First Solar (NASDAQ:FSLR) Posts Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Key Points

• Q1 beat on profitability: First Solar reported EPS of $3.22 (vs. $2.90 expected), with record net sales of $1.0B, adjusted EBITDA of $520M (60% margin) and net income of $347M, though revenue was a slight miss versus consensus.
• CuRe technology ramping: The CuRe launch is complete in Perrysburg with Series 6 ramping; management says CuRe could deliver ~8% higher lifetime specific energy than TOPCon and add up to ~$0.6B of technology‑adjuster revenue as replication continues through H1 2028.
• Operational and policy uncertainty: Southeast Asia plants are running at reduced utilization due to trade dynamics and lower ASPs, and future use depends on the unresolved Section 232 tariff outcome; FY‑2026 revenue guidance of $4.9B–$5.2B was slightly below Street expectations.

First Solar (NASDAQ:FSLR - Get Free Report) posted its quarterly earnings results on Thursday. The solar cell manufacturer reported $3.22 EPS for the quarter, beating analysts' consensus estimates of $2.90 by $0.32, FiscalAI reports. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. First Solar had a net margin of 29.28% and a return on equity of 17.32%.

Here are the key takeaways from First Solar's conference call:

• Record first-quarter results — $1.0B in net sales, adjusted EBITDA of $520M (60% margin), net income of $347M and EPS $3.22, above the company’s Q1 preview.
• CuRe launch is complete in Perrysburg with Series 6 ramping; management expects CuRe to deliver up to ~8% more lifetime specific energy versus TOPCon and could add up to $0.6B of technology-adjuster revenue from the backlog, with replication planned across Series 6/7 through H1 2028.
• Southeast Asia (Malaysia/Vietnam) facilities are running at significantly reduced utilization due to trade dynamics and lower international ASPs, and future use of that capacity (finish in U.S., run full end‑to‑end, or shut) depends on the unresolved Section 232 tariff outcome, creating near-term operational uncertainty.
• Backlog is 47.9 GW at an aggregate transaction price of $14.4B (ex tech adjusters); management sold ~3.8 GW in Q1 and is being selective on new U.S. bookings (~$0.34–$0.35/W) while awaiting key policy/regulatory decisions (Section 232, FEOC, ITC Section 337) that could affect pricing and demand.

First Solar Trading Up 5.9%

Shares of FSLR traded up $11.28 during trading hours on Thursday, reaching $201.89. 3,253,798 shares of the company traded hands, compared to its average volume of 2,313,251. The company's fifty day moving average price is $199.09 and its two-hundred day moving average price is $231.97. The company has a market capitalization of $21.69 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 0.45 and a beta of 1.61. The company has a quick ratio of 2.35, a current ratio of 2.67 and a debt-to-equity ratio of 0.03. First Solar has a 12 month low of $122.47 and a 12 month high of $285.99.

More First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Q1 earnings beat — First Solar reported EPS of $3.22 versus the Street at $2.90, showing strong profitability and supporting sentiment that the company can convert demand into earnings. Press Release
• Positive Sentiment: Sales rise on demand — Quarterly sales increased, driven by third‑party demand and growth in India, signaling healthy end‑market traction beyond project backlog. This supports revenue visibility going forward. Reuters: Sales Rise
• Neutral Sentiment: Analyst moves mixed — Citi trimmed its price target to $243 (from $300) but kept a Buy rating, reflecting confidence in fundamentals but lower near‑term upside; commentary may limit stronger rallies. Yahoo: Analyst Note
• Neutral Sentiment: Sentiment/coverage — Recent articles re‑rate First Solar as a highly profitable renewables name and debate valuation after large multi‑year gains; these narratives can attract longer‑term interest but also profit‑taking. Yahoo: Valuation Discussion
• Negative Sentiment: FY‑2026 revenue guidance slightly light — Management set revenue guidance of $4.9B–$5.2B versus the Street near $5.2B; the lower end of the range and an unclear EPS guide may have nudged caution among investors. Guidance / Press Release
• Negative Sentiment: Revenue slightly below consensus — Quarterly revenue was $1.04B vs. the $1.05B consensus, a small miss that may amplify focus on execution against guidance. Press Release

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FSLR shares. UBS Group decreased their price objective on shares of First Solar from $330.00 to $300.00 and set a "buy" rating on the stock in a research report on Wednesday, February 25th. Bank of America decreased their price objective on shares of First Solar from $291.00 to $271.00 and set a "buy" rating on the stock in a research report on Thursday, January 22nd. Argus decreased their price objective on shares of First Solar from $300.00 to $250.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Wolfe Research cut shares of First Solar from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Finally, Jefferies Financial Group decreased their price objective on shares of First Solar from $205.00 to $187.00 and set a "hold" rating on the stock in a research report on Tuesday, April 7th. Nineteen analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $243.49.

Insider Activity

In other news, CFO Alexander R. Bradley sold 14,106 shares of First Solar stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total transaction of $2,820,776.82. Following the sale, the chief financial officer owned 30,000 shares of the company's stock, valued at approximately $5,999,100. The trade was a 31.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Jason E. Dymbort sold 9,022 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $199.62, for a total value of $1,800,971.64. Following the completion of the transaction, the general counsel directly owned 9,850 shares of the company's stock, valued at $1,966,257. This represents a 47.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 76,562 shares of company stock worth $15,042,232. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Strategic Wealth Investment Group LLC purchased a new stake in shares of First Solar in the 2nd quarter worth about $26,000. DV Equities LLC purchased a new position in First Solar during the 4th quarter valued at about $40,000. Aster Capital Management DIFC Ltd bought a new stake in First Solar during the fourth quarter worth about $49,000. MUFG Securities EMEA plc bought a new stake in First Solar during the second quarter worth about $52,000. Finally, HM Payson & Co. grew its holdings in First Solar by 188.7% in the fourth quarter. HM Payson & Co. now owns 205 shares of the solar cell manufacturer's stock worth $54,000 after purchasing an additional 134 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Company Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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