FSLR

Research · Sep 3, 2026

[FSLR] First Solar Thesis 2026: Record Shipments and Backlog Cement Domestic Solar Leadership

First Solar Inc. FY25 revenue $5.22B (+24%); op income $1.60B (+15%); NI $1.53B (+18%); EPS $14.21 (+18%). FCF $1.19B (vs -$308M FY24); total debt $499M (-31% YoY). Record 17.5GW modules shipped. Backlog at year-end 50.1GW / $15B + 23.2GW with adjusters generating up to $600M in 2027-2028. Q4 2.3GW gross bookings (ex India) + 0.1GW low-bin clearance; 1GW US utility-scale at $0.364/W. Louisiana commercial production initiated. South Carolina Series 6 module finishing onshoring announced. CdTe-based CURE semiconductor platform initial modules delivered + CURE conversion rollout starting at Ohio Series 6 factory. Perovskite thin film development line launched + Series 6 form factor pilot line sourcing. USPTO denied petitions to invalidate TOPCon portfolio + FSLR filed ITC petition against foreign-headquartered manufacturers infringing TOPCon. FY26 guide: net sales $4.9-$5.2B; gross margin $2.5-$2.6B (~49.5% incl 45X + ramp + underutilization); SG&A $215-$225M; R&D $285-$290M; adj EBITDA $2.6-$2.8B; capex $800M-$1B; year-end gross/net cash $1.7-$2.3B; India credit facility full repayment by 06/30/2026.