Recent FSLR transcripts
Associated FSLR filings
| Stephen Haymore | Director of Investor Relations |
| Mark Widmar | Chief Executive Officer |
| Alex Bradley | Chief Financial Officer |
| Georges Antoun | Chief Commercial Officer |
| Tymen deJong | Chief Operations Officer |
| Raffi Garabedian | Chief Technology Officer |
| Paul Kaleta | Executive Vice President, General Counsel |
| Chris Bueter | Executive Vice President, Human Resources |
| Christian Ruiz | TD Magazines |
| Colin Rusch | Oppenheimer & Company |
| Brian Lee | Goldman Sachs |
| John Segrich | Luminus Management |
| Vishal Shah | Deutsche Bank |
| Paul Coster | JP Morgan |
Good morning, everyone. My name is Steve Haymore, the Director of Investor Relations for First Solar. We would like to welcome you to our webcast, both those who are attending with us here at our Perrysburg, Ohio facility, as well as those that may be tuning in via the Internet. We're grateful you could be here with us today and look forward to updates from our management team on important strategic updates. There's just a couple of housekeeping items that we would like to make you aware of.
Harbor that room, on your on we a ask or Web agendas would have the in the Safe we whether the viewing site today, First, statement. back of take We would it to today. forward-looking any moment discussed review that be those, pertains will a statements ask as to you that
at that the also session, ask any hold questions today. our Q&A agenda We for to please have that's our of view. you there will the take We place which and presentations available We end would ask also until the Executive presentation. Chief things in are phones those off kick their room our the turn for while Officer, to Mark ringers With doing cell will with please that, Widmar. we on their off we
everyone the Perrysburg. all a to you got We welcome flight today. of appreciate making materials lot today. I Steve. Thanks, here And
to fast going through are as We go try can. as efficiently to we as and
interactive later What keep you to but to going also I thought one I the We after with year would start ago. be want was we’re off to formal Q&A the presentations.
guidance here year here our other that introduction. locations, to actual made we but XXXX. number come significant through here X detail, associates pretty Perrysburg, one we’re going go was announcements I across impact I to only we’re of to number the to as to not the in gave that Tymen reason decision actually for And wanted a more was here we of ago, U.S. here decision as one We gave in we the here, the was accelerate made make Alex that but Series well in of some here, some and will highlight internationally. in Perrysburg. Raffi So was it one going is announcements that a
get we And production that we we we and XXXX, made production the to would XXXX. of going ago, and would that we you a forward. than that view start we remember little may in a less decision Series about we last gigawatt move the some would when in externally had year communicated, transition X were A of
that we gigawatt in pulled months a result forward. XXXX. would acceleration, actually a XX schedule As of the We get
and So exit a gigawatts exit approaching run XXXX. XXXX capacity rate in in of with of X gigawatt
So like. Series look shaft is equipment this what forward This like. all the it what is look the and X
go is what in you the will thereafter, If and January, we you shows quickly at right what effectively. started was look will the beginning started journey, we year shortly this this and of like. the shaft of and the like, We look how shaft this the our by now it moved is January February beginning
associates from number XXX as on settled we people. getting do facility in of Now than a job team shaft chance say the announcements tremendous made efficiently let possible you almost because the of that to this to the The company backdrop around down that they as strength very thing as to it we quickly guys having impact the go us a today moving associates, was look get going over this this. see go after And We its a it’s XXX a out to and this common And tremendously put as is we first forward I as let possible. to go, different Series being as X. done have forward will those and wanted as relates -- quickly result November. of as
deliver nine made The very We the look gave year guidance, the revenue and over full challenging XXXX. against that be know don’t only is and go in main delivered in January, shaft or that way company, exceeded you're who environment there anyone to by EPS the flow the I else those in backdrop if I the going so. of we revenue, we’re we guidance, team real all and of financial So that full in like, this and I’ll months that of the think over cash the company last for the for progress going November through unless those we commitments. gave Financial earnings all cash guidance, did in maybe may commitments to ’XX, XXXX. year. you we actually and results did ’XX way, exceeded the guys them quickly. has that We will know see and
Series selling X. other The through one
four do wanted as that to around one needed as address priorities, position to demand quickly We results, of to sold We to as through could X. things the best we sell focus so wanted the on product ourselves to over and Series through possible our we sell have financial and more Series set than we that priorities, So did how that we to we is other going currently we we’re that. today we’ve to X. try it supply and talk and you we’ll can move
was that watt. we market I we the cost released that. that’s information in the that publicly the watt We the marketplace, we did product cost That to per cost in X and reduced delivered and cost Series you per make today. Tymen guys per that thing lowest against our lowest in product clear. November on based by X product is watt will other lowest how the against cost through year told sure Series still talk is want The the X% last is
would of and made per watt we’re competitive still noise cost of there’s lowest indications where and today. cost, lot Now people most commitments that their made they go with they’ve or
X transition. The on one other is Series
of performance. ways; at Series transition a is cost different X look the I from couple So and one schedule,
those We’re on target on all three of areas.
that a we and more spend giving color bit X and made expectations today Series exceeded transition from standpoint. that we’ve So are more going standpoint, of teams we’ve from time our little to where on
Series did effectively. we to our around we thing X decision third instead a other made of is The move
Perrysburg then and So again. KLM do we’re KLM to going
and Perrysburg doing not We’re KLM Vietnam.
customer evaluate about we line, continue a commitments. XXXX we will little So to that Series a going we do what means in standpoint we Vietnam factories instead good X, a optionality is us which delivered whether shareholder thought to we that of us visibility bit through and sustainable it's look think give it to have into value. more it’s on want is product customers, want our and XXXX, today I our in in actually a Bottom benefit. a around it's can almost growth, Series sure has two XXXX, of you to own at worked go to of X, lot decision assets, economic with its is situation we owner create capacity in robust accountable want theme terra talk now goal more for talk optionality we four. when with the it's then very third aspects all potentially the would we’ll developers, fundamental to launch Series we differentiated and KLM. we’re create growth of address our only want supply very whether X that we’re so from and of the now made focused And we’ve disciplined served have to long-term of approach engage to and And all the back Series and about on and to EPC, to well that how engaging to effectively and now, is we George out position market but you still perspective, doing and X voice make its strength, that a growth and of the how shipments that. using liquidity to commitments. Series for profitability, wanted which driven with We assets, initially still to bring be we sequence our over have between guys building by the I self how own hold think basis. as party to series we against on right X. with of We some and able readiness, start pipeline had And the I This I that engaged us to how terms whether relates we use developed expansion. slide market a and how be have it we the we But
So what a spend growth I now want is bit little seeing. some to do we're through talking to time the what and just
it's the mean start last look I but two it's halfs. tail if at been decade, off So impressive we and you the of
at basis a in XXXX, installed. about from was If look you XXX XXXX there to gigawatts it cumulative
for has LCOE And the on here this around The yellow is other graph to $XXX significantly the come is you so can five from what reduction the line see basis. line LCOE or represented this years unsubsidized down And $XXX, is an an LCOE. so LCOE. the that first that's $XXX, about represents
first LCOE was the very wasn't that of diversified, half And was saw higher, by However, and mainly Europe. of demand most see driven it much we can was you well what also profile policy. it
of we XX. now in fall basis The as LCOE the second decade below and unsubsidized an half the on go seen XXX to
point gigawatts, to is significant XXX gigawatts installed gigawatts think pretty so going now believe there then the now to increase more its demand the economics. over to XXXX And a it's there. double Why inflection is half. than continue it's that? You're through So XXX momentum around In years. I from last see attractive building, and in was starting four is why second reason
of we're in forward, position started to its started more So ever been. that it's looking become it's now of in to we're more most LCOE the see as process sources also it's we to And competitive generation evolve see tenders advantage tender tariffs. more even the to relative we versus than other and
solar resource that it's But against. competing on actually in it's economics some we're cases, generation So all competing solar. RFP
aspect people. X.X away, to been where read getting emerging get competitive actually especially has solar as so of able to That's standpoint going countries. only well, it economics. not of attractive from some environmental some numbers in be as you And the can in through that point million cases more, The the it, a it's
still coal going XXXX, and more retirements, more more The becoming going of and provide how more seeing of to needs it's clean we're coal are not challenge affordable getting only that's energy. we that's a Retirements, to there. continue. gigawatts and can are in retired stop the XX there environmental So economics
from corporate corporate happening The it's like cases, you, perspective and companies. in more that's actually through people facilitated somewhat more some seeing actually We're other and in thing demand. is demand a investors
If Shale as investor And recently, to by commitment commitment actually they part XXXX. base of XX% between initially COX not a you that commitment they're to they've their out what but reduce Shale’s the came requested happened to a footprint. proxy saw initially their was approved, declined just with that after a and now proposal COX and going now that reduce they made
So corporate chain. supply the it's doing on they're seeing demand down C&I into at level pushing a some cases, that is it only supply chain. They're their In down corporate the not we're there we're with. of of and customers some lot our driving it into but
So as ample, their a an qualify suppliers in supply have of to example. to order as program likes order in well have an the renewable to
happening. The other one the government, it's still
recently like way commitment now with they by Germany European probably EU look so are countries it to if XX% saw XXXX, also You And XX%. it. renewables France, across they've a making the you and increased below is Union
So -- all levels, including it’s government the level, it’s city the example. Union happening European at government at for happening
tell is asked, all new XXXX, I in capacity, when fossils. you would -- are will it thing backdrop and new again other of of would renewables highlight actually other this in consumers reliability every generation are the assuming form The solar It's do preference. XXXX. for consumers. for that is economics in that to there, their all mean, look generation be it going if over be preference that at there, is their momentum, I other XXXX outpaced capacity will The you
than look XXXX. short to there interesting, in is very The in On period it basis other I a global nuclear, installed solar thing going more done and pass nuclear basis, time. find they’ve there’ll a be you is from it basis, at installed accumulative if solar of an accumulative
then So that The on the I current little and I about around is momentum driving on When a a lot well, hit I’ll you think this. a more the and so ones of what’s resonate spend first catalyst building. side very a highlighted, are bit emerging, detail, won’t bit and flexible all want one think on one is talk I talk the more time to you and to those controllable with little solar. will the but brief Raffi more in
hitting both here both between I’ll solar transportation slides be the I point But of -- point. these on them. We is one XXXX you walk think that’s five any starting will heating. of electrification Birth than now capacity in this interesting era, The higher to other is around through and more emerge for got is and years. growth a new PV an next other renewable and
and So flexible let’s through controllable solar. talk
The Raffi so this first three you phases, that there bit. in walk a and I’ll is through go will through little
a effectively, about evolving world is they the one investments only ancillary from What’s and to people maximize you’re strategic requirement high, it and you ability can called though get make it and dispatchable X.X, first it inverters; for which created. source of investment -- more curtailment, you other through if through deliver the this; output as wanted think penalties basically curtailment; an power about that two have a time more if can And were how controls capacity. was see dispatchable. create phases the is and another making solar to minimum and you effectively that there using actually LNG think services as you strategically you output can dirty reserves; of those the value The as can and you And resource is that’s create contracts you of a spinning of you’re you make is, and there that through of dispatchable output; and contracts -- was RPS smart of because output, the think need were you that LCOE of asset. use that to but do one solar; standpoint and of maybe word most types getting controlling create is investments sure creation, curtailment, and some point because but so the you it didn’t
to So you now get can contracts. you have energy point a plus capacity
into somewhere you XX% depending is And can get can between the solar X.X penetration. this is X.X know X.X all to I you and get the XX% up XX% to eventually get penetration, one The penetration X.X. you we to of up and look X.X other way get storage, right. X.X, on can market XX%
but get then profile then and have we to still to using even the long XX% to are X.X just closer So capability markets way go an XX% majority exist. the vast X.X, to of the in a near you of penetration, getting to XX% nowhere type ultimately
Okay.
issued let’s have it a may through paper. This real So Edison, by talk you white quickly electrification. was on SoCal of is it. And white paper saw interesting that was some
If trying House the ultimately then you to is under is California’s reduction what between around they’re to look gas Green XXXX. what here at commitment and XXXX to portray it, requirements
between shows So you effectively the XX% What first is this horizon XXXX goal is flat. though XXXX relatively reduction. and
than about represents bit it of less XX% against Now, sector that It little you in electric electric emissions think in the California. sector, was if today XX%. backdrop has the from about is a there been, the the
XX% XX% percentage being a years, has last the The if is at plus reduction the sector. not been emissions are percent reason XX But you the So Transportation the sectors. on profile about basis. of XX look other from over relatively from it's come to They XX%. electric there flat.
around put objectives renewables XXXX, point to more written another what Green reducing means and their California more they sector, renewable have to white most This between is forth, in more the just will CL that if we’re piece objectives and though to that just that. paper electric going than would goals achieving identify solar and sector. state. the white of And around paper as storage would Their how than probably it that the to likely to through is get achieve indicate California. XX there the big been will XX half put have have gigawatts be forth double trying now we was significant just to has they’re gigwatts the this is comment And affordable electric of House it say as achieving That’s paper. required. It than for also a large this. is long-term So make serious key in emissions their But of transportation view of be their they around the gas going one today. be is
Now what’s available. actually of EVs and around, happening equation. likely that the what’s number happening look in chart you is I side at personally before is more of this there think, be the to transportation if XXXX models heating than the that forward not terms were shows the And it from with of
consumers If you very had at XXXX, in look choice. little
at what’s choices. seeing of the abundance And some buses you’re If look electric Tesla now, with semi. announcement on you saw an there’s electric you there the out also of
it’s initially it's and just off as started potentially but cars, So SUVs, or it into -- actually is now smaller not well. buses buses potentially into semi in
behind EU there’s countries are environmental between has sitting combustion Europe, whatever maybe. you horizon the that this going auto So made that the component; population north XXXX. a XX% the of a China is if it; they’re impetus reduction population there of all eliminate by of made have world’s political component regions. number these of is in there engines is internal commitments look And the also of The XX% of commitment and these COXs India, at world’s of to
impetus is tremendous So there. there
that reductions are are as some made horizon The gas high will or green lining Nobody very the what’s then house XXX% that wants around align commitments that well, automakers to have be EVs of that Now, being moving. percentage numbers at a to it left they’re see behind. they happening closely emissions. over with is EVs and made to commitments
new of XX introduce XXXX. China be between to an saw made EVs. Ford they’re and vehicles going have that You those going in announcement now today XX XX are may to
therefore of So economical. equation point is the lifecycle more of last there growth. the maintenance becoming not there so cost, when in from equation. it, slide the that economical adoption becoming more because my the the only fundaments is the mind, of potential consumers acquisition then at getting you’re that Growth, is the okay, part And look slide but the behind side and was other other more its an it, too, load last are early consumer happening for durability and just the on on the you
So over flat is load of the to declining but years growth backup the PV for growth we’ve there of vast really markets. a seen in the majority
sale the is that we sector? an should little So that I I of whether statement to comfortable the the you there question, The generally we should think sector? ask investible or doubt that referred Question all sits creating around me buy my that industry, should think is about And and of views And PV. is this market the on I industry to be Is this There will question. I real be don't give lack unmet the very able side. you maybe get that and problem to have think you're thoughts as investible is growth the differentiation. ask all in side any think is ourselves I need behind Let that grow. guys what differentiation.
