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					</table>Power purchase agreement (PPA) prices for renewable energy remained largely stable across North America in the first quarter (Q1) of 2025, according to a report by <a href="https://www.leveltenenergy.com/" target="_blank" rel="noopener">LevelTen</a>. The report said that PPA prices for solar energy increased marginally by 1%.
In North America, P25 prices remained largely stable among most independent system operators. P25 refers to the 25th percentile of PPA prices. Electric Reliability Council of Texas (ERCOT) continues to dominate as the most competitive and robust market due to increasing electricity demand. California Independent System Operator (CAISO), PJM Interconnection (PJM), and Alberta Electric System Operator (AESO) exhibited moderate price activity.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79618 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading.png" alt="US Europe Q1 reports " width="752" height="475" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading-650x411.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading-624x394.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-1-for-uploading-600x379.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a>
These results mark the third consecutive quarter of flat pricing, suggesting a maturing and stabilizing market after the volatility seen in previous years.
The report said that developers across these regions have recalibrated their capital expenditure (CapEx) expectations, leading to more consistent pricing offers and increased readiness to engage with buyers.
The stability in North America is driven by improved energy supply, normalization of economic expectations, and the anticipation of rising long-term electricity demand. The PPA price shows 339 offers from 287 renewable energy projects in eight markets throughout the U.S. and Canada.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-2-for-uploading.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79619 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-2-for-uploading.png" alt="US Europe Q1 reports " width="602" height="375" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-2-for-uploading.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-2-for-uploading-300x187.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-2-for-uploading-600x374.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a>
ERCOT is expected to perform strongly in the U.S. PPA market due to increasing consumption and grid expansion. CAISO’s prices are influenced by solar buildout saturation, while PJM remains attractive for buyers due to its liquidity and project diversity.
In Canada’s AESO market, stable supply and improved permitting processes support a steady pricing trend.
Wind Prices Decline Amid Stable Demand 
In Q1 2025, wind PPA also rose slightly by 1%.
LevelTen Energy’s Market-Averaged Continental Index reported a 5% drop in P25 wind PPA prices compared to the previous quarter. This downward trend was primarily driven by falling prices in the Midcontinent Independent System Operator (MISO) and Southwest Power Pool (SPP) regions.
Despite persistent policy uncertainty, the decline in wind PPA prices may appear counterintuitive, especially with demand for renewable energy remaining high. However, according to the report, the wind sector has recently re-established equilibrium, including inflation, rising interest rates, and supply chain disruptions after several years of economic pressures.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-3-for-uploading.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79620 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-3-for-uploading.png" alt="US Europe Q1 reports " width="602" height="356" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-3-for-uploading.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-3-for-uploading-300x177.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Europe-Q1-reports-image-3-for-uploading-600x355.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a>
It said the unclear impacts of current and future policy developments may present a timely opportunity for buyers to secure favorable PPA deals.
Demand for wind energy continues to be robust, particularly from technology companies aiming to power expanding data center infrastructure. Wind energy’s higher capacity factors and attractive production profiles make it a viable option for these power-intensive operations.
In Q1 2025, wind PPA prices varied widely across regions, with PJM continuing to record the highest prices in North America, a trend that has persisted over the past year. While overall market prices remained relatively stable year-over-year, PJM faced several development challenges.
