Wall St Engine
BMO Capital Downgrades $ENPH to Underperform from Market Perform, Lowers PT to $39 from $46; 'We believe elimination of the 25D credit impacts ENPH disproportionately'
Analyst comments: "We are downgrading ENPH to Underperform from Market Perform and reducing our target price to $39 from $46. The release of the House Ways and Means Committee tax plan, if adopted, will eliminate, at the end of 2025, the Section 25D Residential Clean Energy Credit for homeowners who take loans or pay cash for their residential solar and battery systems. We believe elimination of the 25D credit impacts ENPH disproportionately and shrinks the overall demand for U.S. residential solar in 2026, further contributing to loss of market share in the near term."
Analyst: Ameet Thakkar
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BMO Capital Downgrades $ENPH to Underperform from Market Perform, Lowers PT to $39 from $46; 'We believe elimination of the 25D credit impacts ENPH disproportionately'
Analyst comments: "We are downgrading ENPH to Underperform from Market Perform and reducing our target price to $39 from $46. The release of the House Ways and Means Committee tax plan, if adopted, will eliminate, at the end of 2025, the Section 25D Residential Clean Energy Credit for homeowners who take loans or pay cash for their residential solar and battery systems. We believe elimination of the 25D credit impacts ENPH disproportionately and shrinks the overall demand for U.S. residential solar in 2026, further contributing to loss of market share in the near term."
Analyst: Ameet Thakkar
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Wall St Engine
$ONON | On Holding Q1'25 Earnings Highlights
🔹 Revenue: CHF 726.6M (Est. CHF 680.5M) 🟢; +43.0% YoY
🔹 Adj. EPS: CHF 0.21 (Est. CHF 0.15) 🟢
🔹 Gross Margin: 59.9% vs. 59.7% YoY
🔹 Adj. EBITDA: CHF 119.9M; +54.8% YoY
Segment & Regional Performance
🔹 DTC Sales: CHF 276.9M; +45.3% YoY
🔹 Wholesale Sales: CHF 449.7M; +41.5% YoY
🔹 DTC Share: 38.1% of total revenue
🔹 EMEA Revenue: CHF 168.6M; +33.6% YoY
🔹 Americas Revenue: CHF 437.4M; +32.7% YoY
🔹 Asia-Pacific Revenue: CHF 120.6M; +130.1% YoY
🔹 Shoes: CHF 680.9M; +40.5% YoY
🔹 Apparel: CHF 38.1M; +93.1% YoY
🔹 Accessories: CHF 7.6M; +99.2% YoY
Guidance (FY25)
🔹 Revenue Growth: +28% constant currency → at least CHF 2.86B
🔹 Gross Margin: 60.0% – 60.5%
🔹 Adj. EBITDA Margin: 16.5% – 17.5%
Commentary & Strategic Updates
🔸 Strong brand traction driven by product launches (Cloudsurfer 2, Cloud 6) and campaigns featuring Zendaya
🔸 DTC momentum and improved ops boosted profitability
🔸 Pricing strategy & innovation (e.g., LightSpray™) continue to support premium positioning
🔸 Store rollout & global expansion remain core focus despite macro uncertainties
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$ONON | On Holding Q1'25 Earnings Highlights
🔹 Revenue: CHF 726.6M (Est. CHF 680.5M) 🟢; +43.0% YoY
🔹 Adj. EPS: CHF 0.21 (Est. CHF 0.15) 🟢
🔹 Gross Margin: 59.9% vs. 59.7% YoY
🔹 Adj. EBITDA: CHF 119.9M; +54.8% YoY
