robust demand for our product and technology in India, is that, you know, the approved list of model and manufacturers in India is now moving further upstream. It started off with the module itself. Now, effectively, for any, for any project that is commissioned in April of this year or Q2, will now have a cell requirement to be made domestically, and then there's also in. They foreshadowed already a wafer requirement that effectively starts to come into effect, in 2028. There's not a existing vertically integrated manufacturing capability in India at this point in time. I think what some of the manufacturers have seen is that it has become more challenging as they try to get into cells, and then even more so, they try to get into the wafer, and then obviously, they're trying to figure out the poly side of the house as well. A lot still needs to happen from that standpoint. We also believe From a cost standpoint, even if that vertically integrated supply chain were to happen, we will be cost advantage with our vertically integrated manufacturing facility, with everything being done within the four walls of a factory, right? There's a cost advantage, we think. We also believe we have an energy advantage, which will be further enhanced when we implement our CuRe technology in India, which will start beginning of 2027. I look across the horizon, I feel like I got a better product, better technology. I've got a better policy environment that should continue to advantage us in terms of India. As a backdrop, to your point, we will continue to evaluate the construct of potentially bringing some of that product into the U.S. market, and we'll do some of that with a view of you know, creating some competitive tension into the domestic market. 'Cause I don't want customers to believe that I don't have an alternative path other than selling into the domestic market. I'd like to be able to say, sure, at the right tariff construct, you know, we can also redirect the product and blend it in with some S7 domestic product, and it still command pretty good pricing. You know, it's a little bit choppy to continue to move back and forth, 'cause today we, you know, we primarily make a fixed tilt product for the India market, and then to have to convert the factory to make a tracker product for the, for the U.S. market or export market, that's a little clunky, and you can incur some downtime and some cost, and the transportation of bringing that product into the U.S. is more expensive than we'd like. Ideally, if we can just harmonize and keep running that factory all out, serving the domestic market, getting good ASPs, you know, that's our preferred path, but we clearly would look at, you know, bringing some of that into the U.S. market if the situation and the dynamics are right. Vikram, you asked around cancellation risk and whether tariffs are playing a part there. Look, tariffs coming down, it's fairly helpful, but I don't think what you've been seeing on the cancellation side in the last year has really been tariff related. The two aren't necessarily linked. I mean, what we've said before and what we've been seeing is more of a strategic shift by certain players, especially oil and gas and the European utility players, to reallocate capital away from renewable development in the U.S. into some of their more core business on oil and gas development or European utility development. Where we've seen some of those players move away, we've seen others entering into the space in the U.S. and pick up some of that slack and see an opportunity in taking over those projects to develop them. It's hard to handicap a cancellation risk in the backlog. Sure, it could exist. I think historically what we've seen is then potentially more risk around the international product, just given the value of domestic content. If you look at today, the amount of international product sitting in our backlog is pretty small. You can see that by how much we're producing out of Southeast Asia this year relative to U.S. product. That product has potentially been more challenged. I think the U.S. demand has been strong, even if there were cancellations, they have much more opportunity to move any terminated U.S. products back into the U.S. market. I'd also say that, you know, clearly we've been enforcing termination penalties and fees and making sure that we capture the value in the contract. If there's a contractual obligation for someone to pay an amount for terminating those contracts, we've been enforcing that and we'll continue to do so. This will be our final question. Our final question will come from the line of Ben Kallo with Baird. Your line is now open. Please go ahead. Hey, guys. Thanks for putting me in here. I just wanted to square, you know, you know, time to power is a big question or big emphasis out there. I know you have so many moving pieces and just bookings. I'm trying to square, you know, time to power and the need for electrons with how you guys are doing bookings with, you know, your different moving pieces right now. Thank you. Look, I think, you know, Ben, you gotta, I mean, you gotta remember, we've got a luxury. We're kind of in a nice position. We've got, you know, 50 GW of contracted volume that, you know, is gonna carry us forward. There's a clear sense of urgency from customers around execution and time to power. I mean, there's customers that obviously have safe harbored under Section 48, and they need to get their projects commissioned by the end of 2028. There's others that are safe harbored under 48, and those who are continuing to safe harbor, because they can do that up to the middle of this year, to then get an opportunity to get projects done through the end of 2030. There is quite a bit of demand. Our customers are also dealing with a lot of angst of trying to figure out permitting issues and other things they're trying to do, financing issues, getting things, you know, in place for the current or the, you know, projects that they're executing against and the construction, what have you. Thinking through a longer position around across their portfolio, both the earlier stage and then obviously late stage development. That sense of urgency is there. People are being really creative, looking to, you know, do more on-site generation, you know, and try to get out from underneath the constraint of the interconnections. If a customer does have an interconnection agreement, I mean, they're running hard and, you know, they're making sure they're lining up their modules as well as their EPC agreement and balance of system equipment to make sure they can execute on time. It's a clear catalyst. I also think it is helping us, you know, as we engage and we talk with customers about pricing as well. There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

Speaker 8: Good afternoon, and welcome to First Solar's Q4 and full-year 2025 earnings and 2026 guidance call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. All participants are in listen-only mode, and please note that today's call is being recorded. I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations. Good afternoon, and welcome to First Solar's Q4 and full- year 2025 earnings and 2026 guidance call. good afternoon and welcome to first solar's q4 and full- year 2025 earnings and 2026 guidance call This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. this call is being webcast live on the investors section of first solar's website at investor.firstsolar.com All participants are in listen-only mode, and please note that today's call is being recorded. all participants are in listen-only mode and please note that today's call is being recorded I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations. i would now like to turn the conference over to your host byron jeffers head of investor relations

Speaker 4: Good afternoon, and thank you for joining us on today's earnings call. Joining me are our Chief Executive Officer, Mark Widmar, and our Chief Financial Officer, Alex Bradley. During this call, we will review our 2025 results and discuss our outlook for 2026. After our prepared remarks, we'll open the line for questions. Before we begin, please note that today's discussion contains forward-looking statements, and actual results may differ materially due to risks and uncertainties. We undertake no obligation to update these statements due to new information or future events. For a discussion of factors that could cause these results to differ materially, please refer to today's press release, our SEC filings, and the earnings materials available at investor.firstsolar.com. On this call, we will also reference certain non-GAAP financial information. Good afternoon, and thank you for joining us on today's earnings call. good afternoon and thank you for joining us on today's earnings call Joining me are our Chief Executive Officer, Mark Widmar, and our Chief Financial Officer, Alex Bradley. joining me are our chief executive officer mark widmar and our chief financial officer alex bradley During this call, we will review our 2025 results and discuss our outlook for 2026. during this call we will review our 2025 results and discuss our outlook for 2026 After our prepared remarks, we'll open the line for questions. after our prepared remarks we'll open the line for questions Before we begin, please note that today's discussion contains forward-looking statements, and actual results may differ materially due to risks and uncertainties. before we begin please note that today's discussion contains forward-looking statements and actual results may differ materially due to risks and uncertainties We undertake no obligation to update these statements due to new information or future events. we undertake no obligation to update these statements due to new information or future events For a discussion of factors that could cause these results to differ materially, please refer to today's press release, our SEC filings, and the earnings materials available at investor.firstsolar.com. for a discussion of factors that could cause these results to differ materially please refer to today's press release our sec filings and the earnings materials available at investor.firstsolar.com On this call, we will also reference certain non-GAAP financial information. on this call we will also reference certain non-gaap financial information This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP. A reconciliation of our non-GAAP items to their respective nearest US GAAP measure can be found in our earnings press release and our earnings presentation. With that, I'll turn it over to Mark. This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP. this non-gaap financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with us gaap A reconciliation of our non-GAAP items to their respective nearest US GAAP measure can be found in our earnings press release and our earnings presentation. a reconciliation of our non-gaap items to their respective nearest us gaap measure can be found in our earnings press release and our earnings presentation With that, I'll turn it over to Mark. with that i'll turn it over to mark

Speaker 7: Good afternoon. Thank you for joining us today. Beginning on slide four, I will share key highlights and accomplishments from 2025. We entered the year under the new U.S. administration with a back-weighted shipping profile that required sustained production to fulfill contracted commitments concentrated in the second half, amid a persistently uncertain policy and trade environment. Over the course of the year, we navigated a budgetary reconciliation process, which created the Build Back Better Act, evolving tariff scenarios, customer negotiations, and regulatory developments, including Section 232 actions, FEOC restrictions, and AD/CVD investigations that are still unresolved and could ultimately prove to be either headwinds or tailwinds. Throughout, we remained anchored to a core guiding principle and a key differentiator valued by our customers: contract certainty, both in pricing and in timely delivery. Good afternoon. good afternoon Thank you for joining us today. thank you for joining us today Beginning on slide four, I will share key highlights and accomplishments from 2025. beginning on slide four i will share key highlights and accomplishments from 2025 We entered the year under the new U.S. administration with a back-weighted shipping profile that required sustained production to fulfill contracted commitments concentrated in the second half, amid a persistently uncertain policy and trade environment. we entered the year under the new u.s administration with a back-weighted shipping profile that required sustained production to fulfill contracted commitments concentrated in the second half amid a persistently uncertain policy and trade environment Over the course of the year, we navigated a budgetary reconciliation process, which created the Build Back Better Act , evolving tariff scenarios, customer negotiations, and regulatory developments, including Section 232 actions, FEOC restrictions, and AD/CVD investigations that are still unresolved and could ultimately prove to be either headwinds or tailwinds. over the course of the year we navigated a budgetary reconciliation process which created the build back better act evolving tariff scenarios customer negotiations and regulatory developments including section 232 actions feoc restrictions and ad/cvd investigations that are still unresolved and could ultimately prove to be either headwinds or tailwinds Throughout, we remained anchored to a core guiding principle and a key differentiator valued by our customers: contract certainty, both in pricing and in timely delivery. throughout we remained anchored to a core guiding principle and a key differentiator valued by our customers contract certainty both in pricing and in timely delivery To honor our obligations, we maintain sufficient capacity to fulfill international module commitments and actively pursue various contractual productions to address shifting tariff dynamics and, in some cases, contract terminations. Given that backdrop, we took a disciplined, selected approach to customer contracting throughout the year. That approach is proving effective. Since our last earnings call, we secured gross bookings of 2.3 GW, excluding domestic India volume and 0.1 GW of low-bin inventory clearance. We booked 1 gigawatt in our key U.S. utility scale market at an ASP of $0.364 per watt, inclusive of applicable adjusters. By remaining patient, selective, and opportunistic, we capitalized on demand that recognizes the differentiated value of our product and contracting structure, strengthening the forward earnings profile of our backlog and positioning us to navigate and potentially benefit from ongoing policy and trade uncertainty. To honor our obligations, we maintain sufficient capacity to fulfill international module commitments and actively pursue various contractual productions to address shifting tariff dynamics and, in some cases, contract terminations. to honor our obligations we maintain sufficient capacity to fulfill international module commitments and actively pursue various contractual productions to address shifting tariff dynamics and in some cases contract terminations Given that backdrop, we took a disciplined, selected approach to customer contracting throughout the year. given that backdrop we took a disciplined selected approach to customer contracting throughout the year That approach is proving effective. that approach is proving effective Since our last earnings call, we secured gross bookings of 2.3 GW, excluding domestic India volume and 0.1 GW of low-bin inventory clearance. since our last earnings call we secured gross bookings of 2.3 gw excluding domestic india volume and 0.1 gw of low-bin inventory clearance We booked 1 gigawatt in our key U.S. utility scale market at an ASP of $0.364 per watt, inclusive of applicable adjusters. we booked 1 gigawatt in our key u.s utility scale market at an asp of $0.364 per watt inclusive of applicable adjusters By remaining patient, selective, and opportunistic, we capitalized on demand that recognizes the differentiated value of our product and contracting structure, strengthening the forward earnings profile of our backlog and positioning us to navigate and potentially benefit from ongoing policy and trade uncertainty. by remaining patient selective and opportunistic we capitalized on demand that recognizes the differentiated value of our product and contracting structure strengthening the forward earnings profile of our backlog and positioning us to navigate and potentially benefit from ongoing policy and trade uncertainty We are pleased to have delivered record sales of 17.5 GW of modules in 2025. Net sales of $5.2 billion were at the top end of our most recent guidance range and represented a 24% year-over-year increase. full-year diluted EPS was within our most recent guidance range at $14.21 per share. We ended the year with $2.9 billion of gross cash and $2.4 billion of net cash, coming in above our guidance range. Our growth continued in 2025 as we advanced our U.S. capacity expansion, highlighted by initiating commercial production in Louisiana, our fifth U.S. factory. In addition, we announced plans to onshore the finishing of Series 6 modules initiated at our international factories by adding U.S. finishing capacity with a new facility in South Carolina. We are pleased to have delivered record sales of 17.5 GW of modules in 2025. we are pleased to have delivered record sales of 17.5 gw of modules in 2025 Net sales of $5.2 billion were at the top end of our most recent guidance range and represented a 24% year-over-year increase. full-year diluted EPS was within our most recent guidance range at $14.21 per share. net sales of $5.2 billion were at the top end of our most recent guidance range and represented a 24% year-over-year increase full-year diluted eps was within our most recent guidance range at $14.21 per share We ended the year with $2.9 billion of gross cash and $2.4 billion of net cash, coming in above our guidance range. we ended the year with $2.9 billion of gross cash and $2.4 billion of net cash coming in above our guidance range Our growth continued in 2025 as we advanced our U.S. capacity expansion, highlighted by initiating commercial production in Louisiana, our fifth U.S. factory. our growth continued in 2025 as we advanced our u.s capacity expansion highlighted by initiating commercial production in louisiana our fifth u.s factory In addition, we announced plans to onshore the finishing of Series 6 modules initiated at our international factories by adding U.S. finishing capacity with a new facility in South Carolina. in addition we announced plans to onshore the finishing of series 6 modules initiated at our international factories by adding u.s finishing capacity with a new facility in south carolina We expect production from this facility to begin in Q4 of 2026 and run through the first half of 2027. We also advanced our CdTe-based CuRe semiconductor platform. Following a limited commercial production run from Q4 2024 to Q1 2025, we delivered initial CuRe modules to customers in the first half of 2025. Based on laboratory and field testing results, CuRe has demonstrated the expected advantaged energy profile, driven by industry-leading temperature coefficient and long-term degradation rate with improved bifaciality. These results continue to support a disciplined factory-by-factory CuRe conversion rollout, expected to begin next month, starting at our Ohio Series 6 factory.... In parallel with our CdTe-based CuRe platform, we advanced our next generation perovskite thin film program. Our focus remains on efficiency, energy attributes, reliability, and a scalable path to high volume, low cost manufacturing of this potentially transformational thin film. We expect production from this facility to begin in Q4 of 2026 and run through the first half of 2027. we expect production from this facility to begin in q4 of 2026 and run through the first half of 2027 We also advanced our CdTe-based CuRe semiconductor platform. we also advanced our cdte-based cure semiconductor platform Following a limited commercial production run from Q4 2024 to Q1 2025, we delivered initial CuRe modules to customers in the first half of 2025. following a limited commercial production run from q4 2024 to q1 2025 we delivered initial cure modules to customers in the first half of 2025 Based on laboratory and field testing results, CuRe has demonstrated the expected advantaged energy profile, driven by industry-leading temperature coefficient and long-term degradation rate with improved bifaciality. based on laboratory and field testing results cure has demonstrated the expected advantaged energy profile driven by industry-leading temperature coefficient and long-term degradation rate with improved bifaciality These results continue to support a disciplined factory-by-factory CuRe conversion rollout, expected to begin next month, starting at our Ohio Series 6 factory.... these results continue to support a disciplined factory-by-factory cure conversion rollout expected to begin next month starting at our ohio series 6 factory In parallel with our CdTe-based CuRe platform, we advanced our next generation perovskite thin film program. in parallel with our cdte-based cure platform we advanced our next generation perovskite thin film program Our focus remains on efficiency, energy attributes, reliability, and a scalable path to high volume, low cost manufacturing of this potentially transformational thin film. our focus remains on efficiency energy attributes reliability and a scalable path to high volume low cost manufacturing of this potentially transformational thin film We launched the perovskite development line at our Perrysburg campus and reached full in-line processing capabilities in Q3, marking an important step in the lab to fab transferability and enabling production of smaller form factor modules using anticipated manufacturing tools and integrated processes. In late 2025, we initiated sourcing for a perovskite Series 6 module form factor pilot line, which we expect to reach operational readiness in early 2027. While we made promising progress in 2025, additional work remains before more broadly scaling our perovskite program. Lastly, we continue to actively enforce our intellectual property rights, including our TOPCon patents in the U.S. Notably, in Q4, the U.S. Patent and Trademark Office denied three separate petitions filed by foreign headquartered manufacturers that sought to invalidate aspects of our TOPCon portfolio. This outcome reinforces our confidence in the strength of our patent portfolio. We launched the perovskite development line at our Perrysburg campus and reached full in-line processing capabilities in Q3, marking an important step in the lab to fab transferability and enabling production of smaller form factor modules using anticipated manufacturing tools and integrated processes. we launched the perovskite development line at our perrysburg campus and reached full in-line processing capabilities in q3 marking an important step in the lab to fab transferability and enabling production of smaller form factor modules using anticipated manufacturing tools and integrated processes In late 2025, we initiated sourcing for a perovskite Series 6 module form factor pilot line, which we expect to reach operational readiness in early 2027. in late 2025 we initiated sourcing for a perovskite series 6 module form factor pilot line which we expect to reach operational readiness in early 2027 While we made promising progress in 2025, additional work remains before more broadly scaling our perovskite program. while we made promising progress in 2025 additional work remains before more broadly scaling our perovskite program Lastly, we continue to actively enforce our intellectual property rights, including our TOPCon patents in the U.S. lastly we continue to actively enforce our intellectual property rights including our topcon patents in the u.s Notably, in Q4, the U.S. notably in q4 the u.s Patent and Trademark Office denied three separate petitions filed by foreign headquartered manufacturers that sought to invalidate aspects of our TOPCon portfolio. patent and trademark office denied three separate petitions filed by foreign headquartered manufacturers that sought to invalidate aspects of our topcon portfolio This outcome reinforces our confidence in the strength of our patent portfolio. this outcome reinforces our confidence in the strength of our patent portfolio I will now turn the call over to Alex to discuss our most recent shipments and booking activities, as well as our Q4 and full-year 2025 results. I will now turn the call over to Alex to discuss our most recent shipments and booking activities, as well as our Q4 and full-year 2025 results. i will now turn the call over to alex to discuss our most recent shipments and booking activities as well as our q4 and full-year 2025 results