State policies like those in Ohio allow local jurisdictions considerable authority to block project development, increasing uncertainty. Additionally, limited land availability and a congested interconnection queue contribute to higher regional development costs.
Although recent reforms to PJM’s queue-study process show signs of alleviating grid access bottlenecks, the long-term effectiveness of these changes remains to be seen.
Meanwhile, MISO witnessed another drop in wind PPA prices this quarter.
LevelTen’s Q1 PPA Price Index dataset reveals that several new PPA offers with commercial operation dates in 2029 entered the market this quarter. These offers, priced at the lower end, significantly drove the continued downward trend in MISO’s wind PPA prices.
European Market
The European wind and solar PPA markets remained stable in Q1 2025. Solar PPA prices in the Market-Averaged Continental Index rose by just 1% from the previous quarter, while wind PPA prices increased by 1%. Europe’s renewable energy sector has entered a pricing maturity and predictability phase.
Solar PPA activity continues to be strong in established markets like Spain, Germany, and Italy. However, emerging markets such as Poland, Romania, and Finland are making notable progress.
Poland’s expanding solar capacity has increased market competition, leading to localized price reductions. Ireland also showed growing solar PPA offers, highlighting development to support its growing data center industry.
The wind sector in Sweden remains competitive, offering some of the lowest P25 PPA prices across Europe. Poland’s wind market is seeing renewed momentum due to regulatory reforms, including reducing turbine setback requirements from 700 to 500 meters, freeing up over 30,000 sq. km of land for new wind projects.
Spain, France, and Poland are also actively expanding their offshore wind segments, with auctions and incentives supporting the trend.
Despite past volatility, the wind and solar PPA markets have stabilized significantly. Developers have adapted to evolving capital expenditure conditions and are ready to contract with qualified buyers. The report encourages buyers to act quickly to secure favorable terms, as rising demand for PPAs could tighten availability.
Regulatory and Political Drivers
Regulatory developments such as the European Commission’s Clean Industrial Deal and the Affordable Energy Action Plan create favorable conditions for PPA buyers. These initiatives support permitting reforms, flexible consumption mechanisms, and financial hedging instruments.
Political uncertainty, especially in France, with the AREHN program ending and the RE100 requirement changing, has pushed corporate buyers toward fixed-price PPAs. In 2024, France recorded its highest PPA procurement activity to date, and experts anticipate continued growth in 2025 as firms seek to avoid wholesale market exposure.
In Germany, volatility in wholesale prices, three times higher than in 2010, has driven corporates toward PPAs for price certainty, according to Norway-based consultancy Ecohz.
The report emphasizes the importance of acting during this stability window. Mitchell Reay, Principal Analyst, LevelTen Energy, said, “The P25 Continental Index provides a snapshot of the lowest 25% of competitive PPA offers and accurately reflects current market conditions.”
The report noted that the alignment of buyer expectations and stable CapEx is critical to the pricing plateau. Advisors such as South Pole and developers like Avangrid in the U.S. have highlighted the growing interest in hybrid PPAs, although storage integration remains financially complex.
In Europe, Ecohz reports that buyers increasingly seek additionality and long-term stability, driven by rising market volatility and EU decarbonization mandates.
Future of Clean Energy in North America and Europe
In North America, rising demand forecasts, state-level renewable mandates, and corporate environmental, social, and governance goals are expected to drive growth in solar and wind capacity, particularly in ERCOT and MISO.
In Europe, the phasing out of legacy subsidy programs and increasing political and regulatory support are accelerating private sector engagement. Offshore wind, hybrid storage projects, and transmission grid upgrades will play a central role in Europe’s clean energy expansion.
The report said that market participants on both continents are expected to focus more on structured PPAs, long-term hedging, and integration of flexible energy products as the clean energy economy matures.
PPA prices in the U.S. <a href="https://www.mercomindia.com/us-solar-ppa-prices-hold-steady-in-q4-2024-wind-prices-rise-3-3" target="_blank" rel="noopener">rose</a> by a modest 0.3% quarter-over-quarter in the fourth quarter of 2024, according to LevelTen’s Market-Averaged Continental Index.

