First Solar (FSLR) Q1 2026 earnings summary

Executive summary

• Net sales reached $1.04B in Q1 2026, up 24% year-over-year, driven by record module sales volume and strong performance in the U.S. and India.

• Net income rose 65% year-over-year to $347M ($3.22 per diluted share), with Adjusted EBITDA at $520M, exceeding guidance.

• Gross margin expanded to 47%, up 6 percentage points year-over-year, aided by Section 45X tax credits and lower costs.

• 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 underway; U.S. manufacturing utilization at 96%.

Financial highlights

• Net sales: $1.04B (+24% YoY); gross profit: $486M (+41% YoY); gross margin: 47%.

• Net income: $347M (+65% YoY); diluted EPS: $3.22 (up from $1.95 YoY).

• Adjusted EBITDA: $520M (+37% YoY); margin: 50%.

• Cash, cash equivalents, and marketable securities: $2.4B at quarter-end; net cash: $2.0B.

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

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.

• Section 45X tax credits expected to benefit through 2032, with phase-down starting in 2030.