The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Hannah Velasquez - Jefferies LLC - Analyst
: Hey, good morning. You have Hannah Velasquez on for Julian. Thanks for the update this quarter. I had a quick question, or rather, yeah, just an
update on 25D expiration. Curious to see what you all are seeing out there in the market in terms of any pull forward effect and then also any
reactions to the advent or you know I suppose the introduction of this new concept, the prepaid lease plus loan bundle. I think you alluded to it
on your call, but any additional detail you can provide there in terms of if it's viable as a replacement of 25D and if you would consider pursuing it.
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NOVEMBER 17, 2025 / 2:00PM, SUNE.OQ - Q3 2025 Sunation Energy Inc Earnings Call
Question: Hannah Velasquez - Jefferies LLC - Analyst
: Yeah, that's perfect. And then maybe just as a follow-up there, so we're hearing with 25D expiring you're having new entrances, I suppose, in the
competitive market, maybe more so on the TPO side, but you can you just, double click in terms of what you're seeing out there? Are you seeing
new TPOs enter trying to take advantage of this shift towards the leasing market? I know Tesla also joined the space and so just what are you seeing
from a competitive perspective?
Question: Hannah Velasquez - Jefferies LLC - Analyst
: Okay, and if I could just have one more follow-up question, on that point, maybe on a consolidated basis, how are you thinking about market
growth in 2026? I mean, you hear the consultants all over the place, right, talking about a 10% decline, best case scenario and then up to a 20% to
30% decline all in just given 25% expiring and as like a secondary question there, what's the latest you're hearing on it? Thank you.
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