Competition And Margin ErosionCompetition is intensifying as domestic supply scales, limiting catalysts for sustained EBITDA expansion and increasing potential for ASP compression.
Operational Expenses And Earnings ImpactIntegration of APA adds operational expense drag through the next few years, with limited near-term earnings impact.
Tariffs And Cost PressuresLingering concerns related to potential upcoming FEOC guidance and Section 232 tariffs on U.S. polysilicon and derivative product imports.