2Q26 Preview: Focus on potential for upside in utility-scale solar and battery-levered bookings/backlog; Buy NXT, FLNC, SHLS

Research evidence excerpt

2Q26 Preview: Focus on potential for upside in utility-scale solar and battery-levered bookings/backlog; Buy NXT, FLNC, SHLS

Equity Research

20 July 2026 | 5:00PM EDT

AMERICAS CLEAN TECHNOLOGY: SOLAR

2Q26 Preview: Focus on potential for upside in utility-scale solar and

battery-levered bookings/backlog; Buy NXT, FLNC, SHLS

Heading into 2Q26 earnings, we believe broader fundamentals remain quite positive Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

for utility-scale solar and battery storage end markets and see potential for upside to Goldman Sachs & Co. LLC

revenue expectations in 2H26 on the back of bookings strength. The recent pullback Tyler Bisset, CFA

across the group suggests investor positioning has lightened significantly and, in this +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

context, we believe just having clean prints may not be good enough. Rather, we Keshav Choudhary

expect companies with the ability to deliver upside to expectations as having the +1(332)245-7971keshav.choudhary@gs.com|

best potential to re-rate higher in the near-term, even in the midst of subdued Goldman Sachs India SPL

investor sentiment. Across our coverage, we highlight NXT in large caps as having

potential for another beat-and-raise, especially with recent M&A deals not being

fully embedded into published forecasts, in our view, while in SMID-caps we see the

best setups in SHLS and FLNC, with the former also poised to beat-and-raise (our

view) and the latter set to book its first hyperscaler order and potentially raise

pipeline targets. Within this report, we preview results by company (revising

estimates for select stocks) and include a quarterly recap for key trends, solar

installations, and sentiment into earnings season.

2Q26 Earnings Preview