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					</table><a href="https://investors.sunrun.com/" target="_blank" rel="noopener">Sunrun</a>, a U.S.-based residential solar and battery storage provider, reported a 10% increase in total revenue of $504.27 million for the first quarter (Q1) of 2025 compared to $458.19 million in the same period of 2024. The revenue exceeds analysts’ expectations, which ranged from $484.8 million to $493.97 million,
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $80.01 million, higher than the analyst estimates of $58.17 million.
Its net loss widened to $277.17 million in Q1 2025 from a loss of $283.15 million in the corresponding period of the previous year. This increase was primarily attributed to a higher net interest expense of $227.43 million during the quarter, up from $192.16 million in Q1 2024. It also had additional expenses of $45.40 million compared to the additional income of $89.93 million earned in Q1 2024.
Mary Powell, CEO, Sunrun, highlighted a strong first quarter, stating, “In the first quarter, we exceeded our volume and cash generation targets in what is seasonally the slowest quarter of the year.”
She noted that the company also achieved market share gains and continued to reduce debt, paying $27 million in parent debt and ending the quarter with $605 million in unrestricted cash, a $30 million increase from the previous quarter. This increase helped the company gain considerable market share recently.
The company’s earnings per share (EPS) came in at $0.22 and diluted EPS at $0.20 compared to the basic and diluted loss per share of $0.40 in the same quarter of the previous year.
Danny Abajian, Chief Financial Officer, Sunrun, stated, “We delivered our fourth consecutive quarter of positive cash generation and are reiterating our cash generation outlook for 2025. We have a strong balance sheet with no near-term corporate debt maturities and have paid down recourse parent debt by $214 million over the last four quarters, including a $27 million paydown using excess cash in Q1. As we increase our cash generation, we will continue to pay down parent recourse debt further and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.”
Sunrun’s operating expenses for Q1 2025 decreased by 3% YoY to $619.16 million from $641.31 million. The cost of solar energy systems and product sales dropped to $96.80 million from $156.16 million in Q1 2024.
The company reported an aggregate subscriber value of $1.2 billion, a 23% increase from the same period in 2024. Contracted net value creation reached $164 million, or $0.72 per share, a 104% YoY growth. Sunrun also achieved its fourth consecutive quarter of positive cash generation, achieving $56 million in Q1 2025.
Contracted net earning assets stood at $2.6 billion, or $11.36 per share, which includes $979 million in total cash. Aggregate creation costs in Q1 2025 rose to $991 million, a 14% increase compared to Q1 2024. The creation cost per subscriber increased to $41,817, a 7% YoY growth.
Storage 
Sunrun witnessed a significant surge in storage adoption, with customer additions, including storage, growing by 46% from the same period of the previous year. The storage attachment rate reached a record high of 69%, up from 50% in Q1 2024.
The company has installed more than 173,000 solar and storage systems of over 2.8 GWh of networked storage capacity.
Subscriber additions totaled 23,692 in Q1 2025, a 7% YoY increase from Q1 2024. As of March 31, 2025, Sunrun’s subscriber base reached 912,878, a 14% YoY increase. Storage capacity installed in the quarter was 334 MWh, a 61% increase from the same period of the previous year. Solar capacity installed reached 191 MW, an 8% YoY growth.
Powell explained the advantages of the company’s storage-first approach, saying, “Leading with a storage-first offering provides numerous financial benefits &#8211; subscribers with storage have higher upfront margins, and because it is more complex to sell, design, install, and service.”
Outlook
The company anticipates its aggregate subscriber value to range from $1.3 billion to $1.375 billion in Q2 2025, a 21% YoY growth at the midpoint. Contracted net value creation is projected to be between $125 million and $200 million, an 80% increase from the same quarter the previous year, with cash generation expected to be between $50 million to $60 million.
Powell highlighted the impact of the company’s artificial intelligence initiatives, stating that it unlocked 30% higher efficiency in the design process, improved turnaround times and accuracy, reduced costs, and increased sales realization. She added, “We are working on over a hundred AI initiatives across the company.”
For the full year 2025, Sunrun revised its cash generation guidance of $200 million to $500 million. It expects aggregate subscriber value to range from $5.7 billion to $6.0 billion, a 14% YoY increase at the midpoint. Contracted net value creation for the full year is anticipated to be between $650 million to $850 million, a 9% increase at the midpoint from 2024.
Sunrun <a href="https://www.mercomindia.com/sunrun-misses-q4-2024-revenue-estimates-beats-earnings-expectations" target="_blank" rel="noopener">reported</a> a revenue of $518.49 million in Q4 2024, a mostly flat growth compared to $516.59 million in the corresponding quarter of the previous year. The revenue also fell short of analysts’ expectations by $22.56 million.

