| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 30, 2026 | 5/12 | 2 high, 4 medium, 2 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 30, 2026 | 9/12 | 3 medium, 3 low flags | 4 | 0 | Call sheet → |
| Q4'25 | February 24, 2026 | 10/12 | 5 medium, 5 low flags | 5 | 1 | Call sheet → |
| Q3'25 | October 30, 2025 | 10/12 | 4 medium, 4 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Warehouse cost reduction to ~$100M by 2027 $22M sequential reduction shows progress but long way to go |
| Q2'26 | Delivered | Maintaining disciplined approach to bookings 1.9GW at 36 cents shows discipline given market dynamics |
| Q2'26 | Exceeded | Q2 adjusted EBITDA $400-500M Actual $644M, beat by 29% at midpoint |
| Q2'26 | Delivered | CURE launch complete in Perrysburg First Series 6 line ramping as expected per their comments |
| Q2'26 | Pending | Perovskite pilot line operational in H1 2027 Maintained timeline but added hedging language about 'operational readiness' |
| Q2'26 | Missed | South Carolina finishing facility on track for H2 2026 production Pushed to mid-2027; blamed on 'optimizing launch' but really incorporating CURE |
| Q1'26 | Pending | Warehouse cost rationalization to $100M annual run rate by 2027 $22M sequential reduction achieved in Q1, on track |
| Q1'26 | Exceeded | Selective approach to U.S. bookings awaiting policy clarity Booked 1.4 GW since last call despite selectivity claims |
| Q1'26 | Delivered | Section 337 ITC investigation filing Filed and instituted in March 2026 against 10 foreign manufacturer groups |
| Q1'26 | Pending | Perovskite Series 6 pilot line operational readiness in early 2027 Sourcing initiated as promised, timeline maintained |
| Q1'26 | Delivered | South Carolina finishing facility production beginning in 2026 Equipment installation beginning Q1 2026, on track for production start |
| Q1'26 | Delivered | CURE conversion rollout beginning Q1 2026 starting at Ohio Series 6 factory CURE launch complete in Perrysburg as promised, first Series 6 line ramping |
| Q4'25 | Delivered | Resolve glass supply chain disruptions at Alabama facility Confirmed 'corrective actions have been implemented at both suppliers' and supply base positioned to meet requirements |
| Q4'25 | Delivered | Continue working with customers to accommodate schedule shifts Maintained flexible approach, noted 'we will continue to work with customers' despite no contractual obligation |
| Q4'25 | Delivered | New U.S. finishing line location announcement in coming weeks South Carolina location finalized, though specific site still subject to final negotiations |
| Q4'25 | Missed | Permanently convert Ohio lead line to CURE in Q1 Language softened to 'recommence running' CURE products - suggests less confidence in permanent conversion timeline |
| Q4'25 | Delivered | Receive required production certificates in Q4 and begin shipment Management confirmed Louisiana received certificates and began shipping in Q4 |
| Q4'25 | Delivered | Louisiana factory to initiate integrated production runs and start plant qualification in Q3 Completed as promised - factory initiated production runs and started qualification, slightly ahead of expectations |
| Q3'25 | Pending | Continue to see evidence that AD/CVD cases are effective Multiple new trade cases filed but outcomes still pending |
| Q3'25 | Delivered | Pursue enforcement of TOPCon intellectual property rights Made three separate USPTO filings against patent invalidation petitions |
| Q3'25 | Delivered | Evaluate potential for U.S. finishing lines for international capacity Announced 3.7 GW finishing facility decision with specific investment and timeline |
| Q3'25 | Missed | Working to resolve Series 7 warranty issues within disclosed range Had to increase liability estimate by $9M, suggesting costs trending higher |
| Q3'25 | Exceeded | Continue disciplined approach to bookings amid policy uncertainty Secured 2.7 GW in bookings since last call despite claiming disciplined approach |
| Q3'25 | Delivered | Louisiana facility equipment installation and commissioning complete with integrated production runs expected Facility ahead of schedule with production runs initiated and plant qualification started |
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