| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 5, 2026 | 4/12 | 3 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q1'26 | 2026-05-06 | 9/12 | 3 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q4'25 | February 26, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q3'25 | November 6, 2025 | 4/12 | 1 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | We expect to get to that number [2x parent debt to cash generation], if not a little through it, by the end of the year. Actual leverage ratio not restated on this call; status unverified on the call. |
| Q2'26 | Pending | We are matching direct sales momentum by ramping our direct installation capacity, enabling us to approach year-over-year growth in overall installations later this year. The prior target referred to later in the year, not H1. Q2 direct volume was approximately flat YoY; the current Q3 and H2 targets remained future outcomes. |
| Q2'26 | Pending | We are reiterating all of our 2026 full-year guidance. FY2026 not yet ended; both ASV guidance and cash generation guidance were cut this quarter, a revision within one quarter of reiteration. |
| Q2'26 | Pending | We remain on track for our full-year guidance of $250 million to $450 million. Fiscal year had not ended. The revised cash-generation range was $200M-$375M before safe-harbor investment. |
| Q1'26 | Delivered | Continue to strengthen and diversify capital sources Added multiple JV structures, maintained 1,000 MW pipeline, and improved securitization pricing by 20 bps. |
| Q1'26 | Pending | Resume year-over-year installation growth later this year Direct sales momentum building but still offset by affiliate decline. Timeline unchanged from Q4 guidance. |
| Q1'26 | Missed | Q1 cash generation to be positive Delivered -$31M (ex-safeharbor), blamed on shifting project finance transactions to Q2. Second time using timing excuse. |
| Q1'26 | Pending | Reduce affiliate volumes by over 40% in 2026 Continuing as planned, Freedom Forever bankruptcy validates the strategy but creates near-term execution complexity. |
| Q1'26 | Pending | High single to low double digit direct business growth in 2026 Hired 1,000+ reps YTD and March saw 30%+ MoM booking growth, suggesting on track but too early to confirm annual performance. |
| Q1'26 | Exceeded | Reduce parent debt by $100+ million in 2026 Already paid down $92M in Q1 alone, on track to exceed annual target by year-end. |
| Q1'26 | Pending | Full year 2026 cash generation of $250-450 million Q1 was -$31M (ex-safeharbor), leaving $281-481M needed across 3 quarters. Blamed Q1 miss on transaction timing. |
| Q4'25 | Pending | Aggregate subscriber value to be between $5.7B and $6B for 2025 Q4 guidance implies they'll hit this range |
| Q4'25 | Pending | We expect to have more than 10 gigawatt hours of dispatchable energy online by the end of 2028 Currently at 4 GWh, on track but early |
| Q4'25 | Delivered | Continue executing both publicly placed transactions and direct placements Executed multiple securitizations and launched HASI joint venture |
| Q4'25 | Delivered | Storage attachment rate increase continuation Hit 71% vs 70% in Q3, though pace of increase slowed |
| Q4'25 | Exceeded | We expect to pay down our recourse debt by more than $100M in 2025 Actually paid down $148M |
| Q4'25 | Delivered | Cash generation to be between $250M to $450M for full year 2025 (Q3 guidance) Actual was $377M, right at midpoint |
| Q3'25 | Pending | Strong operating performance along with increased working capital investments Working capital impacts mentioned but no Q3 inventory build disclosed like Q2's $77M increase. |
| Q3'25 | Missed | Continued cost efficiency improvements and value optimization Creation costs increased 4% YoY in Q3 vs. 4% decrease in Q2 - cost discipline reversed direction. |
| Q3'25 | Delivered | Multiple term-out transactions in the coming months including private transaction Priced three securitizations raising $1.4B in Q3, executed private transactions as promised. |
| Q3'25 | Delivered | More than 10 gigawatt hours of dispatchable energy online by 2029 Pulled timeline forward to 'by the end of 2028' showing acceleration in storage deployment. |
| Q3'25 | Pending | Pay down recourse debt by $100M or more in 2025 Paid down $66M year-to-date, need $34M+ more in Q4 to deliver. Language tightened to 'more than $100M' from prior 'or more'. |
| Q3'25 | Pending | Cash generation guidance for the year of $200M to $500M Generated $224M over trailing 4 quarters, need $26M-$276M more to hit range. Narrowed guidance to $250M-$450M this quarter. |
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