Segment & Regional Performance
🔹 DTC Sales: CHF 276.9M; +45.3% YoY
🔹 Wholesale Sales: CHF 449.7M; +41.5% YoY
🔹 DTC Share: 38.1% of total revenue
🔹 EMEA Revenue: CHF 168.6M; +33.6% YoY
🔹 Americas Revenue: CHF 437.4M; +32.7% YoY
🔹 Asia-Pacific Revenue: CHF 120.6M; +130.1% YoY
🔹 Shoes: CHF 680.9M; +40.5% YoY
🔹 Apparel: CHF 38.1M; +93.1% YoY
🔹 Accessories: CHF 7.6M; +99.2% YoY
Guidance (FY25)
🔹 Revenue Growth: +28% constant currency → at least CHF 2.86B
🔹 Gross Margin: 60.0% – 60.5%
🔹 Adj. EBITDA Margin: 16.5% – 17.5%
Commentary & Strategic Updates
🔸 Strong brand traction driven by product launches (Cloudsurfer 2, Cloud 6) and campaigns featuring Zendaya
🔸 DTC momentum and improved ops boosted profitability
🔸 Pricing strategy & innovation (e.g., LightSpray™) continue to support premium positioning
🔸 Store rollout & global expansion remain core focus despite macro uncertainties
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Wall St Engine
$SE | Sea Ltd. Q1'25 Earnings Highlights
🔹 EPS: $0.65 (Est. $0.60) 🟢
🔹 Revenue: $4.84B (Est. $5.02B) 🔴; +29.6% YoY
🔹 Adj EBITDA: $946.5M (Est. $657M); 🟢 +135.9% YoY
Other Metrics:
🔹 Operating Income: $456.4M; UP +542% YoY
🔹 Service Revenue: $4.43B; UP +30.1% YoY
🔹 Sales of Goods: $406.6M; UP +24.6% YoY
🔹 Cost of Revenue: $2.60B; UP +19.5% YoY
Segment Performance
E-Commerce (Shopee)
🔹 GAAP Revenue: $3.12B; UP +28.7% YoY
🔹 Gross Orders: 3.1B; UP +20.5% YoY
🔹 GMV: $28.6B; UP +21.5% YoY
🔹 Marketplace Revenue: $3.1B; UP +28.7% YoY
🔹 Core Marketplace Revenue: $2.4B; UP +39.2% YoY
🔹 Value-Added Services Revenue: $752.2M; UP +4.1% YoY
🔹 Adjusted EBITDA: $264.4M (vs. -$21.7M YoY)
Digital Financial Services (Monee)
🔹 GAAP Revenue: $787.1M; UP +57.6% YoY
🔹 Adjusted EBITDA: $241.4M; UP +62.4% YoY
🔹 Consumer & SME Loans Outstanding: $5.8B; UP +76.5% YoY
🔹 NPLs (90+ days past due): 1.1% (Stable QoQ)
Digital Entertainment (Garena)
🔹 Bookings: $775.4M; UP +51.4% YoY
🔹 GAAP Revenue: $495.6M; UP +8.2% YoY
🔹 Adjusted EBITDA: $458.2M; UP +56.8% YoY
🔹 Quarterly Active Users: 661.8M; UP +11.3% YoY
🔹 Quarterly Paying Users: 64.6M; UP +32.2% YoY
🔹 Paying User Ratio: 9.8% (vs. 8.2% YoY)
🔹 Avg. Bookings per User: $1.17 (vs. $0.86 YoY)
Expense Breakdown
🔹 Sales & Marketing Expenses: $929.7M; UP +20.8% YoY
- E-Commerce: $777.5M; UP +15.0% YoY
- Digital Financial Services: $96.3M; UP +69.6% YoY
- Digital Entertainment: $28.9M; UP +49.2% YoY
🔹 General & Administrative Expenses: $307.2M; UP +5.6% YoY
🔹 R&D Expenses: $295.9M; DOWN -2.8% YoY
🔹 Provision for Credit Losses: $281.9M; UP +74.3% YoY
Other Metrics
🔹 Cost of Goods Sold: $373.8M; UP +20.8% YoY
🔹 Non-Operating Income: $89.2M (vs. -$17.5M YoY)
🔹 Income Tax Expense: $136.3M; UP +73.1% YoY
🔹 Operating Expenses: $1.78B; UP +20.0% YoY
CEO Forrest Li’s Commentary
🔸 “We have delivered another great quarter of strong growth with improving profitability across all three businesses.”
🔸 “Shopee achieved record-high GMV and gross order volume in Q1, sustaining market leadership with improved profitability in Asia and Brazil.”
