Record Net Sales and Strong Backlog: CuRe Technology Ramps Production (FSLR Q1 2026 Earnings Call)

By Dr. Graph | Updated on May 31, 2026 | earnings

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First Solar delivered a strong start to 2026, reporting net income of $347 million alongside record revenues.

Record Net Sales Drive Strong First-Quarter Profitability

First Solar achieved record first-quarter net sales of $1 billion, representing a 24% increase year-over-year. This top-line performance was driven by rising module shipment volumes. Diluted earnings per share reached $3.22, reflecting strong operational performance.

Unchanged Guidance and Strategic Capital Allocations Secure Future Capacity

Alexander Bradley stated: 'Our full year 2026 guidance remains unchanged.' For the second quarter, the company expects adjusted EBITDA between $400 million and $500 million. Capital expenditures reached $119 million during the quarter, reflecting ongoing investments in the South Carolina finishing facility.

Next-Generation CuRe Technology Rollout and High Domestic Facility Utilization

First Solar completed the launch of its CuRe technology in Perrysburg, which is scheduled to replicate across the fleet. This next-generation product is expected to deliver up to 8% more lifetime specific energy yield than competing crystalline silicon options. High demand drove U.S. manufacturing facilities to operate at a 96% utilization rate. The successful technology rollout supports the potentialization of up to $0.6 billion in additional backlog revenue from technology adjusters.

Disciplined Booking Strategy and Cost Savings Strengthen Financial Footing

During the Q&A session, Mark Widmar clarified that recent bookings since the previous call totaled 1.4 gigawatts at an average price of $0.35 per watt in the U.S. utility-scale market. Operating margins also benefited from a $22 million sequential reduction in warehouse costs. Management is maintaining a highly disciplined and selective approach to new bookings while awaiting further trade policy clarity.

Frequently Asked Questions

How does the completed launch of CuRe technology impact First Solar's backlog?

The completed launch of CuRe technology in Perrysburg supports the potentialization of up to $0.6 billion of additional backlog revenue from technology adjusters. Most of this revenue is anticipated to be realized in 2027 and 2028 as the technology is replicated across the Series 6 and Series 7 fleets.

How is First Solar addressing the proposed minimum efficiency PV module increases in India?

First Solar plans to navigate India's proposed efficiency revisions through the scheduled launch of its next-generation CuRe technology in the country in early 2027. This vertically integrated manufacturing strategy aligns with India's policy frameworks, such as the approved list of models and manufacturers (ALMM).

What is First Solar's strategy for managing international manufacturing capacity in Malaysia and Vietnam?

First Solar has reduced utilization at these facilities due to international trade dynamics and lower average selling prices. The company is maintaining its options and awaits policy clarity on the Section 232 polysilicon derivatives tariff decision, which is anticipated by the end of the second quarter.