As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the renewable energy industry, including First Solar (NASDAQ: FSLR) and its peers.

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 16 renewable energy stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 4.5% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 10.1% since the latest earnings results.

First Solar (NASDAQ: FSLR)

Headquartered in Arizona, First Solar (NASDAQ: FSLR) specializes in manufacturing solar panels and providing photovoltaic solar energy solutions.

First Solar reported revenues of $1.59 billion, up 79.7% year on year. This print was in line with analysts’ expectations, but overall, it was a disappointing quarter for the company with full-year revenue and EPS guidance missing analysts’ expectations significantly.

First Solar achieved the fastest revenue growth of the whole group. Unsurprisingly, the stock is up 10.5% since reporting and currently trades at $258.13.

Is now the time to buy First Solar? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q3: Bloom Energy (NYSE: BE)

Working in stealth mode for eight years, Bloom Energy (NYSE: BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.

Bloom Energy reported revenues of $519 million, up 57.1% year on year, outperforming analysts’ expectations by 22.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 23.3% since reporting. It currently trades at $86.95.

Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Generac (NYSE: GNRC)

With its name deriving from a combination of “generating” and “AC”, Generac (NYSE: GNRC) offers generators and other power products for residential, industrial, and commercial use.

Generac reported revenues of $1.11 billion, down 5% year on year, falling short of analysts’ expectations by 6.6%. It was a disappointing quarter as it posted a miss of analysts’ Residential revenue estimates and a significant miss of analysts’ revenue estimates.

As expected, the stock is down 18.3% since the results and currently trades at $155.34.

Read our full analysis of Generac’s results here.

American Superconductor (NASDAQ: AMSC)

Founded in 1987, American Superconductor (NASDAQ: AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.

American Superconductor reported revenues of $65.86 million, up 20.9% year on year. This print missed analysts’ expectations by 2%. Taking a step back, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

The stock is down 47.1% since reporting and currently trades at $31.46.

Read our full, actionable report on American Superconductor here, it’s free for active Edge members.

EVgo (NASDAQ: EVGO)

Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ: EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States.

EVgo reported revenues of $92.3 million, up 36.7% year on year. This number surpassed analysts’ expectations by 0.7%. Overall, it was a strong quarter as it also produced a beat of analysts’ EPS estimates and full-year EBITDA guidance exceeding analysts’ expectations.

EVgo delivered the highest full-year guidance raise among its peers. The stock is down 8.6% since reporting and currently trades at $3.13.

Read our full, actionable report on EVgo here, it’s free for active Edge members.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

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