First Solar (FSLR) reported lower-than-expected third-quarter earnings and revenue, citing a $50 million product warranty reserve charge. The company also lowered its 2024 sales and earnings outlook due to industry volatility and political uncertainty. Despite the challenges, First Solar remains confident in its long-term growth strategy.
Daqo New Energy Corp. (DQ) reported disappointing second-quarter earnings, missing both revenue and earnings per share estimates. The company attributed the poor performance to a challenging solar industry environment characterized by falling market prices and oversupply. Despite this, Daqo remains optimistic about its long-term prospects and has announced a $100 million share repurchase program to bolster shareholder confidence.
Arctech, a leading solar tracking and racking solutions provider, has achieved a remarkable 131% growth in 2024, surpassing other top solar tracker suppliers. The company’s success is attributed to its strategic globalization and localization efforts, including establishing manufacturing bases in India and the Middle East. Arctech holds the top position in India with a 45% market share and a substantial 21% share in the Middle East, alongside maintaining its dominance in the APAC region. Arctech’s signature tracking systems adapt well to diverse environments, further contributing to its success. Looking ahead, Arctech projects even better performance in 2024, backed by a strong order backlog and commitment to ESG practices.
Beleaguered solar giant SunPower Corp. (NASDAQ: SPWR) has announced a series of cost-cutting measures, including workforce reductions, residential installation location closures, and the discontinuation of direct sales. The move comes amid ongoing financial challenges and a revision of the company’s past financial results. SunPower’s restructuring aims to simplify its operations, reduce expenses, and focus on more sustainable and profitable areas within the solar industry.
