First Solar (FSLR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 net sales of $1.04B, up 24% year-over-year, driven by higher module sales volume, with strong margin expansion and Adjusted EBITDA of $520M above guidance.

• Net income rose 65% year-over-year to $347M ($3.22 per diluted share), and Adjusted EBITDA margin reached 50%.

• Sold a record 3.8 GW of modules in Q1, with U.S. manufacturing utilization at 96% and record sales in India.

• Contracted sales backlog stood at 47.9 GW (~$14.4B) through 2030, with U.S. production substantially committed through 2028.

• CuRe technology launched in Perrysburg, with rollout across Series 6 and 7 expected by 1H 2028.

Financial highlights

• Gross margin expanded to 47% (up 6 percentage points YoY), with gross profit of $486M and operating income of $345M.

• Adjusted EBITDA was $520M (50% margin); net income was $347M, with diluted EPS of $3.22.

• Ended Q1 with $2.4B in cash and equivalents; net cash position was $2.0B.

• Operating cash outflows were $215M, improved from $608M in Q1 2025; capex was $119M, mainly for South Carolina facility.

• Section 45X tax credits earned: $418M (+$118M YoY); received $117.6M from U.S. Treasury for 2024 credits.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: net sales $4.9B–$5.2B, Adjusted EBITDA $2.6B–$2.8B, capex $0.8B–$1.0B.

• Volume sold expected at 17.0–18.2 GW; U.S. component 12.6–13.1 GW.

• Net cash projected at $1.7B–$2.3B by year-end 2026.

• Q2 2026 module sales forecasted at 3.4–4.0 GW; Adjusted EBITDA $400M–$500M.

• Guidance includes Section 122 and 232 tariffs, assumes no 2026 Section 45X tax credit sales.