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First Solar, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results and 2026 Guidance
PHOENIX, February 24, 2026--First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2025.
About this update from First Solar, Inc.
PHOENIX, February 24, 2026--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2025. Net sales for the fourth quarter were $1.7 billion, an increase of $0.1 billion from the prior quarter. The increase was primarily driven by an increase in the volume of modules sold in the fourth quarter. Net sales for the full year 2025 were $5.2 billion compared to $4.2 billion in the prior year, driven by a 24% increase in third‑party module volume. The Company reported fourth quarter net income per diluted share of $4.84 and full year net income per diluted share of $14.21. Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $2.4 billion from $1.5 billion at the end of the prior quarter. The increase was primarily the result of additional proceeds received from the sale of our 2025 advanced manufacturing production tax credits under Section 45X of the Internal Revenue Code ("Section 45X tax credits") and operating cash flows, partially offset by capital expenditures associated with our Louisiana facility. "Our growth journey continued into 2025, with the commissioning of our new Louisiana factory and our decision to establish a new facility in South Carolina," said Mark Widmar, Chief Executive Officer. "As we navigated a rapidly evolving environment, we maintained a disciplined approach to contracting and remained anchored in our core principle of pricing and delivery certainty, a key differentiator that our customers value." The complete 2026 guidance is as follows: The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to the impact of public policies such as tariffs, export controls, or other trade remedies and certain factors related to the Inflation Reduction Act of 2022 (the "IRA") as amended by the One Big Beautiful Bill Act of 2025. Among other things, such factors include (i) the total Section 45X tax credits available to us and (ii) the timing and ability to monetize such credits. Our outlook assumes the current U.S. policy environment persists, and in addition, that permitting processes and timelines will remain con...