bach

[bach @CavaBach]

@santtiagom_ Estamos armando la estructura interna de la empresa.
Recomendas este libro para gente no tech?

[bach @CavaBach]

@JordanSolace Great explanation about this misunderstood company, simple and down to earth. Thank you.
Good to be in the same boat with such capable people. Lets go🚀

[bach @CavaBach]

@daniel_koss This is great material. Thanks!

[bach @CavaBach]

This is incredible. Hats off to Lucas, can't even imagine the effort behind this. Thank you.

A must watch video.👏☀️

[Lucas Sacerdote🔋 @LucasSacerdote_]

Canadian Solar [Full Investment Thesis]: Everything You Need to Know About $CSIQ

“THE GREAT SOLAR RECKONING”

☀️ 🔋$CSIQ became my largest position earlier this year, after I had been studying the company since 2023.

Here is my 250-page, ~three-hour presentation on Canadian Solar. I made this video to compress the 1,000+ hours of work already done here, hopefully helping speed up the learning curve for anyone interested.☀️🔋

This is not meant to be flawless. It is meant to be done.

I believe $CSIQ is entering one of the most promising periods in its history. With $15B+ in total assets, three multi-billion-dollar businesses spanning solar manufacturing, storage manufacturing, and project development across six continents, and a mere ~$1B market capitalization, Canadian Solar is poised to be one of the top energy performers in 2026.

The market has left this company for dead. But underneath the surface, the foundations of the business have been getting stronger:

- While the solar industry wrongly spent on building overcapacity, Canadian Solar was one of the few companies slowing down and investing upstream into its project development arm.

- While everyone looked to globalize supply chains, Canadian Solar has been building its manufacturing presence in the U.S. since 2023.

- While much of the industry was still debating battery storage, Canadian Solar was already building gigawatt-scale projects in 2021. Today, it is reaping the benefits of having been a first mover.

This is the story of a company that, despite operating in a ruthless and complicated industry, has consistently been deliberate and rational in its capital allocation decisions.

It remains founder-led, with the founder still owning ~20% of the company. Shareholder value creation will always be top of mind, regardless of the market’s current irrationality.

The solar industry, like every commodity industry, is deeply cyclical. I am convinced we have already seen the worst of it, and that better profitability is ahead for equipment manufacturers. This is already starting to show in CSI Solar’s Q1 2026 results, with $100M+ in operating profit for the quarter.

The supply-demand imbalance for electricity should result in excess profitability.

$CSIQ is about to make the undeniable obvious: Canadian Solar is a Western (actually, global) leader in renewable energy. Not middle of the pack. At the very top.

They produce ~25 GW of solar modules per year and ~15 GWh of storage per year. For reference, the entire U.S. added roughly 60 GW of total generation capacity in 2025.

And they do not only manufacture. They also develop, engineer, construct, and operate billions of dollars of energy assets. That creates a powerful learning and feedback loop between manufacturing and operations, allowing them to stay ahead of the curve. Their BESS experience is the clearest example.

At first glance, my estimates and projections may look overly optimistic. But I would ask you to take the time to analyze each one individually. I think you will see that even my bull case uses assumptions that many people already treat as base case assumptions for comparable companies such as $FLNC, $TE, $FSLR, $AMRC, $NXT, and others.

My base case assumes roughly half the profitability the industry expects from peers, and still results in an ~10x investment opportunity.

Not growing into it. Worth that today.

Please feel free to share your thoughts, feedback, questions, and pushback!! ☀️☀️🔋🔋

Timeline CSIQ:
0:00 Introduction
1:38 Executive Summary
11:35 Macro
18:15 Corporate History
21:00 Management & Team
25:10 Solar Industry & Market
42:47 CSI Solar - the $7B solar behemoth $CSIQ owns
57:00 Project Demand - CSI Solar
1:00:05 BESS Subsidiary with Multi-GWh Firm Orders
1:05:35 Project Demand for e-Storage/BESS
1:11:44 Recurrent Energy - The Multi-Billion Renewable Project Developer
1:34:36 US Manufacturing - 10GWs of Capacity and First Ever to Produce Solar Cells Domestically
1:56:15 Competitors
2:19:29 Litigation
2:28:32 Quality
2:30:52 Valuation & Financial Analysis
2:40:40 Conclusion
2:43:15 Miscellaneous

Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice, investment advice, or a recommendation to buy or sell $CSIQ or any other security mentioned here. I am not a registered investment advisor (RIA). Always do your own research (DYOR). I and/or accounts under my management or discretion, may currently hold positions in $CSIQ and may purchase or sell shares at any time without further notice. My opinions, price targets, and allocation suggestions are my personal views and can change without prior notice. Investing in stocks involves a significant risk of loss of capital. Past performance is not indicative of future results.

If you found this useful, follow me for more deep dives like this. I spend a ridiculous amount of time studying this whole ecosystem.

Please like and share this post if you think more people should be aware of how attractive Canadian Solar could be as an investment opportunity.

[bach @CavaBach]

@LucasSacerdote_ Lucas this week

[bach @CavaBach]

@LucasSacerdote_ Honey, clear my schedule. Lucas just dropped another bomb🚀

[bach @CavaBach]

@nachio_134 Nacho! Felicitaciones por lo que estas armando. Me encantaría entender un poco mas los casos de usos, tecnologias etc...

[bach @CavaBach]

@brujodegalileo Recomiendo mucho este analisis publicado por Lucas ayer sobre esta gran empresa. 🇦🇷🚀
https://t.co/BPS0zgGcXZ

[Lucas Sacerdote🔋 @LucasSacerdote_]

https://t.co/XwIm6LXeF7

[bach @CavaBach]

Lucas is one of the people I admire most in this space. He always brings clarity and precision to his ideas and convictions.

