First Solar Suffers Regulatory/Demand Uncertainty - Wait On The Sidelines First

FSLR benefits from strong US-based bookings, high US utilization, and section 45x production credits, with the multi-year backlog through 2030 supporting its profitable growth prospects. Their CuRe platform also commands higher ASPs, with it potentially unlocking up to $0.6B in additional revenue from technology adjusters, with most benefits expected in 2027-2028. Risks include FSLR's declining multi-year backlog, underutilized overseas capacity at 7 GW, and dependence on US renewable policy/Section 45x credits.