First Solar Reclaims $200 Level as 118MW Deal and Earnings Hype Fuel 5% Surge

Major Contract Win with Renewable Properties

First Solar (FSLR) emerged as a standout performer in Thursday's session, climbing to $200.01 on the back of a significant new contract. The company announced a deal with community solar developer Renewable Properties to supply 118 megawatts (MW) of its American-made thin-film solar modules. The modules are slated for deployment across small-scale utility and community solar projects in 17 U.S. states, including major installations in California, New York, and Illinois.

This contract reinforces First Solar's dominant position in the domestic market at a time when many silicon-based rivals are struggling with global oversupply and pricing volatility. By utilizing cadmium telluride (CdTe) technology, First Solar remains the only major U.S.-headquartered manufacturer that is fully insulated from the supply chain risks associated with Xinjiang-sourced polysilicon, a factor that continues to command a premium from domestic developers.

Q1 Earnings Preview: High Stakes for the Domestic Titan

The intraday move is also being driven by aggressive positioning ahead of First Solar’s Q1 2026 earnings report, scheduled for release after the market close today at 4:30 PM ET. Wall Street analysts are anticipating a robust performance, with consensus estimates calling for earnings of approximately $3.08 per share on revenue of $1.05 billion. This would represent a staggering 58% jump in earnings compared to the same period last year.

Investors are particularly focused on management's guidance regarding the ramping of the company's new Louisiana facility and the continued impact of Section 45X tax credits under the Inflation Reduction Act (IRA). Analysts at Simply Wall St noted that the central narrative for First Solar today is "policy-driven resilience," as the company leverages billions in tax credits to maintain industry-leading gross margins, which some bulls expect to approach 45% this quarter.

Sector Resilience and Macro Tailwinds

The strength in FSLR follows a mixed but stabilizing report from sector peer Enphase Energy (ENPH) yesterday. While Enphase saw a decline in revenue, its in-line Q2 guidance helped settle nerves across the renewable energy space. Furthermore, broader macro conditions are providing a tailwind for solar stocks; with crude oil prices crossing the $100 per barrel mark due to escalating tensions in the Strait of Hormuz, the economic argument for long-term solar installations has gained renewed urgency among utilities and large-scale power users.

Technically, the move above $200 is significant, as the stock had faced resistance near the $190 level throughout April. With volume reaching 1.2 million shares by mid-afternoon, the buying pressure suggests institutional conviction that First Solar can execute on its 25 GW production target for 2026. Looking forward, the market will be listening closely to CEO Mark Widmar’s commentary on the contracted backlog, which currently stands at a massive $15 billion, providing the company with multi-year revenue visibility that few in the semiconductor or energy sectors can match.