🔸 “SeaMoney, now rebranded to Monee, grew revenue and adjusted EBITDA more than 50% YoY, while maintaining stable asset quality.”
🔸 “Garena had its best quarter since 2021, driven by Free Fire’s collaboration with NARUTO and a resurgence in engagement.”
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$SE | Sea Ltd. Q1'25 Earnings Highlights
🔹 EPS: $0.65 (Est. $0.60) 🟢
🔹 Revenue: $4.84B (Est. $5.02B) 🔴; +29.6% YoY
🔹 Adj EBITDA: $946.5M (Est. $657M); 🟢 +135.9% YoY
Other Metrics:
🔹 Operating Income: $456.4M; UP +542% YoY
🔹 Service Revenue: $4.43B; UP +30.1% YoY
🔹 Sales of Goods: $406.6M; UP +24.6% YoY
🔹 Cost of Revenue: $2.60B; UP +19.5% YoY
Segment Performance
E-Commerce (Shopee)
🔹 GAAP Revenue: $3.12B; UP +28.7% YoY
🔹 Gross Orders: 3.1B; UP +20.5% YoY
🔹 GMV: $28.6B; UP +21.5% YoY
🔹 Marketplace Revenue: $3.1B; UP +28.7% YoY
🔹 Core Marketplace Revenue: $2.4B; UP +39.2% YoY
🔹 Value-Added Services Revenue: $752.2M; UP +4.1% YoY
🔹 Adjusted EBITDA: $264.4M (vs. -$21.7M YoY)
Digital Financial Services (Monee)
🔹 GAAP Revenue: $787.1M; UP +57.6% YoY
🔹 Adjusted EBITDA: $241.4M; UP +62.4% YoY
🔹 Consumer & SME Loans Outstanding: $5.8B; UP +76.5% YoY
🔹 NPLs (90+ days past due): 1.1% (Stable QoQ)
Digital Entertainment (Garena)
🔹 Bookings: $775.4M; UP +51.4% YoY
🔹 GAAP Revenue: $495.6M; UP +8.2% YoY
🔹 Adjusted EBITDA: $458.2M; UP +56.8% YoY
🔹 Quarterly Active Users: 661.8M; UP +11.3% YoY
🔹 Quarterly Paying Users: 64.6M; UP +32.2% YoY
🔹 Paying User Ratio: 9.8% (vs. 8.2% YoY)
🔹 Avg. Bookings per User: $1.17 (vs. $0.86 YoY)
Expense Breakdown
🔹 Sales & Marketing Expenses: $929.7M; UP +20.8% YoY
- E-Commerce: $777.5M; UP +15.0% YoY
- Digital Financial Services: $96.3M; UP +69.6% YoY
- Digital Entertainment: $28.9M; UP +49.2% YoY
🔹 General & Administrative Expenses: $307.2M; UP +5.6% YoY
🔹 R&D Expenses: $295.9M; DOWN -2.8% YoY
🔹 Provision for Credit Losses: $281.9M; UP +74.3% YoY
Other Metrics
🔹 Cost of Goods Sold: $373.8M; UP +20.8% YoY
🔹 Non-Operating Income: $89.2M (vs. -$17.5M YoY)
🔹 Income Tax Expense: $136.3M; UP +73.1% YoY
🔹 Operating Expenses: $1.78B; UP +20.0% YoY
CEO Forrest Li’s Commentary
🔸 “We have delivered another great quarter of strong growth with improving profitability across all three businesses.”
🔸 “Shopee achieved record-high GMV and gross order volume in Q1, sustaining market leadership with improved profitability in Asia and Brazil.”
🔸 “SeaMoney, now rebranded to Monee, grew revenue and adjusted EBITDA more than 50% YoY, while maintaining stable asset quality.”
🔸 “Garena had its best quarter since 2021, driven by Free Fire’s collaboration with NARUTO and a resurgence in engagement.”