Sunrun’s Q1 2025 Revenue Up 10%, Market Share Increases

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					</table><a href="https://www.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the first quarter (Q1) of 2025, compared to a net loss of $11.3 million in Q1 2024.
The company’s revenue during Q1 2025 was $302.4 million, a 97% year-over-year (YoY) increase from $153.4 million. The company exceeded analyst estimates by 14%.
Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.
Kevin G Hostetler, CEO of Array Technologies, said the company achieved the second-largest quarter of shipped volume since 2023. He added that this growth indicated a solid market share recovery.
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 55% YoY to $40.6 million from $26.2 million. Its net income per share stood at $0.02 in Q1 2025.
Keith Jennings, CFO, Array Technologies, said, “A regional mix shift drove the changes in EBIDTA, higher bad debt expense, roll off of 45X prior period amortization, slightly offset by higher volumes and Average Selling Price improvements.”
The company’s operating expenses increased from $46.6 million to $49.1 million. It maintained an order book of $2.08 billion at the close of Q1 .
Hostetler said that while utility-scale solar remains the lowest-cost and fastest-growing energy source, geopolitical headwinds have created uncertainty and volatility.
“The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is a better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits,” he said.
However, given the cost structure of utility-scale solar projects, the company does not anticipate a significant impact from tariffs, as equipment typically only accounts for about 50% of a utility-scale project. A 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project.
Full Year Guidance 2025
Array Technologies expects its revenue to range from $1.05 billion to $1.15 billion for the full year. Its adjusted EBITDA is projected to be between $180 million and $200 million.
The company expects net income per share to come in at $0.60 to $0.70.
“We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership,” said Hostetler.
The company is confident it can maintain operational agility and deliver long-term value for its shareholders.
“Array has built a network of over 50 suppliers in the U.S., with a committed capacity in excess of 40 GW. Driven by our efforts over the past several years, the U.S. source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the United States-Mexico-Canada Agreement treaty with zero tariffs currently,” said Neil Manning, President and COO, Array Technologies.
The company’s global supply chain outside the U.S. is focused on its center of excellence strategy, which will consolidate the purchasing volume with key partners in Asia and worldwide.
“We have over 75 supply partners supporting our international businesses, and with our 50 in the U.S., we maintain a total supply capacity of 75 GW,” said Manning.
Array Technologies <a href="https://www.mercomindia.com/array-technologies-posts-19-dip-in-q4-fy24-revenue-order-book-grows" target="_blank" rel="noopener">reported</a> a revenue of $275.2 million in the fourth quarter and $231.41 million in the <a href="https://www.mercomindia.com/array-technologies-q3-revenue" target="_blank" rel="noopener">third quarter</a> of 2024.

