Q1 net income +235% on below-the-line swing; new tax law cuts solar credit, tariffs escalate

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Net income rose 235% to $167.6M, but operating loss only narrowed 62% to -$43.5M. The $117.6M net-income gain came from a $46.3M below-the-line swing (noncontrolling interest +$137.8M, income tax -$117.6M, non-operating/other +$26.1M), not operations.

  MD&A: Q1 Results verify on EDGAR →
• high

  OBBB federal tax law (July 2025) eliminated the residential solar credit Jan 1 2026, shortened commercial solar credit to end-2027, and imposed Prohibited Foreign Entity restrictions that could deny credits to projects using certain foreign components.

  Risk Factors: OBBB Tax Law verify on EDGAR →
• high

  Final AD/CVD rates on solar cells/modules from Vietnam, Malaysia, Thailand, Cambodia (April 2025) range from individually-determined levels for major manufacturers to over 3,400% for non-cooperative companies, materially increasing module costs.

  Risk Factors: AD/CVD Tariffs verify on EDGAR →