2Q Clean Tech Earnings Preview and Thoughts on Bloom Energy Short Report

研报英文原文证据摘录

2Q Clean Tech Earnings Preview and Thoughts on Bloom Energy Short Report

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Array Technologies Inc ARRY.O

International Demand Likely upside surprise Modest revision higher

• New international markets (Columbia, Peru and Türkiye) could drive higher volume growth in 2H26, though at

the expense of a lower margin

• We are modeling revenue of $310m, in-line with cons and guidance but lower profitability than cons (MSe 2Q

EBITDA: $40m vs cons: $46m)

Bloom Energy Corp. BE.N

Framework agreements Likely upside surprise Modest revision higher

• Mgmt commentary on recent developments with strategic partners (BIP, ORCL, AEP, NBIS) will be topical

• Signals of continued/additional manufacturing capacity expansion would be well received, along with

progression of lage customer project opportunities and pricing strength

• Indications of incremental framework agreemnts with new customers could drive estimates higher

Enphase Energy Inc ENPH.O

Sell-through Likely downside surprise Modest revision lower

• We do not yet expect an inflection in US resi solar demand and remain cautious on a rebound in EU despite

recent market sentiment

• We look towards the rollout/ramp of new products near-term specifically within the BESS and C&I market as a

potential catalyst for upward estimate revisions

EVgo Inc EVGO.O

Stall Acceptances Likely downside surprise Largely unchanged

• Stall acceptances will be heavily weighted towards 4Q, similar to 2025, therefore we are modeling just 110 net

additions in 2Q (vs cons: 207)

• We are forecasting $84m of rev (vs $75-85m guide) and -$9 of EBITDA, at the midpoint of guidance, which

implies an improving EBITDA margin for the remainder of the year to reach EVGO's full year guide