Speaker 1: Thanks, Mark. Beginning on slide five, as of December 31, 2024, contracted backlog totaled 68.5 GW, valued at $20.5 billion or approximately $0.299 per watt. For the full-year 2025, we sold 17.5 GW of modules, secured 7.4 GW of gross bookings, and recorded 8.3 GW of debookings, primarily due to our termination of contract as a result of contract breaches by customers, resulting in net full-year debookings of 0.9 GW. We ended the year with a contracted backlog of 50.1 GW, valued at $15 billion. As a reminder, the contracted backlog reflects the base ASP. A significant portion of our existing contracted backlog includes pricing adjusters that may increase the base ASP, contingent on achieving specific milestones within our technology roadmap and manufacturing replication plan. Thanks, Mark. thanks mark Beginning on slide five, as of December 31, 2024, contracted backlog totaled 68.5 GW, valued at $20.5 billion or approximately $0.299 per watt. beginning on slide five as of december 31 2024 contracted backlog totaled 68.5 gw valued at $20.5 billion or approximately $0.299 per watt For the full-year 2025, we sold 17.5 GW of modules, secured 7.4 GW of gross bookings, and recorded 8.3 GW of debookings, primarily due to our termination of contract as a result of contract breaches by customers, resulting in net full-year debookings of 0.9 GW. for the full-year 2025 we sold 17.5 gw of modules secured 7.4 gw of gross bookings and recorded 8.3 gw of debookings primarily due to our termination of contract as a result of contract breaches by customers resulting in net full-year debookings of 0.9 gw We ended the year with a contracted backlog of 50.1 GW, valued at $15 billion. we ended the year with a contracted backlog of 50.1 gw valued at $15 billion As a reminder, the contracted backlog reflects the base ASP. as a reminder the contracted backlog reflects the base asp A significant portion of our existing contracted backlog includes pricing adjusters that may increase the base ASP, contingent on achieving specific milestones within our technology roadmap and manufacturing replication plan. a significant portion of our existing contracted backlog includes pricing adjusters that may increase the base asp contingent on achieving specific milestones within our technology roadmap and manufacturing replication plan At year-end, approximately 23.2 GW of contracted volume included these adjusters, which we estimate could generate up to an additional $0.6 billion, or approximately $0.03 per watt, the majority of which we recognized in 2027, 2028. Turning to the P&L on slide six, Q4 net sales were $1.7 billion, a $0.1 billion increase sequentially. Full-year net sales were $5.2 billion, a $1 billion increase year-over-year, driven primarily by a 24% increase in module volume. Gross margin in Q4 was 40%, an increase from 38% in the prior quarter. The increase was driven by a higher mix of U.S.-manufactured modules benefiting from Section 45X tax credits, lower non-standard freight charges due to reduced international shipments, and the resolution of the glass supply chain disruption experienced in Q3 at our Alabama facility. At year-end, approximately 23.2 GW of contracted volume included these adjusters, which we estimate could generate up to an additional $0.6 billion, or approximately $0.03 per watt, the majority of which we recognized in 2027, 2028. at year-end approximately 23.2 gw of contracted volume included these adjusters which we estimate could generate up to an additional $0.6 billion or approximately $0.03 per watt the majority of which we recognized in 2027 2028 Turning to the P&L on slide six, Q4 net sales were $1.7 billion, a $0.1 billion increase sequentially. turning to the p&l on slide six q4 net sales were $1.7 billion a $0.1 billion increase sequentially Full-year net sales were $5.2 billion, a $1 billion increase year-over-year, driven primarily by a 24% increase in module volume. full-year net sales were $5.2 billion a $1 billion increase year-over-year driven primarily by a 24% increase in module volume Gross margin in Q4 was 40%, an increase from 38% in the prior quarter. gross margin in q4 was 40% an increase from 38% in the prior quarter The increase was driven by a higher mix of U.S.-manufactured modules benefiting from Section 45X tax credits, lower non-standard freight charges due to reduced international shipments, and the resolution of the glass supply chain disruption experienced in Q3 at our Alabama facility. the increase was driven by a higher mix of u.s.-manufactured modules benefiting from section 45x tax credits lower non-standard freight charges due to reduced international shipments and the resolution of the glass supply chain disruption experienced in q3 at our alabama facility These benefits are partially offset by ramp and underutilization costs to Louisiana, a higher proportion of sales into the India market, and the termination amounts recognized in the third quarter related to the breach of contracts by affiliates of BP. full-year 2025 gross margin was 41%, a decrease from 44% in the prior year. The decline was primarily driven by tariff costs, as well as the impact of tariffs exacerbating warehousing expense associated with a back-weighted revenue profile, detention and demurrage, partially driven by supply-demand imbalances following certain contract terminations due to customer default, and underutilization from the curtailment of our Series 6 international facilities. These headwinds were partially offset by $1.6 billion of Section 45X tax credits recognized in 2025, relative to $1 billion in 2024, driven by a higher mix of US-manufactured module volume sold. These benefits are partially offset by ramp and underutilization costs to Louisiana, a higher proportion of sales into the India market, and the termination amounts recognized in the third quarter related to the breach of contracts by affiliates of BP. full-year 2025 gross margin was 41%, a decrease from 44% in the prior year. these benefits are partially offset by ramp and underutilization costs to louisiana a higher proportion of sales into the india market and the termination amounts recognized in the third quarter related to the breach of contracts by affiliates of bp full-year 2025 gross margin was 41% a decrease from 44% in the prior year The decline was primarily driven by tariff costs, as well as the impact of tariffs exacerbating warehousing expense associated with a back-weighted revenue profile, detention and demurrage, partially driven by supply-demand imbalances following certain contract terminations due to customer default, and underutilization from the curtailment of our Series 6 international facilities. the decline was primarily driven by tariff costs as well as the impact of tariffs exacerbating warehousing expense associated with a back-weighted revenue profile detention and demurrage partially driven by supply-demand imbalances following certain contract terminations due to customer default and underutilization from the curtailment of our series 6 international facilities These headwinds were partially offset by $1.6 billion of Section 45X tax credits recognized in 2025, relative to $1 billion in 2024, driven by a higher mix of US-manufactured module volume sold. these headwinds were partially offset by $1.6 billion of section 45x tax credits recognized in 2025 relative to $1 billion in 2024 driven by a higher mix of us-manufactured module volume sold As an update on warranty-related matters, we've resolved certain claims and have continued to advance negotiations with additional customers regarding warranty claims for select Series 7 modules produced prior to 2025. Based on our settlement experience, the estimated number of affected modules, and projected remediation costs, we believe a reasonable estimate of potential future losses will range from approximately $35 million to $75 million. Within this range, we've recorded a specific warranty liability of $50 million, representing our best estimate of the expected impacts associated with this issue. We're aware of certain statements, including in recent counterclaim filings by affiliates of BP, relating to overall PV plant underperformance. While we will not comment on existing litigation, we do encourage a review of our initial complaint filed last year, as well as our answer to those claims and our motion to dismiss, filed earlier this month. As an update on warranty-related matters, we've resolved certain claims and have continued to advance negotiations with additional customers regarding warranty claims for select Series 7 modules produced prior to 2025. as an update on warranty-related matters we've resolved certain claims and have continued to advance negotiations with additional customers regarding warranty claims for select series 7 modules produced prior to 2025 Based on our settlement experience, the estimated number of affected modules, and projected remediation costs, we believe a reasonable estimate of potential future losses will range from approximately $35 million to $75 million. based on our settlement experience the estimated number of affected modules and projected remediation costs we believe a reasonable estimate of potential future losses will range from approximately $35 million to $75 million Within this range, we've recorded a specific warranty liability of $50 million, representing our best estimate of the expected impacts associated with this issue. within this range we've recorded a specific warranty liability of $50 million representing our best estimate of the expected impacts associated with this issue We're aware of certain statements, including in recent counterclaim filings by affiliates of BP, relating to overall PV plant underperformance. we're aware of certain statements including in recent counterclaim filings by affiliates of bp relating to overall pv plant underperformance While we will not comment on existing litigation, we do encourage a review of our initial complaint filed last year, as well as our answer to those claims and our motion to dismiss, filed earlier this month. while we will not comment on existing litigation we do encourage a review of our initial complaint filed last year as well as our answer to those claims and our motion to dismiss filed earlier this month To relate to overall PV project output, we would note that solar plant performance relative to expectation is influenced by a broad set of environmental, design, operational, and grid-related factors. These include, but are not limited to, third-party prediction modeling, weather variability, terrain variability, local microclimates, shading and soiling, procurement and design decisions relating to trackers, inverters, transformers, and other plant components, design and construction parameters, including EPC quality, DC and AC system design, construction, and handling, and operational factors, including tracker, algorithm, design, and fidelity, open circuit conditions, and overall O&M scope and quality. In short, a solar plant's performance reflects its total environment system design. As we've consistently stated, First Solar fully stands behind its module warranty obligations. To the extent a customer has a valid module warranty claim, we remain ready, willing, and able to perform our responsibilities pursuant to the procedures agreed to in our warranty. To relate to overall PV project output, we would note that solar plant performance relative to expectation is influenced by a broad set of environmental, design, operational, and grid-related factors. to relate to overall pv project output we would note that solar plant performance relative to expectation is influenced by a broad set of environmental design operational and grid-related factors These include, but are not limited to, third-party prediction modeling, weather variability, terrain variability, local microclimates, shading and soiling, procurement and design decisions relating to trackers, inverters, transformers, and other plant components, design and construction parameters, including EPC quality, DC and AC system design, construction, and handling, and operational factors, including tracker, algorithm, design, and fidelity, open circuit conditions, and overall O&M scope and quality. these include but are not limited to third-party prediction modeling weather variability terrain variability local microclimates shading and soiling procurement and design decisions relating to trackers inverters transformers and other plant components design and construction parameters including epc quality dc and ac system design construction and handling and operational factors including tracker algorithm design and fidelity open circuit conditions and overall o&m scope and quality In short, a solar plant's performance reflects its total environment system design. in short a solar plant's performance reflects its total environment system design As we've consistently stated, First Solar fully stands behind its module warranty obligations. as we've consistently stated first solar fully stands behind its module warranty obligations To the extent a customer has a valid module warranty claim, we remain ready, willing, and able to perform our responsibilities pursuant to the procedures agreed to in our warranty. to the extent a customer has a valid module warranty claim we remain ready willing and able to perform our responsibilities pursuant to the procedures agreed to in our warranty SG&A, R&D, and production startup expense totaled $117 million in Q4, a decrease of approximately $27 million relative to the prior quarter. The decrease was primarily driven by the reduction of startup costs associated with the Louisiana facility commencing commercial operations. For the full-year 2025, operating expenses were $523 million, an increase of $59 million year-over-year. This includes a $42 million increase in R&D expense, driven by higher depreciation, maintenance, and utility costs associated with our research facilities, as well as increased headcount and compensation. SG&A increased by $15 million, driven primarily by higher allowance for credit losses on age receivable balances and supplier loans. SG&A, R&D, and production startup expense totaled $117 million in Q4, a decrease of approximately $27 million relative to the prior quarter. sg&a r&d and production startup expense totaled $117 million in q4 a decrease of approximately $27 million relative to the prior quarter The decrease was primarily driven by the reduction of startup costs associated with the Louisiana facility commencing commercial operations. the decrease was primarily driven by the reduction of startup costs associated with the louisiana facility commencing commercial operations For the full-year 2025, operating expenses were $523 million, an increase of $59 million year-over-year. for the full-year 2025 operating expenses were $523 million an increase of $59 million year-over-year This includes a $42 million increase in R&D expense, driven by higher depreciation, maintenance, and utility costs associated with our research facilities, as well as increased headcount and compensation. this includes a $42 million increase in r&d expense driven by higher depreciation maintenance and utility costs associated with our research facilities as well as increased headcount and compensation SG&A increased by $15 million, driven primarily by higher allowance for credit losses on age receivable balances and supplier loans. sg&a increased by $15 million driven primarily by higher allowance for credit losses on age receivable balances and supplier loans Our fourth quarter operating income was $548 million, which included depreciation, amortization, and accretion of $141 million, ramp and underutilization costs of $29 million, excluding depreciation, production startup expense of $1 million, and share-based compensation expense of $3 million. For full-year 2025, our operating income was $1.6 billion, which included depreciation, amortization, and accretion of $529 million, ramp and underutilization costs of $140 million, production startup expense of $86 million, and share-based compensation expense of $19 million. Interest income, interest expense, other income, and foreign currency losses totaled $3 million in income in Q4 and $16 million in expense for the full-year. Our fourth quarter operating income was $548 million, which included depreciation, amortization, and accretion of $141 million, ramp and underutilization costs of $29 million, excluding depreciation, production startup expense of $1 million, and share-based compensation expense of $3 million. our fourth quarter operating income was $548 million which included depreciation amortization and accretion of $141 million ramp and underutilization costs of $29 million excluding depreciation production startup expense of $1 million and share-based compensation expense of $3 million For full-year 2025, our operating income was $1.6 billion, which included depreciation, amortization, and accretion of $529 million, ramp and underutilization costs of $140 million, production startup expense of $86 million, and share-based compensation expense of $19 million. for full-year 2025 our operating income was $1.6 billion which included depreciation amortization and accretion of $529 million ramp and underutilization costs of $140 million production startup expense of $86 million and share-based compensation expense of $19 million Interest income, interest expense, other income, and foreign currency losses totaled $3 million in income in Q4 and $16 million in expense for the full-year. interest income interest expense other income and foreign currency losses totaled $3 million in income in q4 and $16 million in expense for the full-year Income tax expense for the fourth quarter was $30 million, compared to a tax expense of $4 million in the third quarter. This quarter-over-quarter increase in tax expense was primarily a function of Q3 benefits, including a $20 million discrete tax benefit associated with the acceptance of a filing position on amended tax returns in a foreign jurisdiction, incremental share-based compensation benefits recorded in the prior quarter. Recorded full-year income tax expense of $53 million. Q4's earnings per diluted share were $4.84, compared to $4.24 in the previous quarter. For the full-year 2025, earnings per diluted share were $14.21, compared to $12.02 in 2024, and within our guidance range. Turning to Slide seven, I'll cover select balance sheet items and summary cash flow information. Income tax expense for the fourth quarter was $30 million, compared to a tax expense of $4 million in the third quarter. income tax expense for the fourth quarter was $30 million compared to a tax expense of $4 million in the third quarter This quarter-over-quarter increase in tax expense was primarily a function of Q3 benefits, including a $20 million discrete tax benefit associated with the acceptance of a filing position on amended tax returns in a foreign jurisdiction, incremental share-based compensation benefits recorded in the prior quarter. this quarter-over-quarter increase in tax expense was primarily a function of q3 benefits including a $20 million discrete tax benefit associated with the acceptance of a filing position on amended tax returns in a foreign jurisdiction incremental share-based compensation benefits recorded in the prior quarter Recorded full-year income tax expense of $53 million. recorded full-year income tax expense of $53 million Q4's earnings per diluted share were $4.84, compared to $4.24 in the previous quarter. q4's earnings per diluted share were $4.84 compared to $4.24 in the previous quarter For the full-year 2025, earnings per diluted share were $14.21, compared to $12.02 in 2024, and within our guidance range. for the full-year 2025 earnings per diluted share were $14.21 compared to $12.02 in 2024 and within our guidance range Turning to Slide seven, I'll cover select balance sheet items and summary cash flow information. turning to slide seven i'll cover select balance sheet items and summary cash flow information The aggregate balance of our cash equivalents, restricted cash, restricted cash equivalents, and marketable securities was $2.9 billion at year-end, an increase of $0.8 billion sequentially and $1.1 billion year-over-year. Both the sequential and full-year increases in gross cash were driven primarily by proceeds from the sale of Section 45X tax credits generated during the year and positive operating cash flows, partially offset by capital expenditures for our Louisiana facility. We monetized $0.8 billion of 2025 Section 45X tax credits in the fourth quarter, and $1.4 billion during the full-year. Notably, in January 2026, we also received $118 million for 2024 Section 45X tax credits, where we elected a direct pay option in our 2024 tax return, filed in October 2025. The aggregate balance of our cash equivalents, restricted cash, restricted cash equivalents, and marketable securities was $2.9 billion at year-end, an increase of $0.8 billion sequentially and $1.1 billion year-over-year. the aggregate balance of our cash equivalents restricted cash restricted cash equivalents and marketable securities was $2.9 billion at year-end an increase of $0.8 billion sequentially and $1.1 billion year-over-year Both the sequential and full-year increases in gross cash were driven primarily by proceeds from the sale of Section 45X tax credits generated during the year and positive operating cash flows, partially offset by capital expenditures for our Louisiana facility. both the sequential and full-year increases in gross cash were driven primarily by proceeds from the sale of section 45x tax credits generated during the year and positive operating cash flows partially offset by capital expenditures for our louisiana facility We monetized $0.8 billion of 2025 Section 45X tax credits in the fourth quarter, and $1.4 billion during the full-year. we monetized $0.8 billion of 2025 section 45x tax credits in the fourth quarter and $1.4 billion during the full-year Notably, in January 2026, we also received $118 million for 2024 Section 45X tax credits, where we elected a direct pay option in our 2024 tax return, filed in October 2025. notably in january 2026 we also received $118 million for 2024 section 45x tax credits where we elected a direct pay option in our 2024 tax return filed in october 2025 The sale transactions highlight the liquidity of the Section 45X tax credit sale market, and the IRS refund provides insight into direct pay election turnaround times, providing additional visibility and flexibility to optimize credit monetization and manage overall liquidity. Accounts receivable and inventory decreased both sequentially and relative to the prior year, reflecting improved customer collections and higher volume sold. Capital expenditures were $172 million in the fourth quarter, compared to $204 million in the third quarter. full-year 2025 CapEx was $870 million, compared to $1.5 billion in 2024. Our year-end net cash position was $2.4 billion, an increase of $0.9 billion from the prior quarter, and an increase of $1.2 billion from the prior year. The sale transactions highlight the liquidity of the Section 45X tax credit sale market, and the IRS refund provides insight into direct pay election turnaround times, providing additional visibility and flexibility to optimize credit monetization and manage overall liquidity. the sale transactions highlight the liquidity of the section 45x tax credit sale market and the irs refund provides insight into direct pay election turnaround times providing additional visibility and flexibility to optimize credit monetization and manage overall liquidity Accounts receivable and inventory decreased both sequentially and relative to the prior year, reflecting improved customer collections and higher volume sold. accounts receivable and inventory decreased both sequentially and relative to the prior year reflecting improved customer collections and higher volume sold Capital expenditures were $172 million in the fourth quarter, compared to $204 million in the third quarter. full-year 2025 CapEx was $870 million, compared to $1.5 billion in 2024. capital expenditures were $172 million in the fourth quarter compared to $204 million in the third quarter full-year 2025 capex was $870 million compared to $1.5 billion in 2024 Our year-end net cash position was $2.4 billion, an increase of $0.9 billion from the prior quarter, and an increase of $1.2 billion from the prior year. our year-end net cash position was $2.4 billion an increase of $0.9 billion from the prior quarter and an increase of $1.2 billion from the prior year Now I'll turn the call back to Mark, who will provide an update on market conditions, policy, and technology. Now I'll turn the call back to Mark, who will provide an update on market conditions, policy, and technology. now i'll turn the call back to mark who will provide an update on market conditions policy and technology

