First Solar (FSLR) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.82

$2.23$3.57

vs $3.18-11.2%

20 analysts

Next Qtr

$5.16

$4.41$6.19

vs $4.24+21.8%

20 analysts

Current Yr

$17.38

$15.88$20.27

vs $14.21+22.3%

29 analysts

Next Yr

$23.15

$16.96$29.72

vs $17.38+33.1%

28 analysts

Revenue Estimates

Current Qtr

$1.06B

$997.00M$1.11B

vs $1.10B-3.6%

20 analysts

Next Qtr

$1.38B

$1.25B$1.49B

vs $1.59B-13.3%

19 analysts

Current Yr

$5.09B

$4.93B$5.43B

vs $5.22B-2.4%

28 analysts

Next Yr

$5.91B

$5.50B$6.31B

vs $5.09B+16.0%

27 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for FSLR on EDGAR.

FSLR filing events and research context
Filed	Item	Context
Apr 30, 2026	mda_quarterly	First Solar reported a strong first quarter of 2026, with net sales rising 23.6% to $1.0 billion, driven by a 30.9% increase in module volume. Gross margin expanded to 46.6% from 40.8%, bolstered by lower logistics costs and a favorable sales mix of modules qualifying for Section 45X advanced manufacturing production credits. The company produced 4.3 GW and sold 3.8 GW of its proprietary cadmium telluride (CdTe) thin-film modules. Management continues to prioritize U.S. manufacturing, with a sixth facility expected to commence operations in the second half of 2026. Strategic R&D efforts are focused on the "CuRe" copper-replacement program, which enhances bifaciality and temperature coefficients, and the development of commercially scalable perovskite technology. Despite this growth, the company faces significant headwinds, including structural supply-demand imbalances, intense pricing competition from Chinese manufacturers, and evolving trade policies. Recent U.S. legislative shifts, such as the "One Big Beautiful Bill" (H.R.1), have introduced uncertainty regarding the long-term availability of clean energy tax credits. Additionally, China’s export controls on tellurium and rare earths pose potential supply chain risks. First Solar maintains a robust backlog of 47.9 GW, valued at $14.4 billion, providing visibility through 2030.
Feb 24, 2026	business	First Solar is the leading U.S.-headquartered manufacturer of photovoltaic (PV) solar modules, specializing in advanced thin film technology. Unlike conventional crystalline silicon modules, First Solar utilizes a fully integrated production process that eliminates reliance on Chinese silicon supply chains. The company is the world's largest thin film PV manufacturer, with production facilities in the United States, Malaysia, Vietnam, and India. Financial performance is heavily concentrated in the U.S. market, which accounted for nearly $5 billion of $5.2 billion in 2025 net sales. A critical financial driver is the Inflation Reduction Act’s Section 45X production credits, which significantly reduce the cost of sales for U.S.-produced modules. Strategic growth includes the acquisition of Evolar AB to integrate perovskite technology for high-efficiency multi-junction devices. Key risks include high customer concentration, with two clients representing 10% or more of sales, and supply chain vulnerabilities regarding single-sourced CdTe and substrate glass. Additionally, the company faces geopolitical risks related to international trade policies and specific product liabilities, including estimated losses of $35 million to $75 million due to manufacturing issues with Series 7 modules.
Feb 24, 2026	mda	First Solar’s 2025 net sales grew 24% to $5.2 billion, while gross margins declined to 40.6% due to higher U.S. production costs, warehousing, and tariffs. The company is leveraging its CdTe thin-film technology, specifically Series 6 Plus and Series 7 modules, and is transitioning to "CuRe" technology in 2026 to enhance bifaciality and degradation. Growth is concentrated in the U.S. and India, driven by utility-scale demand and AI-related data center expansion. Financial performance is heavily tied to the Inflation Reduction Act’s Section 45X credits, though the One Big Beautiful Bill Act of 2025 has introduced eligibility restrictions and accelerated termination frameworks. First Solar faces intense pricing pressure from Chinese crystalline silicon manufacturers and risks associated with tellurium sourcing and Section 122 tariffs. Key financial headwinds include a $50 million warranty liability for Series 7 modules and a $323.6 million legal claim against BP Solar and Lightsource. To sustain growth, the company is expanding domestic capacity, with a sixth U.S. facility expected to commence operations in the second half of 2026.

