First Solar (FSLR) Q2 2025 earnings summary

Executive summary

• Q2 2025 module sales reached 3.6 GW, exceeding forecasts, with EPS at $3.18, above guidance high end.

• Net sales for Q2 2025 were $1.1 billion, up $0.3 billion sequentially and 9% year-over-year, driven by higher shipment volumes and U.S. module demand.

• Bookings backlog stands at 64 GW, with 2.1 GW booked in July 2025 and total booking opportunities of 83.3 GW.

• U.S. manufacturing expansion advanced, with Alabama ramping, Louisiana equipment commissioning complete, and Ohio facility expansion.

• CuRe technology and perovskite development lines showed progress in efficiency, manufacturability, and energy ROI.

Financial highlights

• Q2 net sales were $1.1 billion, up $87 million year-over-year and $252 million sequentially.

• Gross margin for Q2 2025 was 45.6%, up sequentially but down year-over-year due to higher logistics and U.S. production costs.

• Operating income for Q2 2025 was $362 million, with $125 million in depreciation/amortization and $31 million in startup costs.

• Net income for Q2 2025 was $341.9 million, with diluted EPS of $3.18.

• Cash and equivalents at quarter-end were $1.2 billion; net cash position increased to $0.6 billion.

Outlook and guidance

• 2025 net sales guidance: $4.9–$5.7 billion; gross margin: $2.05–$2.35 billion (approx. 42–46%).

• Full-year EPS guidance: $13.50–$16.50, midpoint unchanged; Q3 EPS forecasted at $3.30–$4.70.

• Volume sold guidance raised to 16.7–19.3 GW for 2025; year-end net cash guidance increased to $1.0–$1.5 billion.

• Capital expenditures for 2025 expected at $1.0–$1.5 billion, focused on U.S. facility expansion and R&D.

• Guidance reflects updated tariffs, with curtailment and underutilization costs if tariff recovery is not achieved.