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Wall St Engine
$UAA | Under Armour Q4 Earnings Highlights
🔹 Adj. EPS: -$0.08 (Est. -$0.08) 🟡
🔹 Revenue: $1.2B (Est. $1.16B) 🟢; -11% YoY
🔹 Gross Margin: 46.7%; +170 bps YoY
🔹 Inventory: $946M; -1% YoY
FY26 Guidance
🔹 Revenue: -4% to -5% YoY
🔹 Gross Margin: +40 to +60 bps YoY
🔹 Adj. Operating Income: $20M–$30M
🔹 Adj. EPS: $0.01–$0.03
Q4 Segment Breakdown
🔹 North America: $689M; DOWN -11% YoY
🔹 International: $489M; DOWN -13% YoY
— EMEA: DOWN -2%
— APAC: DOWN -27%
🔹 Wholesale: $768M; DOWN -10% YoY
🔹 DTC: $386M; DOWN -15% YoY
🔹 Apparel: $780M; DOWN -11% YoY
🔹 Footwear: $282M; DOWN -17% YoY
🔹 Accessories: $92M; UP +2% YoY
CEO Kevin Plank’s Commentary
🔸 “We’re rebuilding Under Armour into a more focused and profitable brand.”
🔸 “Macro uncertainty and tariffs impact our outlook, but execution and alignment remain strong.”
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$UAA | Under Armour Q4 Earnings Highlights
🔹 Adj. EPS: -$0.08 (Est. -$0.08) 🟡
🔹 Revenue: $1.2B (Est. $1.16B) 🟢; -11% YoY
🔹 Gross Margin: 46.7%; +170 bps YoY
🔹 Inventory: $946M; -1% YoY
FY26 Guidance
🔹 Revenue: -4% to -5% YoY
🔹 Gross Margin: +40 to +60 bps YoY
🔹 Adj. Operating Income: $20M–$30M
🔹 Adj. EPS: $0.01–$0.03
Q4 Segment Breakdown
🔹 North America: $689M; DOWN -11% YoY
🔹 International: $489M; DOWN -13% YoY
— EMEA: DOWN -2%
— APAC: DOWN -27%
🔹 Wholesale: $768M; DOWN -10% YoY
🔹 DTC: $386M; DOWN -15% YoY
🔹 Apparel: $780M; DOWN -11% YoY
🔹 Footwear: $282M; DOWN -17% YoY
🔹 Accessories: $92M; UP +2% YoY
CEO Kevin Plank’s Commentary
🔸 “We’re rebuilding Under Armour into a more focused and profitable brand.”
🔸 “Macro uncertainty and tariffs impact our outlook, but execution and alignment remain strong.”
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Offshore
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Wall St Engine
Robinhood $HOOD to acquire Canada’s WonderFi in all-cash deal worth ~C$250M, a 41% premium to last close.
WonderFi operates Bitbuy & Coinsquare, with over C$2.1B in AUC. Deal expands Robinhood’s crypto footprint in one of the world’s fastest-growing crypto markets. https://t.co/YpmlU29vgN
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Robinhood $HOOD to acquire Canada’s WonderFi in all-cash deal worth ~C$250M, a 41% premium to last close.
WonderFi operates Bitbuy & Coinsquare, with over C$2.1B in AUC. Deal expands Robinhood’s crypto footprint in one of the world’s fastest-growing crypto markets. https://t.co/YpmlU29vgN
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Offshore
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Wall St Engine
UNITEDHEALTH $UNH SINKS 11% AS CEO STEPS DOWN, OUTLOOK SUSPENDED https://t.co/3GQDa6DBQ2
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UNITEDHEALTH $UNH SINKS 11% AS CEO STEPS DOWN, OUTLOOK SUSPENDED https://t.co/3GQDa6DBQ2
UNITEDHEALTH $UNH SUSPENDS 2025 OUTLOOK, NAMES STEPHEN HEMSLEY CEO — replacing Andrew Witty, who steps down for personal reasons. Hemsley returns after leading UNH from 2006–2017. Co. cites rising medical costs, especially in Medicare Advantage. Expects to resume growth in 2026 tweet
Offshore
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Wall St Engine
Guess nobody told Optimus he’s got smoother moves than half the humans out there!
https://t.co/4oFkWO5kSP
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Guess nobody told Optimus he’s got smoother moves than half the humans out there!
https://t.co/4oFkWO5kSP
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