tremendous growth capacity my is of do in is on expansion, levered order and of I To that balance can you a and you I market. oversupply myself to what differentiate that in resulted scale. fund competitive highly myself subpart economics in then of look that has amount sheets in technology, The but What view in scale. create to differentiate a type So environment? can't advantage,
and the guess continue if can of that The you that's to you compete industry what going So the compete market pace. do situation? grow, I only can a thing on you do to only view an in that see backdrop on you is
solar I you to grow, a of model. of come company. order ASPs resulting to business pay ends the traditional have stresses virtuous then And the lack and on economies to up somewhat to compete that that what So in scale, is your order it further differentiation, cycle in in
you get economies scale, an of As which attractive get returns.
that backdrop same let's about think Solar that First from use So and let's perspective.
we First that would thing a say I technology. is have differentiated
move position So premiums of market even I a ASP from the capture I can -- as the more market traded a can whatever because to is, more a cost we importantly, energy I've to Series But ASP standpoint. value. ASP, X, the disruptive market
the advantaged you with ASP of then significantly we're attractive side we're cost the We the very industry, ROIC. advantaged on So and that an and lowest an competitive couple capturing the in capturing on the watt, in per value the CapEx premium from a significantly energy gives market standpoint.
technology input, So ways, initial attractive is then system final from differentiated more entitlement you got top manufacturing different. our a And many ROIC a and from supply competitive supply chain. and continuous it On that your gives product. quality margin different that, that understanding of a you higher input It's one profile. and your helps operating your manufacturing us chain to
have We that. understand that. over control complete We
make can repeatable we highly understand sure we and can that reliable So product. can we produce
effectively and other X% manage material the from of We in. the have is supply raw comes thing that we that vertically integrate chain The it.
eliminates So a does of what -- profile profit chain. of seeing that disproportionate the risk of value shift within the being pool the it
side. had of to constraint it, today on sell and Poly the There prices happening to through. what’s Downstream a crystalline still but we poly no high. is silica? So it to influence are with somewhat react ability
you You’ve through through going and only made sell got the around the pressure. to to the see you’ve are and is capacity, sell ASPs can a margin commitments you way
at compression. type of risk not We’re of that margin
thing it’s cost. other The to visibility better for
our positioned versus and we’re ability do to much forward project understand cost speculating. to our that better So profile,
capacity through those up types The lever other do point obvious We expansion constraints. to our cash not it’s sheet. balance of operating can have have balance the is We We very sheet. it’s flows. and ongoing the find don’t
more important as I point And can us and sustainability the on is business the the But highlight having to and could gives more want it. I make last mention payback. of tremendous enhances X model. carbon strength we’re of becoming balance times our times where advantage. sheet amount we of and just and further X The energy to investments around other liquidity the our The optionality optionality, says, want footprint on it’s lower just and chart faster is that
advantage. a have sustainability we So
less And important water with our our it’s lower lower is to We technology. pollutants buying so is this decisions. also use water because the much and starting footprint air influence are
We’re day even I seeing be truly cleaner a it be in differentiation that think some -- there'll clean a where solar. of seen in France. there'll and We’ve between be and
some the So of the French is decisions around around procurement tenders and in France COX footprint. you
seeing heavily also in C&I, it out scales play C&I. utility industrial commercial the We’re very and
Our customers our understand I new side some to slides of that the low the want sustainability particular is where from our tremendous differentiate sustainability in what strategy, is is commitment China guys cases XXX% silica What referenced from the seeing crystalline where to in strategy, is the approach. in you’re standpoint. We that I and they our of can are that the prior understand a seeing making COX They of moving amount C&I our find it we’re renewable. want going ourselves energy. -- our poly poly they’re to to footprint cost one regions also told what customers what can manufacturing process. in on implication production
coal. generating some energy While are regions of through those
worse trying footprint making cost they’re all lowest to. view of profile a to to the their get COX they can with So get actually
a be a Point Solar's in returns. forward and will good solar, can capture points deliver that First additional we’re a very and advantage more scale of create we there is being position that cleaner compelling clean to and between as and thesis. an move capture distinction can investment We attractive differentiation we that. we So believe
focused profitability on and have we points we’ve got of business and liquidity So differentiation. significant disciplined model a growth,
talk two is scale. scale. comparisons for There Let’s about
look -- So So standpoint if so standpoint? to of are our going from cost. primary variable X directionally how take fixed and at cost positioned the we pursue do how when of about don’t correct. expense and capacity Solar an If variable, it's generally this look you that we we lot that cost gigawatts per just First you analysis, start mostly sold, competitors from goods if standpoint, from your and well indicative OpEx you watt the it off of it’s side, at think are scale, that have on at
that So OpEx largely your sit opportunity for profile. going is to your cost your scale structure against fixed within
So components to and like cost the a components much freight is if and Freight we have component. terms warranty. want But two is R&D. SG&A in reflected do make and sold, goods means break they of that I reflected And a traditional not one warranty that OpEx, which out, I you in sure you in they it variable other is the so. about it's their understand have penny or of half higher that’s and highlight
So penny warranty. is half about and and freight
So as right they grow the topline, that’s going to grow with it.
to don’t And to generates you’re we you experience sheet, have their a their to profile. a reasons going I order debt their or start you’ll We to it the rates. do, think various in close into have to lever the that, interest see that, penny. The OpEx going add pressure it's you’re they’re rising once the going to other be higher here believe in they service component going start that cost from against we nature variable And where expense. is cost debt evolve low, in increased world capital, see factored more to interest higher to plus the to balance see interest
take to to again, it X it gigawatts, a at you If the watt. is look So grow value penny $X.XX they variable. X a XX% they of you variable. that. when About aggregate we about profile in And get on leverage against
say portion, selling you to at so seven take if down the six think $X.XX, variable, is about other like, so that is from look the of it's So I or and expenses or fixed, -- the we is XX% $X.XXX so which would six. variable
that Solar gigawatts, from lens; X at let’s $X.XX watt. Now look a First
component So have what’s we color vast only structure in of R&D R&D, two and OpEx we’re a expense. fixed. selling X in have The traditional we going team variable his or our that investment you’ll only is SG&A gigawatts, and that cost whether that and R&D or The $X.XX up to is and gigawatts success there, notice watt. about majority making incremental of shades our gigwatts stacks, we’re Rafi isn’t investment is thing the X X having great change. The producing
go you’re So going leverage to to watt X see scale. from when from about X, we $X.XX
cost be if side, a we structure get there would can on our to about we can be to same gigawatts to that lowest at same focused but elements value cost disadvantage so at basis If and per so it’ll to parity. get volume of of penny gigawatts. scale. That’s about all our on on six watt primary the have per the cost get just get And cents So X with yield, to even to the the need gigwatts, and being competitors we as capture half synergy we on high be X further we’d penny parity. watt, half lower level value; we a greatest a
marketplace slides is view today. as to what you a competitive Hopefully, backdrop investment the thesis of else in out Solar better gives from think the that’s it through an those from to a how So standpoint. First relative
learned get just one we I’ve one -- other I communicate, right. want of because to it's question I and The to communicate, things to want continue those asked highlight this is communicate,
that sure this results. communicating make over Let’s we’re consistent and and transparent
piece; key that and energy unique be than advantage; source stand modules shorter so the from has how we volume a technology that systems; than with of to easy think full its much our going scale will is do cycle between the the capture wheel capital systems. with and value on about in start-off I’ll be the to be differentiated itself it’s it’ll development on and and It's of it So we going and scaling modules growth entitlement; procurement significant a own. to module drive will cost is intensive, creates up it's less also It competitive systems. it be modules as
sense in that and From profile. see I in is value have value. do Japan start and you differentiating, the transition. do standpoint, development; capture dramatically can move the into is in and is development dramatically So way do development we than competitive financials you make to to can the way India to -- can little we The the we're develop just way the we in than it's that’s on we And systems the have we can't see And it develop more also development blanked that compelling we proposition where unique make and be a where get stay us there’ll going different advantages, module systems returns we you will you'll where that East; foremost. it's every market not so compelling a need in and going we we'll first systems be do -- same. we compelling everywhere; financial profile and different be Middle to bit through we and approach way where still as you'll be the a talk California; a
it as be structure, allows us an other own with is own have that development one to allows down to about chain; cost we EPC to as thought own out. influencer; a the trying optimize our we it our time, is us value went path be the well our say I'll tracker. us At it to drive The inverters. allows point reason to in to want We
Now a that in to we some have silica offers. create unique a form had therefore standpoint was we crystalline from different factors of resonated and
that that. a cost and it's from drive hear Series down, unique if to in the more The will see in prescripted is going we shift. think so through we're message transition you'll how we'll we as look we to But be that's I we value and longer be, required the so side to and and or the go you’re how said last understand our amount the to to capacity the no booked that, X, demand at not continue then financial cost; the business it And customer hear the is demand. to I'll but slide of details; align the things when and will demand some disciplined since marketplace. take that since going talk has X sure inflection that. that. will going going model point to to Again, bookings it's us customer to from to call, best this to be our it's business much -- be slightly innovation go reached can And or through the important will emphasize we above few we to years. want can it we the technology I the can quarter. completely advantage and return see don’t scale talk transition fixed and as to to make we going that's gigawatt the the as objective. differentiated position points we'll a will that opportunities in it's where away we're point about see available we And to that and you that we'll growth by that differentiation you’ll have stream the where demand, do in going disrupted next next supply capacity; and perspective. leverage value with the that grow. help the be last about As ever is a over increase right you today. -- align from this and as capture you this not is chain proposition you can profile the key several optimizer and you more around it we'll differentiator earnings that's But capital saw the solar reasonable in that a information we'll up continue of capture go I going well, transition the over an you we underpinned standpoint underlying years. market to very to Strong want him target, my George can in also find financial to talk last development on give The make let as Series sense, plan continue more markets it, business is our a wrap below we're standpoint take the of strengths
I up So it all pass about through coming. you'll you am Raffi. thank more going this Again, the come well. that, to We'll this and to we'll over with slide day. as And for back wrap
to systems This evolving on integration PV going We bought do hands. the to on for everybody. right, we today try so full do markets, going I'm Glad Perrysburg. to out actually earlier, you going touch we’ve that to with about raise adapted is, with our see coming the make business. Mark how you technology, Hey, you could it. main-stream take Thank to Mark. product knows and all advantage a of the let’s a story system doing star of That’s to X a core it to talk Thanks talk it which right. the growth. translating X and in into It’s an of it our power-grids. in the has has terms ultimately lot here resource is I is of All delivers I today that, before that that becoming go. before? solar your but what the hands, up chart point -- technology story the Everybody the am show Series how core best duck economics that about seen expanding who production of platform industry. we’re Series advantage in
California is considered this Net generation. they are of which the May, solar a low, renewables, is part generation, conditioning is line load air system or Why generation part California around so in because This much where not and you this is low, The the is extremely energy duck The duck this because does considered not not is is the always the they in is called control demand chart robust. where renewables high, between load. demand, the day. demand of May, power utility is operator duck plotted in a demand, here, situation are all them. So load not unique extremely know spring there’s difference is total running net the chart. is in and
this So things are supply generators contracted demand. so like on And that flexible. you aren’t called, run must of are imbalance that that and other get imports called hydro and that down generators, pushes
look high Curtailment Well, that’s that Energy is so let’s energy And day. being this a wasted. load get is affects economics. word generated called you not curtailment. bad utilized, at it and that’s
solar year is So California where in day air day this August. where real time still solar lot supply have the California; typical is is in sufficient data but this you isn’t of This year a running ISO, strong from the this to a resource conditioning And like demand so lot generation a in generation you have for is a crazy of the of load; energy. it. the -- isn’t
a So up have resources being of online. you and lot brought racked thermal
most to resources, produce is extensive of are the energy these thermal. flexible Now kind This its right. extensive
I properly solar is raise solar to chart no isn’t thinks for room much to of for too The hands. again, a and more There is a lot operator. needs not So is am Who much duck solar. the of story too the system a meet story going you problem August. being of ask in your is to The there here in solar. more August? not of The requirements controlled solar duck chart room
as and call California, grid duck. to load driven solar by So net about resource resources. the mismatched energy and like of demand renewable the grid. equal are we It’s solar. thinking see solar factors this is X.X. the load total traditional is And way solar the as we Load the This in what a in put Mark said, the minus you on on the greatly from certain is days RPS
California some at X.X. We in plant we’re markets, Now, intentional where point curtailment, and them, in real toolkit. are solar our one controls of tool this a and becoming is advanced call a
it system streams your days the load, resources, lot intentionally day, of net the part you create solar generator, turn a the duck. So value you asset. if requires new the example much for mentioned, as have get less you provides solar operator. heroics to solar of spring curtailment on down of you solar on load a the certain net Mark But if improved that for relative you that And when you target of owner
of into relative enough plans cost can this storage cost So the generating generators. that solar can low day firm capabilities features but fully on low have owner we operate. goes asset other availability thermal do for that’s we to is integrate grid head-to-head can ahead and storage when that coming robust provide well all is required capacity And that all our functionality the of it to of and
building in plants like near the future. we’re this fact, In
today. We’re developing very hours stored you use curve. net at for have some them of In generation the is load and engineered peak this scenario, solar nicely a
study. of power the national took and in fact, frequency load In published Colorado. system We California was load. We a to Solar demonstrate our generators and being control, a X.X, energy a done systems solar term we net control our operator Golden, large net scale artifact is renewable generation. really go because independent exercised will network an load it cooperatively automatic viewed operating This existing away, as centre us, it's through and recently control, an artificial, the negative plant between in control, the lab like voltage ramp rate study features
contractual being new the turbines. wasn’t In nothing that and plant our technology perspective developed. that This of an their Cal in opener already fact, our that of in was built performance the fast was new way the superior plant here, on terms to the utilizing AGC a power test for into gas best solar ramp the original technology conceived from ISO, just the that’s eye
Mark tel achieve talk our mentioned, goal. technology module in grids we First to solar more with all about like is of allows actually Solar’s I’m the as world. that So that’s that Widespread room around ultimate adoption of is a goal. bit these innovations, And to you that to the goal, Cad foundation utility grow think California is kinds there technology, a solar the going lot to now. and scale us for
sunlight. matched is case Cad before, measure So why Bandgap because a tel spectrum. for And of many bandgap making the it of has we in tel, technology? effectiveness to actually do perfectly a to system of said love I’ve a solar it's we modules. a absorb times -- Cad ideal tel Cad it's material the an love material the solar
our one sunlight. We thin very does material. The Cad of that fully microns three does what low layer footprint. and intensive. only my in absorb a because can a absorbed means love tel very, a the material absorb use our a cost, the of thickness being is sunlight, means tel the What direct look that’s silicon that That that black; at all so the hair, modules, pitch is work XX in Cad to mean? also XXth of thickness, What material that competitors about thickness environmental means When lights about which that’s lot mean, of wafer, less of you doing that low semiconductor. that it’s a its means
proprietary Finally, transport it's deposition. We we love very, called Cad because a use tel, technology, vapor deposited. easily very
think effectively commercial solar here to to onto of This fundamentally that not the manufacturing the our undifferentiated operation. throughput, on is industry to extremely are our mentioned of cost tel, they’re we lowest also a because crystalline is who going because the because the called have is it's in true you very, who terms of film one differentiated advantage. we different we're not deliver on You're telluride than entire technology cadmium highest customers, industry That's the the only important conversion Those and thin see as their it's Why module the glass and because the the of margin fundamentally margin; everybody competing Cad efficiency wagon the on heart supply technology. BTD you tour, our manner. the our else; modules. Mark this of any soul coder. love entire in ones have hits we controlled competing high Well, going of machine love we're silicon; guys, in terms polycrystalline puts we remainder the technology; chain; in our are the to we solar that they're produce material down the from very other;
end energy. kilowatt of that LCOE world very hours leading or that you yield We means have, customer, a the our as that as proud watt lower and reliability developer you as And you we're a for Mark mentioned, more buy of the the means superior out energy for for customer every very, get bankability program.
