Shares declined 10.8% following earnings as investors reacted negatively to the cautious outlook amid ongoing solar market headwinds, elevated operating expenses, and a net loss despite solid revenue and volume execution.

• Delivered 2.5 GW of solar modules and 2.1 GWh of energy storage revenue, both slightly above guidance.
• Revenue totaled $1.1 billion, at the high end of expectations, supported by tariff refunds.
• Gross margin of 25.1% benefited from tariff accruals but was offset by elevated operating expenses, foreign exchange losses, and related tax accruals.
• Reported a net loss of $32 million, or $0.71 per diluted share, reflecting ongoing profitability pressure in a prolonged solar downturn.
• Management emphasized strategic focus on profitable U.S. manufacturing expansion and energy storage growth but flagged continued market challenges.