Strong Solar Tracker Order Book Pushes Array Technologies Revenue by 97%

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					</table><a href="https://shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems for solar, energy storage, and e-mobility, reported its first quarter (Q1) 2025 earnings, revealing a revenue of $80.4 million, surpassing the forecasted $74.76 million. This represents an 11.5% year-over-year (YoY) decrease from $90.8 million.
The company recorded a net loss of $0.3 million for Q1 FY 2025, compared to a loss of $4.8 million in the same period of 2024. The decrease in revenue, coupled with the factors affecting gross margin and operating expenses, contributed to the company’s net loss.
Gross profit margin dropped from 40.2% to 35%, primarily due to strategic pricing actions, volume discounts, and reduced fixed cost absorption caused by lower revenues.
The company’s earnings per share (EPS) came in at $0.00 on a basic and diluted basis for Q1 2025 compared to $0.03 in the same quarter of the previous year.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) was $12.8 million, decreasing 60% YoY from $20.5 million.
Brandon Moss, CEO, Shoals Technologies Group, acknowledged the near-term uncertainty in the utility-scale solar market, leading to shifting order patterns. He said, “We are excited by the progress we have made and the strength of the underlying markets we participate in. The strategic initiatives that are driving increased market penetration and diversification are progressing very well, with commercial success in international, CC&amp;I, battery energy storage systems, and original equipment manufacturer markets.”
A more diverse and robust customer base also contributed, with recent filings revealing the addition of two new major customers, each accounting for over 10% of the Shoals Technologies Group’s total business.
Moss added, “We are also aware of today’s headlines, which are dominated by tariffs and domestic energy policy. We continue to evaluate how these shifts in policy may or may not impact our business and industry. That said, given what we know today, we believe Shoals has limited direct exposure to many of these risks in the near-term. You may recall that we do not participate in 45X credits, and we have a robust supply chain with strong domestic partners.”
The company has begun seeing tangible results from its recent investments in commercial and product management functions, as reflected in the growth and enhanced quality of its order book. Notably, over 15% of the company’s booked and late-stage opportunities now includes projects featuring at least one new product introduced within the past four quarters.
The company said these newly launched products have considerably helped it secure new business, particularly within the 30% segment of the market where the company previously had no presence. Many customers purchasing these new products are either new to Shoals Technologies Group or have recently resumed business with the company.
The company’s backlog and awarded orders, as of March 31, 2025, stood at $645.1 million, a 4.9% increase from the previous year and a 1.6% increase from the end of 2024. The backlog includes approximately $500 million scheduled for the coming four quarters.
Moss emphasized that product innovation played a crucial role, with over 15% of the current backlog and awarded orders tied to products launched in the past year, many of which enable Shoals to enter previously untapped market segments. “The company’s ability to convert 78% of its backlog and awarded orders into revenue within the next 12 months, up from the previous quarter, demonstrates improved project execution and fewer delays,” he noted.
Moss also said that the company remains flexible and will work to identify further opportunities to protect its customers from potential tariff impact.
Outlook 
For Q2 2025, the company anticipates revenue from $100 million to $110 million and an adjusted EBITDA of $20 million to $25 million.
For the full year 2025, it expects revenue ranging from $410 million to $450 million, an adjusted EBITDA of $100 million to $115 million, and cash flow from operations of $30 million to $45 million. The capital expenditure is expected to be between $25 million to $35 million and the interest expense of $8 million to $12 million.
Recently, Shoals <a href="https://www.mercomindia.com/shoals-revenue-falls-18-amid-delayed-projects-and-political-shifts" target="_blank" rel="noopener">reported</a> a net income of $7.8 million during the fourth quarter (Q4) of 2024, down from $16.6 million in the corresponding period in 2023.
In November 2024, Shoals <a href="https://www.mercomindia.com/shoals-revenue-project-delays-and-supply-chain-issues" target="_blank" rel="noopener">reported</a> a 23.9% YoY dip in revenue to $102.2 million during Q3 of 2024, primarily due to project delays and supply chain issues.

Shoals Technologies’ Q1 2025 Revenue Drops11.5%, But Beats Estimates

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					</table>Fuel cell and electrolyzer manufacturer <a href="https://www.bloomenergy.com/" target="_blank" rel="noopener">Bloom Energy</a> reported a revenue of $326 million in first quarter (Q1) 2025, a 38.6% year-over-year (YoY) increase from $235.3 million. The company recorded a net loss of $23.8 million during the quarter, an improvement over the net loss of $57.5 million reported for Q1 2024.
The product and service revenue for Q1 2025 was $265.4 million, up 26.5% from the same quarter of the previous year. The company also reported a gross margin of 27.2%, an improvement compared to margins of 16.2% in Q1 2024. This performance was driven by an 11.2 percentage point rise in non-generally accepted accounting principles (GAAP) gross margin, which grew to 28.7% from 17.5% in the first quarter of the previous year.
KR Sridhar, CEO, Bloom Energy, expressed confidence in the company’s continued growth, noting, “Building on our success in 2024, we delivered excellent results in the first quarter of 2025, thanks to the strong execution across the entire company, and the trust our customers place in us. Looking ahead, the world needs power, and we expect demand to grow, driven by AI, data center needs, and industrial electrification. Bloom is well-positioned to serve these markets.”
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was $25.2 million, a 38.4% YoY increase from $18.2 million. However, both revenue and EBITDA declined compared to a revenue of $572.4 million and an EBITDA of $147.3 million in Q4 2024.
Operating loss for Q1 2025 was $19.1 million, an improvement from the $49 million loss in Q1 2024, and a significant decrease compared to the $104.7 million loss in Q4 2024.
Shridhar added, “The global need for power and traditional energy sources cannot keep up. This makes on-site power generation not just valuable, but essential. We are seeing this trend strongly in our major customer segments.”
He noted that the rapid growth of AI data centers is unlikely to slow down and that even if investments in AI taper slightly, the existing power supply gap is so wide that Bloom’s long-term growth remains unaffected.
The company said that demand remains steady in the commercial and industrial sectors due to the critical need for uninterrupted power. The company’s Korea business remains strong, and its presence in other global markets is steadily expanding. Sridhar explained that Bloom’s high-density fuel cell systems are well-suited for industrialized countries and that their international growth strategy is careful and effective.
Regarding the impact of U.S. tariffs, Sridhar stated that Bloom’s strong supply chain and ongoing efforts to reduce product costs would help absorb much of the impact. Since the company does not rely on components from China and most parts are custom-made, the effect of current tariffs on gross margins is expected to be minimal.
2025 Outlook
Bloom Energy’s outlook for 2025 remains positive, with the company increasing its full-year revenue forecast from $1.65 billion to $1.85 billion. The company also expects a non-GAAP gross margin of approximately 29% and non-GAAP operating income between $135 million and $165 million.
Bloom Energy <a href="https://www.mercomindia.com/data-centers-business-fuels-bloom-energys-revenue-growth-in-q4-2024" target="_blank" rel="noopener">reported</a> revenue of $572.4 million for the fourth quarter of 2024, a 60% year-over-year increase from $356.9 million. The revenue exceeded analysts’ expectations by $64.85 million.

