Business
First Solar, Inc. Announces First Quarter 2026 Financial Results and Reaffirms Guidance
Net sales of $1.04 billion, an increase of 24% year-over-year Net income per diluted share of $3.22, an increase of 65% year-over-year Adjusted EBITDA1 of
About this update from First Solar, Inc.
Net sales of $1.04 billion, an increase of 24% year-over-year Net income per diluted share of $3.22, an increase of 65% year-over-year Adjusted EBITDA1 of $520 million Gross cash balance of $2.4 billion and net cash balance of $2.0 billion Contracted sales backlog of 47.9 GW as of March 31, 2026 PHOENIX--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) (the “Company”), America’s leading PV solar technology and manufacturing company, today announced financial results for the first quarter ended March 31, 2026 and reaffirmed its 2026 guidance. Net sales were $1.04 billion for the first quarter of 2026, a 24% increase compared to the first quarter of 2025, driven primarily by an increase in the volume of modules sold to third parties. The Company reported first quarter net income of $347 million, or $3.22 per diluted share, compared to $210 million, or $1.95 per diluted share, in the first quarter of 2025. Adjusted EBITDA was $520 million compared to $379 million in the first quarter of 2025. Net cash balance decreased to $2.0 billion as of March 31, 2026 from $2.4 billion as of December 31, 2025, driven by seasonal working-capital needs and capital expenditures primarily for our South Carolina finishing facility. “We delivered a strong start to 2026, with record first-quarter revenue, record sales in India, meaningful margin expansion, and Adjusted EBITDA above the top end of our first quarter preview range,” said Mark Widmar, Chief Executive Officer. “Our competitive position continues to strengthen, underpinned by differentiated technology, a domestic manufacturing footprint, and independence from Chinese crystalline silicon supply chains.” 1 See “Non-GAAP Financial Measures” for additional information on Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, which is the most directly comparable GAAP measure. Our 2026 guidance remains unchanged and is summarized below: Prior Current Volume Sold 17.0GW to 18.2GW Unchanged Net Sales $4.9B to $5.2B Unchanged Gross Profit(1) $2.4B to $2.6B Unchanged Operating Expenses(2) $610M to $635M Unchanged Adjusted EBITDA(3) $2.6B to $2.8B Unchanged Capital Expenditures $0.8B to $1.0B Unchanged Net Cash Balance(4) $1.7B to $2.3B Unchanged 1. Assumes $2.10 billion to $2.19 billion of Section 45X tax credits and underutilization costs of $115 million to $155 million. 2. Assumes $110 million to $120 mill...