Filed

Item

Context

Apr 30, 2026

mda_quarterly

First Solar reported a strong first quarter of 2026, with net sales rising 23.6% to $1.0 billion, driven by a 30.9% increase in module volume. Gross margin expanded to 46.6% from 40.8%, bolstered by lower logistics costs and a favorable sales mix of modules qualifying for Section 45X advanced manufacturing production credits. The company produced 4.3 GW and sold 3.8 GW of its proprietary cadmium telluride (CdTe) thin-film modules. Management continues to prioritize U.S. manufacturing, with a sixth facility expected to commence operations in the second half of 2026. Strategic R&D efforts are focused on the "CuRe" copper-replacement program, which enhances bifaciality and temperature coefficients, and the development of commercially scalable perovskite technology. Despite this growth, the company faces significant headwinds, including structural supply-demand imbalances, intense pricing competition from Chinese manufacturers, and evolving trade policies. Recent U.S. legislative shifts, such as the "One Big Beautiful Bill" (H.R.1), have introduced uncertainty regarding the long-term availability of clean energy tax credits. Additionally, China’s export controls on tellurium and rare earths pose potential supply chain risks. First Solar maintains a robust backlog of 47.9 GW, valued at $14.4 billion, providing visibility through 2030.

Feb 24, 2026

business

First Solar is the leading U.S.-headquartered manufacturer of photovoltaic (PV) solar modules, specializing in advanced thin film technology. Unlike conventional crystalline silicon modules, First Solar utilizes a fully integrated production process that eliminates reliance on Chinese silicon supply chains. The company is the world's largest thin film PV manufacturer, with production facilities in the United States, Malaysia, Vietnam, and India. Financial performance is heavily concentrated in the U.S. market, which accounted for nearly $5 billion of $5.2 billion in 2025 net sales. A critical financial driver is the Inflation Reduction Act’s Section 45X production credits, which significantly reduce the cost of sales for U.S.-produced modules. Strategic growth includes the acquisition of Evolar AB to integrate perovskite technology for high-efficiency multi-junction devices. Key risks include high customer concentration, with two clients representing 10% or more of sales, and supply chain vulnerabilities regarding single-sourced CdTe and substrate glass. Additionally, the company faces geopolitical risks related to international trade policies and specific product liabilities, including estimated losses of $35 million to $75 million due to manufacturing issues with Series 7 modules.

Feb 24, 2026

mda

First Solar’s 2025 net sales grew 24% to $5.2 billion, while gross margins declined to 40.6% due to higher U.S. production costs, warehousing, and tariffs. The company is leveraging its CdTe thin-film technology, specifically Series 6 Plus and Series 7 modules, and is transitioning to "CuRe" technology in 2026 to enhance bifaciality and degradation. Growth is concentrated in the U.S. and India, driven by utility-scale demand and AI-related data center expansion. Financial performance is heavily tied to the Inflation Reduction Act’s Section 45X credits, though the One Big Beautiful Bill Act of 2025 has introduced eligibility restrictions and accelerated termination frameworks. First Solar faces intense pricing pressure from Chinese crystalline silicon manufacturers and risks associated with tellurium sourcing and Section 122 tariffs. Key financial headwinds include a $50 million warranty liability for Series 7 modules and a $323.6 million legal claim against BP Solar and Lightsource. To sustain growth, the company is expanding domestic capacity, with a sixth U.S. facility expected to commence operations in the second half of 2026.

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FSLR filing events and research context

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