that the think use NRG Southern Enbridge, the their the module they're technology likes of we customers, incredibly reliable and on and and Company, proud agreed most So the our we're module plants. in to planet very utility proud have technology we also conservative power
now scaled right, very is on thin product be the known of it this really economically as here the First is like of Series X The to large, systems; better module a benefits balance we So the translate larger. X, the the Series cost; about in of X drives going in But and comparison. old always bigger lot drawing module of regard; big, Series innovative looks very, We've what market. most which at improves our idea it we've been looking down going firmly on compelling us years. disallowed the What form our and up. technology X rooted solar is our very set. scaled Series Fundamentally up film for X glass Solar. the let's Series is talk you're that's core in as of left into to equipment how factor to designed was size, many that around because scale many, The in equipment a and
a at is really very a project. How This realization like Solar. vision First this expertise this? mentioned environment. were Series It's Mark which thin long X, with technology again film going to all challenging product. in and of experience. you armed performance. less taking make been able silicon for crystalline We offer and going make already were incredibly we’re much with very, produce Mark months to do significant and about breath. take decided that took also in been already. cost to one a than level said talking the about market and the we to around is expensive very to step, But manufacturing we to No it's has not the this a you Having of module X a a is decades. very, advantages, until which like Now, pause know to we this do system excited benefits we've ago, And a conversion, and module now. very Series big cheapest before, facing held do something It's compete world decade XX
uniform; for talk managing simple. We and detail details the about too worry risk how it’s of capacity technology it is to way and and of is really have mitigating, scales and soon. small got tools; core to the already the the of technology; about incredibly work our from product; too into production Solar, manufacturing Series of cost incredibly details product the kind considered we this year X culture about that module every or to carefully in First transformative for as these you, this both to on platform, driven, We the to that’s us a consistent side we reliability half No reliability Cost, throughput that we’ve about. ability the the sweat aspect leverages equipment; to the and maintain small of one Solar, everything X. value. Series capability approach Our know the manufacturing in project, No and manufacturing, into said, design us another. we’re our absolutely customer of our worry they in to the at you through particularly manufacturing a First core we’ll lines; very of
a the balance unique value. So delivering to bit we’ve and opportunity Series module some integrates into about opportunity the And you X to always talk I’ll taken system plant. of about in those customer we’ve deliver is the energy factors. and yield, talked how the a value of
correct what directionally point GTL of largely Research’s cost. view you’re well. are at So from These view is of total system looking our as here XXXX
and design module system, modules are module, the cost all right. Series module, of in and of frame system of related system electrical Here These velocity expect the the like structure and only other and other about XX% things here wired size down are of labor also the costs. this up of wiring, design wiring, the structure, and the that connected. blue the X not balance the balance the of elements is of its onto of but the the pie, DC getting the the installation The
deeply development factors our that these delivers careful all are our to EPC deliver third-party value, the ultimately We’ve design X activities we’ve which possible a to very own also look go very, all Series lowest costs to So customers. we’ve project at. and only not areas, in and of greater studied but the and optimized taken these
tired work doing are not is in example, talk compromised. bigger people size deliberately velocity. in does the field, the desert and size We’ve factors Bigger overly when also and size is module I are longer about not no of details module optimize human hot. even am so is equipment but day-out, only talking chose there this The your equipment get directly talk also better. which a your sure there capability right. these chosen. to I day-in the That looks leads very, Why? but lot about, where very point field module the Well, to is of kinds made to right. better, a let's environments at size, Because So gets We extremely of about for here. big. handling The What the installation optimizations. set, directly the weight the it’s relates in that labor the pretty this fatigued out
of glass capability so before piece handle only can reduced. a process your big is You
the very, but additional us solar we’ve to mount without designed all conventional to module map So very hardware. study certain for so brackets are for a trackers Mounting; this that that’s quite out got any tracker, directly of and of a fiber; tube design a it is so torque ecosystem of not been there; are this quite we is intense of the area just centre right.
bottom in the fasteners brought This marketplace. used velocity. field increases a available in installation that structures mount fixed for very innovative is board the the very, addition, and on other In greatly are and components, the that of certain reduces hold trackers number we’ve
We dual module. innovative on box, cord junction have an dual play, this
things. what wiring right reduces And happens. how the the and modules in handling without This of between packaging. lot finally, of design our is increases field. allows modules quite This optimizes for installation field, velocity, direct cardboard in you waste stacking which itself It and in is picture recycling and So of also a top of parts those the shipping frame, kinds innovative, cost. the again there any see the the in the eliminates of
us structure the and value our the we’ve bought and for module, the it's factors system is the of highest this lowest deliver how into go it size design, of choice many the nuts put So the impacts you so system cost We’ve the to can through. soup the see it together to to tried way the of deliver module, optimize customers. single possible outcome, that
of EPCs to and of have co-testing, own and Series with Speaking structures X talked electrical the the and developers. actually that a very, in delivers we’ve balance about rather solutions; so the product, but value in actually best co-validating electrical palette only of in deliberately optimizing ecosystem plus are to structures assistance, many we you to structure very cases net extent worked co-engineering that folks global not since electrical gone adopted the system and components, we than BOS, components, plus last our us the suppliers, strategy year an these have all we’ve building inverters, partners
X building which you’ll All demonstrate installation velocity cost goes will of see impressive silicon XX at with it field done the tested verified work; art trial a silicon we’re Series module. right. the partners; in state video we’ve to module, so in the it what think line we’ve of the of against we’ve we’ve to phase; directly see bottom here our you’re I validation conventional the field a What a is of cell crystalline Finally, design lab; pretty to lot system. tested a the and design benefits, head-to-head of about
So of. is we're you're pretty proud here something what seeing
creating for commodity engagement this of other regularly. a also We're the we've far not as one the rest are against First think And to do value one and our to velocity, been module. for able viewed where but customers. ecosystem better design process that's module Solar our of the again, with EPCs partners, example largely through Solar than only identical industry. deliver And thoughtful as the we through going it's modules just compete value viewed here very installation parts.
Okay.
I on briefly now, hope in manufacturing you'll about The are you and that talk is to go we of floor. going Series and X Those develop who technology, So I'm manufacturing here, proof how manufacturing pudding. technology. the tour the
see to looks what like. get really You'll this
to simulations, a laboratory trials factory approach a took just very the So XX I but to platform. diligent the We elements we deliver point, flavor to as in This led you want we us like the journey, and manufacturing took of going very, with to and ago, test I'm on equipment for not give design set. going the months know module in manufacturing started started design. to you you're the did you this of diligent that what's floor. of what a there approach the the see About out very
equipment You'll we’re technology. semiconductor those on brand And tools changing floor up Series the the core a the the out basic architecture use scale modules tools to same This of risk. recognize all the scaling up we not had in that new. still the is all X cell is that we've but
equipment of equipment said, of we process you detailed how So and collaboration we to models process on us by standard tools? capability, our the see finite with a floor, which It's I the is specification equipment. it none the in As risk? outcome. the almost out deliver suppliers with that out design inform mitigate of started The did desired element designed
so, production Series we've some to Now, lines, offline or also with along X validate year the utilizing last processes. over tools the been X Series
are What different we've also the test Series those So sites. where simulate the looking X in on and our X lines X size of pictures are lines, then the been them the able test here take test processes take processes the Series Series laboratory you're extreme at those them climate modules, field. slightly and in to field
in are. in Ohio. the in technologies, take tempered. climate and field here in climate the any all know of out we change humid a don’t tempered hot the call we aired in and climate, So our here new it Anyway, put we make why we them hot to module they a I
Over and Series starting been up to months, the the equipment online. has come last X few
are pictures it de-risking. will last through install how So equipment, up time of process start it’s to the through Each and I process comes we the using show we’ve working on that then been module that some timelines it and those the we cut Series new size piece it we line and gone and X big Series X X Series X take size, X to outcome. into glass Series has able through the we tools. a line, team the that? my glass Series tools a run time on of capable but exactly at we’re some process taken validate familiar within And Why installation We to X Series of match that already over do match, the of to you months, Series long run the do do again, full the entirely a tool we fully to X. very deliberate production very on that couple that
X confidence worthy. a deal Series that our matching that great the and are us production given built designs of toolset So process capable we has into fully
at So to bit this comes that for stretch. first already about Perrysburg. ready ramp going Tymen talk he on we’ve platform our we the finally X full-sized is production when here line. production started And more getting up. are Series modules We're home producing here a little in
to amazing, will look importantly module two the leave or made uniformities But discuss. look they and yields for So that I more than him the a that mechanical excellent. is having
we capability here incredibly of the for right. of show this up tel. of equipment pleased by would today there made One personally have over of works we’re I’ve a still wrong Powell all use you There process and on people the progress some use Ohio currently going and of in folks thanks hard out our invented is of and invented originally of involved It’s highest astounding. not that been be the a to me about gratitude the that the to project we’re the period that biggest years of R.C. a with tool of possible who confident here be So name them of transport see happen. degree work gentlemen ramp do. screen, beautifully. who it the ago is deposit he and the XX strength our deposition really the in we the are Perrysburg, cad have still for team they it us. and example wouldn’t the This year without and And vapor this kind fully R.C. to is
fact, It’s In in of one architects kind thin-film has has been process the also depth equipment solar. and copy of no he Series strength this X the the That’s we do. set. and one why what is to of able company else
we’re the company technology good differentiated if people. why. that too because true, of with This it’s to unique value. out only the these is higher there true, solar sounds So is delivers be why This
on So X beginning years us. next? is what’s launch to come. The the a set dividends for floor there is pay long Series The out the of for to have journey just equipment of very many going we
that the again always do As process to past, as product, with we we’re X. in continue we to Series have going done our improve
Some of research a year. we that in follow mistake, That’s little you record have if while a might a not cell announcement that’s a the noticed over a in company you intentional. haven’t new quite made
year will a of beginning around process a X. said -- year, we’ve efficiency. middle onto middle entirely them driving next resources we’ll to resources of it taken of R&D and our next wind the down So we’ve last our I focused back year. taken And on as well, R&D That XXX% Series this redeploy to and come
it Now, we around that enables a record said current our up if is which XX% cell, research world perfect. you modular XX% in efficiency XXXX to get
of has way science on do tel roadmap. new cell to our in mid-term long-term, ultimately said our efficiency all potential, be to that XX% cad cad and is tel module that, we XX%. not grasp. counting Having believe new And we long to research believe don’t ultimate in in very go, why up its drive way the crystalline we efficiency it's that innovation see we’re the So silicon a terms can’t
basic some core work of with science mission. R&D are the partners we in our Here
wanted and the out on there R&D, lot I what I a mentioned capabilities to we So bringing knowing our new we refocusing whistles, we to we brand basic we’re our opportunity because that? roadmap, in bells toolset aren’t on needed that exactly told we a future do that need. the Series platform. is X you design for have do capabilities R&D of to do the Why enable lot launch. Well, floor on we How and not did our took of new. that,
what The an of it's higher give going to we’re utilize. me [deficit] initially Let example. number zones in than coder
Let utilize. you give temperature than heat to of range furnaces our going is The me example. wider actually some initially much another at what we’re treating
laser to equipment, have fully in process to going all introduce line, stabilize up those goes which built sure future, new utilize into operating quickly so we equipment not efficiency and our line. in and knobs variance. coder, capabilities can from We’re scribes, that but turn we we then ramp finishing to sets, we’re way once it to we’ve new our This want the to the heat treatment the very the
as percent past, for we’ve Now our power performance the metric shown modules. on efficiency, conversion primary in the
small and that percentage silicon you a can made that’s lot area of how the normalized a crystalline large you metric comparing per you have. It’s module how focus. a sense to a asked to Series tells power This when unit of So we’ve efficiency module. X much
it's are to what of competitors module. watts to metric to conventional taking our Why we’re going switch sell; doing we how and the convert the actually as this we X, is we’re well. Series Now, opportunity that’s customer that as per do our thinking; more that’s so because to
XXXX terms well So same module. per of X, for see for loss Series X the mid-term as and roadmap roadmap historic the as here numbers you in Series
the you Series transition Now, X. here see to
are watt substantial cost class for you maintaining reduction we line; convert you and balance continuing Series we're you development for is a crystalline that also ramp many be X here to But with as section, the the customers. an programs crystalline have Remember, yields our an energy capital this equivalent silicon, our own done. visualize around this silicon stretch. the production -- half and build Mark can So in said watts, the I'm your fleet, also to energy make XXX of deliver here in reference. well operating our in nameplate. and a means that that for show world closing fair building. the that that improved per easy on delivering in point us nameplate; that to more which dots, a get mentioned reference our results manufacturing opportunity we Series yield way launch to We’ve almost easy efficiency me, significantly per you and comparison energy most to module our module higher amazing delivering for and X for that’s XXX ROI. as It's of on-time In in then we're kilowatt for X technology. of to as hours party ramp expecting roughly reliability we watt launch and the year been And system real Series going competitors. which advantage watts. historic so to in room superior back relative us I And to will third into and buy. We're we're shown proudly world watts to nameplate home green An cost this took the initial the considering nameplate conditions. up mid-term, get after stabilization to and intent And an
how So thing. we're to with pass tell to that, and going sale to Tymen you I'm going he's it this going off to
everybody of add travelling to before rather cost so hopefully, have roadmap. I'm And Raffi. our at our Three give fun you with. Again, you on I and Thanks, Also, and want temperate going going I on our of my about to not today I'll then up Raffi Series There am talk little X. we're Ohio; it's where each to a new I'm thanks factories tomorrow. get lot roadmap. I'll then cost quickly. is going on capacity to hit a indication going -- and topics out temperate to some
it let's and So capacity. jump let's about talk into
X Series you ‘XX At ramp X factories Perrysburg. said here down we've that's as in we convert ground would November lot want possible we time, X, fast guidance. to Series we gave a and on first more what our to got So I what on Perrysburg, that in would existing doing as Series we're we
then about the do three we'd around this and On of give in horizon could. X down as ramp a economics XXXX. followed by through we have total in cost. at Series would That 'XX gigawatts 'XX At fast looking same we're demand Series said strong as production very ramp fast time, dip X, a and X there. 'XX, evaluate we So we'd and X and on X Series Series total And of us a we and capacity. pricing that's year Series the we about X 'XX X.X up gigawatts
since flexibility converting lot X right factories. have we that We Series do, a and we've we'd to to a extend we're few needed reiterated times. of and And was it if thing
that rollout going X the start same roadmap. So ramping I'm new today I'm Series going to point with starting that was to down.
