Sparq Receives Expanded Purchase Order for $32 Million of Microinverters

• Sparq Systems Inc. received an expanded purchase order for $32 million of Q2000 Quad Microinverters on May 26, 2026.
• The order is designated for deployment within the Indian market.
• This contract represents an expansion of a previously announced order disclosed on March 11, 2026 (60 MW).
• Management views this as validation of technology and ability to support large-scale deployments with leading partners.
• CEO Dr. Praveen Jain highlighted momentum in India and the advantages of the Quad microinverter platform at scale.

• The news confirms execution of a long-term manufacturing and supply agreement first announced on February 8, 2024.
• While $32 million is significant revenue for a small-cap entity, it follows directly from the March 11 announcement regarding the same market (India).
• The price action prior to this news suggests expectations were already priced in; the stock rallied from ~$0.60 in April to ~$1.04 by May 13, preceding the May 26 release.
• As an expansion of a known framework rather than a new strategic pivot or unexpected partner, the market impact is likely incremental.
• The news validates revenue visibility but does not alter the fundamental risk profile regarding execution or market concentration in India.

• Sparq Systems Inc. develops microinverters and grid power control devices for solar applications.
• Flagship Product: Q2000 Quad Microinverters designed to reduce hardware complexity via differential geometric control methods.
• Technology Highlights: Eliminates short-life electrolytic capacitors, supports zero-export operation, and minimizes semiconductor stress.
• Recent Innovation: AI-driven Grid Power Control (GPC) device announced November 2025 for residential, commercial, and industrial solar applications.
• Market Focus: Expansion into high-volume international markets including India and Sub-Saharan Africa.