First Solar manufactures cadmium telluride thin-film solar modules, primarily for utility-scale projects. Its manufacturing footprint spans the United States, India, Malaysia and Vietnam; U.S. customers accounted for approximately 96% of 2025 sales.
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A snapshot of what FIRST SOLAR, INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001274494-24-000004 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001274494-25-000010 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001274494-26-000021 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
First Solar's latest supplied results show higher module volumes and profits, with negative cash conversion despite year-over-year improvement in operating cash flow. In the first half of 2026, revenue reached $2.100 billion and GAAP net income reached $769.2 million, while operations consumed $359.8 million. Manufacturing incentives and an $88.6 million net tariff-refund benefit materially supported earnings; some tariff refunds were received during the second quarter, but disclosed collections were not separately quantified and do not establish full realization of the recognized benefit, which is net of estimated customer payments. Debt fell sharply after repayment of the India development facility, although expansion, working capital and contingent obligations still require funding. July guidance retained the original annual revenue and Adjusted EBITDA ranges, with changed cost assumptions. Contracted backlog provides multiyear visibility, not guaranteed sales. This overview reflects disclosures through July 30, 2026, not verified subsequent outcomes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
First Solar sells modules generally priced per watt, recognizing revenue when control transfers. It reports one operating segment; the 2025 change reflected reduced separate reporting of legacy activities, not an acquisition. Management emphasizes integrated manufacturing independent of Chinese crystalline-silicon supply chains, but tellurium export licensing and limited suppliers remain exposures. U.S. incentives support its economics, while project-credit restrictions, financing and permitting can weaken customer demand.
June 30 contracted future sales were 45.1 GW worth $13.6 billion through 2030, down from 50.1 GW and $15.0 billion at year-end. These totals exclude unsecured Indian contracts and specified variable consideration. Deliveries, bookings and cancellations are not fully bridged, so the decline cannot be attributed entirely to cancellations. Some trade-policy clauses allow cancellation and deposit returns without termination liability. Potential technology-related pricing increases remain conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
First-half 2026 revenue was $2.100 billion versus $1.942 billion, and GAAP net income was $769.2 million versus $551.4 million. Management attributed volume growth partly offset by lower-priced India sales and less termination revenue. Second-quarter revenue nevertheless fell 3.7% to $1.056 billion despite higher module volume. Diluted shares increased slightly, so share-count contraction did not explain EPS growth.
First-half gross profit of $1.091 billion included $862.5 million of income-related government grants—not an exclusively identified Section 45X total—and an $88.6 million net tariff-refund benefit recognized in the second quarter. Higher production credits and lower logistics costs helped, while higher duties, volume-related costs and lower termination revenue offset them. The tariff benefit reflects probable gross refund recovery less estimated customer payments. Some refunds were received during the second quarter, but the supplied disclosures do not separately quantify collections or establish full realization of the $88.6 million net benefit; gross refund receipts are distinct from customer-payment obligations. Higher taxes restrained earnings growth. Government-grant accounting adopted January 1, 2026 had no significant reported impact; tariff recovery used a newly adopted loss-recovery policy.
Sources: 10-Q · 2026-06-30
First-half operations used $359.8 million, compared with $458.4 million a year earlier. Grant receivables absorbed $649.3 million and inventories $306.0 million, alongside other working-capital uses. Management described seasonal needs, but the cash drain is real. Cash equipment purchases were $279.8 million; another $136.9 million of acquisitions was liability-funded, not additional current cash spending.
The $800 million–$1.0 billion 2026 capex forecast includes the approximately $300 million South Carolina finishing facility, whose first phase was expected in the second half—not confirmed operational in these disclosures. It finishes internationally initiated modules rather than adding equivalent end-to-end global capacity. One Ohio facility completed its CuRe conversion during the first half. Meanwhile, reduced international production creates underutilization and possible future factory impairment exposure.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
June cash and unrestricted securities totaled $1.727 billion, down from $2.855 billion at year-end. Debt carrying value fell to $37.6 million after the India development facility was prepaid and closed in May. Remaining parent-guaranteed working-capital loans were due in the third and fourth quarters of 2026; repayment after June is not established. Lease liabilities remain separate. Restricted recycling assets are unavailable for ordinary operations, and some foreign-held cash may face transfer restrictions or taxes.
The February replacement revolver provides reported five-year capacity of $1.5 billion, with no drawn loans at June 30 and $1.4 million of letters of credit. Only $150 million of its $450 million letter-of-credit sublimit was committed. Undrawn capacity is not cash or unconditional availability: exact draw conditions and covenant headroom are unverified. Management's assessment of adequate resources for at least 12 months depends on collections and operating assumptions.
Sources: 10-Q · 2026-06-30
February 24 guidance, reaffirmed April 30 and July 30, retained 2026 sales of $4.9–$5.2 billion and non-GAAP Adjusted EBITDA of $2.6–$2.8 billion. July still assumed $2.10–$2.19 billion of Section 45X credits, but narrowed underutilization costs to $115–$135 million and reduced start-up expense to $90–$100 million. Estimated non-GAAP addbacks increased from $213 million in February to $217 million in April and $225 million in July. The releases do not fully bridge the offsets. Adjusted EBITDA excludes economically relevant costs and is neither GAAP profit nor operating cash flow. Forecasts depend on policy, permitting, credit monetization and freight costs; no GAAP net-income forecast or quantitative prospective reconciliation was supplied.
Sources: EX-99.1 · 2026-02-24 · EX-99.1 · 2026-04-30 · EX-99.1 · 2026-07-30
Estimated remaining Series 7 defect losses were $40–$65 million at June, with a $47 million specific reserve already included in total warranty liabilities of $77.2 million. BP/Lightsource litigation seeks $323.6 million plus module receivables; defendants seek $175 million and return of $15 million credit support. Neither recovery nor liability is adjudicated in the supplied record. The $61 million previously recognized from advances belongs to the same termination event, not additional recovery.
June 23 securities and July 28 derivative lawsuits allege misleading tariff-management disclosures; First Solar disputes the allegations, and loss exposure was not estimable. Patent enforcement has not secured the requested import exclusions. Legacy litigation, a $144.8 million recycling liability and up to approximately $300 million of contingent glass-contract termination payments remain relevant. Trade protection may support domestic pricing while increasing import costs and customer cancellations; proposed Indian efficiency rules and overseas factory utilization add uncertainty. Previously transferred Section 45X credits carry continuing purchaser-indemnification exposure, primarily from legislative changes affecting purchasers' ability to benefit from those credits. No indemnification liabilities were accrued as of June 30, 2026, but potential future payment obligations remain.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 5.219376 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.219376 bn | — |
Consolidated GAAP net sales, including recognized customer termination consideration and applicable revenue reductions.
Sources: 10-K · 2025-12-31
USD 4.206289 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.206289 bn | 26.7% |
| 2023 | USD 3.318602 bn | — |
Consolidated GAAP net sales.
Sources: 10-K · 2025-12-31
USD 1.528229 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.528229 bn | 18.3% |
| 2024 | USD 1.292044 bn | 55.5% |
| 2023 | USD 830.777 m | — |
Consolidated GAAP net income after income-tax expense.
Sources: 10-K · 2025-12-31
USD 2.057105 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.057105 bn | 68.9% |
| 2024 | USD 1.217999 bn | — |
GAAP operating cash flow, including income-based grant collections and qualifying non-recourse receivables-sale proceeds.
Sources: 10-K · 2025-12-31
USD 602.26 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 602.26 m | — |
GAAP net cash provided by operating activities.
Sources: 10-K · 2025-12-31
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