First Solar, Inc. Announces Third Quarter 2025 Financial Results and Updates Guidance
•Net sales of $1.6 billion; Record volume sold of 5.3 GW
•Net income per diluted share of $4.24
•Gross cash balance of $2.0 billion; Net cash balance of $1.5 billion
•2.7 GW gross bookings since our last earnings call with an average selling price of 30.9 cents per watt, excluding contract pricing adjusters
•Contracted sales backlog of 53.7 GW, valued at $16.4 billion, as of September 30, 2025
TEMPE, Arizona, October 30, 2025 – First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the third quarter ended September 30, 2025, and updated its 2025 guidance.
Net sales for the third quarter were $1.6 billion, an increase of $0.5 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties.
The Company reported third quarter net income per diluted share of $4.24, compared to net income per diluted share of $3.18 in the second quarter of 2025.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, increased to $1.5 billion from $0.6 billion at the end of the prior quarter. The increase was primarily due to higher cash receipts from module sales, including advance payments for future sales, and favorable changes in working capital.
“As a result of our disciplined approach to balancing growth, liquidity, and profitability, we’ve further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales,” said Mark Widmar, Chief Executive Officer. “While trade and policy developments have introduced new challenges for many in our industry, we continue to differentiate ourselves by offering pricing and delivery certainty, enabling us to respond effectively to evolving demand drivers and reinforce our leadership.”
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Our 2025 guidance has been updated as follows:
Prior
Current
Net Sales
$4.90B
to
$5.70B
$4.95B
to
$5.20B
Gross Margin (1)
$2.05B
to
$2.35B
$2.10B
to
$2.20B
Operating Expenses (2)
$480M
to
$520M
$515M
to
$535M
Operating Income (3)
$1.53B
to
$1.87B
$1.56B
to
$1.68B
Earnings per Diluted Share
$13.50
to
$16.50
$14.00
to
$15.00
Net Cash Balance (4)
$1.3B
to
$2.0B
$1.6B
to
$2.1B
Capital Expenditures
$1.0B
to
$1.5B
$0.9B
to
$1.2B
Volume Sold
16.7GW
to
19.3GW
16.7GW
to
17.4GW
——————————
(1)Assumes $155 million to $165 million of ramp and underutilization costs and $1.56 billion to $1.59 billion of Section 45X tax credits.
(2)Assumes $90 million of production start-up expense.
(3)Assumes $245 million to $255 million of production start-up expense, ramp and underutilization costs, and $1.56 billion to $1.59 billion of Section 45X tax credits.
(4)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025.
The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s third quarter 2025 financial results, 2025 guidance, and financial outlook.
Conference Call Details
First Solar has scheduled a conference call for today, October 30, 2025, at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. A replay of the webcast will also be available on the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for 30 days.
About First Solar, Inc.
First Solar, Inc. (Nasdaq: FSLR) is America’s leading photovoltaic (“PV”) solar technology and manufacturing company. The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at research and development (“R&D”) labs in California and Ohio, our technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. For more information, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for solar technology generally and for our technology specifically, including in the U.S. market, and our positioning to serve such demand; new capacity coming online; our expectations regarding the political and trade environment and its impacts; production and delivery of our modules; our financial guidance for 2025, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted
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share, net cash balance, capital expenditures, expected earnings cadence, volume sold, bookings, and expected module shipments; products and our business and financial objectives for 2025; the availability of benefits under certain production linked incentive programs, and the impact of the Internal Revenue Code including the Section 45X tax credits; and the impact of the implementation of new tariffs. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “contingent,” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications; the impact of public policies, such as tariffs, export controls, or other trade remedies imposed on solar cells and modules or related raw materials or equipment; interest rate fluctuations and our customers’ ability to secure financing; our ability to execute on our long-term strategic plans, including our ability to secure financing and realize the potential benefits of strategic acquisitions and investments; the loss of any of our large customers, or the inability of our customers and counterparties to perform under their contracts with us, including through terminations by customers of any contract in part or in full; our ability to execute on our solar module technology and cost reduction roadmaps; the performance of our solar modules upon installation; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including the implementation of our Copper Replacement (“CuRe”) program; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events and conflicts; environmental responsibility, including with respect to cadmium telluride (“CdTe”) and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program or otherwise as required by external laws and regulations; supply chain disruptions; our ability to protect or successfully commercialize our intellectual property; our ability to prevent and/or minimize the impact of cybersecurity incidents or information or security breaches; our continued investment in research and development; the supply and price of key raw materials (including CdTe, tellurium, and tellurium compounds), components, and manufacturing equipment; our ability to construct new production facilities to support new product lines; evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters; our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 module manufacturing facilities; our ability to attract, train, retain, and successfully integrate key talent into our team; the severity and duration of public health threats, and the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.
