Can FSLR maintain its EPS momentum in 2025?

**First Solar (FSLR) is poised to maintain its EPS momentum in 2025**, considering the following points:

1. **Consistent Growth Trajectory**: FSLR has demonstrated a strong upward trend in EPS, flipping from negative to positive over the past five years. This indicates a company that is not only stabilizing but also accelerating its profitability.
2. **Operational Efficiency and Scale**: The company's operational advancements and strategic initiatives, such as the expansion of manufacturing facilities, are likely to contribute to increased efficiency and further scale effects. These factors often lead to improved profitability and can sustain EPS growth.
3. **Market Position and Demand**: FSLR's leadership in the solar manufacturing industry, with a focus on thin-film technology, positions it well to capitalize on the growing demand for renewable energy solutions. The company's backlog of 72.8 GW in bookings suggests a strong future revenue stream.
4. **Government Incentives and Tax Credits**: The company has benefited from government incentives like the Inflation Reduction Act (IRA), which has enhanced its financial performance and cash flows. The continuation of such policies could provide a supportive environment for FSLR to sustain its EPS growth.
5. **Financial Health and Cash Flow**: FSLR's financial health, with a significant increase in net cash balance and positive free cash flow margin, indicates a strong foundation for continued investment in growth opportunities. This financial stability is crucial for sustaining EPS growth.
6. **Strategic Partnerships**: The partnership with Shoals Technologies Group to strengthen domestic solar manufacturing further solidifies FSLR's position and could lead to additional growth opportunities.

In conclusion, while there are challenges, such as supply chain disruptions and maintaining competitive pricing, the overall trajectory of FSLR's EPS momentum in 2025 appears promising based on the company's growth initiatives, market position, and favorable regulatory environment.