to committed Series have substantially. pretty X extending We
of to going on this, Malaysia in going we're but that obviously it's down, more both X Perrysburg we're but factories. we're ramped I'll factories and to we'll not to running we're So detail that Series the of extend both Malaysia. through do go our going extend
didn't make the impact X. that that One sure was factors extending Series have of to we
in on Raffi's X think hit value I we Series the section.
into to Series not extend X X. going Series we're cutting So by
year it of XX% layer total our is ending this jumps ramp here. And a gigawatts X gigawatts end we out three in here. the gave new XXXX to XX.X versus So X.X over year that capacity about that in, ago. you Series up When we gigawatts X
X. X and see of can Series you the Series So breakout
this little X this gigawatts of more So during about additional new capacity bit than adds roadmap timeframe.
you X me how volume; pretty go change Series substantial jump capacity; everybody pretty big briefly. probably going wow, through roadmap; that; you in let are to in so Okay, the you pretty is step-by-step get do wondering, do how walk this so
horizon, Malaysia and this through to I’ve it path we've running going got oldest So in It's keep XXXX. out our factory. first, got marked
And It as flexible now. Mark currently it run we’ve that So X product into scheduled some on very right Series XXXX, very show the X more said, based demand. right on now Series costs. you competitive I’ll to got
running. So that we’ll keep
will two one second factories January well. It extend go there’s our running the -- down about XXXX. We in Right in of expand now, X as we’ll we’re Series talking was scheduled now, XXXX. second right middle Malaysia to
So extend we’ll months. that about XX
additional Series time It gives then eventually but said that you go down X. to switch at in conversion go just down. So for top I middle ’XX, of some will like And point I we’ll X. the like Series and
you gave X I X. switch I to Series now my volume, So Series
factory underway gigawatts, a went terra X.X large out is as to to running X.X You’re right well And first Perrysburg now gigawatts. going our started scale more a really to but Malaysia on well it’s schedule first X, our at conversion a call factory then up. to see now -- that underway factory coming in Series our lot months first gigawatt, nine used to what conversion capacity in now, running it’s be ago, we
the more equipment throughput. about the we ratchet on we are; learn the the our yield, availability, understand capabilities as be the what get in; up we’d it; So we throughput,
megawatts was gigawatts XXXX, is X.X now one a days a these then right nameplate in factory in these XX later is building is factories. scale our that this exciting me for for factories, behind So This in terra have commissioned. because large XXXX in And for X,XXX got we ahead but and built them. everybody Vietnam. we approved very that in shows in never It foresight what time XXXX, putting in great building back knows it some of that built need in Series case into capacities for X, XXXX, some happened we just
show factories just build two a that that. So we’ve you on announcement right is there there, then We’ve got is we’re same plan. we’re going committed And in did this I’ll and under show our already enough up behind today, fast to second and we executing for plant. that so when always and that land factory site Vietnam big I to and new XXXX of a very picture. picture moving construction, we’re you that just a I’ll for found three to
other these A than large all copy factories; three we originally later they’re things; anticipated. couple just had years terra executing exact. We’re a few
then and So one that factories build previously. Malaysia largest we converted to our very the fortunate were first factory copy two exact Vietnam
process going to whole up So the this de-risk as is speed and it well.
to lot through of go a going a So there. lot there, on
our -- and build back with do you these Let Once conversion through we forget this me one, the the have and series factories. walk start this one doing of I scheduled, factories. done older we’re forgot don’t circling the Malaysian we conversions
there do middle to and we up have So right for older funding now, X. of XX factory to Series that that bring placeholder
we’re doing on of how me factories. each show these one Now, let
process; modules extremely but majority vast few be will just equipment now months dates see work the on the will going has in said, shipments you first we a Perrysburg plus the of that they point production been in key made about more completed. So a as are percent here of using a to QX, in installed lot Raffi XX our shifting real the And the well. module lot through we or
I a herculean. Now and neat; do and you’re mean tour here; through going through going the in wow, going then on that went there, team its make happen, same herculean to effort miss to go out the to going showed Mark this tour. The and you’re walk the out that’s awesome; you’re photo that you’re pretty
and here bare-bones. left July, placed get to up at on And corner that all took about pull the the many equipments, talking was it's tools in million and months end IP Series everyday and in eight the we hand XX this XX day Series XXX factory butter there. out months on top bread want December. a and see we lapse showed together; So the quick of it down roughly XX,XXX pick a a about We right ago, to there; is a coder of put if it's We X; we X, took completely was stopped have was factor modules a we seconds. today so I production camera year year to cad it out were weeks Raffi put July, pictures this since not to floor. tel ground running equipment time The ago in different; of ago, you’ll £X out down to
there. five XXth, November have go more full to achieved We we capability. line And
full ago. using production on and but our reached capability tools, a the tools half of we count a combination we’re alpha and week just, So days,
will this we one. but ramp. and and when So is XX is We hit through had is And electrical virtually arriving you’re factory the XX is equipment well you this it to of first we go, started factory. schedule factories when for please commission we what be It's early two we underway conversion we it forward if line all start case, it’s going, and are or monstrous like go you had that what ready occurred. a or the Vietnam then pretty this jumping convert Vietnam said Malaysia, days And size update these And day; it’ll tools I And in to -- days just up and fast the when forth. this have factory, installed; every factory this the from then here; Series this just here. the can a a off there, we it’s for front QX, to end but we finished, to remember load hadn’t that waiting be so arrival. of them X XX% so about see might this day tool is
First right tool on the coder now. is water the
real So this thing to is going get active.
We’re there, from more we start-up. a building using because it's as brownfield it the like greenfield time, Vietnam, own but I -- treated a it’s say the should manufacturing we
workforce, a there. Minh Ho Chi of a there, workforce very City small little just outside have So we don’t bit large it’s
supplier in away, second it using We’re partly of on; introduce chose was, back, already Vietnam great predominant because hiring built really week logistics. start for now top Vietnam location. one that’s they’re XX,XXX hour the next second going And fill wish are going main we steel it that believe not one and the factory pilings it’s foundation. the so from time done just our earlier I cost these I No, the that’s is on that’s factory to will it’s right to is to and an a first great factory. time and proud and the our we’re now; glass then glasses item is hire like material And the crazy.
goes So we’re months copy running it well its modules say again XX with pretty exact there.
of XXXX our will So timeframe QX have X Series fourth factory.
So are factory of that’s the Analyst enjoyable of the of part tour key here. how watt CapEx, startups around-the-world Day metric, cost my kind always doing. per cost
this not, to give we’re We’re said not before, exact and going we numbers.
Series You’re exactly I or fully he lowest Series tel glad far information cost even I’m did it X public and out said so cad and technology, lowest our do cost based work when But tel here, to there. to have again cad Mark going out to module more reiterated at. figure some ramped, X we’re where think is Raffi tel by the and it’s both cad on
we’re So that that proud going we’re of to trend. continue very
take big gigawatt estimated think my let building total I Series of we’re going that was a $X.XX be Analyst So I ramp CapEx. drivers bold title, equipment; pretty told I happy a X. The We greenfield Day you the tell start Series with to -- main watt year land to extensive not am is X X; me we one want am by this X add Series to to you the with ramp Series showed to CapEx actually I back going of capital, from in half and XXXX, And back I the of for have. what we ago, you you could going a line building, this. but and again here X. would to at be;
expectations CapEx this in brownfield so. at throughput, so is And right; lower the talking had going the same work our significantly a higher all equipment, supply significantly, pretty am originally for planned; come get right. conversion, beating a lot at done on I case than minimum to chain, of this to that We’re we competitive expansion here, is yes, Raffi’s team a about
in start XXX% am Moving a to that’s so going do with to and I XXXX the am cost. going on to percentages I module, here; this reference number of
I was actual loaded, X Series full fully think only XXXX cost. as this our is think of year cost. this -- This
going four factor I on. Raffi’s in buckets which these is pretty the -- and were keep section We’re factor also are working form on form efficiency to higher reductions CapEx, factor drives The and think depreciation. form the well cost we’ll here; covered that throughput we focus and the big and both lower
at huge chain we a gave to productivity going then items. So very X extend reductions it's we’re all then manufacturing integrated efficiency and BOM gigawatts, of get us going higher just impact in with cost roadmap. scale out and much through the pricing But X; through productivity there both higher a and Series our the also competitive we’re the supply
wasn’t So per X,XXX on finished was at of and day. It X per those And line throughput. Series Series modules one the the are fantastic out continuing line X, it here things down. beginning then that. run in started but rate We
went modules gigawatts X.X tremendous We’re the throughput. per X, cost. that factory per gigawatts Series On that’s on day, line has we impact already over from to on X,XXX X.X
path, have of that higher, Series much continue we’ll continue we’ll but that we’re starting because magnitude drive. probably So won’t so the X,
systems, down. out number approximately doing pulled really XX% as to we’re System from important added switch roadmaps part that those out solid cost of important. are that’s Mark one full and third-party All stack and again module and balancing doing I pretty that, but advantage cost going just as our Raffi XXXX system going I well and to work it is that am wants way everyone hit modules, we’re we’re together also reference reduction of If them. the behind and system to our top, systems. on the for then as XXXX, our
talk factor that’s have just here. form topic with obviously, X So factor penalty competitors. big is module there’s where BoS. we reduction module because our the and we more BoS, And is now Series on because in cost, there X not Series XX% impact that’s impact a driver that a a but really obviously We tough used it’s also to advantage, about on saw form
efficiency big Raffi And a one. so BoS, wattage. that’s impact talked So on about then
both and structure, improvement reduction so well per methods, to We’re we area higher less less as EPC that cost wattage continuous ecosystem. then as that’s construction and going and the have on. connectors And then wattage, using
have working inverter you So over XX% so two our work drives with, of component cost. work together this system number System of pricing; a that next number that competitive that is over suppliers we bring here will tracker years. all of cost can down down by that’s suppliers, to come together
And some am out achieved. I’ll already referencing XXXX. this Now, point I been has of
So on the and in run module of that’s own system the tracker the both cost And that. on beyond achieved, should benefit we away some we’ve and to been already seen XXXX see next some over system, reduction of But about closer, takeaway of EPC from we then tracker especially on talk cost the improvement so you as steady a few very picture years. get year-over-year good as we’ll cost. as
to extend going Series We’re X.
going extend We’re to we’re cost just X. to Series quit talking going out
previously Series at of guidance to and were one able opening X. year-over-year is that flatten we it think November we end would XXXX, it step the not said down when on it here out the cost So we’re done. out, about another reasons before we then gave we’re we're we’ll hey more doing his XX% take down flattens extend life efficiency we down X we’d of it in programs, cost X% before able mentioned and end Series and Mark roadmap it We're ‘XX. takes good put In able of together that get take to to reality, we life. to again a about
So number that gave back XXXX. about that in we XX% from reduction
think my to to metrics. X allowed Series market, that, that’s And many has us with very I a run along allowed So that very with us, healthy profitably. continue
didn’t did Yes, come literally losing hit why. Raffi he we’re set but here these short and but different ago up and and we’re do bonus of our a Now, X Raffi company and don’t -- And metrics little been background. to tomorrow mentioned reason a are anything we bit module. something I -- you and year couple Series X, we hair, I it our here. partakes going keeping module that give everything right. here’s December do a that first let our lot talked fun, delivering our at in. a have are was I so that hair. afternoon, the our We XXXX, of metrics heads the me I’ve time. have cash And that one the losing getting bonus metrics every it, Mark in shaved. corporate employee does. about About some looked And by a much,
we’re crazy line around X and I the we the it heads, We modules this, if this They’ve how of and of looking it on tomorrow have Thanksgiving was challenging afternoon. ago, over and was day Thanksgiving in have didn’t said, completely it and team happen on XX,XXX Day. the factory. out very our team, so went on on we Day, said been was know was can at one. I go I, we hey we’ll fact put we Raffi have here; so know the have to will coder it their but and it factory, long our idea even we But incentivize; money more busting there the of and it ass do don’t on to told I they deliver often or and humiliating, what for shave you, take, Jigish Series Six volunteers this every could months as weekend, don’t yet; empty had we working holidays they’re this than
money, the probably it So I’m to the they want going but don’t care us about was humiliate say money. and to they
introduce X. let So me Series
this to Global And is the Senior is Trivedi, the Mike on these So me of model he guys Jigish runs for development. SVP us. at Closer First here of VP from me Operations. saw the is same Koralewski, module Solar. video. just He He is manufacturing developed are you our he that far basically
does He all for work me. the hard
That’s you guys, So all the thank module. first good Series job. X
more is can be break, you off coming be This prototype after So Perrysburg, tools here the soon. it, a during take walk close working of look. we’ll guys production these line in a the outside many will the around
Many, guys. millions thank very you shortly, more many starting
our shaved the best the a we for you a heard A looking an last changes. First not here sales And same I’m Perrysburg, announcement to in April I market you changed you would you approaching much. module, with at far, organization we that make technology. by what of we’ve as can responsible The approached the That’s strategy sell, our where it when done technology our makes guys And easy across XXX We again, place it organization and Mark so head. world, we’ve from and thing. made sales started accomplishments, historically. lot at Solar. year’s we reorganized watt so team it go Mark but have also we’re go if his ago did we’re had of was Welcome we thank different a to think and for still the I very differently. the proud mean year where we’ve us and we talked tell, XXXX amazing to don’t I’m differentiated a the at selling differently market some possibility.
