FIRST SOLAR, INC. Q1 FY26 Results

Summary

First Solar, Inc. announced strong financial results for the first quarter ended March 31, 2026, with net sales climbing 24% year-over-year to $1.04 billion. The company reported net income of $347 million, or $3.22 per diluted share, representing a 65% increase from the prior year. Adjusted EBITDA also saw a significant rise to $520 million, reflecting meaningful margin expansion. CEO Mark Widmar highlighted a strong start to 2026, with record first-quarter revenue and sales in India, attributing success to differentiated technology and a domestic manufacturing footprint. The company reaffirmed its full-year 2026 guidance, projecting continued strong performance.

Key Highlights

1. 1

   Net sales for the first quarter of 2026 reached $1.04 billion, marking a significant 24% increase year-over-year, primarily driven by higher module sales volume.

2. 2

   Net income per diluted share surged by 65% year-over-year to $3.22 for Q1 2026, up from $1.95 in the prior year's quarter.

3. 3

   Adjusted EBITDA for the first quarter of 2026 was $520 million, a substantial increase from $379 million in the first quarter of 2025.

4. 4

   The company maintained a strong financial position with a gross cash balance of $2.4 billion and a net cash balance of $2.0 billion as of March 31, 2026.

5. 5

   First Solar's contracted sales backlog stood at an impressive 47.9 GW as of March 31, 2026, indicating robust future demand.

6. 6

   Management reaffirmed its full-year 2026 guidance, including net sales of $4.9 billion to $5.2 billion and Adjusted EBITDA of $2.6 billion to $2.8 billion.