Slide 1: First Solar Q1'26 Earnings Call
First Solar Q1’26 Earnings Call April 30, 2026
Slide 2: Safe Harbor Statement
| Safe Harbor Statement 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: Non-GAAP Measures
| Non-GAAP Measures This presentation includes earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in
Slide 4: Q1 2026 Strong Start to The Year
| Q1 2026 | Strong Start to The Year $1.04B 47% $520M Net Sales Gross Margin Adj. EBITDA1 +24% YoY +6 pp YoY +37% YoY Record first quarter U.S. mix + logistics normalization 50% Adj. EBITDA Margin1 EXECUTION COMMERCIAL POSITION MARKET TAILWINDS ■ Record Q1 modules sold: 3.8 GW ■ 47.9 GW / $14.4B con
Slide 5: CuRe Launched In Perrysburg
| CuRe Launched In Perrysburg FIRST FINISHED CuRe MODULE WHAT CuRe DELIVERS March 21, 2026 Perrysburg, Ohio Up to 8% Lowest MORE LIFETIME WARRANTED ENERGY YIELD1 DEGRADATION Up to 30-year power vs. crystalline-silicon TOPCon warranty Leading Enhanced TEMPERATURE BIFACIAL © 2026 Copyright First Solar
Slide 6: Sixth U.S. Facility On Track
| Sixth U.S. Facility On Track | Gaffney, SC ON TRACK Equipment install $330M Q2 2026 EXPECTED TOTAL INVESTMENT Site & equipment 3.5 GW NEW US CAPACITY U.S. fleet to 17.1 GW by '27 © 2026 Copyright First Solar, Inc. 600+ NEW JOBS Gaffney, South Carolina | Cherokee County ~$74k avg manufacturing all-
Slide 7: Tailwinds Favor U.S. Manufacturing; Maintaining Discipline Pending § 232
| Tailwinds Favor U.S. Manufacturing; Maintaining Discipline Pending § 232 The macro setup favors U.S.-made solar — but adhering to bookings discipline until polysilicon and derivatives Section 232 decision is issued. T A I L W I N D S • I N P L A C E T O D A Y Macro forces aligned for U.S. solar ma
Slide 8: Backlog Through 2030
| Backlog | 47.9 GW | ~$14.4B | Through 2030 © 2026 Copyright First Solar, Inc. Q1'26 BOOKING ACTIVITY India volume: 0.8 GW · India bookings ASP: ~$20 c/w · U.S. volume: 0.9 GW · U.S. bookings ASP: ~ $34 c/w ( w/ tech adders) Volumes are rounded to nearest hundred megawatts and may not add up due to
Slide 9: Q1 Financial Performance
| Q1 Financial Performance 1 Net Sales Gross Margin Execution Highlights $1.04B 47% ✓ India demand robust at 1.0 GW of sales at ~20 c/w + 24% YoY +6 pp YoY ✓ U.S. domestic manufacturing growth and utilization 2.8 GW U.S. / 1.0 GW India Global fleet utilization: 88% U.S. 96% and India 93% ✓ Warehousi
Slide 10: Q1 Balance Sheet and Financial Resiliency
| Q1 Balance Sheet and Financial Resiliency $2.0B $(215)M $119M Net Cash1 Operating Cash Outflow Capital Expenditures Liquidity, Q1'26 ending Working capital seasonality South Carolina expansion FY’26 GROWTH & TECHNOLOGY DEPLOYMENT BALANCE SHEET RESILIENCE CapEx investment: $0.8B to $1.0B Gross cash
Slide 11: FY 2026 Guidance
| FY 2026 Guidance REAFFIRME R E A F F ID RMED Reaffirmed from February 24, 2026 outlook | As of April 30, 2026 F Y 2 0 2 6 G U I D A N C E (1) KEY ASSUMPTIONS | UNCHANGED Volume sold 17.0 GW to 18.2 GW Section 45X tax credits $2.10B to $2.19B U.S. component 12.6 GW to 13.1 GW Underutilization costs
Slide 12: Appendix
Appendix
Slide 13: Summarized Income Statement
| Summarized Income Statement (In millions, except per share amounts)(1) Q1 2026A Q1 2025A YoY Change Net sales $ 1,044 $ 845 $ 199 Gross Profit 486 344 142 Gross profit % 47 % 41 % 6% Underutilization costs 26 20 6 Section 45x tax credits 418 300 118 Operating expenses 141 123 18 Production start-u
Slide 14: Summarized Balance Sheet
| Summarized Balance Sheet (In millions)(1) Q1 2026A Q4 2025A QoQ Change Cash and marketable securities(2) $ 2,440 $ 2,866 $ (426) Accounts receivable - current and noncurrent 1,390 1,310 80 Inventories - current and noncurrent 1,111 974 137 Government grants receivable - current and noncurrent 823
Slide 15: About Non-GAAP Financial Measures
| About Non-GAAP Financial Measures This presentation includes EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in accordance with GAAP and should not be considered
Slide 16: About Non-GAAP Financial Measures (continued)
| About Non-GAAP Financial Measures (continued) Management believes adjusting our GAAP results for the items described above to determine Adjusted EBITDA is useful to investors in assessing underlying operating performance and comparing period-to-period results, because these items (i) are largely n
Slide 17: Non-GAAP Reconciliation
| Non-GAAP Reconciliation1 (In millions) Q1’26 Q1’25 Net income and net income margin(2) $ 347 33 % $ 210 25 % Interest income (29) (19) Interest expense, net 8 10 Income tax expense 8 8 Depreciation and amortization 147 125 EBITDA and EBITDA Margin(2) $ 480 46 % $ 333 39 % Foreign currency loss, ne
Slide 18: 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