Speaker 7: All right, thank you. Turning to Slide eight. In 2025, the policy and trade environment remained complex. While we are experiencing significant direct and indirect tariff impacts, in our view, on balance, the environment is net favorable for First Solar, an example of genuine, long-standing U.S.-based solar manufacturing. In contrast, in our view, headwinds beyond reciprocal tariffs and commodity cost increases continue to build for the crystalline silicon industry. A combination of tighter trade enforcement, potential retroactive tariffs, pending Section 232 actions, expanding foreign entities of concerns or FEOC restrictions, and greater intellectual property enforcement is increasing cost, timing, and compliance risks for developers relying on crystalline silicon products with ties to China. All right, thank you. all right thank you Turning to Slide eight. turning to slide eight In 2025, the policy and trade environment remained complex. in 2025 the policy and trade environment remained complex While we are experiencing significant direct and indirect tariff impacts, in our view, on balance, the environment is net favorable for First Solar, an example of genuine, long-standing U.S.-based solar manufacturing. while we are experiencing significant direct and indirect tariff impacts in our view on balance the environment is net favorable for first solar an example of genuine long-standing u.s.-based solar manufacturing In contrast, in our view, headwinds beyond reciprocal tariffs and commodity cost increases continue to build for the crystalline silicon industry. in contrast in our view headwinds beyond reciprocal tariffs and commodity cost increases continue to build for the crystalline silicon industry A combination of tighter trade enforcement, potential retroactive tariffs, pending Section 232 actions, expanding foreign entities of concerns or FEOC restrictions, and greater intellectual property enforcement is increasing cost, timing, and compliance risks for developers relying on crystalline silicon products with ties to China. a combination of tighter trade enforcement potential retroactive tariffs pending section 232 actions expanding foreign entities of concerns or feoc restrictions and greater intellectual property enforcement is increasing cost timing and compliance risks for developers relying on crystalline silicon products with ties to china With respect to trade, it is notable that the Trump administration has withdrawn its appeal against a U.S. Court of International Trade ruling in the Auxin litigation, requiring that the retroactive collection of previous suspended AD/CVD tariffs. If this ruling is maintained, which appears increasingly likely, amounting contingent liabilities for AD/CVD duties associated with this unlawful two-year moratorium could represent an as of yet unrealized material financial impact on those foreign producers that relied on it. In fact, one recent industry publication noted that, quote, "U.S. Customs is suggesting that no panels that came in during the moratorium qualified for the moratorium." In support of true domestic manufacturing, we are encouraged by interim Department of the Treasury guidance issued earlier this month. With respect to trade, it is notable that the Trump administration has withdrawn its appeal against a U.S. with respect to trade it is notable that the trump administration has withdrawn its appeal against a u.s Court of International Trade ruling in the Auxin litigation, requiring that the retroactive collection of previous suspended AD/CVD tariffs. court of international trade ruling in the auxin litigation requiring that the retroactive collection of previous suspended ad/cvd tariffs If this ruling is maintained, which appears increasingly likely, amounting contingent liabilities for AD/CVD duties associated with this unlawful two-year moratorium could represent an as of yet unrealized material financial impact on those foreign producers that relied on it. if this ruling is maintained which appears increasingly likely amounting contingent liabilities for ad/cvd duties associated with this unlawful two-year moratorium could represent an as of yet unrealized material financial impact on those foreign producers that relied on it In fact, one recent industry publication noted that, quote, "U.S. in fact one recent industry publication noted that quote "u.s Customs is suggesting that no panels that came in during the moratorium qualified for the moratorium." In support of true domestic manufacturing, we are encouraged by interim Department of the Treasury guidance issued earlier this month. customs is suggesting that no panels that came in during the moratorium qualified for the moratorium." in support of true domestic manufacturing we are encouraged by interim department of the treasury guidance issued earlier this month that in our view, clearly signal the administration's intent to address gamesmanship by Chinese-tied solar manufacturers seeking to evade U.S. regulations and benefit from tax incentives by artificially shuffling ownership stakes, voting rights, or IP licensing with the intent of evading FEOC status. We anticipate that the forthcoming FEOC restrictions will be aligned with the legislative intent of prohibiting access to tax credits for entities with sudden corporate restructuring, lacking business purpose. We also commend Commerce preliminary CVD determinations issued earlier today as part of the broader Solar IV AD/CVD investigation into Laos, India, and Indonesia, which reflect subsidy rates of approximately 81%, 126%, and 104% respectively. Note. These preliminary CVD rates do not include preliminary anti-dumping rates, which will be additive and are expected to be determined in April. that in our view, clearly signal the administration's intent to address gamesmanship by Chinese-tied solar manufacturers seeking to evade U.S. regulations and benefit from tax incentives by artificially shuffling ownership stakes, voting rights, or IP licensing with the intent of evading FEOC status. that in our view clearly signal the administration's intent to address gamesmanship by chinese-tied solar manufacturers seeking to evade u.s regulations and benefit from tax incentives by artificially shuffling ownership stakes voting rights or ip licensing with the intent of evading feoc status We anticipate that the forthcoming FEOC restrictions will be aligned with the legislative intent of prohibiting access to tax credits for entities with sudden corporate restructuring, lacking business purpose. we anticipate that the forthcoming feoc restrictions will be aligned with the legislative intent of prohibiting access to tax credits for entities with sudden corporate restructuring lacking business purpose We also commend Commerce preliminary CVD determinations issued earlier today as part of the broader Solar IV AD/CVD investigation into Laos, India, and Indonesia, which reflect subsidy rates of approximately 81%, 126%, and 104% respectively. we also commend commerce preliminary cvd determinations issued earlier today as part of the broader solar iv ad/cvd investigation into laos india and indonesia which reflect subsidy rates of approximately 81% 126% and 104% respectively Note. note These preliminary CVD rates do not include preliminary anti-dumping rates, which will be additive and are expected to be determined in April. these preliminary cvd rates do not include preliminary anti-dumping rates which will be additive and are expected to be determined in april It is expected that final aggregate AD/CVD rates will be determined by the end of September. We expect that the final AD/CVD duties applied in Solar IV will again support a level playing field against the illegal and unfair trade practices of Chinese-headquartered and other crystalline silicon manufacturers who strategically evade U.S. trade laws. Finally, IP enforcement must be considered within the overall legal framework that includes these recent legislative and regulatory headwinds confronting the crystalline silicon industry. Earlier today, we filed a petition with the United States International Trade Commission, or ITC, against 10 groups of foreign-headquartered manufacturers that we believe are producing products infringing on one of our U.S. TOPCon patents. This is a separate action from our three actions seeking monetary damages against affiliates of Adani, Canadian Solar, and JinkoSolar in the United States District Court. It is expected that final aggregate AD/CVD rates will be determined by the end of September. it is expected that final aggregate ad/cvd rates will be determined by the end of september We expect that the final AD/CVD duties applied in Solar IV will again support a level playing field against the illegal and unfair trade practices of Chinese-headquartered and other crystalline silicon manufacturers who strategically evade U.S. trade laws. we expect that the final ad/cvd duties applied in solar iv will again support a level playing field against the illegal and unfair trade practices of chinese-headquartered and other crystalline silicon manufacturers who strategically evade u.s trade laws Finally, IP enforcement must be considered within the overall legal framework that includes these recent legislative and regulatory headwinds confronting the crystalline silicon industry. finally ip enforcement must be considered within the overall legal framework that includes these recent legislative and regulatory headwinds confronting the crystalline silicon industry Earlier today, we filed a petition with the United States International Trade Commission, or ITC, against 10 groups of foreign-headquartered manufacturers that we believe are producing products infringing on one of our U.S. earlier today we filed a petition with the united states international trade commission or itc against 10 groups of foreign-headquartered manufacturers that we believe are producing products infringing on one of our u.s TOPCon patents. topcon patents This is a separate action from our three actions seeking monetary damages against affiliates of Adani, Canadian Solar, and JinkoSolar in the United States District Court. this is a separate action from our three actions seeking monetary damages against affiliates of adani canadian solar and jinkosolar in the united states district court If the ITC institutes an investigation based on our complaint, we expect that the matter would be decided in approximately 18 months. If our case is successful, the ITC may issue a general exclusion order preventing the importation of infringing TOPCon products made by foreign entities, or in an alternative, may issue a limited exclusion order preventing the importation of infringing TOPCon products by the entities named in our complaint. The ITC may issue a cease and desist order, preventing the sale of infringing TOPCon products currently in the United States. Note, the IP-related headwinds confronting the crystalline silicon industry is reflected not just by First Solar's recent victories and continued enforcement efforts, but also by the recently reported $236 million settlement entered in between Maxeon and Aiko just days before a U.S. patent court was due to decide their patent dispute. If the ITC institutes an investigation based on our complaint, we expect that the matter would be decided in approximately 18 months. if the itc institutes an investigation based on our complaint we expect that the matter would be decided in approximately 18 months If our case is successful, the ITC may issue a general exclusion order preventing the importation of infringing TOPCon products made by foreign entities, or in an alternative, may issue a limited exclusion order preventing the importation of infringing TOPCon products by the entities named in our complaint. if our case is successful the itc may issue a general exclusion order preventing the importation of infringing topcon products made by foreign entities or in an alternative may issue a limited exclusion order preventing the importation of infringing topcon products by the entities named in our complaint The ITC may issue a cease and desist order, preventing the sale of infringing TOPCon products currently in the United States. the itc may issue a cease and desist order preventing the sale of infringing topcon products currently in the united states Note, the IP-related headwinds confronting the crystalline silicon industry is reflected not just by First Solar's recent victories and continued enforcement efforts, but also by the recently reported $236 million settlement entered in between Maxeon and Aiko just days before a U.S. patent court was due to decide their patent dispute. note the ip-related headwinds confronting the crystalline silicon industry is reflected not just by first solar's recent victories and continued enforcement efforts but also by the recently reported $236 million settlement entered in between maxeon and aiko just days before a u.s patent court was due to decide their patent dispute In summary, the policy and trade environment, together with sustained intellectual property enforcement across the industry, have continued to generate mounting uncertainties for U.S. developers that are dependent on suppliers tethered to China-tied supply and/or IP. On the top of the technology, turning to slide nine, our strategy remains anchored in a simple premise. Customers ultimately buy lifetime energy, not just nameplate efficiency, and our roadmap is designed to optimize the balance of efficiency, energy yield, and costs while leveraging our industry-leading thin-film expertise. We continue to believe the next step change in solar will be enabled by thin-film platforms such as perovskites. We are well aware that many in the industry are seeking to crack the code of this potential next generation of advanced thin-film technology. In summary, the policy and trade environment, together with sustained intellectual property enforcement across the industry, have continued to generate mounting uncertainties for U.S. developers that are dependent on suppliers tethered to China-tied supply and/or IP. in summary the policy and trade environment together with sustained intellectual property enforcement across the industry have continued to generate mounting uncertainties for u.s developers that are dependent on suppliers tethered to china-tied supply and/or ip On the top of the technology, turning to slide nine, our strategy remains anchored in a simple premise. on the top of the technology turning to slide nine our strategy remains anchored in a simple premise Customers ultimately buy lifetime energy, not just nameplate efficiency, and our roadmap is designed to optimize the balance of efficiency, energy yield, and costs while leveraging our industry-leading thin-film expertise. customers ultimately buy lifetime energy not just nameplate efficiency and our roadmap is designed to optimize the balance of efficiency energy yield and costs while leveraging our industry-leading thin-film expertise We continue to believe the next step change in solar will be enabled by thin-film platforms such as perovskites. we continue to believe the next step change in solar will be enabled by thin-film platforms such as perovskites We are well aware that many in the industry are seeking to crack the code of this potential next generation of advanced thin-film technology. we are well aware that many in the industry are seeking to crack the code of this potential next generation of advanced thin-film technology We believe the winner of the perovskite race will also need to have the ability to manufacture the product cost-competitively in a high-volume manufacturing environment. As the world's leader in thin-film PV technology and the world's only manufacturer of thin films at scale, we believe we are uniquely positioned to advance this prospective device, given our nearly three decades of not only thin-film R&D learnings, but high-volume thin-film manufacturing experience. Our technology strategy continues to be primarily concentrated on two core thin-film-focused pillars. Firstly, we are executing a disciplined phase gate introduction of CuRe, responsibly bringing this new technology to market with proven laboratory results and expanding field validation. We believe the winner of the perovskite race will also need to have the ability to manufacture the product cost-competitively in a high-volume manufacturing environment. we believe the winner of the perovskite race will also need to have the ability to manufacture the product cost-competitively in a high-volume manufacturing environment As the world's leader in thin-film PV technology and the world's only manufacturer of thin films at scale, we believe we are uniquely positioned to advance this prospective device, given our nearly three decades of not only thin-film R&D learnings, but high-volume thin-film manufacturing experience. as the world's leader in thin-film pv technology and the world's only manufacturer of thin films at scale we believe we are uniquely positioned to advance this prospective device given our nearly three decades of not only thin-film r&d learnings but high-volume thin-film manufacturing experience Our technology strategy continues to be primarily concentrated on two core thin-film-focused pillars. our technology strategy continues to be primarily concentrated on two core thin-film-focused pillars Firstly, we are executing a disciplined phase gate introduction of CuRe, responsibly bringing this new technology to market with proven laboratory results and expanding field validation. firstly we are executing a disciplined phase gate introduction of cure responsibly bringing this new technology to market with proven laboratory results and expanding field validation Consistent with our prior outlook, we expect to permanently convert the Ohio lead line to CuRe in Q1, providing a pathway to enhance the energy attributes and competitiveness of our Series 6 platform, and then rolling out these enhancements to our Series 7 platform at successive factories. Executing CuRe remains strategically important because it is designed to enhance the attributes that translate into lifetime energy, including improved temperature response and degradation behavior, which are highly valued by utility-scale customers. When adding the improved energy attributes of CuRe to the current energy advantages of thin-film CdTe, such as superior spectral and shading response. CuRe can deliver up to 8% more lifetime specific energy yield than crystalline silicon TOPCon technology in the markets we serve. Consistent with our prior outlook, we expect to permanently convert the Ohio lead line to CuRe in Q1, providing a pathway to enhance the energy attributes and competitiveness of our Series 6 platform, and then rolling out these enhancements to our Series 7 platform at successive factories. consistent with our prior outlook we expect to permanently convert the ohio lead line to cure in q1 providing a pathway to enhance the energy attributes and competitiveness of our series 6 platform and then rolling out these enhancements to our series 7 platform at successive factories Executing CuRe remains strategically important because it is designed to enhance the attributes that translate into lifetime energy, including improved temperature response and degradation behavior, which are highly valued by utility-scale customers. executing cure remains strategically important because it is designed to enhance the attributes that translate into lifetime energy including improved temperature response and degradation behavior which are highly valued by utility-scale customers When adding the improved energy attributes of CuRe to the current energy advantages of thin-film CdTe, such as superior spectral and shading response. when adding the improved energy attributes of cure to the current energy advantages of thin-film cdte such as superior spectral and shading response CuRe can deliver up to 8% more lifetime specific energy yield than crystalline silicon TOPCon technology in the markets we serve. cure can deliver up to 8% more lifetime specific energy yield than crystalline silicon topcon technology in the markets we serve Our second pillar, perovskite, is a key part of our effort to develop next generation thin-film semiconductors that can be deployed at commercial scale in both our traditional utility scale markets, while potentially expanding our addressable market segments. To date, we have achieved reliability results we believe are comparable with best-in-class R&D efforts, while continuing to advance efficiency and stability, two of the industry's key hurdles to scaling perovskite technology. A major enabler of these efforts is our dedicated perovskite development line in Ohio. As announced prior to the beginning of the call, we have entered into an agreement with Oxford PV, the holder of what we believe is the most fundamental portfolio of perovskite-related patents. Under the terms of this agreement, Oxford PV will license to us, on a non-exclusive basis, its existing issued and currently pending patent applications. Our second pillar, perovskite, is a key part of our effort to develop next generation thin-film semiconductors that can be deployed at commercial scale in both our traditional utility scale markets, while potentially expanding our addressable market segments. our second pillar perovskite is a key part of our effort to develop next generation thin-film semiconductors that can be deployed at commercial scale in both our traditional utility scale markets while potentially expanding our addressable market segments To date, we have achieved reliability results we believe are comparable with best-in-class R&D efforts, while continuing to advance efficiency and stability, two of the industry's key hurdles to scaling perovskite technology. to date we have achieved reliability results we believe are comparable with best-in-class r&d efforts while continuing to advance efficiency and stability two of the industry's key hurdles to scaling perovskite technology A major enabler of these efforts is our dedicated perovskite development line in Ohio. a major enabler of these efforts is our dedicated perovskite development line in ohio As announced prior to the beginning of the call, we have entered into an agreement with Oxford PV, the holder of what we believe is the most fundamental portfolio of perovskite-related patents. as announced prior to the beginning of the call we have entered into an agreement with oxford pv the holder of what we believe is the most fundamental portfolio of perovskite-related patents Under the terms of this agreement, Oxford PV will license to us, on a non-exclusive basis, its existing issued and currently pending patent applications. under the terms of this agreement oxford pv will license to us on a non-exclusive basis its existing issued and currently pending patent applications We believe that this agreement will advance our freedom to develop, manufacture, and sell crystalline silicon-free, perovskite-based semiconductor modules in the U.S. utility, commercial, and residential markets. I will now turn the call back over to Alex, who will discuss our 2026 outlook and guidance. We believe that this agreement will advance our freedom to develop, manufacture, and sell crystalline silicon-free, perovskite-based semiconductor modules in the U.S. utility, commercial, and residential markets. we believe that this agreement will advance our freedom to develop manufacture and sell crystalline silicon-free perovskite-based semiconductor modules in the u.s utility commercial and residential markets I will now turn the call back over to Alex, who will discuss our 2026 outlook and guidance. i will now turn the call back over to alex who will discuss our 2026 outlook and guidance