we’ve to do for our basically whole Mark development from we the different And are And and we’re shipped regions bit, Where ship places. -- some the we’ll focused to healthy East; the we we’ve a the across of modules ship it’s we we we’ll it mentioned sell market perspective. far. us approach doing move it. the to we development have Brazil; continue China; resources take taken realigned across we world. as sell so so healthy right on is We’re ship in an returns few we we prioritized approach to Middle where forward. a and that We’ll we world; it, whole do geographical we’re focused the believe
EPC perspective customer sales customers, approach what planning, to pushed get and understanding build a this differentiation okay. enable that got trying continue and only new of things, do on U.S. will understanding do and across taken. in to in and not we each other of we our customers. countries. those development EPC side the cost technology. things, develop to India and and our system different, And so, adopted but are EPCs the side continue we a the even and elements, true assets term advice enabled that some deeper call the on partners. our to work closer U.S. That’s So we we’ve we the what has intimacy for approach We from team and EPC for development, a we of is their continue the us we a we enable on Japan, leadership that our between perform we with ownership and to the development And resource engage, Around build technology to relationship our way approaches these has Australia, world, And
the we’ll because a And allow side, mention that OpEx mentioned of continue via I on of business, I same to partnerships, global the reach will us As scale module revenue. them. the to reach top-line utilize couple bigger to
driven the was And mainly procurements transactions. -- years U.S. by the with start the U.S. me of scale North was it RPS, Carolina. and utilities predominantly And by driven was let the the lot market So, California. And like, few policies, until with the driven west and by PURPA back,
gigawatts As way from perspective. by the we U.S. a size was XX forward -- that move and
U.S move seeing some these green a around drive world, growth the we’re of trends states we a and around the and for about the appetite forward, will As tremendous light But solar most around world. little bit there. the talked with we’re drivers Mark move seeing of as RPSs are some engagements forward. we of what utilities the there there. the different still odd RFPs, their these demand IRBs, these out out of working And that lot legacy flashing from working we’re numbers. A with the numbers
Alex historically RPS; we we we're changed, drove driven XX own economics; differentiation gigawatts shifted. development. be balance. believe But it’s as big perspective. very driver choosing do what’s forward, attractive risk U.S. going has yourself XX ask longer economics; no no move longer perspective, our is relationships. assets positioned here? per these And more the for believe from turning from what turning commodity these move in all the from it’s -- we it’s course, ways a what we us might from approach. as a customers what gigawatt across attractive lot the we these rapidly call to build are all of also Strategically, price the strategic driver strong. across you out year any gigawatt positioned Mark these no by than of of investment UOG, our showed on deployable; has driven about Can gigawatt while states; be X approach forward; more. we’ll a by development there states. years approximately is you engagement as as three return move we well X transactional just The very we mentioned, this these And will mention, Obviously, And the these growth into very more? we So states as we by And is deliver options But do the to of we’re And well are we do is the is what a believe, and their a Of a overall our Tymen to strategic very huge. will can next capacity. we our forward. owning responding go to
also there that X-X the maintain balance I help partners, development think at and that capacity with time X our also gigawatt customers, to and are give still making themselves and the sure we our them the balance is to turn of a for capacity developers that to relationship good gigawatt technical rollout. differentiation out out go of And the same commercial us win.
a or the it. strategic with we and will metrics. engage we'll own of will our engage more, customers. in allow X.X, support discussions talk us X.X, do do more and in our So transactions Alex those that's about we But XXX probably X gigawatt can capabilities strategic
going comparison a summarize of bit the a And for spectrum discuss development let's assets they I'm a utilities looking are from so here. are partner perspective. bit full to a They're or for services. looking what what little a and And put
us, we As from factor and we that's take talked our better our shown And learned and an into our you and maintenance over in and there big and X.X here, as transition no with it maintenance. into about and we've X.X back important with and technology this feed operations for Availability on do also into we UOGs. grid And we reliability also the customers. because Solar. communication reputation gigawatts a constructed First it controls operations of bit capabilities We've and Service partnership is Agreement that Level is to of positioned little XX.X% than our SLAs our Quality availability. deliver this company and very O&M manage
demonstrate gigawatts You’d bookings in proven of on assets, hundreds we’re modules of dollars like $X.X X.X And billion gigawatts, you're how Alex performance to all. balance doesn't see U.S. I'll of sheet, record. But XX have future him. moving. can in to shipped these so hurt of scale mention fast only. globally, cash at we millions that And not track hundreds for sleep at sold the and and night you will strong leave spending already when the so Obviously, we've of that,
around focus make sure and schedule. sheet clear The those balance deliver of these a we and we’re companies our hopefully And hit fact of made customers. is total of The discussion to years pioneered to the And for I XXX% thank industrial. U.S. cost we which way. the ownership move Florida. to Tampa Tampa, and of of to is one And an and by the all the that part around for renewable. at technology for XXXX, commercial allowed look allows approach, Electric And them gigawatts, take forward committed allows just Tempa if us continuing our commitments relationship look that XXX% made we XX a we schedule, sure them. A But world and renewable. few that many, in XXX matter around of Those gigawatts clear sum partners had down won closed because the a these commitments As the kind that little in deal of many companies globally. are we is the just companies we asset to also we demand come ownership, with quality, out XXX% reason we commitment allowed around and that wanted there the a XX a few the we the that's quote seeing big was a over as really we and strong Company Tampa Electric our business. making commitment company, back hit capabilities us reputation across companies around the forward,
will Now, these a And all worldwide portion, this of we’re this small of a U.S. them a positioned we companies fraction on, of And working wins believe from across. world, but to just phenomena. XX lot is small and assets lot and there these the very moving drive around perspective be a of are gigawatts. lot these out well
Let me why. tell you
So are while very corporate have look similarly out differentiations it few ways customers to utilities, there. there at and similar they
energy generally less procurement. instance, experienced in For are customers C&I
that looking at is strong domestically differentiation. array and partner they’re of a has a important one This services, So globally.
with an it’s out our customers there. evolution So
we’ve have doing how far. So been so
modules. segment the with -- need or a we can customers, these stage if been initial and there also C&I modules. and build the gigawatt the our volume can it have they differentiated build gigawatts. don’t And over bookings who to C&I working then stop to you a one built in As combination out great we’re go see But Again, sell and approach has appeal, not customers mid our And it and shop. help we we a approaching of X this stop X.X for systems you see, them and XXX are about early stage with here. of they late given about them opportunities start is
great is augmented really the segment the couple of the Fortune amazing momentum one an team but the and with a on that been whole This of we it’s worked focus XXX that market. we’ve quotes a years So with. from
Middle here. to We with working a bit is an for doing little on -- in when this showing just able sold These are announcement Productivity will be feel relate But high China; focused. looking the to make near to why when to I’m is we’re first selling well First comes team because sales my the they’re it sold international we’ll U.S. differentiated what we’ve as and four exactly in markets; we I mentioned we for slide, globally. the the these is you And Solar development; we’re we doing, in showed four markets. customers. the our focus partnering. Brazil, give who are I the of Well, in East; you America future markets of touch Latin general; we’re them we’re four but some of those to sold markets, and you a segment on the them some doing of I’ll U.S. to doing
are different forward. and on they and geography So market, how the dynamics our moving that of has been based the approach mature
I going of regions. numbers am to You of these in the can not repeat megawatts see each booked
very Australia, continue on approach, world. the the market. and and balanced selling enabling amazing world be an across as has focused but have differentiation huge as for a we ‘XX will U.S., the on us. continued slides focus on to been rest has the You everyone of only and the job in the developing in the much team building thought And done we to both our
of Now, an coming from market, it. feed enable job with of and see into moving build to done a forward development India in and and on but India approach partners customer approach a job for The it. we so portfolio supporting telluride in but success. that there focused doing with lot to for able the cadmium India talk be also we’re of market. new building And very it been in the and the India, our only to move and amazing go has the lot forward; competitiveness intimacy market, the we couple in getting two French and in we’ve -- the sold also result the as not we’ll sold that we try of markets Japan, best tenders will from the in particularly scrutinize forward some rest SX a to going lot a never market. has that huge and geography to we at to a we build is solar, development the EPC one big. we themselves. the been And around government the partnership French and region, us huge fantastic we’re we’ve ignore way successful in continue Turkey, different open see job. Japan, we’ll Europe, done amazing the be Japan, perspective the say team solar an highlight addressing And speaks and also market like the but into we of SX of looking is A allows partners a to we potentially there very lot about also to the And I to move India into markets as French the the is sold into the in believe address that. a the announced tariff we’re an there. development a again, Germany; And tenders; Netherlands; England, into
I and hours to we displays And this we this to an to from customers say a about the customer a very look customer So be. the it this also. has module has struck X, approach perspective. on X had SX is XX it. days the what us And to of has and the what talked feedback on been customer way done, SPI. the Series believe technical team from feel work, ecosystem, needs meetings, module tremendously are the best you saying is an of feedback the Series that the it cooperation we’ve many excited We one about from combination module to you it. amazing video. needs like. of that many, built the of a the team getting getting SX. was because but it gotten. has Not ecosystem. balance And The the Raffi showed This of but proven beautiful because What I
proud see, great. a built First demos the the our put feedback our partners structures. the to way XX so Solar in need booth. labs that We’ve basically a not of Talk the we comparing booth, We and And our approach. And cheap, world module displaying across has been of different has one feedback feedback have there. our to fantastic did the it on didn’t had many for localized customers business. comes when right, many has is is thing. But to our module, been
here, So, think get I you to two announcements, while for bookings, made before the us. two wins I I huge am we’ve up
with the them around partner SX partnership, in of predominantly Origis One deploying U.S. a multi-year around called the
from that on And been exactly Renewable have. other from assets is the and Shaw -- invite them Martin We’ve few announcement. And has is then with to we’ve Shaw we’ve the I E. So deployed a that they been Brian us, E. few other bought read the that assets or they And with you D. made. ours. is actually D. one for and partnering CEO. partner of announcement this developments
will of sample see what we we’re a about these small forward. announcements. is as So of two proud This very move you
about this tremendous X.X. the Just to to seeing like is customers of by give you But on what’s Series and bookings ’XX, the are few a We, feel and X next booked take. X.X so far a of across the what SX about but saying. the get will to we’re years already X.X end getting bookings gigawatts. to
have where the over up year, as are documents forward we of snapshot today. of over SX feel very a end we that X is team moving are And of comfortable booked bit by And So XXXX, this. the this we’ll little signed over, I book have X.X just gigawatts. total producing this to
continues we work to drive the and that and the the team sure continue as we -- make forward. we sure the continue We move technology, acceptance bookings that make drive
for their very have only customers but here. with module, spoken, giving displaying on So us wallet. and Thank the with being feedback spoke much not you they
break. a to we’re minute XX At this take going point,
I back the box where you XX minutes. to is your to available is invite the area a restaurant bring into down room, in those be come we’ll there this where and in you getting-in So The hallway can desk. lunch reception out
to Okay, good afternoon things I’m today. three cover everyone. going
do I XXXX and to XXXX going we going talk And to shifts for I’m we I’ll business XXXX. am strategic we’ve guidance going the then Firstly, a recap where bring have, the very of quick and forward. made that today. approach give are us about to
lot customers, year, X we’ve investors, you’ve and viability X. to past X time the the talking we’ve that the Over analysts asked a of spend of the the year. Series Series partners strategic as a over Series to seen on and Mark we’ve today, heard of that in shift scheduled embarked been that lot to about It’s from questions change a tone moved I’ve
can flow cash more how can and when from, it’s from moved So do more into deploy questions around quickly to we balance sheet business. do our you around you concerns can it the capital it, and to
Our belief our an not aggressive in changed. and budget extremely has schedule manage ability to
we we announced remain belief transition we to nice all We best continue technology to cad markets. by milestones as financially echoed it in a exceeded transition. or about transition financial two period. But that that as ago, meet start see XXXX year a expectations. has the customers looked years those year. and XXXX forward operationally world, put for ultimately to all do back as the were well beat we the looks first in initial does the it’s When to remain team be like well, to tel this so far in we out. a transition have And that that, but of
guidance I So enable around you we to margins longer and the forward only for a give valuation that will indications term reason, you today will of give further gross whilst and the look and also mix, for try do business XXXX, OpEx, company. future
what So starting over did last year. with we the
the Series we've allowed continue our we On limited we offering. integrating and TetraSun own module previously plus is lot business, structures. internal tilt module; ability structures. of ecosystem discontinued tracker to own have longer cost discontinued in module us products; or a benefits value to the today expected; there profitably has Silicon demand a we've to longer our module Tied capacity that have broader Series not of shift our side, that so our module tracker heard where than internally And limited us today X although, develop fixed continue from running discontinued products, produce a the round structures we've you've away our seen is and X with we despite from to plus to the the our no down technology and decrease also investing producing
have We right-sized capabilities. our EPC
support of third-party limited strategic will as customers. development provide business. well We sales U.S., our we've EPC And our as for business O&M in European the exit all capabilities EPC to maintain
On the George now. talk side, just you've heard sales
are a EPC it's don't long-term clear we We the markets, to in the have of from been back also we I to because model. want we is being think businesses. this on I very so parts development direct various in an And And we’ve which back engaged way can development markets pulled in in the side, certain pulled we understood, or serve model in world. be a no We've strategic advantage. partnerships from exiting feel time have indirect
have So development, Australia, case feel sustainable and we North where advantage, we in core Japan, a in around India. markets America, this differentiated long-term
we development to our have And as developments. are business critically, the We the the is pulled U.S. to from OpEx EPC very world core back in Elsewhere all the in significantly. much strategy is game, us that of has in it reduce enabled
about So into in I'll from talk bit but ‘XX about deck, down XX% a brought we little XXXX. by OpEx more OpEx the later
look outlook. So the we And and solar do, the and the and tie is make our profitability balance across to moving that liquidity This you to this around as slide focus on significant growth, seen we And through rather of sure we've earlier portion three. over showed industry technology. growth, of all our model. is than Mark business the a XXXX variant solely
even enables differentiated comes our through growth technology which growth. leads technology growth back That again So cad tel towards again. profitability, to and liquidity, that enables
may have differentiated that have a look cycle intuitive business enables solar virtuous you a is we standard And model but the and that in So industry. model. somewhat business the where technology differentiated not
we'll industry, make these seen we to all solely do than across lot sure maintain a three clear For balance a between on balance we’ve them. growth that of and rather this look focusing reason, we’re that of
piece. So growth starting the with
timing technology. recent If bookings. 'XX we of XXXX, that the X.X. trend maintained impact In look have the ratio of the 'XX, time where you a slightly a largely above disadvantaged bookings that this we lower over dipped IPC times XXXX, a we feel and is little And years, because a and the at book-to-bill on extension had at at
here of happened acceleration interesting what’s significant you So is what’s at to in and due if is a really bookings, look chart part we’ve on in the factors. seen that XXXX external the
XXX China technology environment even supply impact have demand an year. be obviously case. is in so this in trade is booking enabling impact We’ve seen from from have imbalance, that that an But we mostly we today. So fundamentally, successful what us the to
in new us is forward positioned made a you been X we’ve So very new add as technology and -- leaves bookings XXXX. to advantaged And look well as we fundamentally Series driving today. able the this go that we’ve capacity to heard do
at future version of like, So what condensed showed a the this is what the you historic. chart If earlier. we here Tymen look is looks
here it XXXX we by increased So up capacity about delivered look that XXXX. X timeframe. gigawatts over gigawatt XXX contracted to The of today be X.X to our includes by have the which in XXXX our in you X.X When deliver there to megawatts, same timeframe is XXXX in XX.X little volume total contracted to about gigawatts. XXXX volume, against will
we about Additional bookings. conservative class very a around mid pipeline as late we George as have X.X to to And that, what a mentioned, stage of we’re gigawatts.
