Dafinchi AI

FSLR

Energy & Utilities

Accounts receivable increased due to back-end weighted revenue recognition; overdue balances totaled approximately $394 million.
Capital expenditures were $288 million, mainly for the Louisiana facility ramp-up.
Cash, cash equivalents, restricted cash, and marketable securities totaled $1.2 billion at quarter end, up $0.3 billion from Q1.
First Solar recorded 3.6 gigawatts of module sales in Q2 2025, exceeding the midpoint of prior forecasts.
Gross margin improved to 46% from 41% in Q1, aided by contract termination revenue and Section 45X tax credits.
Inventory increased by $121 million consistent with production and revenue timing.
Manufacturing output was 4.2 gigawatts, split between 2.4 gigawatts in the U.S. and 1.8 gigawatts internationally.
Net cash position rose by $0.2 billion to $0.6 billion.
Net sales for Q2 were $1.1 billion, up $0.3 billion from Q1, driven by higher shipment volumes and demand for U.S.-produced modules.
Nonoperating income was a net expense of $9 million, primarily due to lower interest income.
Operating income was $362 million, including depreciation, ramp costs, start-up expenses, and share-based compensation.
Q2 earnings per diluted share were $3.18, above the high end of guidance.
SG&A, R&D, and production start-up expenses totaled $138 million, up $15 million from Q1 due to ramp-up costs and legal fees.
Tax expense increased to $10 million from $8 million in Q1 due to changes in pretax income and jurisdictional mix.

PCG

Energy & Utilities

First half results were impacted by dilution from December equity financings and the CPUC cost of capital phase 2 decision from October 2024.
Nonfuel O&M cost reductions exceeded $200 million annually in 2022, 2023, and 2024, with confidence to continue beating the 2% target in 2025 and beyond.
PG&E reported core earnings per share of $0.31 for Q2 2025 and $0.54 for the first half of 2025, consistent with internal plans but light relative to a full year run rate due to timing factors.
PG&E's $63 billion capital investment plan through 2028 remains reaffirmed, with an additional at least $5 billion of customer beneficial work not included in the plan.
The 2027 general rate case (GRC) proposal is the lowest GRC percentage increase requested in 10 years, aiming to stabilize customer bills with a modest increase in base GRC revenues offset by reductions in other items.
The company has no plans for further equity issuance through 2028 and targets a 20% dividend payout by 2028.
The company reaffirmed full year EPS guidance of $1.48 to $1.52 for 2025, with a bias toward the midpoint, representing a 10% increase over 2024.

FLNC

Energy & Utilities

Adjusted EBITDA was approximately $27 million, supported by higher margins from international projects.
Adjusted gross profit margin for Q3 was 15.4%, exceeding the company’s target for the quarter, driven by strong execution and supply chain optimization.
Annual recurring revenue increased to $124 million.
Backlog stood at approximately $4.9 billion at quarter-end, with $1.1 billion added post-quarter, including $700 million from Australia contracts.
Fluence Energy reported Q3 2025 revenue of $603 million, which was approximately 15% below plan due to slower ramp-up at U.S. manufacturing facilities, particularly the enclosure facility in Arizona.
The company ended Q3 with over $900 million in liquidity, including $460 million in cash, and executed a new $150 million unsecured supply chain facility.

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