First Solar, Inc. · NASDAQ:FSLR
First Solar — Q1 2025 Earnings Presentation
12 slides from First Solar's earnings presentation, Apr 29, 2025
Slide 1: First Solar Q1'25 Earnings Call
First Solar Q1’25 Earnings Call April 29, 2025
Slide 2: Important Information
| Important Information Cautionary Note Regarding Forward Looking Statements This presentation 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 presentation, other than statements of
Slide 3: First Quarter 2025 Update
| First Quarter 2025 Update ▪ 0.6 GW of net bookings since previous earnings call Demand ▪ Total bookings backlog of 66.3 GW extending through 2030 ▪ Total booking opportunities of 81.0 GW; 23.7 GW mid-to-late stage ▪ Production(1): S6 2.0 GW / S7 2.0 GW ▪ Yield(1): S6 97% / S7 96% Manufacturing ▪ C
Slide 4: U.S. Market Conditions & Policy Environment
| U.S. Market Conditions & Policy Environment • “Universal” and “reciprocal” tariff rates create significant operational uncertainty Reciprocal Tariffs: • First Solar’s contracted backlog for imported product contains tariff-related risk mitigation provisions Industry Uncertainty Near Term • Pivotin
Slide 5: Expected Module Volume Sold (GWDC)
| Expected Module Volume Sold (GWDC): 85.0 80.0 [6.7] GW 75.0 70.0 68.5 GW 2.9 GW 0.5 GW 9.9 GW 66.1 GW 0.2 GW 66.3 GW 65.0 60.0 48.3 GW 55.0 50.0 45.0 40.0 35.0 (9.3) GW 30.0 25.0 20.0 15.0 10.0 5.0 - Dec 31, 2024 (1) YTD Volume Sold as of YTD Net Bookings as of Mar 31, 2025 (4) QTD Net-Bookings Ap
Slide 6: Potential Booking Opportunities
| Potential Booking Opportunities Total booking opportunities Mid-to-Late stage opportunities 0.4 0.3 10.9 6.1 17.3 69.6 © 2025 Copyright First Solar, Inc. 3.8 GW of opportunities confirmed, but not booked 81.0 GW Opportunity 23.7 GW Opportunity 6 Note: Volumes are rounded to the nearest hundred meg
Slide 7: Income Statement Highlights
| Income Statement Highlights (In millions, except per share amounts)(1) Q1 2025A Q4 2024A Q1 2024A QoQ Change YoY Change Net sales $845 $1,514 $794 $(669) $51 Gross profit % 40.8% 37.5% 43.6% 3.3% (2.8)% Selling, general and administrative 53 50 46 3 7 Research and development 52 46 43 6 9 Producti
Slide 8: Balance Sheet Highlights
| Balance Sheet Highlights Q1 2025A (In millions)(1) Q1 2025A Q4 2024A Q1 2024A QoQ Change YoY Change Cash and marketable securities(2) $897 $1,810 $2,011 $(913) $(1,114) Accounts receivable - current and noncurrent 1,606 1,355 670 251 936 Inventories - current and noncurrent 1,563 1,360 1,236 203 3
Slide 9: 2025 Guidance Assumptions as of April 29, 2025
| 2025 Guidance Assumptions as of April 29, 2025 Prior Current Policy • Risks of policy uncertainty in Europe, India and • Risks of policy uncertainty in Europe, India and the United States, especially the United States relating to the budget reconciliation process and IRA, remain • Especially with
Slide 10: 2025 Guidance as of April 29, 2025
| 2025 Guidance as of April 29, 2025 (1) Prior Current Expected Earnings Cadence Net Sales $5.3B to $5.8B $4.5B to $5.5B “From a second quarter earnings Gross Margin ($)(2) $2.45B to $2.75B $1.96B to $2.47B cadence perspective, we anticipate our module sales to be between 3.0 and Operating Expenses(
Slide 11: Summary and Highlights
| Summary and Highlights ▪ 0.6 GW of net bookings since previous earnings call Demand ▪ Total bookings backlog of 66.3 GW extending through 2030 ▪ Total booking opportunities of 81.0 GW; 23.7 GW mid-to-late stage ▪ Q1 production(1) of 4 GW Manufacturing ▪ Completed CuRe limited commercial production
Slide 12: Copyright and trademarks
© 2025 Copyright First Solar, Inc. First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First So