Jul. 21 at 9:32 AM
$FSLR Historically, its US market share has hovered around 25-30%, but we expect this to increase to in excess of 50%. First Solar was a key beneficiary of domestic manufacturing incentives under the Inflation Reduction Act. Importantly, these incentives were left essentially unscathed in the recent One Big Beautiful Bill Act – providing improved confidence into First Solar’s medium-term earnings power.
“The market is concerned with the buildout of domestic supply by competitors as well as weak bookings in recent quarters. However, we believe the limited bookings were partially a function of the company’s patience. Additionally, we see the recent clearing of US policy uncertainty as likely to reaccelerate bookings momentum at healthy ASPs (
$0.30/watt) in the second half of 2025.”
