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Achieved non-GAAP operating profitability for the first time in nearly three years, driven by a 20% year-over-year revenue increase and six consecutive quarters of gross margin expansion.
Attributed U.S. residential market softness to a slower tax equity funding environment and uncertainty regarding FEOC definitions, which has constrained installer cash flows and distributor inventory levels.
Expanded U.S. C&I market share to over 50% of rooftop installations, benefiting from being the only major inverter vendor delivering U.S.-manufactured products that meet domestic content and FCC requirements.
Doubled European revenue year-over-year as demand surged ahead of anticipated electricity price hikes and the phase-out of net metering in major markets.
Launched the Nexis platform in Europe with over $60 million in initial shipments, leveraging independent benchmarks that show significant long-term savings over competitors due to superior round-trip efficiency.
Advanced the AI factory strategy by transitioning from development to live demonstrations of the Solid State Transformer (SST) system, validating 99% efficiency for data center power infrastructure.
Q3 revenue guidance of $310 million to $340 million assumes a $15 million sequential decline in Europe due to seasonality and continued softness in the U.S. residential market.
Anticipates a volume rollout of the Nexis platform in the U.S. during the second half of 2026, supported by approvals across major financing platforms including TPO and prepaid PPA products.
Expects to reach a fully working SST system in the lab by year-end 2026, followed by pilot installations in 2027 and volume shipments to the data center market in 2028.
Projects positive free cash flow for the full year 2026, supported by the monetization of 45X credits and continued discipline in managing capital investments.
Plans to share detailed safe harbor transaction data and the long-term AI factory revenue roadmap during the upcoming Investor Day on September 10.
Q2 non-GAAP gross margins included a $13.3 million benefit from IEEPA tariff refunds, which are excluded from the Q3 margin guidance range.
Management clarified that the Nexis platform is manufactured in the U.S. and complies with the FCC Covered List, dismissing concerns regarding potential regulatory delays or the need for exemptions.
Capital expenditure for 2026 is targeted at $60 million to $80 million, focused on U.S. production capacity for PV and batteries and advanced R&D facilities in Israel.