North America Alternative & Renewable Energy: Week with Vik: Parsing Every Penny Pedantically

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North America Alternative & Renewable Energy: Week with Vik: Parsing Every Penny Pedantically

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03 Aug 2026 05:44:17 ET │ 11 pages

North America Alternative &

Renewable Energy

Week with Vik: Parsing Every Penny Pedantically

Vikram Bagri AC

CITI'S TAKE +1-212-816-4506

vikram.bagri@citi.com

The most notable theme from earnings so far is that beats largely failed to

generate upside, likely reflecting fund flow pressures, investor positioning, Theodore Giletti, CFA

and/or continued skepticism around a broader DC/AI recovery. GNRC's +1-212-816-3835

results imply its large-output generator business could exceed $1.8B in theodore.giletti@citi.com

revenue next year, materially above consensus, yet the stock remained flat

as investors focused on residential guidance and the terminal value of the Vignesh Gunda

DC opportunity. NXT's beat-and-raise quarter was also met with a negative +1-212-816-9667

reaction, as results were effectively in-line excluding tariff refunds, the vignesh.gunda@citi.com

guidance increase was modest, and as last nine-month margins remain

below FY targets. Still, at the current valuation, investors are forced to think:

if not NXT, then what? Separately, post inverter ban, the US is quickly

bringing domestic capacity online with EPC’s 27GW (expandable to 40GW)

and NXT’s 10GW of capacity. Finally, we see several positive readthroughs

for SEDG from ENPH results.

10Q Takeaways — BE: Customer Concentration: In 2Q26, revenue from two

customers accounted for 44% and 21% of total revenue. In 1H26, one customer (not

a related party) accounted for ~73% of total revenue. Supply Chain: The company

does not currently anticipate any supply chain shortages which would impact its

2026 production forecast. ENPH: In July 2026, the board of directors authorized an