
Gstar Subic Philippines: First N-Type High-Efficiency Module Successfully Launched
N-Type Modules Lead with Intelligent Production
The first module produced by Gstar Subic features N-type 183.75mm cells in a 72-cell bifacial dual-glass format, integrating technologies such as laser non-destructive scribing, SMBB technology, and high-density encapsulation. By narrowing cell spacing and maximizing the active area, the module achieves a peak output of 595W and conversion efficiency of 23.03%. Enhanced bifaciality, a lower temperature coefficient, and better low-light response place it among the top-tier offerings in its class. It is suitable for commercial and industrial use, large-scale power stations, and various "PV+" scenarios, delivering higher system power generation and lower LCOE, meeting the growing global demand for high-efficiency, high-power solar modules.
Key processes on the module production lines are fully automated. During the design phase, safety, stability, intelligence, and efficiency were comprehensively considered. Following multidimensional optimization, the facility was developed into a smart, integrated factory featuring high safety, automation, low energy consumption, and strong compatibility. The factory supports flexible module type switching while maintaining high output and lower costs, ensuring the large-scale production of high-efficiency modules.
A New Benchmark for the Philippine PV Industry
Gstar has completed the base construction, demonstrating its strong project execution capabilities and operational efficiency. With the first phase of 1GW modules and 1.5GW cells completed, Gstar is accelerating construction of the second phase, a 2GW module project, aiming to create a leading and trusted PV industry hub in the Philippines and across Southeast Asia.
The factory has obtained key international certifications: ISO 9001 for quality management, ISO 14001 for environmental management, and ISO 45001 for occupational health and safety, signifying global-standard operations. Gstar is also actively advancing the registration process for the D-U-N-S® Number to further enhance international credibility, supply chain transparency, and business reputation.
Mass production is expected to begin on May 18. This will bridge the gap in the Philippines' PV module manufacturing, bring in advanced production capabilities to elevate the local solar industry, and offer the global market a more diversified supply chain option.
Global Layout Strengthened with Enhanced Competitiveness
The Philippines, as an emerging market, is experiencing consistent growth in solar installed capacity. According to the Philippine Energy Plan 2020–2040, the country aims to increase its renewable energy share to over 35% by 2030 and over 50% by 2040. The establishment and operation of Gstar's factory will provide a strong impetus for this development.
Gstar employs a "1+N" global strategic layout model, covering a network of manufacturing bases and service centers. Its site selection strategy aligns closely with local market needs and long-term export trade considerations. Gstar's business now spans the U.S., India, Thailand, Indonesia, Laos, the Philippines, UAE and Egypt. The successful launch of the Philippine factory marks another milestone in Gstar's global footprint, further completing its industrial layout, enhancing competitiveness in the global solar industry.
Gstar Showcases at Solar & Storage Live Philippines
While accelerating localized manufacturing, Gstar continues to deepen cooperation with global partners. At the upcoming Solar & Storage Live Philippines (May 19–20), Gstar will showcase its full PV supply chain and system solutions at Booth 1-AA29—including silicon rods, wafers, cells, frames, modules, and energy storage systems. Industry experts, partners, and customers are invited to discuss the latest trends and development opportunities.

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The Company excludes the impact of amortization expense from acquired intangible assets from adjusted operating income and adjusted operating margin, and the impact of amortization expense from acquired intangible assets, including the related tax effects, from adjusted diluted earnings per share. We do not adjust for the revenue that is generated in part from the use of our acquired intangible assets. Amortization expense, unlike the related revenue, is not affected by operations in any particular period unless an intangible asset becomes impaired, or the useful life of an intangible asset is revised. When used in conjunction with our GAAP results, we believe these non-GAAP measures provide investors with meaningful supplemental measures of our performance period to period, make it easier for investors to compare our underlying business performance to peers, and align to how management analyzes trends and evaluates performance internally. The Company provides non-GAAP financial information on this basis to facilitate comparability when we report earnings results. These non-GAAP measures should not be a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness as comparative measures. ————— (1) Operating margin is calculated as operating income divided by total net sales. (2) Amounts include acquired intangible asset amortization of $87 million and $174 million during the three and six months ended August 3, 2025, respectively, and $39 million during the three and six months ended July 28, 2024 related to SRS which was acquired on June 18, 2024. (3) Adjusted operating margin is calculated as adjusted operating income divided by total net sales. Our adjusted operating margin guidance for fiscal 2025 excludes an expected approximately 40 basis point impact from acquired intangible asset amortization. ————— (1) Calculated as the per share impact of acquired intangible asset amortization multiplied by the Company's effective tax rate for the period. Our adjusted diluted earnings per share guidance for fiscal 2025 excludes an expected after-tax impact of approximately $0.40 from acquired intangible asset amortization. SOURCE The Home Depot