First Solar (FSLR) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales were $844.6 million, up 6% year-over-year but down sequentially, with module sales of 2.9 GW and a bookings backlog of 66.3 GW extending through 2030.

• Q1 diluted EPS was $1.95, down from $3.65 in Q4 2024, with net income of $209.5 million and net cash of $0.4 billion at quarter-end.

• Manufacturing output was 4.0 GW, split between Series 6 and Series 7 modules; CuRe technology began limited commercial production.

• Louisiana factory construction completed and on schedule for commercial operation in H2 2025; U.S. capacity expansion continues.

• Total booking opportunities reached 81.0 GW, including 23.7 GW in mid-to-late stage.

Financial highlights

• Q1 2025 net sales: $844.6 million, up $51 million year-over-year but down $669 million sequentially.

• Gross margin for Q1 2025 was 40.8%, up 3.3% sequentially but down 2.8% year-over-year.

• Operating income was $221.2 million, down from $243.1 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $0.9 billion at March 31, 2025, down from $1.8 billion at year-end 2024.

• Q1 SG&A, R&D, and startup expenses totaled $123 million, up $12 million sequentially.

Outlook and guidance

• 2025 net sales guidance revised to $4.5B–$5.5B; EPS guidance lowered to $12.50–$17.50; operating income now $1.45B–$2.00B.

• 2025 volume sold guidance now 15.5–19.3 GW, with U.S. manufactured volume forecast unchanged at 9.5–9.8 GW.

• Capital expenditures for 2025 expected at $1.0–$1.5 billion; year-end net cash balance forecast at $0.4–$0.9 billion.

• Section 45X tax credit expected at $310M–$350M in Q2 2025; full-year credits expected at $1.65–$1.7 billion.

• Construction of a fifth U.S. manufacturing facility is underway, with annual capacity projected to exceed 25 GW by 2026.