break further, we for XXXX. down you ’XX that, CPs little we beyond. roughly X book that gigawatts we have if And and in don’t see about and that have signed have bookings another count as delivering but contracts So that’s gigawatts expect various yet where to beyond we those in we
gigawatts -- seeing soon to So a capacity when contracted of XXXX over to or XX.X either X against you roughly little combine timeframe. XXXX you’re two, another production X.X gigawatts, of gigawatts XX that be into those contracted
mix and a little, look position bookings. future, look ‘XX not If the and our we as a future very between behind forward move at business the good pipeline into our ‘XX, historically break we contracted successful pipeline a down those ‘XX. we as again So to ratio but that let’s book-to-bill only
the production chart and fleet, ’XX. in So each across ‘XX, the again module ’XX you year entire in this shows
a look of we’ll go gigawatt on development we the mentioned, approximately that. can average see and George That business. year depending up of maintain As to down slightly
the if see optimizing Now portfolio, average about can in X. long-term through you slightly gigawatts to our portfolio around gigawatt you you’re ’XX And lower that timeframe, reference X.X look in And on XXXX, current Series for X.X same DC. if business, of see portfolio we X.X. the back going the development of post last based the than the you guidance year about contracted at ago year to call about had go
table California recognize So that’s recognized the top The we’ve sales in see revenue portfolio in shows gigawatt India for project The XXXX. XXXX that about timeframe. X.X guidance. Flats the of in a portion in portion our a grown already, right contracted XXXX, you of is will remainder you
We have pipeline, can to can so stage the maintain table and development see there. have shows of to mid a side hand we late today X.X healthy that, you beyond see pipeline on also you XXXX an assets you bottom beyond left additional gigawatts
well that continue development to on positioned to CODs. XXXX be build for we very So pipeline and
the So a with develop development. construct we I a to In it year also the U.S., then chart if back gigawatt showed it. we of module starting our you, about
we can EPC So baseline you select so business. add On megawatts our that’s XXXX. that, third-party or also here that year EPC top see and a XX gigawatt a in development provides for of
opportunities have O&M either convert rest EPC then that sales we module that, Beyond and/or of to into opportunities. the
O&M those of to take to and/or come and and in additional top, and back be we Now incremental bookings cases. that in on in ’XX, will module would that the which in bookings EPC that especially sell you the can have module times, you services before bookings, we see the future O&M EPC acceleration contracted look
capacity. to at entitlements. we pleased gigawatt the the mix. growth a of grow little about sales module, again, That’s we development, If as of with starting remainder margin a move business about mix strategic gross we’re about the incremental business very where think profitability, is -- So we the how here, think how so bit we from X module it looking year EPC with forward
start XX with look our you last months, reporting margin. competitors, around XX% you if gross our If competitor
the line. not numbers we warranty shipping does that they in COGS versus in as beginning, Now, our OpEx numbers, competitive see Mark our the in include, reflect said at
margin, From level. X% gross a forma can for view on, how advantage. you competitors you cost our see an would have pro there closer if So per margins look we gross we to watt around to at
being advantage despite So earlier, life end is as for X our believe the an technology world. we the cost still Series us, you module most in of heard
have yield spectral today, balancer additional you to system energy we have energy, also temperature installed. that capacity attributes a We further Raffi response, disadvantage. talked about: And coefficient,
Series on of leads the Series in forward a factor to XX% to from have X margin longer we X, penalty. to Series to The range. there of XX% we that form a Stepping the believe a you no on is product X rid our today negative competitors. that is our relative versus competition. So factor What get our form balance negative gross product system
later in through to per the leads bringing Series so a ramped bit large X certain advantage large We X, margin X penalties ramp Series factor X gross will entitlement beyond. with I And entitlement is technology. The ‘XX associated Series volume above also additional fully scale to manufacturing have this little margin. talk and for Series and around have manufacturing up us XX% you that XX%, over fully gross an X scale and site, Series to cost a watt a ramped
business, and capital portfolio our see owned; our gross the assets that entire X Moving truly module the on Series where portfolio through, about so so with development how today those the return margins. outside business incremental about development pieces; contracted above; we XX% only in we then stack then to development, I’m we to of starting X so in do contracted to we XX% everything the capital so module; do going just the here in Series walked on a up for the think range; in XX%
over capital. of on target we incremental development a For return that development, XX%
we see assets the EPC for module, the capital; to on about EPC, development, and not those on margin true X% the For the XX% system that gross not where to we the a but X% so gross again EPC do XX% EPC, see spend; balancer we margin piece.
provide And But as and there of we varying reflective about see O&M new of contract. of an a assets again, into tenure wide side, over we’re in here between market a legacy consolidated somewhere anywhere then is the varying that UOG system; leverage again, for risk in gross O&M the tenures XX% can have profiles to in relatively incremental the third buyers margin margin is is range. contracted the Now, developed And business third becomes XX% the and higher our a XX% on of who have a margin to O&M XX%. that avenues we today range this gross it although, the is gross new new fixed sales; in EPC. also a look From higher where self and we new for party prevalent a asset range on us; a that of space, contracts of and business to for the limited business, strategic basis, provides we so on and as we this contract low the margin is XXXX, tends finally reflect litigant opportunity that to contract means strategic may can to EPC; it today. EPC see becomes entire mentioned above we seeing that risk look backbone and developments market, a instances us portfolio; today the we the see therefore, longer than margin our forward see on I provides more the EPC for we us party cost that the returns risk base we end function someone towards us that an profile, gross do is EPC we
OpEx. moving So beyond to down the gross margin
OpEx from million years, keep reducing into capacity have across run $XXX reduction core is flat excluding cost, core what to despite so down XXXX. from we years. little our XXXX in on restructuring watt you rates to startup approximately a XXXX can two OpEx, and under the down our have focus million of two between costs therefore We running see $XXX And made there we manage OpEx the those per brought
grow and our then discipline, fixed we As our we XXXX, forward without then need sales we capacity cost OpEx into maintain go can that to leverage growing that base OpEx.
OpEx can here in the corresponding see you So reduction watt. per
as forward. over being all increasing OpEx a in between you’re ’XX Mark leverage that talked So OpEx corresponding to despite fixed is about seeing ’XX, X%. out under And capacity just increase the our base, and cost we This beyond. XX% is apply OpEx that incrementally of methodology view go this ’XX fixed the majority you means we and improve into gives operating margins will can as
can And so and take the modeling through ’XX as as this you approach this out think beyond you’re business and about well.
this through and liquidity. through takes us moving on that us So to growth, profitability takes
liquidity from in to So priority. you bottom of through the we final here top shows think terms how
we to and for optimize but working payables Now, carefully our all term increased times capital we at longer and will optimize value. continue those receivables we manage
may where to you payment find look So receivables extend increase we times value. to terms and
terms make to and shorten costs. payable earlier will optimize pay our We
on and we At the side same in year. payable existing general, on inventory, receivables also working a So on module we will have the over holistic we our our look over inventory at capital see the as XXXX. this time, sold the basis. optimize through reductions in But side we especially
use working CapEx we the few move optimize capacity the of business, be the From years. cash day-to-day and us forward. the those capital next a as perspective, in continue the the our waterfall, top biggest for from most expansion will running So this will important of
the as to we’ve had given to today CapEx we across get to by So 'XX 'XX. today. To about we’ll a capacity the X.X that of end capacity funding be approximately profile gigawatts $X.X Series of that’s XXXX, talked X billion a and number, of getting we’ve announced
and number the business small sustain same billion So spend There total 'XX, we'll XXXX if $XXX of million incremental here you is show CapEx look 'XX remainder X you of in numbers in and to the guidance approximately 'XX the the CapEx we solely spent leaves Series these the we'll see in way in a 'XX, that approximately at our delta in associated $X.X that between capacity. guidance with and CapEx but the that's will relatively 'XX second. between
main X other next So have the in costs the use enable up freeing of development this. significant need down, the reasons three megawatts. business. intensity as are capacity cash the side From the the reduction same of the few project funding the biggest over is expansion. capital years to in for we less come Series you One cash dollars our a of terms seen There
a year. intensive sheet So of down, as project still of plus can to gigawatt capital X costs see balance come our we development enable a less use that
and that The project currency of second using matching have risk the tax risk efficiency. a level is debt really function development business. is especially we started this And that around non-recourse around internationally, against of
that that development thirdly, we the our And basis that earlier. using the we net means So bring selling into on equity a we're again down. put business assets
hearing an we've cycle key we see Today, fit. to in capital. terms talked X.X a a they assets assets for capital in investors we both business. later earnings required structures held The return and on we assets the investments of earlier structure our investors assets holding value of for COD. We're our a the the times doing buying as the of convergence at So advantage for assets to also seeing few about before. we're rates preference recycling enable is by -- this calls working and for that are NTP Historically, us had through
so and leverage we business. three, those intensity combined capital we project capital the systems selling So through of that's two business up the we've working look back significantly. return. internationally through to the then But to earlier assets And relate the systems chart capital of M&A non-recourse, then third really key the reason potential been other my liquidity funding capacity, earlier. capital, as going brought between intensity down pieces freeing business, The sales, and
piece is disposition the side, M&A on the X.X. XXXX of side On biggest the
as process up obviously, process more is look as unable we that free sales about today. piece is the biggest I information capital. But ongoing, Now, to that to give am that you
side couple places; side, firstly, we of technology the flip the side. markets on the in on a On the acquisition M&A remain in
technology find So accretive deploying comfortable capital we platform. very acquisitions if that can we are to things are or our other core
of called we and the we’re Qs you finacials very acquired is making. in about But comfortable can a you reflective this and with One in similar company will the Enki read coating. those Ks, accretive acquisitions, that technology our see associated still
the in business. development areas other The
assets development can deploying capital And have right deploy very and in very where that's market returns. we comfortable still an and that we area assets active on historically, spent and still we'd So if significant pipelines. there money individually look to we're We development capital. the more
to return. then to So M&A, get moving pass we capital
profile don't to the Now, shown, look expect we CapEx business intensity to capital XXXX. of we've capital the -- we XXXX return don't see if you and the in in
accretive I we do waterfall. find if when to accretively capital So to throughout so and through we our we'll to will cannot capital. be cannot work to find in continue waterfall, If we we with if look an that this return position what look uses ways use capital ourselves this believe we money would find excess ROIC, for at it. appropriate evaluate any an we to point, And
and I return we to have this us don’t today we the in capital expect forecast Given where CapEx stand in XXXX. transition,
terms of since Analyst XX then So part a this last you we is I about that What moving companies Day position, since where the of chart three months we’ve at does here in out seen showed build our graph, happened through of is last ago. What’s chart then shown the up. will us there okay, to is liquidity -- my this this. bring
seen Trina seen private, we’ve that’s go SunEdison default and we’ve we’ve bankrupt. Yingli one So seen
we load. the shifts. to The continue sheet. competitors majority debt have our that significant add to time, added In So key cash our balance that’s of of one
equity At market at there’s of the we’re the of very the there’s competitors little to been you if look time, amongst them group announced listed and list this for access same additions seeing the ability as capacity competitors, U.S. companies. So And to gigawatts bringing field. be that reflected in majority through has today current load. that forward see the of capacity of us position debt The to of XX by funded that you announcements can about in terms debt. had across
So we’ve you’ll missing The big them. across to have similar is of U.S. to why this here Many of time of that’s that that’s group the period. They not market expansions. They $X.X billion added debt them familiar about the entrant capacity new seeing company is had companies LONGi. shown access a with announce be them equity some markets. we listed you’re but here over are haven’t
fund to it look capacity will they is the cash be operating If financial flow. their at today, to unlikely able you profile announced
and This over. So markets. seen tap over expect cycle beginning we we have debt is see to the a them to continue repeated
financial chart; If we they have fall several get you into years, and they other go back names this off. a grow distress could overtime; on
is something burden gross to distress with we do selling terms see will as that having expand again, other through expenses, bear. to operating of through do cash margins capacity to through earlier interest companies. enable OpEx, Mark in hand. that pricing and down and look there should flow and So and we we go additional debt operating to cash significant And cash the which expansions not across are Whilst flow. so can balance enough associated we of have liquidity our you this when not continue And at cost level this talked levels, still a they cycle on capacity, fund sheet,
liquidity. through the So about we into through how it beyond think growth, approach as business, ‘XX well. That’s look that to take and you ‘XX we as we the walks main through go profitability,
before into numbers. mean So itself; that for does then what of context bit I XXXX little moving into and the guidance; go a
today We two large have external our guidance. on influences
reform. tax is first The
over a it in the is likely bill. give tax that there’s a week the It reform. than bill weekend, today’s not of I we lot think senate guidance after however, was significantly you tax take ago; potential account still today into the tax uncertainly reflective does reform law. Now, of is The pass more
there will are restructuring XXXX reason, of million the expense. on that our provide then non-GAAP reflect $XX expect perspective, but side, finally guidance and And we only reporting. we today. change From up accounting minimal that to looking is to sale $XX it is segment a we GAAP restructuring guidance, million will trade XXX our restructuring we trade I would relatively case. I say around given see around updates contracted side, to limited outcome going associated basis, position case On is further ongoing unable that with to trade again uncertainly change I XXX an whatever we mentioned, the X.X the On the that case. am for on the be as any not providing will ’XX, provide in expenses under
sales will segment those gross the reflect -- allocated revenue and from in EPS before look gross it a at back. the margins development flat any components O&M module margins EPC, the and from is segment system and power business. we you showing and reflect be the generating modular will that system future sales the include assets sales gross development revenue segment a sold will reflects the revenue margins today, our under have from segment, If and we you which modules component reporting only What module any that
in in the segment K you’ll change a of see at reflected, So the going and end year the reporting, coming that this XXXX forward.
