First Solar shares soared 11.1% after earnings, as the company delivered record first-quarter revenue and notably expanded gross margins, signaling meaningful progress on both scale and profitability. Results were underpinned by record sales in India and ongoing margin improvement, while management cited differentiated technology and a strong domestic manufacturing footprint as competitive advantages.

• First-quarter net sales reached a record $1 billion, up 24% year-over-year, driven by a 31% increase in shipment volume.
• Gross margin expanded approximately 6 percentage points to 47%, mainly reflecting higher qualification for Section 45X tax benefits and a sharp reduction in freight costs.
• U.S. facilities operated at approximately 96% utilization and contributed roughly 3 GW of the 4.3 GW total module production for the quarter.
• Sales in India hit record levels, with 1 GW sold domestically at an average price of $0.20 per watt; U.S. market bookings came in at an average $0.35 per watt, exclusive of India volumes.
• The contracted backlog stands at 47.9 GW (aggregate $14.4 billion), with visibility through 2030 and the majority of U.S. production capacity committed through 2028.