Net sales for Q2 2026 were $1.06 billion, down 3.7–4% year-over-year due to lower revenue from contract terminations, but record first-half sales volume and over 100 GW cumulative modules sold globally.
Gross margin rose to 57–57.3%, up 11.7–12 percentage points year-over-year, driven by IEEPA tariff refunds, Section 45X credits, and lower logistics costs.
Net income for Q2 2026 was $423 million ($3.92 per diluted share), up 23–24% year-over-year; adjusted EBITDA reached $644 million with a 61% margin.
Contracted sales backlog stood at 45.1 GW valued at $13.6 billion, with deliveries scheduled through 2030.
Prepaid and closed the India Credit Facility in May 2026, repaying $328.2 million in principal.
Q2 2026 net sales: $1.06 billion (down 3.7–4% YoY); gross profit: $605 million (57–57.3% margin); net income: $423 million; adjusted EBITDA: $644 million (61% margin).
Operating income for Q2 2026: $450 million (42.6% of sales); diluted EPS: $3.92 (up from $3.18 YoY).
Net cash balance was $1.7 billion as of June 30, 2026, within the targeted long-term range.
Operating cash outflows improved to $360 million YTD; capital expenditures were $280 million, mainly for South Carolina and technology investments.
Adjusted EBITDA margin for Q2 2026 was 61%, up from 51% in Q2 2025.
Full-year 2026 guidance reaffirmed: volume sold 17.0–18.2 GW, net sales $4.9–$5.2 billion, gross profit $2.4–$2.6 billion, operating expenses $610–$635 million, adjusted EBITDA $2.6–$2.8 billion, capital expenditures $0.8–$1.0 billion, net cash $1.7–$2.3 billion.
Q3 2026 module sales expected between 3.9–4.5 GW, with adjusted EBITDA forecasted at $625–$775 million.
Guidance assumes current U.S. policy environment and consistent permitting processes.
Management expects continued benefit from Section 45X credits through 2032, with phase-down starting in 2030.
Priorities remain on disciplined execution, technology advancement, prudent capital management, and financial flexibility.
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