u/AhmOB

H1 revenue $261M, net income $45.8M, operating cash flow $61.4M, but market cap is only ~$200M; trailing valuation is extremely low. The market is pricing in severe earnings deterioration from Ethiopia/tariff issues, but at $4.80 the downside may already be discounted; U.S. cell/module buildout and 45X credits create re-rating optionality. Risk/reward favors a starter long around $4.80 with a key technical line in the sand at $4.26; regulatory clarity and successful Texas expansion are the core upside drivers. Adverse CBP/Commerce decision on Ethiopian supply chain, Section 232 tariff impact, further equity dilution for the $357M Texas plant, margin compression, and Q2 sequential weakness continuing.