Contacts
First Solar Investors First Solar Media
investor@firstsolar.com media@firstsolar.com
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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
September 30, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
1,992,173
$
1,621,376
Marketable securities
47,747
171,583
Accounts receivable trade, net
1,442,044
1,261,049
Government grants receivable, net
684,118
403,759
Inventories
1,100,850
1,084,384
Other current assets
634,836
546,882
Total current assets
5,901,768
5,089,033
Property, plant and equipment, net
5,759,806
5,413,683
Deferred tax assets, net
183,646
208,808
Restricted marketable securities
215,526
199,136
Government grants receivable
296,238
157,570
Goodwill
30,682
28,335
Intangible assets, net
51,262
54,654
Inventories
254,541
275,372
Other assets
765,840
697,770
Total assets
$
13,459,309
$
12,124,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
284,542
$
482,190
Income taxes payable
78,773
77,363
Accrued expenses
587,679
508,581
Current portion of debt
272,396
236,424
Deferred revenue
1,554,707
712,000
Other current liabilities
311,757
60,884
Total current liabilities
3,089,854
2,077,442
Accrued solar module collection and recycling liability
145,073
134,394
Long-term debt
282,565
373,354
Deferred revenue
663,058
1,327,825
Other liabilities
263,447
233,769
Total liabilities
4,443,997
4,146,784
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,307,994 and 107,060,281 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
107
107
Additional paid-in capital
2,899,631
2,898,418
Accumulated earnings
6,270,456
5,263,110
Accumulated other comprehensive loss
(154,882)
(184,058)
Total stockholders’ equity
9,015,312
7,977,577
Total liabilities and stockholders’ equity
$
13,459,309
$
12,124,361
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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2025
June 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Net sales
$
1,594,856
$
1,097,170
$
887,668
$
3,536,594
$
2,692,258
Cost of sales
984,111
597,320
442,357
2,081,596
1,402,055
Gross profit
610,745
499,850
445,311
1,454,998
1,290,203
Operating expenses:
Selling, general and administrative
47,324
52,590
46,293
153,078
138,680
Research and development
60,592
54,487
50,197
167,468
144,876
Production start-up
36,734
31,166
26,822
85,506
69,681
Litigation loss
—
—
—
—
430
Total operating expenses
144,650
138,243
123,312
406,052
353,667
Gain on sales of businesses, net
—
—
—
—
1,115
Operating income
466,095
361,607
321,999
1,048,946
937,651
Foreign currency loss, net
(8,903)
(9,728)
(5,158)
(30,224)
(17,665)
Interest income
23,308
12,100
22,580
54,273
74,424
Interest expense, net
(14,121)
(9,184)
(9,008)
(32,830)
(27,983)
Other expense, net
(6,034)
(2,628)
(3,071)
(10,594)
(6,435)
Income before taxes
460,345
352,167
327,342
1,029,571
959,992
Income tax expense
(4,402)
(10,299)
(14,386)
(22,225)
(61,064)
Net income
$
455,943
$
341,868
$
312,956
$
1,007,346
$
898,928
Net income per share:
Basic
$
4.25
$
3.19
$
2.92
$
9.40
$
8.40
Diluted
$
4.24
$
3.18
$
2.91
$
9.37
$
8.36
Weighted-average number of shares used in per share calculations:
Basic
107,264
107,245
107,049
107,211
107,015
Diluted
107,538
107,518
107,562
107,492
107,514
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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
1,007,346
$
898,928
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion
388,585
299,079
Share-based compensation
16,713
21,987
Deferred income taxes
26,477
(85,343)
Gain on sales of businesses, net
—
(1,115)
Other, net
28,218
3,238
Changes in operating assets and liabilities:
Accounts receivable, trade
(196,967)
(68,823)
Inventories
(679)
(434,375)
Government grants receivable
(442,010)
(59,181)
Other assets
(150,159)
(183,127)
Income tax receivable and payable
(44,684)
35,708
Accounts payable and accrued expenses
(164,194)
(8,953)
Deferred revenue
262,877
(13,159)
Other liabilities
83,689
2,139
Net cash provided by operating activities
815,212
407,003
Cash flows from investing activities:
Purchases of property, plant and equipment
(698,148)
(1,212,537)
Purchases of marketable securities and restricted marketable securities
(1,307,656)
(2,014,764)
Proceeds from sales and maturities of marketable securities
1,424,918
1,897,997
Other investing activities
2,952
(12,617)
Net cash used in investing activities
(577,934)
(1,341,921)
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs
309,047
227,654
Repayment of debt
(357,515)
(205,821)
Proceeds from other borrowings
487,323
—
Repayment of other borrowings
(298,407)
—
Payments of tax withholdings for restricted shares
(15,479)
(20,144)
Contingent consideration payment and other financing activities
(527)
(7,568)
Net cash provided by (used in) financing activities
124,442
(5,879)
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents
2,021
(2,805)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents
363,741
(943,602)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period
1,638,223
1,965,069
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period
$
2,001,964
$
1,021,467
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities
$
222,115
$
264,480
Proceeds to be received from asset-based government grants
