Company Reports

We are transferring coverage of First Solar, which designs and manufactures solar photovoltaic panels, modules, and systems primarily for use in utility-scale projects.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere.

First Solar saw net sales decrease by 4% year on year to $1.06 billion, but adjusted EBITDA grow 15% year on year to $644 million, implying margin expansion of 990 basis points to 60.9%. Guidance is still calling for $2.7 billion at the midpoint, despite strong year-to-date performance.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

First Solar reported first-quarter revenue of $1.04 billion, up 24% year over year, and a 47% gross margin. The sale of Section 45x manufacturing tax credits under the Inflation Reduction Act totaled $418 million, in line with consensus expectations and guidance.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

First Solar reported fourth-quarter revenue of $1.7 billion and full-year EPS of $14.21. However, the 2026 outlook was below our revenue and gross margin expectations as the company transitions its manufacturing capacity.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

First Solar shares fell 10% on Jan. 29, 2026, after Tesla discussed plans to manufacture 100 gigawatts of solar modules per year on its earnings call. Its 2026 capital expenditure guidance doesn't yet reflect spending on solar manufacturing as the initiative was described as being in an early phase.

Booking and pricing are typically top of mind for First Solar investors. In this note we take a step back from these near-term focus items and discuss issues investors aren't talking about but we believe will be relevant over the next 12 months.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

First Solar reported third-quarter sales of $1.6 billion and EPS of $4.24. Full-year 2025 revenue and EPS guidance were lowered by 4% and 3%, respectively.

On Aug. 15, the US Treasury released highly awaited new guidance on beginning construction requirements for renewable energy projects to qualify for tax credits. Shares of solar equities rose between 10% and 30% as the news was broadly better than feared.

First Solar reported second-quarter sales of $1.1 billion and EPS of $3.18. Full-year 2025 revenue guidance was increased 6%, while EPS guidance was left unchanged.

First Solar is the world leader in thin-film solar panel technology and the largest solar module manufacturer domiciled in the Western Hemisphere. While much of the solar industry relies on crystalline silicon technology, First Solar utilizes cadmium telluride thin film technology.

On July 3, the US House narrowly passed the budget reconciliation bill, which is expected to be signed by President Trump. The final bill includes changes to current renewable energy incentives, but is more favorable than earlier drafts, sending shares of solar stocks higher by 5%-15%.

On July 1, the US Senate passed its version of the tax bill, with language tweaked to be more favorable toward renewable energy credits compared with the draft released over the previous weekend.

On June 16, Senate Republicans unveiled their tax bill proposal, which would maintain tax credits for nuclear and battery storage, phase out wind and solar tax credits on an accelerated timeline, and end rooftop solar incentives at year-end 2025.

On May 22, the US House passed its highly anticipated tax bill, which included changes to clean energy tax credits relative to the initial draft. The revised draft would eliminate rooftop solar incentives at the end of this year, while accelerating the phaseout of broader renewables incentives.