Philip Shen

Widmar would not handicap August versus September, saying meetings suggest a decision is close but offering no conviction on timing.

Mark described 232 proposal framework as cents-per-watt or minimum import price with positive administration feedback. Timing expected Q2 but could slip to early Q3. On perovskite, 1 GW pilot line in Perrysburg for 2027 with full-size Series 6 form factor modules. Evaluating single-junction vs tandem construct, prioritizing field validation of perovskite durability.

Alex cited underutilization, start-up costs, and potential Pillar Two tax noise as reasons for EBITDA guidance. U.S. ASP of $0.308 reflects backlog clearing with limited 2026 CuRe uplift due to contractual notification deadlines. Mark detailed perovskite small form factor development line running, pilot line for full-size modules in 2027, but fundamental challenges remain around stability, encapsulation, and scaling.

Mark outlined $0.36-$0.365 pricing target with CuRe adders for rebooking. Emphasized patience to benefit from additional catalysts including 232 and FEOC guidance. Confirmed existing fixed-price contracts have no openers for 232-type tariff changes.

Mark outlined finishing line strategy to reduce tariff exposure to ~1/3 of declared value, qualify for 45X assembly credits, and blend international with domestic for content requirements.

Mark deflected to standard warranty process rather than quantifying any Series 6 issues. Reiterated commitment to test and remediate per contractual obligations but did not confirm or deny scope.

Mark acknowledged stronger customer engagement post-tariffs but emphasized patience on pricing until IRA, FEOC, and tariff outcomes are known. Near-term bookings constrained by policy uncertainty.

Mark indicated uncertainty has worsened since last quarter, particularly with battery storage project economics, suggesting warehousing headwinds unlikely to resolve in 2025.

Mark confirmed corrective actions are implemented, a third-party validation study is ongoing, and the $56M-$100M range remains the best estimate based on current information.

Mark acknowledged warranty obligations within contract parameters, drew parallel to First Solar absorbing $500M in 2022 headwinds, and expressed confidence in customer retention.

Mark clarified no module import tariffs assumed, but 25% Section 232 aluminum tariffs and potential Chinese freight carrier charges are included in guidance.

Duke said technology is only about 15% to 20% of the business and little gets built in New York anyway; Jayshree added backlog only includes LNTP-cleared data center work, so pauses pose limited risk to booked projects.

Duke confirmed the technology segment is a huge business only 1.5 years in, growing over 100% including acquisitions, with organics growing nicely too.

Jayshree said the raise carries forward both the Q1 beat and improved back-half views. Duke added they raised $50M past the beat and are prudent about guidance.

Duke confirmed AI initiatives for engineering and field productivity. Not looking at engineering-focused M&A due to AI disruption. Every savings reinvested in AI.

Duke provided multiyear EPS CAGR framework: 10% floor, 15% midpoint, 20% actual. NiSource JV margin in line or accretive to segment.

Duke confirmed LNTPs pulling in, with customers safe harbored into 2028-2029. Jayshree noted Tier 1 customers lived through PTC/ITC dynamics for 20+ years.

Duke noted coal sites may see gas colocation and transmission upgrades. Confirmed 2025 construction megawatts are steady and climbing versus year-end expectations.

Duke emphasized convergence between utility and data center customers, positioning Quanta in the middle of infrastructure discussions across all stakeholders.