Bloom Energy Reports Revenue Growth of 38.6% in Q1 2025

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					</table>China-based solar cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">JinkoSolar</a>’s revenue for the first quarter (Q1) of 2025 dropped 39.9% year-over-year to RMB13.84 billion (~ $1.91 billion) but slightly exceeded market expectations. Revenue dipped 33% quarter-over-quarter.
The company recorded a net loss of RMB1.32 billion (~$181.7 million) in Q1 2025, compared to a net profit of RMB609.4 million (~$84.39 million) in the same quarter last year.
The adjusted net loss attributable to shareholders stood at RMB1.07 billion (~$147.4 million).
The loss per share amounted to RMB6.40 (~$0.88).
Operating loss for Q1 2025 stood at RMB2.87 billion (~$394.8 million), with an operating margin of 20.7%. Total operating expenses stood at RMB2.51 billion (~$346.2 million).
As of March 31, 2025, JinkoSolar reported cash and cash equivalents of RMB27.38 billion (~$3.77 billion), accounts receivable of RMB12.79 billion (~$1.76 billion), and inventories worth RMB13.26 billion (~$1.83 billion).
The company’s total interest-bearing debt stood at RMB46.54 billion (~$6.41 billion). It had total assets of RMB122.25 billion ($16.85 billion), liabilities of RMB90.63 billion (~$12.49 billion), and shareholders’ equity of RMB30.06 billion (~$4.14 billion).
Xiande Li, Chairman and CEO of JinkoSolar, attributed the quarter’s losses to persistently low prices across the solar value chain and disruptions in trade policy, particularly affecting shipments to higher-priced markets such as the U.S.
“Despite this challenging market environment, we fulfilled our delivery commitments to customers and reduced costs through supply chain optimization, production and operation plans adjustments, and other measures,” he said.
About the impact of the U.S. tariffs on solar imports, Haiyun Cao, Finance Director, said the tariffs are preliminary, and there remains uncertainty with a sunset determination after 12 months. “We are exploring different options to provide more certainty and competitiveness in costs. We remain committed to the U.S. market through joint ventures in the Middle East and local operations in the U.S.”
Total shipments for Q1 2025 reached 19,130 MW, consisting of 17,504 MW of solar modules and 1,626 MW of cells and wafers, a 12.7% YoY decline.
Energy storage shipments exceeded 300 MWh during the quarter, with full-year guidance maintained at around 6 GWh.
Li said market demand in China remained robust, with 59.7 GW of new solar capacity installed in Q1, a 31% YoY increase. The company reported 60% to 70% of order book visibility globally and over 80% in the Indo-Pacific, Middle East, and Africa regions.
Outlook for 2025
JinkoSolar expects Q2 2025 module shipments to range between 20 GW and 25 GW and full-year shipments to reach 85 GW to 100 GW. The company aims to achieve a year-end production capacity of 120 GW for mono wafers, 95 GW for solar cells, 130 GW for solar modules, and 40 GW to 50 GW for third-generation TOPCon modules.
Cao said, “We expect margins to improve slightly in Q2 as module prices trend upward. By the second half of the year, we anticipate stability and potential improvement, as the current situation is unsustainable for top-tier companies.”
The company’s revenue <a href="https://www.mercomindia.com/jinkosolar-q4-revenue-drops" target="_blank" rel="noopener">dipped</a> 37.1% YoY to RMB20.65 billion (~$2.83 billion) in the fourth quarter of 2024, primarily due to a decline in the average selling price of solar modules caused by an industry-wide supply-demand imbalance.

