First Solar, Inc. Q3 2026 Earnings Recap

First Solar’s shares fell 1.4%, a roughly flat reaction. The quarter’s reported results were substantial, while management described a more cautious booking environment: customers are prioritizing later-stage projects and deferring procurement for early-stage projects, which may slow additions to the multiyear backlog.

Key Takeaways

• Q3 net sales were approximately $1.2 billion, gross margin approximately 58%, and adjusted EBITDA $744 million.
• First Solar expects India finished-goods production of 2.2–2.6 GW in 2027; its first Series 7 CuRe conversion there is expected to begin in Q1 2027.
• South Carolina’s second-phase Series 6 finishing facility is expected to reach commercial launch in mid-2027, about one quarter later than previously planned; the two phases together are expected to produce 2.2–2.5 GW in 2027.
• Management said customer engagement has shifted toward project-specific contracts, while customers advance mid- and late-stage projects and defer procurement for early-stage projects. It cited local opposition and inflation, including rising battery prices, as challenges to project economics.
• The Ohio perovskite pilot line remains on track for operational readiness in the first half of 2027.