Speaker 1: Thanks, Mark. Before turning to our financial guidance, I want to briefly reiterate our approach to managing the business amid a dynamic market, policy, and trade environment. We enter 2026 with a backlog of 50.1 GW, despite taking a highly selective approach to bookings over the past two years. We expect to continue this strategy in 2026 as we await the outcome of, and impact on forward module demand and pricing from, the numerous political, regulatory, and legal matters discussed earlier in the call. We believe our market position with non-FEOC and high U.S. content supply, and our proprietary thin-film platform remains long-term advantage. Our existing contracted backlog relative to our production capacity, provides us with the ability and flexibility to be patient. Regarding 2026 U.S. deliveries, many of our customers continue to face both regulatory and commercial challenges, including federal permitting approval delays. Thanks, Mark. thanks mark Before turning to our financial guidance, I want to briefly reiterate our approach to managing the business amid a dynamic market, policy, and trade environment. before turning to our financial guidance i want to briefly reiterate our approach to managing the business amid a dynamic market policy and trade environment We enter 2026 with a backlog of 50.1 GW, despite taking a highly selective approach to bookings over the past two years. we enter 2026 with a backlog of 50.1 gw despite taking a highly selective approach to bookings over the past two years We expect to continue this strategy in 2026 as we await the outcome of, and impact on forward module demand and pricing from, the numerous political, regulatory, and legal matters discussed earlier in the call. we expect to continue this strategy in 2026 as we await the outcome of and impact on forward module demand and pricing from the numerous political regulatory and legal matters discussed earlier in the call We believe our market position with non-FEOC and high U.S. content supply, and our proprietary thin-film platform remains long-term advantage. we believe our market position with non-feoc and high u.s content supply and our proprietary thin-film platform remains long-term advantage Our existing contracted backlog relative to our production capacity, provides us with the ability and flexibility to be patient. our existing contracted backlog relative to our production capacity provides us with the ability and flexibility to be patient Regarding 2026 U.S. deliveries, many of our customers continue to face both regulatory and commercial challenges, including federal permitting approval delays. regarding 2026 u.s deliveries many of our customers continue to face both regulatory and commercial challenges including federal permitting approval delays As we previously stated, we will continue to work with customers to accommodate schedule shifts, where possible, consistent with our philosophy of supporting our long-term partnerships, even where we are not contractually required to do so. We enter 2026 with a fully allocated position for our U.S. production. Given tariff uncertainty, our India productions are assumed to be sold into the India domestic market. We'll continue to monitor opportunities to export products into the U.S., where it is margin accretive to do so. Our guidance assumes our India facility operating at full capacity, with the ability to flex production as needed through the year in response to changes in demand signals. Demand for our Series 6 international products produced in Malaysia and Vietnam remains constrained. As we previously stated, we will continue to work with customers to accommodate schedule shifts, where possible, consistent with our philosophy of supporting our long-term partnerships, even where we are not contractually required to do so. as we previously stated we will continue to work with customers to accommodate schedule shifts where possible consistent with our philosophy of supporting our long-term partnerships even where we are not contractually required to do so We enter 2026 with a fully allocated position for our U.S. production. we enter 2026 with a fully allocated position for our u.s production Given tariff uncertainty, our India productions are assumed to be sold into the India domestic market. given tariff uncertainty our india productions are assumed to be sold into the india domestic market We'll continue to monitor opportunities to export products into the U.S., where it is margin accretive to do so. we'll continue to monitor opportunities to export products into the u.s where it is margin accretive to do so Our guidance assumes our India facility operating at full capacity, with the ability to flex production as needed through the year in response to changes in demand signals. our guidance assumes our india facility operating at full capacity with the ability to flex production as needed through the year in response to changes in demand signals Demand for our Series 6 international products produced in Malaysia and Vietnam remains constrained. demand for our series 6 international products produced in malaysia and vietnam remains constrained Our decision in Q4 of 2025 to establish a new finishing line in the U.S., allows us to make use of a portion of the front end of these Southeast Asian facilities, optimizing freight, tariffs, and domestic content for the sale of incremental products into the U.S. domestic market. We intend to run our remaining end-to-end capacity in Malaysia and Vietnam at low utilization rates this year, despite the financial impact of doing so, maintaining a near-term option to increase throughput should catalysts, such as the political and regulatory matters discussed earlier, drive incremental profitable demand. Slide 10 shows our capacity and forecast production for 2026 and into 2027. Nameplate capacity reflects current output entitlement at full scale, throughput, and yield, with downtime solely for planned maintenance. Our decision in Q4 of 2025 to establish a new finishing line in the U.S., allows us to make use of a portion of the front end of these Southeast Asian facilities, optimizing freight, tariffs, and domestic content for the sale of incremental products into the U.S. domestic market. our decision in q4 of 2025 to establish a new finishing line in the u.s allows us to make use of a portion of the front end of these southeast asian facilities optimizing freight tariffs and domestic content for the sale of incremental products into the u.s domestic market We intend to run our remaining end-to-end capacity in Malaysia and Vietnam at low utilization rates this year, despite the financial impact of doing so, maintaining a near-term option to increase throughput should catalysts, such as the political and regulatory matters discussed earlier, drive incremental profitable demand. we intend to run our remaining end-to-end capacity in malaysia and vietnam at low utilization rates this year despite the financial impact of doing so maintaining a near-term option to increase throughput should catalysts such as the political and regulatory matters discussed earlier drive incremental profitable demand Slide 10 shows our capacity and forecast production for 2026 and into 2027. slide 10 shows our capacity and forecast production for 2026 and into 2027 Nameplate capacity reflects current output entitlement at full scale, throughput, and yield, with downtime solely for planned maintenance. nameplate capacity reflects current output entitlement at full scale throughput and yield with downtime solely for planned maintenance Production reflects nameplate capacity adjusted for factory ramp, other downtime, including for technology and tool upgrades, and any planned reduction in throughput, including due to market demand. Related to technology, as previously noted, we expect to recommence running Series 6 CuRe products in Perrysburg this quarter. Assumed in our 2026 production forecast for India, is downtime associated with tool upgrades, with the intent of beginning CuRe production on our first Series 7 line in India in early 2027, followed by the remainder of the Series 7 fleet thereafter. Additionally, our Southeast Asian capacity is reduced significantly in both 2026 and 2027, due to the removal of tools destined for our U.S. finishing line, as well as for reuse in our perovskite development work. Production reflects nameplate capacity adjusted for factory ramp, other downtime, including for technology and tool upgrades, and any planned reduction in throughput, including due to market demand. production reflects nameplate capacity adjusted for factory ramp other downtime including for technology and tool upgrades and any planned reduction in throughput including due to market demand Related to technology, as previously noted, we expect to recommence running Series 6 CuRe products in Perrysburg this quarter. related to technology as previously noted we expect to recommence running series 6 cure products in perrysburg this quarter Assumed in our 2026 production forecast for India, is downtime associated with tool upgrades, with the intent of beginning CuRe production on our first Series 7 line in India in early 2027, followed by the remainder of the Series 7 fleet thereafter. assumed in our 2026 production forecast for india is downtime associated with tool upgrades with the intent of beginning cure production on our first series 7 line in india in early 2027 followed by the remainder of the series 7 fleet thereafter Additionally, our Southeast Asian capacity is reduced significantly in both 2026 and 2027, due to the removal of tools destined for our U.S. finishing line, as well as for reuse in our perovskite development work. additionally our southeast asian capacity is reduced significantly in both 2026 and 2027 due to the removal of tools destined for our u.s finishing line as well as for reuse in our perovskite development work By 2027, U.S. finishing capacity is forecast to be 3.5 GW, with a remaining Southeast Asia capacity of 1.8 GW for fully finished International Series 6 modules. With projected U.S. nameplate capacity of 14.9 GW in 2026, growing to 17.1 GW in 2027, with the scaling of Louisiana and South Carolina, we expect global nameplate capacity of 19 GW in 2026 and 22.1 GW in 2027. Note, we expect U.S. nameplate to continue to increase as we drive technology throughput and yield improvements. In terms of production, as previously noted, we expect significant underutilization of our International Series 6 facilities. India is assumed to run high throughput with the ability to flex production as needed based on local demand and international sale options. By 2027, U.S. finishing capacity is forecast to be 3.5 GW, with a remaining Southeast Asia capacity of 1.8 GW for fully finished International Series 6 modules. by 2027 u.s finishing capacity is forecast to be 3.5 gw with a remaining southeast asia capacity of 1.8 gw for fully finished international series 6 modules With projected U.S. nameplate capacity of 14.9 GW in 2026, growing to 17.1 GW in 2027, with the scaling of Louisiana and South Carolina, we expect global nameplate capacity of 19 GW in 2026 and 22.1 GW in 2027. with projected u.s nameplate capacity of 14.9 gw in 2026 growing to 17.1 gw in 2027 with the scaling of louisiana and south carolina we expect global nameplate capacity of 19 gw in 2026 and 22.1 gw in 2027 Note, we expect U.S. nameplate to continue to increase as we drive technology throughput and yield improvements. note we expect u.s nameplate to continue to increase as we drive technology throughput and yield improvements In terms of production, as previously noted, we expect significant underutilization of our International Series 6 facilities. in terms of production as previously noted we expect significant underutilization of our international series 6 facilities India is assumed to run high throughput with the ability to flex production as needed based on local demand and international sale options. india is assumed to run high throughput with the ability to flex production as needed based on local demand and international sale options With forecasted U.S. production of 13-13.3 GW this year, and 14.9-16.1 GW next year, this results in total forecasted production of 16.5-17.5 GW in 2026, and 18.9-20.5 GW in 2027. Turn to slide 11. Other assumptions embedded within our guidance today. Expected volume sold of 17-18.2 GW is above forecast production as we reduce inventory levels by year-end. We forecast an ASP of approximately $0.308 per watt for volume sold in the U.S., slightly above our contracted backlog. This includes certain freight, tariff, and commodity recovery and technology upside. With forecasted U.S. production of 13-13.3 GW this year, and 14.9-16.1 GW next year, this results in total forecasted production of 16.5-17.5 GW in 2026, and 18.9-20.5 GW in 2027. with forecasted u.s production of 13-13.3 gw this year and 14.9-16.1 gw next year this results in total forecasted production of 16.5-17.5 gw in 2026 and 18.9-20.5 gw in 2027 Turn to slide 11. turn to slide 11 Other assumptions embedded within our guidance today. other assumptions embedded within our guidance today Expected volume sold of 17-18.2 GW is above forecast production as we reduce inventory levels by year-end. expected volume sold of 17-18.2 gw is above forecast production as we reduce inventory levels by year-end We forecast an ASP of approximately $0.308 per watt for volume sold in the U.S., slightly above our contracted backlog. we forecast an asp of approximately $0.308 per watt for volume sold in the u.s slightly above our contracted backlog This includes certain freight, tariff, and commodity recovery and technology upside. this includes certain freight tariff and commodity recovery and technology upside We expect limited ASP upside from CuRe sales in 2026, largely as a function of contractual notification deadlines relative to the timing of the decision to recommend secure production. Combined with India domestic sales, the majority of which we expect will book and deliver within the next year, we forecast a global ASP recognized of approximately $0.287 per watt. Cost per watt sold is forecast to remain relatively flat year-over-year at approximately $0.267 per watt, which includes the impact of tariffs and the impact of reshoring U.S. manufacturing, largely recognized through ramp and underutilization expense, and excludes the benefit of Section 45X credits generated by domestic manufacturing. Including the benefit of Section 45X credits, cost for what sold is projected to be down approximately $0.03 per watt year-over-year. We expect limited ASP upside from CuRe sales in 2026, largely as a function of contractual notification deadlines relative to the timing of the decision to recommend secure production. we expect limited asp upside from cure sales in 2026 largely as a function of contractual notification deadlines relative to the timing of the decision to recommend secure production Combined with India domestic sales, the majority of which we expect will book and deliver within the next year, we forecast a global ASP recognized of approximately $0.287 per watt. combined with india domestic sales the majority of which we expect will book and deliver within the next year we forecast a global asp recognized of approximately $0.287 per watt Cost per watt sold is forecast to remain relatively flat year-over-year at approximately $0.267 per watt, which includes the impact of tariffs and the impact of reshoring U.S. manufacturing, largely recognized through ramp and underutilization expense, and excludes the benefit of Section 45X credits generated by domestic manufacturing. cost per watt sold is forecast to remain relatively flat year-over-year at approximately $0.267 per watt which includes the impact of tariffs and the impact of reshoring u.s manufacturing largely recognized through ramp and underutilization expense and excludes the benefit of section 45x credits generated by domestic manufacturing Including the benefit of Section 45X credits, cost for what sold is projected to be down approximately $0.03 per watt year-over-year. including the benefit of section 45x credits cost for what sold is projected to be down approximately $0.03 per watt year-over-year Cost per watt released from inventory is expected to increase approximately $0.02 per watt year-over-year. Approximately half of this increase is forecast to come from a mix shift, as both Southeast Asia production reduces and Louisiana, Alabama increases. The other half to come as a result of multiple factors, including increases in tariff costs, increases in core bill of material costs, increases in utility rates, and downtime for technology upgrades. Period costs are expected to decrease by an equivalent approximately $0.02 per watt from a combination of lower standard sales rate due to greater domestic mix shift, the effective elimination of non-standard freight charges as a function of reduced international product imports, reduced warehousing costs, and other period cost reductions. Cost per watt released from inventory is expected to increase approximately $0.02 per watt year-over-year. cost per watt released from inventory is expected to increase approximately $0.02 per watt year-over-year Approximately half of this increase is forecast to come from a mix shift, as both Southeast Asia production reduces and Louisiana, Alabama increases. approximately half of this increase is forecast to come from a mix shift as both southeast asia production reduces and louisiana alabama increases The other half to come as a result of multiple factors, including increases in tariff costs, increases in core bill of material costs, increases in utility rates, and downtime for technology upgrades. the other half to come as a result of multiple factors including increases in tariff costs increases in core bill of material costs increases in utility rates and downtime for technology upgrades Period costs are expected to decrease by an equivalent approximately $0.02 per watt from a combination of lower standard sales rate due to greater domestic mix shift, the effective elimination of non-standard freight charges as a function of reduced international product imports, reduced warehousing costs, and other period cost reductions. period costs are expected to decrease by an equivalent approximately $0.02 per watt from a combination of lower standard sales rate due to greater domestic mix shift the effective elimination of non-standard freight charges as a function of reduced international product imports reduced warehousing costs and other period cost reductions To provide some more color, we forecast total net tariff cost impact across bill of material and finished goods imports, recognized in both Cost per watt produced and period costs toward cost what sold of $155 million-$175 million. Net of expected contractual recoveries on finished goods sold, we expect a total tariff impact of $125 million-$135 million. This assumes a Section 122 tariff in place for 150 days at 15%, impacting all bill of materials, works in progress, and finished goods imports in that time period. In addition, certain commodities, including aluminum, are subject to long-lasting, higher rate Section 232 tariffs. Note that we recognize the P&L impact of tariffs at the time of product sale. To provide some more color, we forecast total net tariff cost impact across bill of material and finished goods imports, recognized in both Cost per watt produced and period costs toward cost what sold of $155 million-$175 million. to provide some more color we forecast total net tariff cost impact across bill of material and finished goods imports recognized in both cost per watt produced and period costs toward cost what sold of $155 million-$175 million Net of expected contractual recoveries on finished goods sold, we expect a total tariff impact of $125 million-$135 million. net of expected contractual recoveries on finished goods sold we expect a total tariff impact of $125 million-$135 million This assumes a Section 122 tariff in place for 150 days at 15%, impacting all bill of materials, works in progress, and finished goods imports in that time period. this assumes a section 122 tariff in place for 150 days at 15% impacting all bill of materials works in progress and finished goods imports in that time period In addition, certain commodities, including aluminum, are subject to long-lasting, higher rate Section 232 tariffs. in addition certain commodities including aluminum are subject to long-lasting higher rate section 232 tariffs Note that we recognize the P&L impact of tariffs at the time of product sale. note that we recognize the p&l impact of tariffs at the time of product sale Our total tariff impact in 2026 reflects higher tariff rates paid on bill of materials, works in progress, and finished goods imports incurred prior to the recent Supreme Court decision. Tariffs also indirectly lead to underlying commodity cost pressure for our variable U.S. bill of material, including relating to aluminum, steel, glass, interlayer targets, and spares. Electricity rate hikes increase fixed costs. These cost increases are not contractually recoverable from our customers. Sales rates forecast to be approximately $0.014 per watt in 2026. Warehousing-related cost of approximately $200 million is down from 2025, but remains high, and part of the function of underutilization of space, driven by our forecast Southeast Asian curtailment. Beginning in 2027, we expect to reduce warehouse costs to a longer-term run rate of approximately $100 million per year. Our total tariff impact in 2026 reflects higher tariff rates paid on bill of materials, works in progress, and finished goods imports incurred prior to the recent Supreme Court decision. our total tariff impact in 2026 reflects higher tariff rates paid on bill of materials works in progress and finished goods imports incurred prior to the recent supreme court decision Tariffs also indirectly lead to underlying commodity cost pressure for our variable U.S. bill of material, including relating to aluminum, steel, glass, interlayer targets, and spares. tariffs also indirectly lead to underlying commodity cost pressure for our variable u.s bill of material including relating to aluminum steel glass interlayer targets and spares Electricity rate hikes increase fixed costs. electricity rate hikes increase fixed costs These cost increases are not contractually recoverable from our customers. these cost increases are not contractually recoverable from our customers Sales rates forecast to be approximately $0.014 per watt in 2026. sales rates forecast to be approximately $0.014 per watt in 2026 Warehousing-related cost of approximately $200 million is down from 2025, but remains high, and part of the function of underutilization of space, driven by our forecast Southeast Asian curtailment. warehousing-related cost of approximately $200 million is down from 2025 but remains high and part of the function of underutilization of space driven by our forecast southeast asian curtailment Beginning in 2027, we expect to reduce warehouse costs to a longer-term run rate of approximately $100 million per year. beginning in 2027 we expect to reduce warehouse costs to a longer-term run rate of approximately $100 million per year Forecast ramp and underutilization expenses of $115-155 million are a function of curtailing Malaysian, Vietnam capacity, as well as the ramp of our U.S. finishing line. Setup costs is expected to be $110-120 million, driven primarily by the ongoing depreciation and logistics associated with idled finishing equipment in transit, as well as certain tariff-related costs incurred to import that equipment and warehousing such equipment for use at our new South Carolina facility. Finally, a note on capital structure. Our strong balance sheet remains a strategic differentiator. It allows us to navigate periods of volatility, including near-term supply and demand imbalances in certain international markets, while continuing to support R&D investment, technology capital spend, and capacity growth, including localizing the U.S. solar supply chain in support of energy security and national policy objectives. Forecast ramp and underutilization expenses of $115 -155 million are a function of curtailing Malaysian, Vietnam capacity, as well as the ramp of our U.S. finishing line. forecast ramp and underutilization expenses of $115 -155 million are a function of curtailing malaysian vietnam capacity as well as the ramp of our u.s finishing line Setup costs is expected to be $110 -120 million, driven primarily by the ongoing depreciation and logistics associated with idled finishing equipment in transit, as well as certain tariff-related costs incurred to import that equipment and warehousing such equipment for use at our new South Carolina facility. setup costs is expected to be $110 -120 million driven primarily by the ongoing depreciation and logistics associated with idled finishing equipment in transit as well as certain tariff-related costs incurred to import that equipment and warehousing such equipment for use at our new south carolina facility Finally, a note on capital structure. finally a note on capital structure Our strong balance sheet remains a strategic differentiator. our strong balance sheet remains a strategic differentiator It allows us to navigate periods of volatility, including near-term supply and demand imbalances in certain international markets, while continuing to support R&D investment, technology capital spend, and capacity growth, including localizing the U.S. solar supply chain in support of energy security and national policy objectives. it allows us to navigate periods of volatility including near-term supply and demand imbalances in certain international markets while continuing to support r&d investment technology capital spend and capacity growth including localizing the u.s solar supply chain in support of energy security and national policy objectives We ended 2025 in a strong liquidity position and have since enhanced our financial flexibility by entering into a new $1.5 billion senior unsecured revolving credit facility, improved commercial terms, greater flexibility, more relaxed covenants. In 2026, we intend to fund CapEx through cash on hand and operating cash flow. We plan to prepay the remaining balances outstanding under our India credit facilities, including our loan with the DFC, ahead of its scheduled maturity. Doing so enables us to optimize our jurisdictional capital structure, increase the capacity of our local working capital facilities, while reducing exposure to India rupee volatility-related hedging costs. Separately, while not assumed in our guidance, potential monetization of 2026 Section 45X tax credits provides additional liquidity optionality. Our capital allocation priorities remain unchanged. We ended 2025 in a strong liquidity position and have since enhanced our financial flexibility by entering into a new $1.5 billion senior unsecured revolving credit facility, improved commercial terms, greater flexibility, more relaxed covenants. we ended 2025 in a strong liquidity position and have since enhanced our financial flexibility by entering into a new $1.5 billion senior unsecured revolving credit facility improved commercial terms greater flexibility more relaxed covenants In 2026, we intend to fund CapEx through cash on hand and operating cash flow. in 2026 we intend to fund capex through cash on hand and operating cash flow We plan to prepay the remaining balances outstanding under our India credit facilities, including our loan with the DFC, ahead of its scheduled maturity. we plan to prepay the remaining balances outstanding under our india credit facilities including our loan with the dfc ahead of its scheduled maturity Doing so enables us to optimize our jurisdictional capital structure, increase the capacity of our local working capital facilities, while reducing exposure to India rupee volatility-related hedging costs. doing so enables us to optimize our jurisdictional capital structure increase the capacity of our local working capital facilities while reducing exposure to india rupee volatility-related hedging costs Separately, while not assumed in our guidance, potential monetization of 2026 Section 45X tax credits provides additional liquidity optionality. separately while not assumed in our guidance potential monetization of 2026 section 45x tax credits provides additional liquidity optionality Our capital allocation priorities remain unchanged. our capital allocation priorities remain unchanged Firstly, we prioritize maintaining a resilient working capital reserve, approximately $1.5-2 billion, to account for industry cyclicality and uncertainty and short-term supply and demand imbalances. Secondly, we deploy cash to fund growth and replicate technology improvements across the fleet. Thirdly, we invest in innovation through R&D and targeted capital investments, as well as strategic enablers such as licensing arrangements, to advance our technology roadmap, including perovskite optionality. Fourthly, we'll consider M&A, which we're actively evaluating, to pursue complementary technology-adjacent opportunities to reinforce our strategic differentiation. As we near the conclusion of recent years of sustained high CapEx associated with manufacturing capacity growth. We will evaluate applying cash generation in excess of the above capital priorities to share repurchases. Firstly, we prioritize maintaining a resilient working capital reserve, approximately $1.5 -2 billion, to account for industry cyclicality and uncertainty and short-term supply and demand imbalances. firstly we prioritize maintaining a resilient working capital reserve approximately $1.5 -2 billion to account for industry cyclicality and uncertainty and short-term supply and demand imbalances Secondly, we deploy cash to fund growth and replicate technology improvements across the fleet. secondly we deploy cash to fund growth and replicate technology improvements across the fleet Thirdly, we invest in innovation through R&D and targeted capital investments, as well as strategic enablers such as licensing arrangements, to advance our technology roadmap, including perovskite optionality. thirdly we invest in innovation through r&d and targeted capital investments as well as strategic enablers such as licensing arrangements to advance our technology roadmap including perovskite optionality Fourthly, we'll consider M&A, which we're actively evaluating, to pursue complementary technology-adjacent opportunities to reinforce our strategic differentiation. fourthly we'll consider m&a which we're actively evaluating to pursue complementary technology-adjacent opportunities to reinforce our strategic differentiation As we near the conclusion of recent years of sustained high CapEx associated with manufacturing capacity growth. as we near the conclusion of recent years of sustained high capex associated with manufacturing capacity growth We will evaluate applying cash generation in excess of the above capital priorities to share repurchases . we will evaluate applying cash generation in excess of the above capital priorities to share repurchases We'll provide an update on this later in the year, pending clarity around certain factors, including policy catalysts, realization of new bookings volume, and any decisions around 2026 Section 45X tax credit monetization. I'll now cover the full-year 2026 guidance ranges on slide 12. Our net sales guidance is between $4.9-5.2 billion. Gross margin is expected to be between $2.5-2.6 billion, or approximately 49.5%, which includes $2.1-2.19 billion of Section 45X tax credits and $115-155 million of ramp and underutilization costs. SG&A expense is expected to be between $215-225 million, and R&D expense between $285-290 million. We'll provide an update on this later in the year, pending clarity around certain factors, including policy catalysts, realization of new bookings volume, and any decisions around 2026 Section 45X tax credit monetization. we'll provide an update on this later in the year pending clarity around certain factors including policy catalysts realization of new bookings volume and any decisions around 2026 section 45x tax credit monetization I'll now cover the full-year 2026 guidance ranges on slide 12. i'll now cover the full-year 2026 guidance ranges on slide 12 Our net sales guidance is between $4.9 -5.2 billion. our net sales guidance is between $4.9 -5.2 billion Gross margin is expected to be between $2.5 -2.6 billion, or approximately 49.5%, which includes $2.1 -2.19 billion of Section 45X tax credits and $115 -155 million of ramp and underutilization costs. gross margin is expected to be between $2.5 -2.6 billion or approximately 49.5% which includes $2.1 -2.19 billion of section 45x tax credits and $115 -155 million of ramp and underutilization costs SG&A expense is expected to be between $215 -225 million, and R&D expense between $285 -290 million. sg&a expense is expected to be between $215 -225 million and r&d expense between $285 -290 million The primary driver for our increase is due to higher investment in advanced research, including expanded perovskite and innovation center activity and planned headcount additions. SG&A and R&D expense combined is expected to total $500-515 million, and total operating expenses, which includes $110-120 million of production startup expense, expected to be between $610 million and $635 million. Included within our R&D expense guide for 2026 are approximately $100 million of costs associated with perovskite development. Going forward, we intend to guide on an adjusted EBITDA basis, which we believe provides the clarity to our underlying operating performance and enhances comparability across periods. We forecast full-year adjusted EBITDA of $2.6-2.8 billion. The primary driver for our increase is due to higher investment in advanced research, including expanded perovskite and innovation center activity and planned headcount additions. the primary driver for our increase is due to higher investment in advanced research including expanded perovskite and innovation center activity and planned headcount additions SG&A and R&D expense combined is expected to total $500 -515 million, and total operating expenses, which includes $110- 120 million of production startup expense, expected to be between $610 million and $635 million. sg&a and r&d expense combined is expected to total $500 -515 million and total operating expenses which includes $110- 120 million of production startup expense expected to be between $610 million and $635 million Included within our R&D expense guide for 2026 are approximately $100 million of costs associated with perovskite development. included within our r&d expense guide for 2026 are approximately $100 million of costs associated with perovskite development Going forward, we intend to guide on an adjusted EBITDA basis, which we believe provides the clarity to our underlying operating performance and enhances comparability across periods. going forward we intend to guide on an adjusted ebitda basis which we believe provides the clarity to our underlying operating performance and enhances comparability across periods We forecast full-year adjusted EBITDA of $2.6 -2.8 billion. we forecast full-year adjusted ebitda of $2.6 -2.8 billion My 1st quarter earnings cadence perspective, we expect module sales of 3.4-4 GW, Section 45X tax credits of $330-400 million, resulting in adjusted EBITDA between $400 million and $500 million. Capital expenditures in 2026 forecast to range from $0.8-1 billion. Approximately half of the spend was for capacity expansion, primarily the South Carolina finishing line and the Louisiana plant. Remaining spend is expected to be split evenly between CuRe in India and R&D technology replication and maintenance. Expect to end 2026 with gross and net cash balances between $1.7 billion and $2.3 billion, and assume a full repayment of our India credit facility with the U.S. International Development Finance Corporation by June 30th, 2026. My 1st quarter earnings cadence perspective, we expect module sales of 3.4-4 GW, Section 45X tax credits of $330 -400 million, resulting in adjusted EBITDA between $400 million and $500 million. my 1st quarter earnings cadence perspective we expect module sales of 3.4-4 gw section 45x tax credits of $330 -400 million resulting in adjusted ebitda between $400 million and $500 million Capital expenditures in 2026 forecast to range from $0.8 -1 billion. capital expenditures in 2026 forecast to range from $0.8 -1 billion Approximately half of the spend was for capacity expansion, primarily the South Carolina finishing line and the Louisiana plant. approximately half of the spend was for capacity expansion primarily the south carolina finishing line and the louisiana plant Remaining spend is expected to be split evenly between CuRe in India and R&D technology replication and maintenance. remaining spend is expected to be split evenly between cure in india and r&d technology replication and maintenance Expect to end 2026 with gross and net cash balances between $1.7 billion and $2.3 billion, and assume a full repayment of our India credit facility with the U.S. expect to end 2026 with gross and net cash balances between $1.7 billion and $2.3 billion and assume a full repayment of our india credit facility with the u.s International Development Finance Corporation by June 30th, 2026. international development finance corporation by june 30th 2026 With that, we conclude our prepared remarks and open the call for questions. Operator? With that, we conclude our prepared remarks and open the call for questions. with that we conclude our prepared remarks and open the call for questions Operator? operator