JinkoSolar’s Revenue Down 33% Amid Price Pressures, Trade Policy Disruptions

<a href="https://www.sunrun.com/" target="_blank" rel="noopener">Sunrun</a>, a U.S.-based residential solar, battery storage, and energy services company, announced financial results for the first quarter (Q1) of the calendar year (CY) 2022.
The company’s total revenue in the first quarter (Q1) of 2022 was $495.78 million, up by 48% from $334.8 million during the same period last year. The revenue from the sale of solar energy systems and product sales stood at $286.09 million, increasing 79% compared to $160.2 million in the same period last year.
The total cost of revenue increased by 53% and stood at $451.6 million, and the total operating expenses were $677.2 million, an increase of 32% year-on-year. Included in the operating costs for Q1 were $7.3 million of non-recurring restructuring expenses related to the <a href="https://mercomindia.com/sunrun-acquire-vivint-solar/" target="_blank" rel="noopener">acquisition</a> of Vivint Solar. Operating costs include stock-based compensation expenses of $39.2 million in the first quarter of 2022.
The company installed 213 MW of solar capacity in Q1 2022.
In Q1 2021, the company added 29,463 customers, including 21,197 subscribersQ1. The company had 689,774 customers, including 588,941 subscribers, at the end of March 2022. Customers grew 20% in Q1 of 2022 compared to Q1 2021
“Over the last month, we successfully implemented meaningful pricing changes to offset higher material and capital costs and continue to see very strong demand as utility rate inflation exceeds 11% across the country,” said Tom von Reichbauer, Sunrun’s Chief Financial Officer. “Despite continuing to grow our backlog of customers and the effects of Omicron early in the quarter, we generated sequentially higher Net Subscriber Values and expect margins to increase meaningfully throughout the year.”
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-35485" src="http://mercomindia.com/wp-content/uploads/2022/05/Picture3.png" alt="" width="526" height="472" />
Source: Sunrun
Sunrun has installed over 37,000 solar and battery systems nationwide. Its battery installations increased by more than 100% in 2021 compared to the prior year despite battery supply and logistical constraints. Sunrun expects battery installations to increase by more than twice the growth rate of overall installations in 2022.
Sunrun <a href="https://mercomindia.com/funding-and-ma-roundup-israeli-startup-addionics-funding-round/" target="_blank" rel="noopener">announced</a> the retirement of its $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor than the company’s prior term extensions. The new recourse lending facility expands the borrowing base to support more efficient inventory financing at a higher advance rate while maintaining the same borrowing costs

