Home Earnings Analysis Tech  Summary 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. FSLR trades at discounted EV/Sales of 4.00x and P/E of 11.86x, below its 5Y averages/sector medians, but uncertain demand/policy prospects warrant a prudent, wait-and-see approach. onurdongel/iStock via Getty Images I previously rated First Solar, Inc. ( FSLR ) as a Hold in February 2026, attributed to the cooling demand and the mixed booking trends.…