Speaker 8: We will now begin the question and answer session. Please limit yourself to one question. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Our first question comes from the line of Brian Lee with Goldman Sachs. Your line is open. Please go ahead. We will now begin the question and answer session. we will now begin the question and answer session Please limit yourself to one question. please limit yourself to one question If you would like to ask a question, please press star one on your telephone keypad. if you would like to ask a question please press star one on your telephone keypad To withdraw your question, press star one again. to withdraw your question press star one again Please pick up your handset when asking a question. please pick up your handset when asking a question If you are muted locally, please remember to unmute your device. if you are muted locally please remember to unmute your device Please stand by while we compile the Q&A roster. please stand by while we compile the q&a roster Our first question comes from the line of Brian Lee with Goldman Sachs . our first question comes from the line of brian lee with goldman sachs Your line is open. your line is open Please go ahead. please go ahead

Speaker 3: Hey, guys. Good afternoon. Thanks for taking the questions. I guess just on the ASP front, Mark, you mentioned the $0.364 per watt, including adders for the U.S. bookings this quarter. How much did the adders add there? Is that sort of the level of entitlement, 36 and above, that you would expect for U.S. bookings through the rest of the year? Maybe can you comment on visibility you have on the pricing environment from this point forward? Just secondarily, on the gross margins, I'd be curious. I mean, this is implying kind of a 10% component gross margin in the guidance, even if I, you know, factor out underutilization and the 45X credit. Hey, guys. hey guys Good afternoon. good afternoon Thanks for taking the questions. thanks for taking the questions I guess just on the ASP front, Mark, you mentioned the $0.364 per watt, including adders for the U.S. bookings this quarter. i guess just on the asp front mark you mentioned the $0.364 per watt including adders for the u.s bookings this quarter How much did the adders add there? how much did the adders add there Is that sort of the level of entitlement, 36 and above, that you would expect for U.S. bookings through the rest of the year? is that sort of the level of entitlement 36 and above that you would expect for u.s bookings through the rest of the year Maybe can you comment on visibility you have on the pricing environment from this point forward? maybe can you comment on visibility you have on the pricing environment from this point forward Just secondarily, on the gross margins, I'd be curious. just secondarily on the gross margins i'd be curious I mean, this is implying kind of a 10% component gross margin in the guidance, even if I, you know, factor out underutilization and the 45X credit. i mean this is implying kind of a 10% component gross margin in the guidance even if i you know factor out underutilization and the 45x credit I know there's a lot of moving pieces, Alex, but when do you guys kind of get back to, you know, high teens, 20% type of gross margin for components the way you were at in 2024? Kind of what are some of the big bridges to get back there? Thank you. I know there's a lot of moving pieces, Alex, but when do you guys kind of get back to, you know, high teens, 20% type of gross margin for components the way you were at in 2024? i know there's a lot of moving pieces alex but when do you guys kind of get back to you know high teens 20% type of gross margin for components the way you were at in 2024 Kind of what are some of the big bridges to get back there? kind of what are some of the big bridges to get back there Thank you. thank you

Speaker 7: All right, I'll do the ASP conversation. Alex, obviously, take the gross margin. There's about two and a half cents to $0.03 of the value of the adder in terms of the ASP, that $0.364. That's about the number. The CuRe attributes will give you close to 3%. Not everything that was booked in that $0.364 actually had the adder. If you sort of broke it out a little bit, you potentially are going to see slightly higher prices for the CuRe attributes for the product that we booked with the CuRe attributes. All right, I'll do the ASP conversation. all right i'll do the asp conversation Alex, obviously, take the gross margin. alex obviously take the gross margin There's about two and a half cents to $0.03 of the value of the adder in terms of the ASP, that $0.364. there's about two and a half cents to $0.03 of the value of the adder in terms of the asp that $0.364 That's about the number. that's about the number The CuRe attributes will give you close to 3%. the cure attributes will give you close to 3% Not everything that was booked in that $0.364 actually had the adder. not everything that was booked in that $0.364 actually had the adder If you sort of broke it out a little bit, you potentially are going to see slightly higher prices for the CuRe attributes for the product that we booked with the CuRe attributes. if you sort of broke it out a little bit you potentially are going to see slightly higher prices for the cure attributes for the product that we booked with the cure attributes You know, look, I think the entitlement-wise, I mean, I feel good about the pricing that we're at now, but I think there's some more catalysts that could still happen. I think some are leaning in with all the uncertainty that we referenced on the call in terms of what happens with 232 and what window are they trying to book into, given the constraints with FEOC. I think if we continue to see more momentum there, we just obviously saw the Solar IV announcements, which obviously are going to address, you know, imports coming in from those three countries that we referenced. There's potentially more tailwinds, depending on how they play out, that could support even better pricing as we move forward. You know, look, I think the entitlement-wise, I mean, I feel good about the pricing that we're at now, but I think there's some more catalysts that could still happen. you know look i think the entitlement-wise i mean i feel good about the pricing that we're at now but i think there's some more catalysts that could still happen I think some are leaning in with all the uncertainty that we referenced on the call in terms of what happens with 232 and what window are they trying to book into, given the constraints with FEOC. i think some are leaning in with all the uncertainty that we referenced on the call in terms of what happens with 232 and what window are they trying to book into given the constraints with feoc I think if we continue to see more momentum there, we just obviously saw the Solar IV announcements, which obviously are going to address, you know, imports coming in from those three countries that we referenced. i think if we continue to see more momentum there we just obviously saw the solar iv announcements which obviously are going to address you know imports coming in from those three countries that we referenced There's potentially more tailwinds, depending on how they play out, that could support even better pricing as we move forward. there's potentially more tailwinds depending on how they play out that could support even better pricing as we move forward I think, visibility-wise, I think that's kind of a good indication of where we expect the market pricing to be relative to the CuRe technology. I think, visibility-wise, I think that's kind of a good indication of where we expect the market pricing to be relative to the CuRe technology. i think visibility-wise i think that's kind of a good indication of where we expect the market pricing to be relative to the cure technology

Speaker 1: Brian, on the gross margin, if you back out the 45X, it's about a 7% gross margin. If you think about that against the $5 billion revenue profile, it's about $350 million of gross margin. If you try and walk that back up to, call it, the 20% number we've talked about before, this year, we've got about $165 million of tariffs sitting in there, and about $135 million on utilization. About $300 million or so there, about six points of margin. Brian, on the gross margin, if you back out the 45X, it's about a 7% gross margin. brian on the gross margin if you back out the 45x it's about a 7% gross margin If you think about that against the $5 billion revenue profile, it's about $350 million of gross margin. if you think about that against the $5 billion revenue profile it's about $350 million of gross margin If you try and walk that back up to, call it, the 20% number we've talked about before, this year, we've got about $165 million of tariffs sitting in there, and about $135 million on utilization. if you try and walk that back up to call it the 20% number we've talked about before this year we've got about $165 million of tariffs sitting in there and about $135 million on utilization About $300 million or so there, about six points of margin. about $300 million or so there about six points of margin ... you've got about $200 million of warehousing. I think we said in the prepared remarks, that'll come down to about $100 million on a run rate basis next year. Pick up another $100 million there, another 2 points of margin. If you look at the adjusters, we talked about, you know, $600 million in the backlog, mostly recognized in 2027, 2028. You take $300 million across each of those years, that's another 6 points of margin. That kind of walks you back up to, you know, around about the $1 billion of gross margin and the 20% number. Tariff is obviously still in that's, that's an impact that we're still wrestling with. ... you've got about $200 million of warehousing. you've got about $200 million of warehousing I think we said in the prepared remarks, that'll come down to about $100 million on a run rate basis next year. i think we said in the prepared remarks that'll come down to about $100 million on a run rate basis next year Pick up another $100 million there, another 2 points of margin. pick up another $100 million there another 2 points of margin If you look at the adjusters, we talked about, you know, $600 million in the backlog, mostly recognized in 2027, 2028. if you look at the adjusters we talked about you know $600 million in the backlog mostly recognized in 2027 2028 You take $300 million across each of those years, that's another 6 points of margin. you take $300 million across each of those years that's another 6 points of margin That kind of walks you back up to, you know, around about the $1 billion of gross margin and the 20% number. that kind of walks you back up to you know around about the $1 billion of gross margin and the 20% number Tariff is obviously still in that's, that's an impact that we're still wrestling with. tariff is obviously still in that's that's an impact that we're still wrestling with but I'd also say you've got incremental volume coming in next year, which is not factored into that, and the contribution margin benefit of that, even ex-IRA, is gonna be meaningful. I'd also say we're trying to look at this on an ex-IRA basis, but it's challenging to do that to some degree because we are adding incremental costs, both by U.S. manufacturing and also by the mix shift to bringing more production into the U.S. We're doing that, and that allows us, enables us to capture that 45X credit. I know we're looking on a ex-IRA basis, but if you think about it with the IRA included, with that 45X, yes, the core shows 7% this year and the walk up that we talked about just now. You've got 43 points of IRA. but I'd also say you've got incremental volume coming in next year, which is not factored into that, and the contribution margin benefit of that, even ex-IRA, is gonna be meaningful. but i'd also say you've got incremental volume coming in next year which is not factored into that and the contribution margin benefit of that even ex-ira is gonna be meaningful I'd also say we're trying to look at this on an ex-IRA basis, but it's challenging to do that to some degree because we are adding incremental costs, both by U.S. manufacturing and also by the mix shift to bringing more production into the U.S. i'd also say we're trying to look at this on an ex-ira basis but it's challenging to do that to some degree because we are adding incremental costs both by u.s manufacturing and also by the mix shift to bringing more production into the u.s We're doing that, and that allows us, enables us to capture that 45X credit. we're doing that and that allows us enables us to capture that 45x credit I know we're looking on a ex-IRA basis, but if you think about it with the IRA included, with that 45X, yes, the core shows 7% this year and the walk up that we talked about just now. i know we're looking on a ex-ira basis but if you think about it with the ira included with that 45x yes the core shows 7% this year and the walk up that we talked about just now You've got 43 points of IRA. you've got 43 points of ira The growth margin on a GAAP basis will be 50% this year relative to 41% last year, which is the highest we've seen. Obviously, we want to keep growing the core underlying non-IRA, and there's a path there, as I said, that takes you back up to that 20%, and we're about $1 billion at that $5 billion revenue profile. You can't ignore the two and the interconnectedness of the fact that we are reshoring capacity, and that does come at a cost, both direct cost and mix shift cost, that enable us to capture those 45X benefits. The growth margin on a GAAP basis will be 50% this year relative to 41% last year, which is the highest we've seen. the growth margin on a gaap basis will be 50% this year relative to 41% last year which is the highest we've seen Obviously, we want to keep growing the core underlying non-IRA, and there's a path there, as I said, that takes you back up to that 20%, and we're about $1 billion at that $5 billion revenue profile. obviously we want to keep growing the core underlying non-ira and there's a path there as i said that takes you back up to that 20% and we're about $1 billion at that $5 billion revenue profile You can't ignore the two and the interconnectedness of the fact that we are reshoring capacity, and that does come at a cost, both direct cost and mix shift cost, that enable us to capture those 45X benefits. you can't ignore the two and the interconnectedness of the fact that we are reshoring capacity and that does come at a cost both direct cost and mix shift cost that enable us to capture those 45x benefits

