Achieved record Q3 2025 module sales of 5.3 GW and net sales of $1.6B, with EPS of $4.24, near or above prior guidance midpoint.
Terminated major BP affiliate contracts totaling 6.6 GW, reducing backlog to 53.7–54.5 GW and resulting in a $384.6M–$385M claim.
Advanced U.S. manufacturing with Louisiana facility ramping ahead of schedule and announced a new 3.7 GW U.S. finishing line for Series 6 modules.
Improved gross cash to $2B and net cash to $1.5B, supported by strong operating cash flow and accelerated customer payments.
Recognized for corporate responsibility, including RBA Gold rating and top global benchmarks.
Q3 2025 net sales reached $1.6B, up $0.5B sequentially and 79.7% year-over-year, driven by higher shipments.
Gross margin was 38.3%, down from 46–50.2% last year due to lower U.S. mix, higher logistics, and underutilization costs.
Operating income was $466M, including $138M in D&A, $49M in ramp/underutilization, and $37M in startup costs.
Net income for Q3 2025 was $456M, up $143M year-over-year.
Cash, equivalents, and marketable securities at $2B, net cash $1.5B, up $0.8–$0.9B from Q2.
2025 net sales guidance: $4.95–$5.2B, reflecting lower international volume and BP terminations.
Gross margin expected at $2.1–$2.2B (42%), including $1.56–$1.59B in Section 45X tax credits.
Operating income guidance: $1.56–$1.68B (32% margin).
Full-year 2025 EPS guidance: $14–$15, reduced by $1.50/share due to supply chain and contract impacts.
CapEx for 2025 expected at $0.9–$1.2B; year-end net cash $1.6–$2.1B.
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First Solar, Inc. is an American company that specializes in solar panels photovoltaic (PV) solar energy solutions. The company offers an integrated set of services, including project development, EPC (engineering, procurement, and construction) services, and operations and maintenance support. First Solar caters to a diverse client base, ranging from large utilities to commercial and industrial entities, with a focus on reliability, performance, and cost-effectiveness in their solar energy solutions. The company is headquartered in Tempe, Arizona, and its shares are listed on the NASDAQ.
First Solar distinguishes itself in the solar energy market through its unique use of CdTe as a semiconductor in its solar panels. This approach sets it apart from the more commonly used silicon-based solar cells. CdTe solar cells offer several advantages: they have a lower cost for materials and manufacturing, and they perform better in high-temperature environments compared to silicon-based cells, among other benefits. This specialized technology has enabled First Solar to carve out a niche in the competitive solar industry, focusing particularly on utility-scale solar projects where these advantages can be leveraged effectively. Some other companies operating in the same sector are SunPower Corporation, Canadian Solar, and Enphase Energy.
First Solar was founded in 1999 by inventor Harold McMaster as Solar Cells, Inc. and later rebranded as First Solar in 2002. The company's early focus was on manufacturing solar panels with CdTe as a semiconductor, which was a unique approach compared to the more common silicon-based solar cells at the time.
First Solar went public in 2006, being one of the first major solar companies to go public, and the years following the IPO were marked by rapid growth. It expanded its manufacturing capacity and global footprint, establishing itself as a major player in the solar energy sector. During the 2010s, First Solar adapted to changing market conditions by focusing on its strengths in thin-film technology and large-scale solar projects. The company also invested in research and development to improve its module efficiency and reduce costs.
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