First Solar Stock Price (NASDAQ: FSLR) Gains 32% YTD – One Of The Best Climate Tech Plays?

First Solar's stock price (NASDAQ: FSLR) has been on a tear this year, with gains of 8.3% in the past week bringing the YTD tally above 32%. With such an ascent, the stock has a claim to be one the best climate tech plays on the market, but why the rally?

Recent earnings beats has certainly not harmed the cause. In the latest print, FSLR pushed back above $1bn in revenue on the quarter, delivering $1.01bn against an expected $933.89 million. This upside surprise of of 8% was backed up by an EPS beat of 22% ($3.25 against consensus of $2.66).

The preceding quarter told a similar story, with both revenues and EPS beating the street. A record of recent beats certainly does wonders for sentiment, and First Solar has been no different.

First Solar has also maintained a strong financial position with a solid balance sheet, which allows it to invest in new technologies, expand manufacturing capacity, and weather industry fluctuations. Having developed and constructed some of the largest solar power plants in the world, its global presence includes projects in the United States, India, and the Middle East.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar is known for its advanced photovoltaic (PV) solar modules and comprehensive solar energy solutions. The company is recognized for its strong Environmental, Social, and Governance (ESG) practices, which align with the growing investor focus on sustainable and responsible investing.

The firm differentiates itself from many other solar companies by specializing in thin-film solar technology rather than the more common crystalline silicon-based solar panels. Specifically, First Solar uses cadmium telluride (CdTe) in its thin-film modules. This technology is known for its cost-effectiveness, lower carbon footprint, and better performance in high-temperature environments compared to traditional silicon panels.

Whether the company can continue it's ascent is open to much speculation, but what is assured is that First Solar remains well-positioned to capitalize on the growing demand for renewable energy. Its unique technology, commitment to lowering costs, and strategic market position make it an option worth considering for those looking to gain exposure to the expanding clean energy sector.