Speaker 7: Yeah, Brian, I want to add a couple of things to. One, back to on the pricing environment, because I also want to make sure this is clear, is that that product or that ASP is also reflective of largely influenced by a domestic content product, right? Now, what we do a lot of times is it's agreed to around some number of points which allow us to bring in some amount of international volume, assuming the tariff rates are amenable, such that we can blend international. If we ended up doing a straight up international deal, for example, with some of the capacity we have available with our Malaysia, Vietnam facilities, I would expect that price point to be closer to $0.30. I just want to make sure that that's clear. Yeah, Brian, I want to add a couple of things to. yeah brian i want to add a couple of things to One, back to on the pricing environment, because I also want to make sure this is clear, is that that product or that ASP is also reflective of largely influenced by a domestic content product, right? one back to on the pricing environment because i also want to make sure this is clear is that that product or that asp is also reflective of largely influenced by a domestic content product right Now, what we do a lot of times is it's agreed to around some number of points which allow us to bring in some amount of international volume, assuming the tariff rates are amenable, such that we can blend international. now what we do a lot of times is it's agreed to around some number of points which allow us to bring in some amount of international volume assuming the tariff rates are amenable such that we can blend international If we ended up doing a straight up international deal, for example, with some of the capacity we have available with our Malaysia, Vietnam facilities, I would expect that price point to be closer to $0.30. if we ended up doing a straight up international deal for example with some of the capacity we have available with our malaysia vietnam facilities i would expect that price point to be closer to $0.30 I just want to make sure that that's clear. i just want to make sure that that's clear If we actually end up, you know, booking some of that international volume as we go forward, that you may see a lower ASP there because of that dynamic. I want to make sure that's clear. The other one, just to Alex's point around tariff. The other thing is kind of creating some headwind for us this year is, and we've mentioned this before, I mean, there is insufficient glass supply in the US, and we've been working to bring in basically brownfield and mothballed facilities and getting them up and operational. To support the scaling that we have right now, we are bringing in some glass internationally and using it in our US production, and that is creating a cost headwind. My inbound freight costs are higher. If we actually end up, you know, booking some of that international volume as we go forward, that you may see a lower ASP there because of that dynamic. if we actually end up you know booking some of that international volume as we go forward that you may see a lower asp there because of that dynamic I want to make sure that's clear. i want to make sure that's clear The other one, just to Alex's point around tariff. the other one just to alex's point around tariff The other thing is kind of creating some headwind for us this year is, and we've mentioned this before, I mean, there is insufficient glass supply in the US, and we've been working to bring in basically brownfield and mothballed facilities and getting them up and operational. the other thing is kind of creating some headwind for us this year is and we've mentioned this before i mean there is insufficient glass supply in the us and we've been working to bring in basically brownfield and mothballed facilities and getting them up and operational To support the scaling that we have right now, we are bringing in some glass internationally and using it in our US production, and that is creating a cost headwind. to support the scaling that we have right now we are bringing in some glass internationally and using it in our us production and that is creating a cost headwind My inbound freight costs are higher. my inbound freight costs are higher I'm bearing the cost of the tariffs, and what we would expect to do as we scale up our supply chain here in the US, which we're in the midst of doing, we'll see less of a dependency on that import of that glass, which will also help us a little bit on our gross margin profile. I'm bearing the cost of the tariffs, and what we would expect to do as we scale up our supply chain here in the US, which we're in the midst of doing, we'll see less of a dependency on that import of that glass, which will also help us a little bit on our gross margin profile. i'm bearing the cost of the tariffs and what we would expect to do as we scale up our supply chain here in the us which we're in the midst of doing we'll see less of a dependency on that import of that glass which will also help us a little bit on our gross margin profile

Speaker 8: Your next question comes from the line of Julien Dumoulin-Smith with Jefferies LLC. Your line is now open. Please go ahead. Your next question comes from the line of Julien Dumoulin-Smith with Jefferies LLC. your next question comes from the line of julien dumoulin-smith with jefferies llc Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 5: Thank you. Thank you all very much. Appreciate the opportunity to connect here. Appreciate it. Look, if I can ask you first off, just to reconcile on the volumes produced versus sold. Can you comment a little bit about just what you're seeing here of late? Separately, can you comment a little bit about what you're actually seeing in terms of sell-through on volumes out of Asia? I know you prepared comments had some nuance on this, but just elaborate a little bit about what both Southeast Asia/India are assuming here in 2026 and what you're seeing preliminarily in 2027 as well. Thank you. thank you Thank you all very much. thank you all very much Appreciate the opportunity to connect here. appreciate the opportunity to connect here Appreciate it. appreciate it Look, if I can ask you first off, just to reconcile on the volumes produced versus sold. look if i can ask you first off just to reconcile on the volumes produced versus sold Can you comment a little bit about just what you're seeing here of late? can you comment a little bit about just what you're seeing here of late Separately, can you comment a little bit about what you're actually seeing in terms of sell-through on volumes out of Asia? separately can you comment a little bit about what you're actually seeing in terms of sell-through on volumes out of asia I know you prepared comments had some nuance on this, but just elaborate a little bit about what both Southeast Asia/India are assuming here in 2026 and what you're seeing preliminarily in 2027 as well. i know you prepared comments had some nuance on this but just elaborate a little bit about what both southeast asia/india are assuming here in 2026 and what you're seeing preliminarily in 2027 as well

Speaker 7: Yeah. You know, if you go to the slides, we give you a walk on what we're expecting to produce versus sell. The delta between the two is about 700 MW coming out of inventory. That's the gap you're seeing between produced volume and sold volume. We gave you the U.S. number for sold. You can see it in there. It's 12.9. It's 9.33. It's in the script there. We'll come back to you. Yeah, the delta is coming out of inventory. What was your second question, Julien? Yeah. yeah You know, if you go to the slides, we give you a walk on what we're expecting to produce versus sell. you know if you go to the slides we give you a walk on what we're expecting to produce versus sell The delta between the two is about 700 MW coming out of inventory. the delta between the two is about 700 mw coming out of inventory That's the gap you're seeing between produced volume and sold volume. that's the gap you're seeing between produced volume and sold volume We gave you the U.S. number for sold. we gave you the u.s number for sold You can see it in there. you can see it in there It's 12.9. it's 12.9 It's 9.33. it's 9.33 It's in the script there. it's in the script there We'll come back to you. we'll come back to you Yeah, the delta is coming out of inventory. yeah the delta is coming out of inventory What was your second question, Julien? what was your second question julien

Speaker 1: I think part of it, your question was on the Southeast Asia, I think is what you're. I think part of it, your question was on the Southeast Asia, I think is what you're. i think part of it your question was on the southeast asia i think is what you're

Speaker 5: Yeah, on sell-through. Yeah, on sell-through. yeah on sell-through

Speaker 7: Yeah, let's talk through that. India is gonna produce called 3 GW or so this year and will be sold into the India market. We're actually gonna have a, you know, a really strong quarter. We had a really strong Q4 and we'll have a strong Q1 in India. Demand in India is strong. We got 3 GW or so, a little bit north of that because we got some inventory sell-through that will sell in 2026 in India, domestically manufactured, sold into the India market, okay? Now, on the Southeast Asia, you know, those factories are kind of running 20% or so. I mean, they're extremely underutilized. You know, what Alex said in his prepared remarks is that we're looking at this almost as option value. Yeah, let's talk through that. yeah let's talk through that India is gonna produce called 3 GW or so this year and will be sold into the India market. india is gonna produce called 3 gw or so this year and will be sold into the india market We're actually gonna have a, you know, a really strong quarter. we're actually gonna have a you know a really strong quarter We had a really strong Q4 and we'll have a strong Q1 in India. we had a really strong q4 and we'll have a strong q1 in india Demand in India is strong. demand in india is strong We got 3 GW or so, a little bit north of that because we got some inventory sell-through that will sell in 2026 in India, domestically manufactured, sold into the India market, okay? we got 3 gw or so a little bit north of that because we got some inventory sell-through that will sell in 2026 in india domestically manufactured sold into the india market okay Now, on the Southeast Asia, you know, those factories are kind of running 20% or so. now on the southeast asia you know those factories are kind of running 20% or so I mean, they're extremely underutilized. i mean they're extremely underutilized You know, what Alex said in his prepared remarks is that we're looking at this almost as option value. you know what alex said in his prepared remarks is that we're looking at this almost as option value Some of that capacity will be fully utilized once we get our South Carolina facility up, because the front-end capacity for, call it, half of the Southeast Asia manufacturing will come to the U.S. That'll solve a piece of that underutilization. The other half is, you know. Some of that capacity will be fully utilized once we get our South Carolina facility up, because the front-end capacity for, call it, half of the Southeast Asia manufacturing will come to the U.S. some of that capacity will be fully utilized once we get our south carolina facility up because the front-end capacity for call it half of the southeast asia manufacturing will come to the u.s That'll solve a piece of that underutilization. that'll solve a piece of that underutilization The other half is, you know. the other half is you know is going to continue to be underutilized at a very low utilization rate. What we're looking at this is really an option to allow some of these potential tailwinds around Section 232 and other things to play itself out, to see what the impact of that could be, to create more demand for those international operations. We also, I think as we indicated in our last call, we are trying to work with a couple of counterparties on potentially meaningful volume offtake for those international production. You know, that's all still in the works. It's still gonna be largely tethered back to what happens in the policy environment. is going to continue to be underutilized at a very low utilization rate. is going to continue to be underutilized at a very low utilization rate What we're looking at this is really an option to allow some of these potential tailwinds around Section 232 and other things to play itself out, to see what the impact of that could be, to create more demand for those international operations. what we're looking at this is really an option to allow some of these potential tailwinds around section 232 and other things to play itself out to see what the impact of that could be to create more demand for those international operations We also, I think as we indicated in our last call, we are trying to work with a couple of counterparties on potentially meaningful volume offtake for those international production. we also i think as we indicated in our last call we are trying to work with a couple of counterparties on potentially meaningful volume offtake for those international production You know, that's all still in the works. you know that's all still in the works It's still gonna be largely tethered back to what happens in the policy environment. it's still gonna be largely tethered back to what happens in the policy environment You know, we are incurring significant underutilization and cost headwinds because of what we're trying to do right now is figure out, let's create an option, let's evaluate what we continue to see in the market. We've been sort of wearing this for over a year now. You know, it was about a year ago when these tariffs came in place, and, you know, we started to throttle down, you know, kinda towards the end of Q2, beginning of Q3, and we've kind of run at a very low utilization rate to try to sort of buy some time to see how these tariffs ultimately get played out. You know, we are incurring significant underutilization and cost headwinds because of what we're trying to do right now is figure out, let's create an option, let's evaluate what we continue to see in the market. you know we are incurring significant underutilization and cost headwinds because of what we're trying to do right now is figure out let's create an option let's evaluate what we continue to see in the market We've been sort of wearing this for over a year now. we've been sort of wearing this for over a year now You know, it was about a year ago when these tariffs came in place, and, you know, we started to throttle down, you know, kinda towards the end of Q2, beginning of Q3, and we've kind of run at a very low utilization rate to try to sort of buy some time to see how these tariffs ultimately get played out. you know it was about a year ago when these tariffs came in place and you know we started to throttle down you know kinda towards the end of q2 beginning of q3 and we've kind of run at a very low utilization rate to try to sort of buy some time to see how these tariffs ultimately get played out

Speaker 8: Your next question comes from the line of Mark Strouse with JP Morgan. Your line is now open. Please go ahead. Your next question comes from the line of Mark Strouse with JP Morgan. your next question comes from the line of mark strouse with jp morgan Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 6: Yes, good afternoon. Thanks for taking our questions. Within the last couple of months, there was a individual with a vast amount of resources that is talking about ramping up, supply of U.S.-based solar panel, production over the coming years. Just curious, you know, if that is having any real impact on the conversations you're having with your customers, especially if you look out, to later this decade. I have a quick follow-up. Thanks. Yes, good afternoon. yes good afternoon Thanks for taking our questions. thanks for taking our questions Within the last couple of months, there was a individual with a vast amount of resources that is talking about ramping up, supply of U.S.-based solar panel, production over the coming years. within the last couple of months there was a individual with a vast amount of resources that is talking about ramping up supply of u.s.-based solar panel production over the coming years Just curious, you know, if that is having any real impact on the conversations you're having with your customers, especially if you look out, to later this decade. just curious you know if that is having any real impact on the conversations you're having with your customers especially if you look out to later this decade I have a quick follow-up. i have a quick follow-up Thanks. thanks

Speaker 7: Look, obviously very much aware of the announcement and the ambitions. You know, from my understanding, a lot of that is not necessarily focused for, you know, kind of our utility scale market that we're primarily focused on. I think it's primarily looked to be captive for their own consumption, for their own programs that they're envisioning. You know, it's also out in our horizon, and I think there's also a pretty strong realization of some pretty significant challenges to try to get to that type of scale. Look, obviously very much aware of the announcement and the ambitions. look obviously very much aware of the announcement and the ambitions You know, from my understanding, a lot of that is not necessarily focused for, you know, kind of our utility scale market that we're primarily focused on. you know from my understanding a lot of that is not necessarily focused for you know kind of our utility scale market that we're primarily focused on I think it's primarily looked to be captive for their own consumption, for their own programs that they're envisioning. i think it's primarily looked to be captive for their own consumption for their own programs that they're envisioning You know, it's also out in our horizon, and I think there's also a pretty strong realization of some pretty significant challenges to try to get to that type of scale. you know it's also out in our horizon and i think there's also a pretty strong realization of some pretty significant challenges to try to get to that type of scale If you're really thinking about this as fully vertically integrated all the way from polysilicon forward, you're not only you're trying to solve the constraint at, let's say, the cell level, you've got to think through how do you sell the wafer and how do you think through the polysilicon. The capital investment to try to move all that forward is going to be pretty overwhelming. The technical aspects around it as well, of understanding freedom to operate issues. We've already talked about there are IP infringements all over the place, within the crystalline silicon world, and everybody's going to stand up and try to protect their IP where it makes sense. It hasn't really impacted our conversations yet. If you're really thinking about this as fully vertically integrated all the way from polysilicon forward, you're not only you're trying to solve the constraint at, let's say, the cell level, you've got to think through how do you sell the wafer and how do you think through the polysilicon. if you're really thinking about this as fully vertically integrated all the way from polysilicon forward you're not only you're trying to solve the constraint at let's say the cell level you've got to think through how do you sell the wafer and how do you think through the polysilicon The capital investment to try to move all that forward is going to be pretty overwhelming. the capital investment to try to move all that forward is going to be pretty overwhelming The technical aspects around it as well, of understanding freedom to operate issues. the technical aspects around it as well of understanding freedom to operate issues We've already talked about there are IP infringements all over the place, within the crystalline silicon world, and everybody's going to stand up and try to protect their IP where it makes sense. we've already talked about there are ip infringements all over the place within the crystalline silicon world and everybody's going to stand up and try to protect their ip where it makes sense It hasn't really impacted our conversations yet. it hasn't really impacted our conversations yet I think if they got to a realization where you started to see, you know, sites being announced, actual equipment being purchased, you know, operations being commenced, then I think you know, maybe it starts to sort of inform our customers' views of other thoughts and ideas, but as of right now, it's having very little impact. I think if they got to a realization where you started to see, you know, sites being announced, actual equipment being purchased, you know, operations being commenced, then I think you know, maybe it starts to sort of inform our customers' views of other thoughts and ideas, but as of right now, it's having very little impact. i think if they got to a realization where you started to see you know sites being announced actual equipment being purchased you know operations being commenced then i think you know maybe it starts to sort of inform our customers' views of other thoughts and ideas but as of right now it's having very little impact

Speaker 1: Mark, just wanted to comment around that. As you're well aware, the biggest constraint that we're seeing in the market for hyperscalers right now is access to power. As we've just gone through the process of looking to site our new finishing line, the biggest constraint we faced around that was land with available power to connect. Again, Mark mentioned you've got a capital constraint, which even that could be overcome, IP constraints, just knowledge and know-how. You've also got the constraint of how you would power these facilities. If you're trying to build to that scale, you'd be in the same constraints that the hyperscalers have today. Mark, just wanted to comment around that. mark just wanted to comment around that As you're well aware, the biggest constraint that we're seeing in the market for hyperscalers right now is access to power. as you're well aware the biggest constraint that we're seeing in the market for hyperscalers right now is access to power As we've just gone through the process of looking to site our new finishing line, the biggest constraint we faced around that was land with available power to connect. as we've just gone through the process of looking to site our new finishing line the biggest constraint we faced around that was land with available power to connect Again, Mark mentioned you've got a capital constraint, which even that could be overcome, IP constraints, just knowledge and know-how. again mark mentioned you've got a capital constraint which even that could be overcome ip constraints just knowledge and know-how You've also got the constraint of how you would power these facilities. you've also got the constraint of how you would power these facilities If you're trying to build to that scale, you'd be in the same constraints that the hyperscalers have today. if you're trying to build to that scale you'd be in the same constraints that the hyperscalers have today

Speaker 6: Okay, thank you for that. That makes sense. Then I just wanted to ask a clarifying follow-up to Brian Lee's question earlier. Mark, when you said the $0.364 is for the domestic content, are you saying that that is the blended rate, so it would be a higher amount than that for the U.S. domestic content, average with the whatever, $0.30 for international, or is that $0.364 how we should be thinking about the domestic content portion? Okay, thank you for that. okay thank you for that That makes sense. that makes sense Then I just wanted to ask a clarifying follow-up to Brian Lee's question earlier. then i just wanted to ask a clarifying follow-up to brian lee's question earlier Mark, when you said the $0.364 is for the domestic content, are you saying that that is the blended rate, so it would be a higher amount than that for the U.S. domestic content, average with the whatever, $0.30 for international, or is that $0.364 how we should be thinking about the domestic content portion? mark when you said the $0.364 is for the domestic content are you saying that that is the blended rate so it would be a higher amount than that for the u.s domestic content average with the whatever $0.30 for international or is that $0.364 how we should be thinking about the domestic content portion

