First Solar, Inc. Q3 2025 Earnings Recap

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.