First Solar delivered a record first quarter fueled by robust U.S. and Indian demand, significant margin expansion, and the successful launch of its next-generation CURE technology.
First Solar, Inc. (FSLR) concluded a highly dynamic 2025 with record operational execution, successfully navigating a persistently uncertain policy and trade environment to deliver strong financial results. The largest U.S. solar manufacturer reported full-year net sales of USD 5.2 billion—a 24% year-over-year increase—driven by record sales of 17.5 gigawatts (GW) of its proprietary thin-film modules. Full-year diluted earnings per share (EPS) hit USD 14.21, landing squarely within guidance. First Solar ended the year with a fortress balance sheet boasting USD 2.4 billion in net cash, heavily fortified by the monetization of USD 1.4 billion in Section 45X advanced manufacturing tax credits. As the company looks toward 2026, it is shifting its primary profitability metric from EPS to Adjusted EBITDA to provide clearer visibility into its operational performance amidst complex tariff impacts and strategic factory underutilization. With a contracted backlog of 50.1 GW valued at USD 15 billion, First Solar remains highly disciplined, anchoring its strategy on domestic manufacturing expansion and aggressive enforcement of its intellectual property.