Speaker 7: The way we, I tried to mention this a little bit last time, the way we actually price is we, you know, we negotiate with the customer some number of points that they need. Given their procurement strategy around, you know, the tracker in particular, and then what are the incremental points that they need relative to the window that they plan on putting the project into service? We will negotiate a points construct, which then gives us the optionality to blend whatever percentage we can internationally. And we're in a pretty good, you know, balance between, you know, the domestic S7 and the domestic, excuse me, international S7. You know, we can optimize there pretty well, assuming we choose not to sell into the India market. The way we, I tried to mention this a little bit last time, the way we actually price is we, you know, we negotiate with the customer some number of points that they need. the way we i tried to mention this a little bit last time the way we actually price is we you know we negotiate with the customer some number of points that they need Given their procurement strategy around, you know, the tracker in particular, and then what are the incremental points that they need relative to the window that they plan on putting the project into service? given their procurement strategy around you know the tracker in particular and then what are the incremental points that they need relative to the window that they plan on putting the project into service We will negotiate a points construct, which then gives us the optionality to blend whatever percentage we can internationally. we will negotiate a points construct which then gives us the optionality to blend whatever percentage we can internationally And we're in a pretty good, you know, balance between, you know, the domestic S7 and the domestic, excuse me, international S7. and we're in a pretty good you know balance between you know the domestic s7 and the domestic excuse me international s7 You know, we can optimize there pretty well, assuming we choose not to sell into the India market. you know we can optimize there pretty well assuming we choose not to sell into the india market Where we're a little bit more off, misaligned is really with the only having, call it 3 GW of capacity for Series 6 in the U.S., and then trying to match that up with 7 GW of international production, which makes it harder because you can't really blend that much international to achieve, let's say, a 30 or 40 or 50-point requirement that a customer has. Moving some of that finishing capacity in the U.S. also brings in some domestic content, so that helps move that equation a little bit. What I was trying to say that if you have no domestic content at all embedded into a blended price construct. You're gonna see a much lower. Where we're a little bit more off, misaligned is really with the only having, call it 3 GW of capacity for Series 6 in the U.S., and then trying to match that up with 7 GW of international production, which makes it harder because you can't really blend that much international to achieve, let's say, a 30 or 40 or 50-point requirement that a customer has. where we're a little bit more off misaligned is really with the only having call it 3 gw of capacity for series 6 in the u.s and then trying to match that up with 7 gw of international production which makes it harder because you can't really blend that much international to achieve let's say a 30 or 40 or 50-point requirement that a customer has Moving some of that finishing capacity in the U.S. also brings in some domestic content, so that helps move that equation a little bit. moving some of that finishing capacity in the u.s also brings in some domestic content so that helps move that equation a little bit What I was trying to say that if you have no domestic content at all embedded into a blended price construct. what i was trying to say that if you have no domestic content at all embedded into a blended price construct You're gonna see a much lower. you're gonna see a much lower If I go out and say, "Okay, I want a customer to buy 500 MW of an international only with no domestic content value," and you may see some of that in some customers that are doing a PTC project, as an example, because the uplift on, you know, the PTC is, you know, not as meaningful as it is on the ITC. You know, those prices are gonna be lower. I just sort of want to make sure that that's clear and that's understood, that, you know, you could see a delta, you know, I, you know, I said $0.30 or somewhere in that range. If you're selling just a pure international S6 product into the U.S. market, you would see a lower ASP clearing price. If I go out and say, "Okay, I want a customer to buy 500 MW of an international only with no domestic content value," and you may see some of that in some customers that are doing a PTC project, as an example, because the uplift on, you know, the PTC is, you know, not as meaningful as it is on the ITC. if i go out and say "okay i want a customer to buy 500 mw of an international only with no domestic content value," and you may see some of that in some customers that are doing a ptc project as an example because the uplift on you know the ptc is you know not as meaningful as it is on the itc You know, those prices are gonna be lower. you know those prices are gonna be lower I just sort of want to make sure that that's clear and that's understood, that, you know, you could see a delta, you know, I, you know, I said $0.30 or somewhere in that range. i just sort of want to make sure that that's clear and that's understood that you know you could see a delta you know i you know i said $0.30 or somewhere in that range If you're selling just a pure international S6 product into the U.S. market, you would see a lower ASP clearing price. if you're selling just a pure international s6 product into the u.s market you would see a lower asp clearing price

Speaker 8: Your next question comes from the line of Philip Shen with Roth Capital Partners. Your line is now open. Please go ahead. Your next question comes from the line of Philip Shen with Roth Capital Partners. your next question comes from the line of philip shen with roth capital partners Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 9: Hey, guys. Thanks for taking my questions. First one, just was wondering if you could give us a little more color on why no EPS guide for 2026? Secondly, in terms of the ASP implied for the 2026 guide, you know, it seems like the U.S. ASP, it might be a little bit low. I think in 2025, it was closer to $0.324, but the implied U.S. ASP in the 2026 guide seems to be closer to $0.308. I was wondering if you might be able to give some color on that. Finally, on Oxford PV, can you share what kinds of efficiencies you're able to generate? What are you seeing in your test modules, if any? Hey, guys. hey guys Thanks for taking my questions. thanks for taking my questions First one, just was wondering if you could give us a little more color on why no EPS guide for 2026? first one just was wondering if you could give us a little more color on why no eps guide for 2026 Secondly, in terms of the ASP implied for the 2026 guide, you know, it seems like the U.S. secondly in terms of the asp implied for the 2026 guide you know it seems like the u.s ASP, it might be a little bit low. asp it might be a little bit low I think in 2025, it was closer to $0.324, but the implied U.S. i think in 2025 it was closer to $0.324 but the implied u.s ASP in the 2026 guide seems to be closer to $0.308. asp in the 2026 guide seems to be closer to $0.308 I was wondering if you might be able to give some color on that. i was wondering if you might be able to give some color on that Finally, on Oxford PV, can you share what kinds of efficiencies you're able to generate? finally on oxford pv can you share what kinds of efficiencies you're able to generate What are you seeing in your test modules, if any? what are you seeing in your test modules if any What's your sense of timing as to when commercial volumes could actually ramp? Thanks, guys. What's your sense of timing as to when commercial volumes could actually ramp? what's your sense of timing as to when commercial volumes could actually ramp Thanks, guys. thanks guys

Speaker 1: On the EPS piece, we're moving the guidance to EBITDA. We think it gives a better view of operational performance, it's better comparability year-over-year. Especially a year like this year, where you've got significant costs associated with both underutilization of our Southeast Asia facilities, as we're deliberately curtailing those, as Mark mentioned, waiting for an option around whether there's profitable capacity or profitable production to be had there to serve the market. We've got significant startup costs as we're moving that equipment from Southeast Asia to the U.S. You know, historically, we haven't done that around startup and ramp production, but this is a lot different, where it's actually taking tools we already have in the ground and idling them for a significant period of time. On the EPS piece, we're moving the guidance to EBITDA. on the eps piece we're moving the guidance to ebitda We think it gives a better view of operational performance, it's better comparability year-over-year. we think it gives a better view of operational performance it's better comparability year-over-year Especially a year like this year, where you've got significant costs associated with both underutilization of our Southeast Asia facilities, as we're deliberately curtailing those, as Mark mentioned, waiting for an option around whether there's profitable capacity or profitable production to be had there to serve the market. especially a year like this year where you've got significant costs associated with both underutilization of our southeast asia facilities as we're deliberately curtailing those as mark mentioned waiting for an option around whether there's profitable capacity or profitable production to be had there to serve the market We've got significant startup costs as we're moving that equipment from Southeast Asia to the U.S. we've got significant startup costs as we're moving that equipment from southeast asia to the u.s You know, historically, we haven't done that around startup and ramp production, but this is a lot different, where it's actually taking tools we already have in the ground and idling them for a significant period of time. you know historically we haven't done that around startup and ramp production but this is a lot different where it's actually taking tools we already have in the ground and idling them for a significant period of time I think it makes it more comparable. On the tax side also, we've got potential challenges around Pillar Two this year, which will make the tax number very noisy going down to EPS. On a kind of core non-Pillar Two basis, expect very low tax expense for the year. Because the agreement's not yet been finalized, there's a potential chance we'll have to accrue significant Pillar Two expense, which ultimately we don't believe will ever get realized on a cash basis. Until those agreements are finalized, we'd have to accrue that. We think it helps us with comparability as well. On the ASP side, I think your number is right, $0.308. That's if you look at what's in the backlog, it's around $0.30. I think it makes it more comparable. i think it makes it more comparable On the tax side also, we've got potential challenges around Pillar Two this year, which will make the tax number very noisy going down to EPS. on the tax side also we've got potential challenges around pillar two this year which will make the tax number very noisy going down to eps On a kind of core non-Pillar Two basis, expect very low tax expense for the year. on a kind of core non-pillar two basis expect very low tax expense for the year Because the agreement's not yet been finalized, there's a potential chance we'll have to accrue significant Pillar Two expense, which ultimately we don't believe will ever get realized on a cash basis. because the agreement's not yet been finalized there's a potential chance we'll have to accrue significant pillar two expense which ultimately we don't believe will ever get realized on a cash basis Until those agreements are finalized, we'd have to accrue that. until those agreements are finalized we'd have to accrue that We think it helps us with comparability as well. we think it helps us with comparability as well On the ASP side, I think your number is right, $0.308. on the asp side i think your number is right $0.308 That's if you look at what's in the backlog, it's around $0.30. that's if you look at what's in the backlog it's around $0.30 It's about what's in the backlog coming out at that ASP with a little bit of uplift relative to some adjusters we get around freight, around commodities, and then there's a little bit of upside on the tech side as well there. If you think about, we mentioned on the adjusters going forward, there's about $600 million or about $0.03 a watt on average of adjusted value sitting aligned with the QA platform, and most of that, we said, will be realized 2027, 2028, which is when we'll start having much more QA product available to us. This year we have limited QO production, and given the timing of our decision to run that QO relative to the notification timings in the contracts, we're going to see very limited upside from that this year. It's about what's in the backlog coming out at that ASP with a little bit of uplift relative to some adjusters we get around freight, around commodities, and then there's a little bit of upside on the tech side as well there. it's about what's in the backlog coming out at that asp with a little bit of uplift relative to some adjusters we get around freight around commodities and then there's a little bit of upside on the tech side as well there If you think about, we mentioned on the adjusters going forward, there's about $600 million or about $0.03 a watt on average of adjusted value sitting aligned with the QA platform, and most of that, we said, will be realized 2027, 2028, which is when we'll start having much more QA product available to us. if you think about we mentioned on the adjusters going forward there's about $600 million or about $0.03 a watt on average of adjusted value sitting aligned with the qa platform and most of that we said will be realized 2027 2028 which is when we'll start having much more qa product available to us This year we have limited QO production, and given the timing of our decision to run that QO relative to the notification timings in the contracts, we're going to see very limited upside from that this year. this year we have limited qo production and given the timing of our decision to run that qo relative to the notification timings in the contracts we're going to see very limited upside from that this year That's why you're seeing that U.S. ASP around $30.8. That's why you're seeing that U.S. that's why you're seeing that u.s ASP around $30.8. asp around $30.8

Speaker 7: I think the other thing, Phil, when you're looking at your year-on-year, you have to remember that last year, as we realized throughout the year, a handful of terminations, obviously, the largest one being the Lightsource bp termination, which, you know, that obviously impacts revenue, but, you know, you'd have to normalize, pull that out of your top-line revenue, and then do your math from that standpoint. But that clearly provided some incremental uplift to the reported ASP last year because of some of those terminations. I think the other thing, Phil, when you're looking at your year-on-year, you have to remember that last year, as we realized throughout the year, a handful of terminations, obviously, the largest one being the Lightsource bp termination, which, you know, that obviously impacts revenue, but, you know, you'd have to normalize, pull that out of your top-line revenue, and then do your math from that standpoint. i think the other thing phil when you're looking at your year-on-year you have to remember that last year as we realized throughout the year a handful of terminations obviously the largest one being the lightsource bp termination which you know that obviously impacts revenue but you know you'd have to normalize pull that out of your top-line revenue and then do your math from that standpoint But that clearly provided some incremental uplift to the reported ASP last year because of some of those terminations. but that clearly provided some incremental uplift to the reported asp last year because of some of those terminations As it relates to the Oxford PV, or just our perovskite program, basically what we're doing right now, Phil, we have a development line where we're doing small form factor modules, so think of them they're like 60 centimeters by 20 centimeters or so. These are actual, fully functional, small form factor modules that we're producing in an actual integrated production process, and doing all of our kind of conversion of some of the efforts we do in our advanced research, whether it's in California or whether it's in Sweden, and then we're doing all that testing within our development line. As it relates to the Oxford PV, or just our perovskite program, basically what we're doing right now, Phil, we have a development line where we're doing small form factor modules, so think of them they're like 60 centimeters by 20 centimeters or so. as it relates to the oxford pv or just our perovskite program basically what we're doing right now phil we have a development line where we're doing small form factor modules so think of them they're like 60 centimeters by 20 centimeters or so These are actual, fully functional, small form factor modules that we're producing in an actual integrated production process, and doing all of our kind of conversion of some of the efforts we do in our advanced research, whether it's in California or whether it's in Sweden, and then we're doing all that testing within our development line. these are actual fully functional small form factor modules that we're producing in an actual integrated production process and doing all of our kind of conversion of some of the efforts we do in our advanced research whether it's in california or whether it's in sweden and then we're doing all that testing within our development line You know, if you, if you look at our, as we said in the prepared remarks, if you look at our efficiencies and what we're seeing, you know, in stability, we're best in class from many, many, many ways, right? Many different dimensions. I feel good about where we are from a program standpoint, but, you know, there are still fundamental challenges that have to be addressed. We are very good at understanding the nuances of thin films, right? We understand the issue of metastability, right? We understand the impact of encapsulating the thin film, right? To protect the thin film. We have a number of what have been identified as, you know, best in class in particular, Chinese perovskite product. You know, if you, if you look at our, as we said in the prepared remarks, if you look at our efficiencies and what we're seeing, you know, in stability, we're best in class from many, many, many ways, right? you know if you if you look at our as we said in the prepared remarks if you look at our efficiencies and what we're seeing you know in stability we're best in class from many many many ways right Many different dimensions. many different dimensions I feel good about where we are from a program standpoint, but, you know, there are still fundamental challenges that have to be addressed. i feel good about where we are from a program standpoint but you know there are still fundamental challenges that have to be addressed We are very good at understanding the nuances of thin films, right? we are very good at understanding the nuances of thin films right We understand the issue of metastability, right? we understand the issue of metastability right We understand the impact of encapsulating the thin film, right? we understand the impact of encapsulating the thin film right To protect the thin film. to protect the thin film We have a number of what have been identified as, you know, best in class in particular, Chinese perovskite product. we have a number of what have been identified as you know best in class in particular chinese perovskite product If you put those out into a test field, as we have, first off, they'll even tell you in their literature that they give you, "Do not expose the module to open circuit," which means effectively, once you install it has to be immediately energized. If you choose to, you know, to expose it to open circuit, it degrades almost instantaneously in some cases. There's others that because their encapsulation is so poor, that the film just starts to, over time, effectively pull apart, right? There's a huge significant delamination that happens with the film, and it can't sustain itself over extended periods of time. There's a lot of many factors or many factors that factor into how do you commercialize a product? If you put those out into a test field, as we have, first off, they'll even tell you in their literature that they give you, "Do not expose the module to open circuit," which means effectively, once you install it has to be immediately energized. if you put those out into a test field as we have first off they'll even tell you in their literature that they give you "do not expose the module to open circuit," which means effectively once you install it has to be immediately energized If you choose to, you know, to expose it to open circuit, it degrades almost instantaneously in some cases. if you choose to you know to expose it to open circuit it degrades almost instantaneously in some cases There's others that because their encapsulation is so poor, that the film just starts to, over time, effectively pull apart, right? there's others that because their encapsulation is so poor that the film just starts to over time effectively pull apart right There's a huge significant delamination that happens with the film, and it can't sustain itself over extended periods of time. there's a huge significant delamination that happens with the film and it can't sustain itself over extended periods of time There's a lot of many factors or many factors that factor into how do you commercialize a product? there's a lot of many factors or many factors that factor into how do you commercialize a product We are working on all of those dimensions, right? Our view is we need to think about the development, not just to drive the efficiency, also drive the attributes to a point where they're competitive, and then to manufacture that in a way that creates an enduring product that can be, you know, into the field for 30+ years and perform at attributes that are relatively close to the current thin-film technologies that we have. That we can do that all in HVM and do that in a way that we can do it cost-competitively. There's many different things that we're working on in that regard, Phil. I would just say we're pleased with where we are. Our next phase is we will be investing. We are working on all of those dimensions, right? we are working on all of those dimensions right Our view is we need to think about the development, not just to drive the efficiency, also drive the attributes to a point where they're competitive, and then to manufacture that in a way that creates an enduring product that can be, you know, into the field for 30+ years and perform at attributes that are relatively close to the current thin-film technologies that we have. our view is we need to think about the development not just to drive the efficiency also drive the attributes to a point where they're competitive and then to manufacture that in a way that creates an enduring product that can be you know into the field for 30+ years and perform at attributes that are relatively close to the current thin-film technologies that we have That we can do that all in HVM and do that in a way that we can do it cost-competitively. that we can do that all in hvm and do that in a way that we can do it cost-competitively There's many different things that we're working on in that regard, Phil. there's many different things that we're working on in that regard phil I would just say we're pleased with where we are. i would just say we're pleased with where we are Our next phase is we will be investing. our next phase is we will be investing We've already started our procurement process to put together a pilot line that will make full-size modules, largely still for development purposes. We will deploy those modules in the field as well, some commercially with customers. As we evolve the development program, as we evolve the HVM issues in larger form factors... Anytime you scale from something that's, call it, you know, 20 by 6 centimeters to something that is, you know, 2.5 square meters, there's issues you're gonna have to deal with through that scaling process, and especially the uniformity of the cell. Once we are better informed around how all that's progressing, that'll determine, you know, overall commercial readiness. The entitlement here is an efficiency number that is 20+%. We've already started our procurement process to put together a pilot line that will make full-size modules, largely still for development purposes. we've already started our procurement process to put together a pilot line that will make full-size modules largely still for development purposes We will deploy those modules in the field as well, some commercially with customers. we will deploy those modules in the field as well some commercially with customers As we evolve the development program, as we evolve the HVM issues in larger form factors... as we evolve the development program as we evolve the hvm issues in larger form factors Anytime you scale from something that's, call it, you know, 20 by 6 centimeters to something that is, you know, 2.5 square meters, there's issues you're gonna have to deal with through that scaling process, and especially the uniformity of the cell. anytime you scale from something that's call it you know 20 by 6 centimeters to something that is you know 2.5 square meters there's issues you're gonna have to deal with through that scaling process and especially the uniformity of the cell Once we are better informed around how all that's progressing, that'll determine, you know, overall commercial readiness. once we are better informed around how all that's progressing that'll determine you know overall commercial readiness The entitlement here is an efficiency number that is 20+%. the entitlement here is an efficiency number that is 20+% It's a, it's an LTR that is, you know, competitive, a bifaciality that's, call it, 70%, and a tempco that's, you know, somewhere in, you know, the mid-teens. You know, which is better than we have now with CdTe. That's the aspiration of what we're trying to accomplish, but a lot of work between now and then. It's a, it's an LTR that is, you know, competitive, a bifaciality that's, call it, 70%, and a tempco that's, you know, somewhere in, you know, the mid-teens. it's a it's an ltr that is you know competitive a bifaciality that's call it 70% and a tempco that's you know somewhere in you know the mid-teens You know, which is better than we have now with CdTe. you know which is better than we have now with cdte That's the aspiration of what we're trying to accomplish, but a lot of work between now and then. that's the aspiration of what we're trying to accomplish but a lot of work between now and then

