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$TE: 🚨 ROTH CAPITAL REITERATES BUY AND $10 PRICE TARGET TE: Fuzzy Panda – Mistakenly – Assumes the Worst...Again On 6/10, Fuzzy Panda Research continued its ill-advised crusade against TE by releasing Part 1/5 of a report with supposed "evidence" of TE buying cells from Trina Solar while claiming non-FEOC status. The "evidence" consists of sales invoices showing amounts owed to Trina for cells from Jan-Mar'26, which the report automatically assumes is hard proof that TE is a FEOC and ineligible for 45X. Once again, Fuzzy Panda fundamentally misunderstands the TE/Trina relationship where Trina sources non-FEOC cells and other components on TE's behalf. We would be buyers on the weakness in shares. Reiterate Buy/$10PT. See [here] for our response to Fuzzy Panda's initial short report from 5/19/26. Overall thoughts. In this edition of the short thesis, the report released multiple images of sales invoices showing amounts owed by TE to Trina Solar (SHA-NC) for solar cells shipped to the G1 Dallas module facility. The report automatically assumes this is evidence that Trina is supplying TE with solar cells manufactured by Trina, and since Trina is a Specified Foreign Entity (SFE), this would make TE a Foreign Influenced Entity (FIE) due to tripping the Material Assistance Cost Ratio (MACR) and ineligible for 45X credits. However, this assumption fails to understand the relationship with Trina. TE does not buy solar cells that are manufactured by Trina. Trina procures non-FEOC cells through its extensive network of relationships on TE's behalf for a service fee. In TE's Q1'26 10Q [here], "The company has agreements with the Trina Group to supply certain materials and components used in our PV solar module production, provide operational support and sales agency and aftermarket services." Once approved by TE's extensive due diligence process, we believe Trina uses its own working capital to acquire non-FEOC cells from multiple different suppliers in multiple different countries, and then TE reimburses Trina for the cost plus a commission. We believe this type of relationship is not restricted under the FEOC statute. In our view, the relationship with Trina has been a competitive advantage for TE as it has fast tracked its move into solar by leveraging Trina's commercial relationships and manufacturing expertise as well as helping with working capital management and providing operational support. As TE continues to gain traction with customers, ramps G1 cell capacity, and begins selling TE branded modules with TE warranties, we would expect the relationship with the Trina to wind down. Trading at ~9x 2027 EBITDA, TE remains a top pick for the year, and we would be buyers on weakness from the short report.

$TE: 🚨 ROTH CAPITAL REITERATES BUY AND $10 PRICE TARGET TE: Fuzzy Panda – Mistakenly – Assumes the Worst...Again On 6/10, Fuzzy Panda Research continued its ill-advised crusade against TE by releasing Part 1/5 of a report with supposed "evidence" of TE buying cells from Trina Solar while claiming non-FEOC status. The "evidence" consists of sales invoices showing amounts owed to Trina for cells from Jan-Mar'26, which the report automatically assumes is hard proof that TE is a FEOC and ineligible for 45X. Once again, Fuzzy Panda fundamentally misunderstands the TE/Trina relationship where Trina sources non-FEOC cells and other components on TE's behalf. We would be buyers on the weakness in shares. Reiterate Buy/$10PT. See [here] for our response to Fuzzy Panda's initial short report from 5/19/26. Overall thoughts. In this edition of the short thesis, the report released multiple images of sales invoices showing amounts owed by TE to Trina Solar (SHA-NC) for solar cells shipped to the G1 Dallas module facility. The report automatically assumes this is evidence that Trina is supplying TE with solar cells manufactured by Trina, and since Trina is a Specified Foreign Entity (SFE), this would make TE a Foreign Influenced Entity (FIE) due to tripping the Material Assistance Cost Ratio (MACR) and ineligible for 45X credits. However, this assumption fails to understand the relationship with Trina. TE does not buy solar cells that are manufactured by Trina. Trina procures non-FEOC cells through its extensive network of relationships on TE's behalf for a service fee. In TE's Q1'26 10Q [here], "The company has agreements with the Trina Group to supply certain materials and components used in our PV solar module production, provide operational support and sales agency and aftermarket services." Once approved by TE's extensive due diligence process, we believe Trina uses its own working capital to acquire non-FEOC cells from multiple different suppliers in multiple different countries, and then TE reimburses Trina for the cost plus a commission. We believe this type of relationship is not restricted under the FEOC statute. In our view, the relationship with Trina has been a competitive advantage for TE as it has fast tracked its move into solar by leveraging Trina's commercial relationships and manufacturing expertise as well as helping with working capital management and providing operational support. As TE continues to gain traction with customers, ramps G1 cell capacity, and begins selling TE branded modules with TE warranties, we would expect the relationship with the Trina to wind down. Trading at ~9x 2027 EBITDA, TE remains a top pick for the year, and we would be buyers on weakness from the short report.

Com o "time titular" Portugal fez apenas 1 gol contra Chile e Nigéria, ambas seleções que não vão estar na MAIOR Copa do Mundo da história. Junto a isso com o time titular, tomou 1 gol da equipe africana.