the three again under approximately year; this sold, is In of revenue and X.X business. production Series a produce behind the systems number. modular quarter so remainder one the coming key From X perspective Series new will out about same terms assumptions this the of volumes out of will of revenue the coming gigwatts of one the approximately guidance; you see, gigawatts the segment business, new reporting quarters X;
side, U.S. well selling our Springs recognizing and as Japan, And on from the crucially sales X revenue sell internationally, and recognize in revenue the revenue on assets California we’ll Series then as will development in Flats India phase the project, and on expansion. second On and and assets of Rosamond recognize Australia; we Willow the capacity
of see Series we of with production. associated and approximately $XXX both will through X million, year COGS So cost this reflected our OpEx expansion
Series the line, again with under in will start-up and cost at with that’s number about production. COGS start-up associated our you OpEx we’ll of effectively the our So X ramp costs associated of $XX see of $XXX utilization million see about million
XXXX a to $XXX that and in $X.X Taken terms number. expense net billion expenses to guidance; a gross as in means gross of before, to we of of both costs sales to whole income so that And XX%; for I million. costs margin $XXX billion; are guiding up what operating of again, as mentioned and XX% up $X.X start to million and $XXX the $XXX million ramp operating are operating million; margin a
pro see both You for forma the those. what’s
operating balance You’d net $X.XX to year-end to a This earnings so the double $X.XX; income per $X.X billion. cash share high-end billion roughly million of additional is range. $X.X incomes, of see of $XXX roughly that the operating
end at year billion the net XXXX, the cash look where you transition, we were into of going balance we $X.X that cash. If so approximately of ended this
this So through say we balance sheet will in years transition, spends CapEx will two and comparable over $X.X be position. billion ended with of of a
this have XXXX. we operating a reasons. with were We module year cash of sales flow deposits of of is or low couple Why $XXX to prepayments small as that booked prepayments for partial million that in amount and a $XXX have relatively million
of operating see you’ll those XXXX, already cash but in flown portion recognize So ’XX. a is revenue for cash flow in the the through
line is flow is of operating we debt. net The you had internationally, that The as that we other of flow sell new larger assets cash recourse that number piece the debt. through non-recourse this see and
basis. buyer; So reduction that that to in debt cash sheet a operating you’ll won’t the when financing you through see it, see but flow flow we sell of through the cash a debt net the balance see line on our flow line; is the flow you’ll transferred
million is you about If $XXX two of there. at together, there those impact look
treatment. million operating which on would you $XXX to you’ll million a accounting cash majority associated $XXX million CapEx line that the of And other to is So finally $XXX the and of $XXX X.X X; seen, to CapEx; flow have what shipments through of otherwise Series basis cash both with gigawatts. X.X for the about that million of is the $XXX million is
So our XXXX. that's guidance for
at mentioned the the make we beginning, X. do understand cost associated with but mix I gross giving business mix, you providing the beyond you that, ramp want the we well sure guidance with as margin help As as not we're Series to and can
a we've So year significant ramp start full but Series with $X.X earlier; These little of period; over CapEx. talked I are further this critically and about little associated costs bit numbers about up billion showed CapEx you X.
XXXX gigawatt million Series about is then X.X X XXXX; $XX of will and year-end combined $XXX associated up this of that XXXX. through in up start in by see guiding year; saw we So million and you capacity we million XXXX; to ramp this and start about are $XX with
decline these XXXX are you and still and but then present So peak they in XXXX significantly costs see, in XXXX. as can
points And with up sure couple you to of that aware make you're of. so to leave wrap
business technology but our On We've differentiated that different which drives business just not model; go to bookings approach is different enabled has to the as expansion, is and outlook technology, well. by strong capacity key side, the our differentiated understand been a that a is very two had hand-in-hand.
million we to a bookings business well to margin is grow have significant sheet development as of only capacity cash From from in the at the capacity, entered $X.XX; we as a look OpEx OpEx done. side, base significant side. and module majority where base incremental us Q&A. business of a will the we a balance forecast then as to that two significant relatively And and XX% strong that midpoint XXXX. we're the OpEx business. the small so we gigawatt grow O&M mix that business, by we'll and mentioned then And some not of managed fixed come as everyone as similar brought are X I in had we and number; of then Series about 'XX, growth leverage help going ramp I into EPS And we're strong be the discipline, business, as sales And that, beginning and margins through XXXX; to start-up perspective expansion we grow the do is guidance the on to about position have incremental perspective, So and we OpEx side guidance, at about before EPC were the expense capacity. we’ve as expand years by a on very of our we year up OpEx we to meet down see supply think $XXX see maintaining that specific the year net operating with end a a when transition demand have of to
As we have couple just directions come everyone up Q&A. here, on a the
walk microphone the the I'll room be with here. So around
have keep state we ask your opportunity begin. name and ask that And an please questions. We your others XX to as just allow firm about your also, one to We'd you minutes. their to questions
with -- So about who'd I anyone just we don't a Why there. think go like to begin there ahead we're is question.
few got here. the here, back start in we'll we've So back
Paul Executive VP Those and HR. have Kaleta, Bueter, lights Chris We here bright. Counsel of our General also are up our
may seen through you may and a How in that suggest ASP have check $X.XX the I the split, meaningful given customers to can why which premium? to the in products, higher the be potentially X to $X.XX competition, premium drive mono as modest that Series agreed talk rational the your versus and you PERC, watt bookings multi well of wattage. Series your very the With X terms
we be ASPs. I’ll exact going creating that. we’re energy let are getting to in you the not for of the a we’re this, getting paid to piece give value able for we’re but handle general that George is, If paid question,
trying would to to what about relative we the balancer effects, stream we’re we’re value multi. got to going moving no full the system the efficiency, captured as even crystalline being relative silicon. that providing it we’re customers energy almost the and that. around as higher obviously crystalline an advantage also so doubt PERC, the that to well than is for we delta But So referenced silicon around is be you capture to be there’s have with But that mono different
become and in booking George that installation velocity today, customers But all with. have maybe is just is process the with an capture climate the we’ll we of other some position in better performance highlighted hot we understand now about math to humid Other a from The So and things especially customers seeing the with And trying that new There and be engaging that all we’re standpoint. the ramping production highlighted. gigawatts are that entitlement that. up us X with that technology, of capture full of part lot no customers, you’re components the of we that. we’re much and to a educational customer. of we there volumes is to are with that it engage we’re doubt customers that that experience
we And somewhat providing in is full always of can sure capture look to paths make robust then customer now, get there sell time cases demand So that that the through the them elsewhere. that to we process an But to that we George? a takes and order way some In that if right with have in for we entitlement. can’t can other have of we’re most capture other educational go we pay the -- market options value entitlement.
beautifully. got only competing right. thing deal-by-deal what out I to you on basis, add to would covered is The a it mean, I you’re you against, it figure
full got versus we Mark very it the the we watt value. so deal-by-deal it really all wrap modules everything And said all a that’s changes well. shifts, on are XX it, it covered how but getting what, You
is Magazines. far taking my First out for Thanks into Ruiz Christian the sold on How future TD in Solar modules? question.
just let’s way. put visibility We have it that good
out comfortable on now. those could of move we lot. we capacity loading there’s in into from but ‘XX As happens In And we still But amount year, where in get even standpoint. would available you that and the you very a that reasonably we as horizon, some are further depending firm be some discrete not into as expect, the particular a particular quarters quarters ’XX. right feel with
Colin Oppenheimer Company. & Rusch from
pertains you XXX talked on to identified little guided bit of about slide, projects megawatts as megawatts. and about the XXXX Just it to to XXX closer guidance, you then
Given market and be some the coming uncertainty in tax going being talk extra that. your those around to are to about on from the equity execute timeline, a where bit confidence able short could little all of megawatts you and
the DC a so of Yes, different a couple things and bit. mixing little AC
that basis, little at that AC coming opportunity X.X basis. a book fairly way, the talk take do on previous is pretty we today have year, gigawatts that. we far showed from account. remainder into to that we’re you slide X.X under good on look along so gigawatt chart top is those expect. the on on we’re one about The if when a our talking The two where So we DC so But to DC right we basis, visibility of have
have question that look is bit business. introduced reform. Talking it the about sure X.X XXXX, So little in I'm gigawatts there and come in will I clearly tax around at think when provisions the in the equity some tax a a been up of development of I I'm today position, B confident pretty uncertainty DC
being XXXX a I short, for in that bookings. see don’t concern So our
as with have challenges where being to the So those some provision. that of a project associated able piece monetize B efficiently could
doing we -- to the reconciliation comply tax senate go then have Given there. see two different and to senates reconciliation house reform center, the reconciliations rules. very And with bills through has still budget provisions still around
investment an don’t outcome, to to the I enough think equity be will I congress housing. market we’re our infrastructure, there other there still to be optimistic in income lower business. such tax believe it cautiously support of that restrict intention energy is as which allowed renewable in and
continue representatives I'm working what's in a been challenge enough position on clearly we that with market to variance it's we today be optimistic But to see. However, given our will tax we’ve in further XXXX a hill, to the follow closely, the still we’ll cautiously the in breakthrough the it U.S. happening. get there equity where demand there
one think actually generation. XXXX and is that is a I Yes, that I'll the of add portion volume too to utility on just
have that A going availability as in could that. find we’re with own more we George they volume of seeing utility of ways a we impact normalizes the want generation there potentially so equity. those cases that owned So and rate to equity, utilities, from tax assets on of and we’re that with that highlighted base we no lot won’t forward. see And to somewhat move tax think around situation is impact we lot to any dependency see
for Brian gross reconcile can incurring Lee, for that’s X, ramp Alex, showed your a penalty plus X, Series without previous the on slide XX% XX% Goldman you Sachs. XX% range you’re that help the XXXX margin in walk Sseries margin XX% per XXXX. for the to guidance,
it this for any XXXX strengths, just higher you So flowing can is pricing of a the help bridge through? wondering just outlook? function projects margin Is
in I assume areas ranges, gave the the the to that we’re towards the range. say of end be we would higher going you where nearer can in term,
higher you end. see big versus the obviously those drive might side so in system The see come to at go end ranges a the is 'XX side. ASPs further overtime, we’ll we probably and 'XX lower out, bit of expect on in we development down So the little really if
showed the development I So XX%. on of chart, margin on that a development you capital piece about
have of in legacy today the margin there Some and seeing and financial given demand, the this. is strength those markets above contracts significant projects we’re the
gap reconcile is through you’re the trying So probably seeing the business. to development
is well development assets, next lines project that year, you Yes, along one to remember assets all series other least are with have going thing as six. to that constructed those be just the at of for
We talked was assumption before. about strategy our bid pipeline So to The with by value an projects development to Series accrete using we X. of those X. Series that
had would delta. we've module, we balance the per had cost higher a So system
that to drive down accretion of in of pipeline stream as too a initially well. So Series the the continue had as profitability And value cost chain to that's well as changing than the forward and we got well assets we've anticipated. have development the of we more we've as will that the the as optimization X development and cost that overall carry across the XXXX, our ability profile likes, value track rest from drive further done down good job, helping very call the EPC in it, value
done, impact an of think it 'XX. only don't that in it's disproportionately So
that value in of we as portfolio see product. 'XX our same Series balance our X construct impact and 'XX You'll with the
on Luminus, X from you reduction X. cost that the the gave XX% of from for just guess Series I watt metrics Segrich John to and two per the X XX% one things,
loaded fully it's that's sure cash with make a to not want just Just number? and depreciation
Yes, that's correct.
And then comparing secondly, to you've it the X planet talked Chinese. about the guess cheapest the I being module Series on
you number, or You've can that seen going the people numbers reference you $X.XX, is? of so that your made So us production LONGi apples-to-apples, is? point statement like $X.XX Are about maybe what with help just to adjustments those cost that today. understand what took we
thing got first in when the the Well, warranty, consideration do to we you freight and take is I guess, right. apples-to-apples
don't know in include Chinese who sold. warranty I their So any of freight our and competitors if cost-of-goods
either can do you So one way.
So that, you are do into could add numbers numbers call their you to number by it on when that when numbers out your can our into pull being number warranty make you of start own get to freight and or your reported. that our far the at even call are of right but relative it's the competitive competitive the cost market in include to been our that XX, and whatever and look the numbers. products XX you if you XX and terms range reference now. up referenced you're freight profile, When of product that's to that XX, you in its advantaged And even warranty then type
assumptions you guidance XX.X. kind like out will to fact potential. environment. you’ve of both the What it exploration ahead do especially capacity Deutsche long some the rush how contracted up 'XX-'XX the the especially the on could in Shah be that, year, uncertainty already And pricing follow considering trade Vishal tax Bank, additional so in reform the to It add there secondly, capacity? the from XXXX ITC then could timeframe, around XX anticipate wanted take gigawatts and environment looks market around And is for of especially case? be U.S., next there of a you the additional there in
Thank you it more you do when mean takes how decisions do add do you that? on and to I So make you capacity what you. think -- timeframe for
first the maybe piece. and take the talk I'll capacity piece Tymen through
given going So give margin. to good we're views on not gross ASPs
case guidance I believe I trade because what in. from position impact look largely 'XX from is we think at say a there nor that would the contracted tax we're is I the specifically, reform when don't XXX significant
any not some payments are down trade other on with based either and that have we conditioned is which contracts or non-cancellable So case criteria.