Residential Solar Firm Sunrun’s Total Revenue Surges 48% YoY in Q1 2022

<a href="https://us.sunpower.com/">SunPower Corporation</a>, a distributed generation storage and energy services provider, announced the financial results for the first quarter (Q1) of the calendar year (CY) 2022.
The company posted revenue of $350.3 million, an increase of 0.7% compared to $347.8 million in the fourth quarter (Q4) of 2021. The figure was significantly higher than $240.1 million, an increase of 45% during the same period last year.
The company posted a net loss of $2.2 million, compared to the net profit of $38.9 million registered last quarter. SunPower had non-recurring expenses, including litigation fees, executive transition costs, transaction-related charges, and costs associated with the acquisition of Blue Raven Solar. The non-recurring items were to the tune of $10 million.
The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $11.2 million, an increase of 45% compared to $7.7 million in the fourth quarter of 2021. However, the figure was lower by 40% compared to $18.8 million registered in the same period last year.
SunPower added 16,500 customers in the first quarter of 2022, a 40% increase from the previous year, with a customer backlog of 13,800 bookings and a 70,000-customer new homes pipeline.
In March, Global energy company TotalEnergies had <a href="https://mercomindia.com/totalenergies-acquires-sunpowers-ci-solar-250-million/">signed</a> a definitive agreement to acquire SunPower&#8217;s commercial and industrial solutions business for $250 million.
In October 2021, SunPower <a href="https://mercomindia.com/sunpower-acquires-residential-blue-raven/">acquired</a> residential solar provider Blue Raven Solar. The acquisition was made for a cash consideration of up to $165 million. The acquisition will allow SunPower to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
In May 2020, the company <a href="https://mercomindia.com/sunpower-raises-1-billion-financing/">announced</a> a strategic partnership of $1 billion (~₹74.97 billion) with Technology Credit Union, a leading credit union in California. The partnership is expected to increase financing options for U.S. residential solar customers and give SunPower access to capital for its loan program.

SunPower Records a 45% YoY Increase in Revenue in Q1 2022

U.S.-based solar modules manufacturer <a href="https://www.firstsolar.com/en-IN/">First Solar</a> has recorded a net loss of $43.25 million in the first quarter (Q1) of 2022 representing a quarter-over-quarter (QoQ) decline of 67.07% <a href="https://mercomindia.com/module-manufacturer-first-solar-reports-income/">compared</a> to the net profit of $131.37 million registered in the previous quarter. The company recorded a 79.37% year-on-year (YoY) decrease from $209.67 million recorded in Q1 2021.
The firm’s net sales in Q1 2021 stood at $367.04 million, 59.54%, down from $907.31 million in Q4 2021. In a YoY comparison, net sales were down 54.31% from $803.37 million in Q1 2021. Net sales were down due to a decrease in module sales volume, a decrease in the module average selling price, and lower project revenue in Japan.
<div id="attachment_34617" style="width: 1141px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-34617" class="size-full wp-image-34617" src="https://mercomindia.com/wp-content/uploads/2022/05/Picture1-1.png" alt="" width="1131" height="811" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1.png 1131w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1-768x551.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1-650x466.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1-624x447.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Picture1-1-600x430.png 600w" sizes="(max-width: 1131px) 100vw, 1131px" />                                                                                                          Source: First Solar</div>
Cash, restricted cash, and marketable securities at the end of Q1 2022 decreased to $1.6 billion from $1.8 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to expansion in India and Ohio and operating expenses. The company has announced plans to manufacture next-generation series 7 modules in India and Ohio.
But the company had a record year-to-date net booking of 16.7 GW in Q1 2022. The company manufactured 2.1 GW of solar modules during the quarter and had shipments of 1.7 GW.
“We are encouraged by our strong bookings progress, as we booked 11.9 GWDC in less than 60 days since the prior earnings call, bringing our year-to-date bookings total to 16.7 GWDC, further setting ourselves up for 2023 and beyond,” said Mark Widmar, CEO of First Solar.
<div id="attachment_34619" style="width: 845px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-34619" class="size-full wp-image-34619" src="https://mercomindia.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities.png" alt="Potential Booking Oppurtunities" width="835" height="509" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities.png 835w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities-768x468.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities-650x396.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities-624x380.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/05/Potential-Booking-Oppurtunities-600x366.png 600w" sizes="(max-width: 835px) 100vw, 835px" />                                                                                                           Source: First Solar</div>
In June 2021, First Solar <a href="https://mercomindia.com/first-solar-module-manufacturing-india/">announced</a> that it would invest $684 million to set up a 3.3 GW vertically-integrated thin-film solar module manufacturing facility in India. First Solar produces thin-film solar panel modules that do not use polysilicon. India is the second-largest market for the company after North America.
The U.S. International Development Finance Corporation had <a href="https://mercomindia.com/dfc-approves-debt-finance-first-solar/">approved</a> $500 million of debt financing to First Solar to set up the vertically integrated solar module manufacturing facility in Tamil Nadu.

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