Speaker 8: Your next question comes from the line of Vikram Bagri with Citi. Your line is now open. Please go ahead. Your next question comes from the line of Vikram Bagri with Citi. your next question comes from the line of vikram bagri with citi Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 10: Good evening, everyone. I wanted to ask, you know, sort of a two-part question about India capacity and potential for cancellations. First, on India, can you talk about the pricing environment? I was wondering if you can give us confidence that the sales in the market are viable, the pricing is stable, and is expected to stay stable throughout the year. I understand there is no sizable spot market in the U.S., but is there a possibility some of that volume can be rerouted to the U.S., given the 15% tariff now in place? Finally, on India, it seems there is a lot of domestic capacity for panels being ramped up. How do you think about that capacity in the long term and the viability of that market for solar panels? Good evening, everyone. good evening everyone I wanted to ask, you know, sort of a two-part question about India capacity and potential for cancellations. i wanted to ask you know sort of a two-part question about india capacity and potential for cancellations First, on India, can you talk about the pricing environment? first on india can you talk about the pricing environment I was wondering if you can give us confidence that the sales in the market are viable, the pricing is stable, and is expected to stay stable throughout the year. i was wondering if you can give us confidence that the sales in the market are viable the pricing is stable and is expected to stay stable throughout the year I understand there is no sizable spot market in the U.S., but is there a possibility some of that volume can be rerouted to the U.S., given the 15% tariff now in place? i understand there is no sizable spot market in the u.s but is there a possibility some of that volume can be rerouted to the u.s given the 15% tariff now in place Finally, on India, it seems there is a lot of domestic capacity for panels being ramped up. finally on india it seems there is a lot of domestic capacity for panels being ramped up How do you think about that capacity in the long term and the viability of that market for solar panels? how do you think about that capacity in the long term and the viability of that market for solar panels As a follow-up on cancellations, you've historically mentioned, you know, pricing and new players pulling back investments from renewables, and the U.S. market has created this risk of cancellations. With lower tariffs, how are the conversations going with customers? Is that risk much lower now? And if you can quantify how much of the contracts are potentially at risk of cancellations. Thank you. As a follow-up on cancellations, you've historically mentioned, you know, pricing and new players pulling back investments from renewables, and the U.S. market has created this risk of cancellations. as a follow-up on cancellations you've historically mentioned you know pricing and new players pulling back investments from renewables and the u.s market has created this risk of cancellations With lower tariffs, how are the conversations going with customers? with lower tariffs how are the conversations going with customers Is that risk much lower now? is that risk much lower now And if you can quantify how much of the contracts are potentially at risk of cancellations. and if you can quantify how much of the contracts are potentially at risk of cancellations Thank you. thank you

Speaker 7: All right, I'll deal with the India question first, and I don't know if you got the tariff question. Okay, all right. Look, what I would say is right now, you know, pricing is a point to look at in India. It is, it is lower. What I would say, though, is we're effectively realizing high teens to low 20% gross margin. If you wanna look at it from a gross margin standpoint, because I think you have to understand the cost of manufacturing in India is significantly lower than what the cost of manufacturing is in the U.S. Yes, lower pricing, but you basically balance that out with a lower cost of production, and you're realizing, you know, kinda high teens to low 20% type gross margin in India. All right, I'll deal with the India question first, and I don't know if you got the tariff question. all right i'll deal with the india question first and i don't know if you got the tariff question Okay, all right. okay all right Look, what I would say is right now, you know, pricing is a point to look at in India. look what i would say is right now you know pricing is a point to look at in india It is, it is lower. it is it is lower What I would say, though, is we're effectively realizing high teens to low 20% gross margin. what i would say though is we're effectively realizing high teens to low 20% gross margin If you wanna look at it from a gross margin standpoint, because I think you have to understand the cost of manufacturing in India is significantly lower than what the cost of manufacturing is in the U.S. if you wanna look at it from a gross margin standpoint because i think you have to understand the cost of manufacturing in india is significantly lower than what the cost of manufacturing is in the u.s Yes, lower pricing, but you basically balance that out with a lower cost of production, and you're realizing, you know, kinda high teens to low 20% type gross margin in India. yes lower pricing but you basically balance that out with a lower cost of production and you're realizing you know kinda high teens to low 20% type gross margin in india So, you know, that's obviously where we stand right now. As you if you look across, you know, the horizon of what do we, you know, how would we optimize that, you know, production, and one of the things I think you said is the risk of overcapacity. Look, I agree that there's that risk, but there's also what's counterbalancing that and why there's also robust demand for our product and technology in India, is that, you know, the approved list of model and manufacturers in India is now moving further upstream. It started off with the module itself. Now, effectively, for any, for any project that is commissioned in April of this year or Q2, will now have a cell requirement to be made domestically, and then there's also in. So, you know, that's obviously where we stand right now. so you know that's obviously where we stand right now As you if you look across, you know, the horizon of what do we, you know, how would we optimize that, you know, production, and one of the things I think you said is the risk of overcapacity. as you if you look across you know the horizon of what do we you know how would we optimize that you know production and one of the things i think you said is the risk of overcapacity Look, I agree that there's that risk, but there's also what's counterbalancing that and why there's also robust demand for our product and technology in India, is that, you know, the approved list of model and manufacturers in India is now moving further upstream. look i agree that there's that risk but there's also what's counterbalancing that and why there's also robust demand for our product and technology in india is that you know the approved list of model and manufacturers in india is now moving further upstream It started off with the module itself. it started off with the module itself Now, effectively, for any, for any project that is commissioned in April of this year or Q2, will now have a cell requirement to be made domestically, and then there's also in. now effectively for any for any project that is commissioned in april of this year or q2 will now have a cell requirement to be made domestically and then there's also in They foreshadowed already a wafer requirement that effectively starts to come into effect, in 2028. There's not a existing vertically integrated manufacturing capability in India at this point in time. I think what some of the manufacturers have seen is that it has become more challenging as they try to get into cells, and then even more so, they try to get into the wafer, and then obviously, they're trying to figure out the poly side of the house as well. A lot still needs to happen from that standpoint. We also believe From a cost standpoint, even if that vertically integrated supply chain were to happen, we will be cost advantage with our vertically integrated manufacturing facility, with everything being done within the four walls of a factory, right? They foreshadowed already a wafer requirement that effectively starts to come into effect, in 2028. they foreshadowed already a wafer requirement that effectively starts to come into effect in 2028 There's not a existing vertically integrated manufacturing capability in India at this point in time. there's not a existing vertically integrated manufacturing capability in india at this point in time I think what some of the manufacturers have seen is that it has become more challenging as they try to get into cells, and then even more so, they try to get into the wafer, and then obviously, they're trying to figure out the poly side of the house as well. i think what some of the manufacturers have seen is that it has become more challenging as they try to get into cells and then even more so they try to get into the wafer and then obviously they're trying to figure out the poly side of the house as well A lot still needs to happen from that standpoint. a lot still needs to happen from that standpoint We also believe From a cost standpoint, even if that vertically integrated supply chain were to happen, we will be cost advantage with our vertically integrated manufacturing facility, with everything being done within the four walls of a factory, right? we also believe from a cost standpoint even if that vertically integrated supply chain were to happen we will be cost advantage with our vertically integrated manufacturing facility with everything being done within the four walls of a factory right There's a cost advantage, we think. We also believe we have an energy advantage, which will be further enhanced when we implement our CuRe technology in India, which will start beginning of 2027. I look across the horizon, I feel like I got a better product, better technology. I've got a better policy environment that should continue to advantage us in terms of India. As a backdrop, to your point, we will continue to evaluate the construct of potentially bringing some of that product into the U.S. market, and we'll do some of that with a view of you know, creating some competitive tension into the domestic market. 'Cause I don't want customers to believe that I don't have an alternative path other than selling into the domestic market. There's a cost advantage, we think. there's a cost advantage we think We also believe we have an energy advantage, which will be further enhanced when we implement our CuRe technology in India, which will start beginning of 2027. we also believe we have an energy advantage which will be further enhanced when we implement our cure technology in india which will start beginning of 2027 I look across the horizon, I feel like I got a better product, better technology. i look across the horizon i feel like i got a better product better technology I've got a better policy environment that should continue to advantage us in terms of India. i've got a better policy environment that should continue to advantage us in terms of india As a backdrop, to your point, we will continue to evaluate the construct of potentially bringing some of that product into the U.S. market, and we'll do some of that with a view of you know, creating some competitive tension into the domestic market. 'Cause I don't want customers to believe that I don't have an alternative path other than selling into the domestic market. as a backdrop to your point we will continue to evaluate the construct of potentially bringing some of that product into the u.s market and we'll do some of that with a view of you know creating some competitive tension into the domestic market 'cause i don't want customers to believe that i don't have an alternative path other than selling into the domestic market I'd like to be able to say, sure, at the right tariff construct, you know, we can also redirect the product and blend it in with some S7 domestic product, and it still command pretty good pricing. You know, it's a little bit choppy to continue to move back and forth, 'cause today we, you know, we primarily make a fixed tilt product for the India market, and then to have to convert the factory to make a tracker product for the, for the U.S. market or export market, that's a little clunky, and you can incur some downtime and some cost, and the transportation of bringing that product into the U.S. is more expensive than we'd like. I'd like to be able to say, sure, at the right tariff construct, you know, we can also redirect the product and blend it in with some S7 domestic product, and it still command pretty good pricing. i'd like to be able to say sure at the right tariff construct you know we can also redirect the product and blend it in with some s7 domestic product and it still command pretty good pricing You know, it's a little bit choppy to continue to move back and forth, 'cause today we, you know, we primarily make a fixed tilt product for the India market, and then to have to convert the factory to make a tracker product for the, for the U.S. market or export market, that's a little clunky, and you can incur some downtime and some cost, and the transportation of bringing that product into the U.S. is more expensive than we'd like. you know it's a little bit choppy to continue to move back and forth 'cause today we you know we primarily make a fixed tilt product for the india market and then to have to convert the factory to make a tracker product for the for the u.s market or export market that's a little clunky and you can incur some downtime and some cost and the transportation of bringing that product into the u.s is more expensive than we'd like Ideally, if we can just harmonize and keep running that factory all out, serving the domestic market, getting good ASPs, you know, that's our preferred path, but we clearly would look at, you know, bringing some of that into the U.S. market if the situation and the dynamics are right. Ideally, if we can just harmonize and keep running that factory all out, serving the domestic market, getting good ASPs, you know, that's our preferred path, but we clearly would look at, you know, bringing some of that into the U.S. market if the situation and the dynamics are right. ideally if we can just harmonize and keep running that factory all out serving the domestic market getting good asps you know that's our preferred path but we clearly would look at you know bringing some of that into the u.s market if the situation and the dynamics are right

Speaker 1: Vikram, you asked around cancellation risk and whether tariffs are playing a part there. Look, tariffs coming down, it's fairly helpful, but I don't think what you've been seeing on the cancellation side in the last year has really been tariff related. The two aren't necessarily linked. I mean, what we've said before and what we've been seeing is more of a strategic shift by certain players, especially oil and gas and the European utility players, to reallocate capital away from renewable development in the U.S. into some of their more core business on oil and gas development or European utility development. Where we've seen some of those players move away, we've seen others entering into the space in the U.S. and pick up some of that slack and see an opportunity in taking over those projects to develop them. Vikram, you asked around cancellation risk and whether tariffs are playing a part there. vikram you asked around cancellation risk and whether tariffs are playing a part there Look, tariffs coming down, it's fairly helpful, but I don't think what you've been seeing on the cancellation side in the last year has really been tariff related. look tariffs coming down it's fairly helpful but i don't think what you've been seeing on the cancellation side in the last year has really been tariff related The two aren't necessarily linked. the two aren't necessarily linked I mean, what we've said before and what we've been seeing is more of a strategic shift by certain players, especially oil and gas and the European utility players, to reallocate capital away from renewable development in the U.S. into some of their more core business on oil and gas development or European utility development. i mean what we've said before and what we've been seeing is more of a strategic shift by certain players especially oil and gas and the european utility players to reallocate capital away from renewable development in the u.s into some of their more core business on oil and gas development or european utility development Where we've seen some of those players move away, we've seen others entering into the space in the U.S. and pick up some of that slack and see an opportunity in taking over those projects to develop them. where we've seen some of those players move away we've seen others entering into the space in the u.s and pick up some of that slack and see an opportunity in taking over those projects to develop them It's hard to handicap a cancellation risk in the backlog. Sure, it could exist. I think historically what we've seen is then potentially more risk around the international product, just given the value of domestic content. If you look at today, the amount of international product sitting in our backlog is pretty small. You can see that by how much we're producing out of Southeast Asia this year relative to U.S. product. That product has potentially been more challenged. I think the U.S. demand has been strong, even if there were cancellations, they have much more opportunity to move any terminated U.S. products back into the U.S. market. I'd also say that, you know, clearly we've been enforcing termination penalties and fees and making sure that we capture the value in the contract. It's hard to handicap a cancellation risk in the backlog. it's hard to handicap a cancellation risk in the backlog Sure, it could exist. sure it could exist I think historically what we've seen is then potentially more risk around the international product, just given the value of domestic content. i think historically what we've seen is then potentially more risk around the international product just given the value of domestic content If you look at today, the amount of international product sitting in our backlog is pretty small. if you look at today the amount of international product sitting in our backlog is pretty small You can see that by how much we're producing out of Southeast Asia this year relative to U.S. product. you can see that by how much we're producing out of southeast asia this year relative to u.s product That product has potentially been more challenged. that product has potentially been more challenged I think the U.S. demand has been strong, even if there were cancellations, they have much more opportunity to move any terminated U.S. products back into the U.S. market. i think the u.s demand has been strong even if there were cancellations they have much more opportunity to move any terminated u.s products back into the u.s market I'd also say that, you know, clearly we've been enforcing termination penalties and fees and making sure that we capture the value in the contract. i'd also say that you know clearly we've been enforcing termination penalties and fees and making sure that we capture the value in the contract If there's a contractual obligation for someone to pay an amount for terminating those contracts, we've been enforcing that and we'll continue to do so. If there's a contractual obligation for someone to pay an amount for terminating those contracts, we've been enforcing that and we'll continue to do so. if there's a contractual obligation for someone to pay an amount for terminating those contracts we've been enforcing that and we'll continue to do so

Speaker 8: This will be our final question. Our final question will come from the line of Ben Kallo with Baird. Your line is now open. Please go ahead. This will be our final question. this will be our final question Our final question will come from the line of Ben Kallo with Baird. our final question will come from the line of ben kallo with baird Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 2: Hey, guys. Thanks for putting me in here. I just wanted to square, you know, you know, time to power is a big question or big emphasis out there. I know you have so many moving pieces and just bookings. I'm trying to square, you know, time to power and the need for electrons with how you guys are doing bookings with, you know, your different moving pieces right now. Thank you. Hey, guys. hey guys Thanks for putting me in here. thanks for putting me in here I just wanted to square, you know, you know, time to power is a big question or big emphasis out there. i just wanted to square you know you know time to power is a big question or big emphasis out there I know you have so many moving pieces and just bookings. i know you have so many moving pieces and just bookings I'm trying to square, you know, time to power and the need for electrons with how you guys are doing bookings with, you know, your different moving pieces right now. i'm trying to square you know time to power and the need for electrons with how you guys are doing bookings with you know your different moving pieces right now Thank you. thank you

Speaker 7: Look, I think, you know, Ben, you gotta, I mean, you gotta remember, we've got a luxury. We're kind of in a nice position. We've got, you know, 50 GW of contracted volume that, you know, is gonna carry us forward. There's a clear sense of urgency from customers around execution and time to power. I mean, there's customers that obviously have safe harbored under Section 48, and they need to get their projects commissioned by the end of 2028. There's others that are safe harbored under 48, and those who are continuing to safe harbor, because they can do that up to the middle of this year, to then get an opportunity to get projects done through the end of 2030. There is quite a bit of demand. Look, I think, you know, Ben, you gotta, I mean, you gotta remember, we've got a luxury. look i think you know ben you gotta i mean you gotta remember we've got a luxury We're kind of in a nice position. we're kind of in a nice position We've got, you know, 50 GW of contracted volume that, you know, is gonna carry us forward. we've got you know 50 gw of contracted volume that you know is gonna carry us forward There's a clear sense of urgency from customers around execution and time to power. there's a clear sense of urgency from customers around execution and time to power I mean, there's customers that obviously have safe harbored under Section 48, and they need to get their projects commissioned by the end of 2028. i mean there's customers that obviously have safe harbored under section 48 and they need to get their projects commissioned by the end of 2028 There's others that are safe harbored under 48, and those who are continuing to safe harbor, because they can do that up to the middle of this year, to then get an opportunity to get projects done through the end of 2030. there's others that are safe harbored under 48 and those who are continuing to safe harbor because they can do that up to the middle of this year to then get an opportunity to get projects done through the end of 2030 There is quite a bit of demand. there is quite a bit of demand Our customers are also dealing with a lot of angst of trying to figure out permitting issues and other things they're trying to do, financing issues, getting things, you know, in place for the current or the, you know, projects that they're executing against and the construction, what have you. Thinking through a longer position around across their portfolio, both the earlier stage and then obviously late stage development. That sense of urgency is there. People are being really creative, looking to, you know, do more on-site generation, you know, and try to get out from underneath the constraint of the interconnections. Our customers are also dealing with a lot of angst of trying to figure out permitting issues and other things they're trying to do, financing issues, getting things, you know, in place for the current or the, you know, projects that they're executing against and the construction, what have you. our customers are also dealing with a lot of angst of trying to figure out permitting issues and other things they're trying to do financing issues getting things you know in place for the current or the you know projects that they're executing against and the construction what have you Thinking through a longer position around across their portfolio, both the earlier stage and then obviously late stage development. thinking through a longer position around across their portfolio both the earlier stage and then obviously late stage development That sense of urgency is there. that sense of urgency is there People are being really creative, looking to, you know, do more on-site generation, you know, and try to get out from underneath the constraint of the interconnections. people are being really creative looking to you know do more on-site generation you know and try to get out from underneath the constraint of the interconnections If a customer does have an interconnection agreement, I mean, they're running hard and, you know, they're making sure they're lining up their modules as well as their EPC agreement and balance of system equipment to make sure they can execute on time. It's a clear catalyst. I also think it is helping us, you know, as we engage and we talk with customers about pricing as well. If a customer does have an interconnection agreement, I mean, they're running hard and, you know, they're making sure they're lining up their modules as well as their EPC agreement and balance of system equipment to make sure they can execute on time. if a customer does have an interconnection agreement i mean they're running hard and you know they're making sure they're lining up their modules as well as their epc agreement and balance of system equipment to make sure they can execute on time It's a clear catalyst. it's a clear catalyst I also think it is helping us, you know, as we engage and we talk with customers about pricing as well. i also think it is helping us you know as we engage and we talk with customers about pricing as well

Speaker 8: There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect. There are no further questions at this time. there are no further questions at this time This concludes today's call. this concludes today's call Thank you for attending. thank you for attending You may now disconnect. you may now disconnect