Despite a reduction in volume guidance, primarily due to three contract terminations and the assumption that modules would be sold within the year, these challenges are perceived as 'largely idiosyncratic.' The current difficulties are seen as 'situational rather than structural,' which suggests a temporary rather than a fundamental setback.

First Solar's third-quarter performance and guidance for 2024 volumes and revenue experienced downward pressure due to operational challenges and difficulties in the India market. The risk of project delays could continue into the fourth quarter, and the share price is likely to show increased volatility surrounding the U.S. presidential election. Nonetheless, the present valuation appears to significantly factor in the potential repeal of the IRA and/or earnings per share estimates that fall substantially below the consensus.

Following the Q3 report, there's an anticipation that First Solar's earnings potential could increase if the India factory resumes operation, especially with the possibility of higher tariffs depending on the election results.

The company's Q3 earnings fell short of expectations, with anticipated challenges stemming from cancellations and delays exacerbated by sharper price pressures in India. On the brighter side, the company is engaged in negotiations related to its TOPCon patents, which could enhance its valuation. Moreover, with the U.S. election in focus, the company stands to benefit from potentially more aggressive protectionist policies under a Republican administration.