Thanks again for sharing your work. Everyone should take 10 minutes to read about this case — super interesting and highly relevant right now.

[Lucas Sacerdote🔋 @LucasSacerdote_]

https://t.co/EbCd4IvK2v

[bach @CavaBach]

@daniel_koss @LucasSacerdote_ without a doubt. Great understanding of the business and outstanding product and industry knowledge. He’d click instantly with Joe.

[bach @CavaBach]

@facugramaj0 @indash_io Que lindo el seven

[Lucas Sacerdote🔋 @LucasSacerdote_]

My initial thoughts on Eos Energy’s Q3 results and earnings call: 🔋🚀 $EOSE

If we follow the breadcrumbs we can see that - EOS IS ALREADY AT ~$400M ANNUAL REVENUE RUN-RATE

My main takeaways are:
- Management: Proven bench—Joe owns product & systems; Nathan, finance & customers; John Mahaz, ops & production.
- Revenue: High confidence in $150M+ FY25 and $90M+ in Q4.
- Utilization/Capacity: Running 75%+ now (vs. <15% in Q3); tracking toward 90%+, ~2 GWh/yr and $500M+revenue run-rate.
- Demand: Pipeline and data-center interest at all-time highs.
- Performance: Product exceeding even the most bullish expectations.
- Expansion: Timeline pulled forward; ~90 days to add additional lines after Line 2.

During the video I’ll cover:

00:00 Introduction
2:02 Product Performance
4:48 Introduction of John Mahaz
6:57 Operations, costs out and production expansion
13:00 My estimate Eos' actual monthly production and expectations going forward.
20:10 Commercial Progress
21:35 Data Center Commercial Activity
27:20 Funding Expansion + Growth Capital
29:26 Conclusions.

Eos is executing toward an unprecedented hyperscaler energy demand: U.S.-made, non-lithium storage, ramping for 24/7 data centers, military bases, supply-chain resilient, and addressing key national energy security issues... I believe significant orders should be coming very soon.

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[bach @CavaBach]

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[Facu 🇦🇷 @facugramaj0]

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[Lucas Sacerdote🔋 @LucasSacerdote_]

$EOSE I have HUGE conviction this video will age extremely well.

Since posting it ~5 days ago, $EOSE has already:

- doubled their manufacturing footprint with a $24M state incentive.
- Signed a 750MWh (~$187M) MSA with one of the largest renewable operators in the US.
- Signed a partnership agreement with Talen Energy ( $TLN ) , an $18 billion power producer and infrastructure company. (Keep in mind Talen already has a partnership agreement to supply nuclear energy to Amazon…)

Great companies surprise to the upside. I believe Eos is one of them.

We’re staring down an energy-demand tsunami—and $EOSE is in the right place, at the right time, with the right product, supply chain, partnerships, and the perfect team to execute in Joe, Nathan, Francis, and Cerberus.

If you want to get up to speed in your $EOSE DD, full video below 👇📷:

[Lucas Sacerdote🔋 @LucasSacerdote_]

$EOSE This is HUGE!

Over $4.5 billion in potential orders just from ONE customer. And I dont even think this is their biggest strategic customer.

IEP — an energy developer that has grown alongside $EOSE — is stating over 15GWh+ of planned BESS. We know they work with Eos' technology. https://t.co/3WBX4kSlBQ

This is missing 2GWh of Data Center Robena and the Hummingbird BESS... Exiting times for IEP and Eos ahead. This demand tsunami needs to be met by someone, now.

Here are my comments on how $EOSE has been growing their relationship with IEP since the very early days. They even provided upfront funding, that was later repaid when the project secured financing:

For the full video, linked below 👇👇

[bach @CavaBach]

@LucasSacerdote_ Thanks for your commitment and effort to bring us this $EOSE masterclass, voices like yours are much-needed in the ecosystem.

[Lucas Sacerdote🔋 @LucasSacerdote_]

Eos Energy [Full Investment Thesis]: Everything You Need to Know About $EOSE

$EOSE 🔋has been my biggest position since 2023 - studying it has been a part/full-time job in itself.🔋

Here’s my 119-page, ~two-hour presentation on Eos Energy. Many have reached out wanting to learn more about the company reshaping America’s grid. I did this video and tried including everything I know in here, hopefully helping speed up the learning curve for anyone interested.

This isn’t meant to be flawless; it’s meant to be done. I hope it helps you grasp the company’s story, the team driving it and the potential they have (at least how I see it…).

During the video I’ll cover:

00:00 Introduction
3:49 Global Energy Market
8:15 Why Energy Storage is Key
25:21 Choosing the Right Battery Company
27:15 EOS’ Background and Timeline
38:35 The Product
1:01:56 Production at Scale
1:11:56 Unit of Economics and Financials
1:18:26 Team
1:26:59 Risks
1:29:03 What Comes Next - “Best-In-Class” US Battery and It’s Demand
1:45:52 Boots On the Ground

$EOSE is executing toward an unprecedented hyperscaler energy demand:
U.S.-made, non-lithium storage, ramping for 24/7 data centers, military bases, supply-chain resilient, and addressing key national energy security issues... I believe significant orders should be coming very soon.

Please feel free to share your thoughts, feedback, questions, things I left out, etc. 🔋🔋

[Lucas Sacerdote🔋 @LucasSacerdote_]

$EOSE This was the commentary on Eos I shared with family, friends and colleagues back in June. As of today, everything still stands and conviction kept on growing.