'XX So side. and on is that vast when we contracted look module here through sale majority of the
a of is some is really system impacted of of so two. already side, it And those those to not by outside piece the either On the negotiations well, other portion We're sold. systems. as in U.S. that sale
So I’ll comes Tymen capacity. talk And let that to pretty 'XX, I'm confident through stand. where we the it when
still the on ‘XX. mid Yes, that X graph, we’re have my incurred that conversion going we’re that one to capacity flexibility tried remaining the through with run we I Series the and and factor to highlight planning about
optionality about and that So a on might be that talk place. we that, flexibility so
Series pretty doing beyond In at. right locked we’re we’re X terms now, expansion, we’re where what of
conversion one ramp with currently. basically We’re our We’ve limited. building capacity a four build fifth factories got a coming. always a And be we too to
off not our So Raffi this, -- these are shelf the mentioned tools. and with
a lot what our on time. in Series the we so X no, pull beyond So this with -- done we’re there’s not work closely of suppliers we’ve
has the case the the approach trade case. strategy from a always take be We choice fair the been and of holding and the about approach. to wait company sales for From back trade perspective, didn’t
from those will these always a assumptions go because have right. there’s through business, sure been We dealt with projects fundamental in projects, making it
and some think captured and feel go, ’XX that ASPs. behind we said, of fair and solid So so forth. them we Like for so things no how obligations there’s on we’ve matter in ‘XX some we’re contracts Alex the
just here there, don’t It’s my I right. dealt as with We with for you represented and we understand. case. these of a maximize Could things, important We’ll see the in may very penny to happens wanted it have So type are what make be perhaps I me know. sure customers fairly.
other only to is for The at capacity our -- that been available assets that want some extent. we left we still some have that when you reserving extent I we development look add thing contracted, are the that are too to to hasn’t own
So if around George that available have stage late least to you saw sure support or to we are and that we we making pipeline opportunities at C&I, we’ve sign, maybe pipeline the that referenced that got volume. can mid we’re a volume
with return doing for balanced a a our point, customers price that. engaging George’s we’re bit The relates rest is profile. is treating to to then for little thing it and other as in fairly getting the of powder of terms the the So dry good fair it and market risk proactively,
months and ongoing So think pretty we’ve for it generally handled eight it’s well. a been last six to that’s process the I
through from what going price a or And there? that around in you price it price JP second back And to at have is that being fact part the so, Morgan. or given really Mark, clients? this investability, any Coster future point elements differentiation, understand? margin then your contracted And we feels a of transition you to differentiated the your methodology sort there priced how structure question, taker you. you to you’re going to doing gross do like intended this first maker, those two contracts the Maybe should are about Paul will take just pay the product. revenues off, with contingencies Thank
to Do want you one… the first take
think competitor regards our Hopefully, feel I what with -- you price but at I on where is selling projects differentiation where question, with And I impose the understand basically the the you is, is we’re we that some to value-added meant market mentioned what a is. the -- or we’re of market selling first at. that just
We where feel good a down are where road. on the project back on from where we I work about with from So they we try perspective. to are partners are our
installed one of in presentation, I presentation, the cost. what's think you the the whole old in and parts the chart pie look system the graphics at module across
what on, savings, the SX bring total tried to the in is where on to here satisfy is here cost customers to the at what then be you your the here is needs day. for closely PPA the end them and of installed we work work the that order So be your with need to with contract, can you, or price
areas ASP based derive we on and the way, So it and.. fluctuates that
in there Paul per of provisions As enforceable other in through, very Are that price, se in we what pricing now that’s really continue do run variable parts have goes -- in make contract it make on outcome to commitment I made showed sure transitions pricing no way needed obligations may factory our have some based penny that going question bands penny the capacity terms is decision to so the then expansion are two? contracts, Vietnam. would both a on Vietnam with nature. the to that of first say guess didn’t the uncertainty, to to maybe the commitment. based They were because to are contracts. of in there that we we it the longer, small -- wanted that of made These KLM contingent trade sure the to the one to put outcome relates These how your decision bands. way, making also we make wide between that or X you want we’re to for we and the customers of And are around agreements where X the may extent we do that parties. Series firm to and maybe making extent Vietnam There off-take but just of the order And that we we X, commitment any trade. the the those doesn’t front make the not
that, the customers case my all background where uncertainty enforceable had not all our having relative And uncertainty, have I to can agreements to pricing so under of firm to needed trade with that out. and the come
they where value try only and commitment First not can to creation get or there anticipated taker to are means that this in truly all Then believe We will investible. to it we clearing differentiation as but for start price we with whatever are maker that and the to we’re we think we still -- we it the our we plus what off the and As customers energy how a differentiation strength product and relates differentiation and price is. with that believe around for Solar, entitlement, about move that out just is the or is bankability it stand silicon, its It’s sheet, and invest crystalline becomes them of lot. warrantee them value understanding that in and life, capture XX year direction and value the balance price marker our that’s market of show have. it the behind of why
into to going as managing the They C&I they’ve For anything lifecycle be reputational C&I of example, a power space. is when worried energy risk. cost. the we’re and don’t great the plant I to anticipated that’s the total want than other going around generate the about got one things mean
to sheet, going term that with now, differentiate balance strong we’re helps long be in in company that come a can that reliable us capability full and we So the for regard.
we always then capture our and differentiation there but elements So that is with a more of value. we marker start add
I just question. want to follow up on Vishal’s
far after new is it just before still selling moving my pretty you Ivory far But is is get ground this capacity, you as your a get you And out we about it develop how with about these provider you as partner? about do threshold we then it original this do quickly something -- forward? XXXX, building that with? coming how think guess, guys you how do coming something goes? announced here As think forward I additional could Or question so Tower to if we capacity what you And to of the provider have all advantages? in modules you from think to that about? XXXX all a as business is contracts out do you my how new Is as you E&C capacity. put partnered that into is as you storage -- of a look technology talk as
So X that to the we get market. Series market I Series knew to our of decision first a a led. and needed we it from even We made knew getting let need more storage. in tried to transitioning position down transition. it We've We and portion talk ramping decision into based and off signals highlight We I'll of piece X, take talk around of we the was were terms can -- through the of about Raffi then Tymen the very first capacity on to always side strength.
same. much the to of for we credit can it plant As demand, its is relates ahead to reality in indicators We around have have the way take viability didn't want fact put do time. of good Vietnam or we as as it's of a signals market, not this demand. The we indication
leverage truly a make position Series want it. we how X as do pulse our have what to profile market now and we that we So is on do strength sure of understanding we that and e having best
book the from we we what put to book and do. knew the going we in we didn't thing complete to We solid that made right commitment. commitment have really especially that in order have it's were with order positioned make how We plant seeing marketplace, the to the the X to just a and in were solid order the indications So to Vietnam. so it's second a have not when to be transition
you of the possible why is just what of art reference capacity. the in So terms Tymen don’t around
So looking always we what have. are currently we beyond
have doubling up a the months able see we in do XX timeframe got as on going could do. come go there, -- well Series put But so, we won't double X in the if-ing to both next And factory. in timeframe. availability need 'XX would a in preplanning equipment could of so talked factory our next options for on case. the And we we've we ready-to-go and about We a something roughly from greenfield year be scenarios. I as won't after current forward about to what we flexibility be the but lot you year what And quite you up up then about easily, that every the
discussed enabler incredible integration better for So storage developed particularly today, as of on earlier grids, is grids. we storage, into solar the
So investment technology what runners yes, guns of an for battery lithium-ion plans customers head-to-head awful we're believer right. that we're different hard in question considered all an us; enables adopt for we're better so be watchful. into The are and cad enables our effectively it adjacency, it's overall very the very us works to can lithium-ion is the in into looking very, we our what the going developing are that We're incent provide serve that, There the up tray. that broader go incredible the than rather tel terms and us is scale industry against might of better storage world lot as aspiration utility for product a front to on requirements integration our the storage, battery technology so driving requirements better. don't battery carefully I to would today customers think the an big adjacency that around any have expansion; and to we it technology. working jump market in said clear Having and big grids. and is put business. storage But storage it
suited So a technology that application the might be than mainstream technology. our to better
found such but eyes if such we're and a we do decision. we keeping We open haven't take see could a thing it, our yet
Raffi, better overall an that believe, is it is But correct more deployed for perspective. PV the we do the me industry storage from
So we're very engaged on the integration side of it.
there. we're So
it on helps side. I Yes, leadership just also thought the think
questions, the as need and more -- and solution. the more how we we to integration we're to is, be right about around very optimal need smart So think what’s getting what
As to time, are own how with how they’re about that ensure in at to the of plan design it generation, talk utilities, the point we the integrate one are storage optimally to do first example, I that utility asking can starting is when towards that for do as make today things decision. some want future especially I moving integrate of we
provide is going, more going curve The of because it's storage, cost gets the is just where terms nice about. the what It help sooner. and cost out so -- we’re which find way EVs thing the And that the I make is for around we the offer -- would capability. think at around that initially very at sourcing we story tel, customer to cad needed talking that’s to it’s batteries that look ahead just now offer in can anyone’s to to We declining need of drive application. expectations about need the But are creates us sense of to more the PV. we be another is we is the thought until to least that lithium-ion have means and there intimacy need the there against It leadership. We of enabler if us our table that. the have leverage right seeing about informed us
last have actually That Okay. the is time question today. for we
on remarks. So And going that move our now Q&A Mark’s session. concluding we’re to to concludes
Okay, thank you.
get like realize But a part to great, to that. I in we made that with mile everyone and it the first or doing worried a for didn’t and that’s of audience. come there’s I up. to were excitement webcast thank I much We would wind. everyone Perrysburg hour bit in December in appreciate in XX we whether the off, the showing just would night, nobody all last little First again not
we lot office, to see chance have shop back us, that we excited and go the you We’ll to a a to really our I to Hopefully, have to the we’ll out you a until floor when get When follow up free and of please still done has there’s best if The team final be first didn’t here. questions even around We first by got one right. receive tool feel get reach for amazing work everybody slides, address this the do in like, been an spec, out very think it’s the to you So when great think information. is everyone’s had about my like we empty and do the of tour. February. that reality this plant spec questions.
don’t there guys do. where have that first I floor, my to and So I able July you shop And up from be impressive timeline to the been floor then finalize we all really you’ll are we’re see January we’ve think we out the the now shows of just that tool before in out and and clicker. what about think even go shop when clearing July specs.
There you You go. it? got
renewable, about has I my all in in number terms demand C&Is, from it it. utility referenced standpoint. that see that, C&I referenced C&I some for It’s talked a just George hope point the that’s about We you of The talked an very as as guys customers reached that that demand well understand he C&I. in. solar our of place And played well. we volume inflection that technology The comments. So are we sweet customers going even it’s were us. total well getting again, sole-sourcing are he that module. XXX% the spot on a
the we in said want not because sites the close all you your technology. what putting That’s look data I your may we fine. where a module they So the want am want have particular still made We decision center we to they’ve new still area. on, capacity, understand development
of So starting in see C&I source all into referenced to with highly them. around developers they about reputational mandate it our important long-term to bankability, work to said the with he thing viability a a use the they C&I talking split developers, how the and another start pull meeting and sole Even things is to not that they’re they’re I any to our thing. I’ve make risks it that through. technology, though and is customers was to their going modules technology. first and the encouraging -- customer And for those same relationships, we’re spec
for going technology be sweet number spot I that for us it's see last really six a So think difference. to we’ll of through a years
best synergy, Okay. high sort referenced the of those in no it's it's CapEx industry I costs, today. the ROIC
will it going differentiation strength for to and point point continue we company that of We’re this a that need from standpoint. continue to to that leverage that leverage
took We're expect last it's would in, we’re all is earnings that brought the told other I have not to and said in everyone that we in or module you end thing sitting call first be our next And already we The in here. to we year. hope they the last completed module of here until beginning the year being this ahead continuing of December of when schedule.
on to ability our expectations. and to the and continuing we That them. the back commitments confidence our We’re to the behind credibility stand goes any of make outperform
anticipated. forward, you around that This another pulled other not want only sure plant. that Vietnam we Vietnam that The all was make X, added Series I highlighted wasn’t got so to we thing
got that another is that So reason as and high in plant up, start anticipate. our we CapEx it's we’ve our ramp part year and our next of didn't it the mix the
is them nobody customers are on have to that -- our going panel, all the none are seen have out, presentations, has mean forward there PowerPoint saw some that you get the you right good to than work engagement none and seen with our that actually folks is probably a seen of going what of equipment. full had of more have moving advantage the IEs great customers originally nice saw how the with So something where are because to about sooner we strength demand, incremental and you bookings leverage envisioned, like far Series to capabilities X. sell capacity and we’re and numbers, To $XXX I on customer that by and of we really CapEx, advantage around forward, the lot go now. Strong that team, What the they million through others. some
commitment first we stand to what behind. So also just were they able can there But to a do. strong belief is and solar and
demand continue of 'XX, the we as basically we tool major only as the and and one. in we not pass to And Increased to capacity, a to breakthrough in sell can’t, we are that told a gigawatts X that forward, really suppliers are volume soon time. can We in the period -- we represented over guys far but we over get as last adding globally. be will there there way here find the got is capacity able we’ve going sooner. and sure of terms make so capacity 'XX to what get if near term And much to one U.S. being we’re had from more that, all to 'XX vendors constrains, out certify you
gigawatts. We’re X adding
Series through around not it so We’re to that to X Series about is XXXX. contracted. is X contracted going available to volume continue talk supply, run we X. that to horizon. when it's -- we just Series Series continue sell Series And X X have so volume, That clarity through
like of run this confidence it contract. level is because fully production, is great continuing that that to Okay,
and how other creation cost that our structures. it scaling, manage is industry. may understand In the terms [technical in mean, I and the the started I said depreciation guys an to of highlighted. -- a difficulty] discussion about And is, talked lot that. component investible we relative of odd seemed value we solar and can off Hopefully you have our OpEx sector
is, has is try that saying, within I did issues a And me what an tell points business do getting, still now investment drive highlight economies well You're be is understood. you why probably think do investible. there That as well, you're give differentiation we serious challenges different to why our should for to through thesis. and of and that it all to today, is trying model some why you're for the industry question there’s it compelling returns and this is investors can attractive scale differentiation. drive That's least at now.
take to let I'll going sandbox the enjoy get guys advantage play well. and that we it Hopefully here. it. and you all you from Now, play Steve, go have on the Thank out he’ll in very you much. of as
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.