First Solar, Inc.

First Solar, Inc. Earnings Recaps

FSLR Information Technology 2 recaps
Q1 2026 May 1, 2026

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.

Key takeaways
  • 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.
Full recap
Q3 2025 Nov 1, 2025

First Solar reported robust performance in Q3 2025, achieving record module sales while navigating significant debookings that impacted their contracted backlog.

Key takeaways
  • Delivered a record 5.3 gigawatts of module sales, near the midpoint of prior forecasts.
  • Secured 2.7 gigawatts in gross bookings at an ASP of $0.309 per watt, despite debooking 6.9 gigawatts.
  • Increased cash reserves to $2 billion, driven by improved working capital and accelerated customer payments.
  • Advancing domestic capacity with new production runs initiated at the Louisiana facility, with a new U.S. production site aiming for 3.7 gigawatts capacity planned by late 2026.
  • Enhanced sustainability efforts recognized with a gold rating in the Responsible Business Alliance’s assessment for Ohio facilities.
Full recap