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Mar 31, 2025
First Solar Q1 2025 Earnings Report
First Solar reported lower sales and earnings due to seasonal module volume reductions and updated its full-year guidance in light of new tariffs.
Key Takeaways
First Solar delivered Q1 results impacted by seasonal module sales reductions, while reinforcing a positive long-term outlook for U.S. solar demand and adjusting 2025 guidance to account for expected tariff impacts.
Net sales decreased to $844,568,000 due to seasonal reduction in module volume.
Net income for Q1 2025 was $209,535,000 with diluted EPS of $1.95.
Cash and cash equivalents decreased to $837,641,000 primarily due to capital expenditures and inventory buildup.
Company revised its full-year 2025 guidance downward in response to new tariffs.
Forward Guidance
First Solar revised 2025 guidance lower to account for the impact of new tariffs and anticipates strong U.S. demand offsetting near-term challenges.
Positive Outlook
- Long-term U.S. solar demand outlook remains strong.
- Maintained significant domestic manufacturing and supply chain positioning.
- Projected Q2 2025 EPS between $2.00 and $3.00.
- 2025 gross margin still supported by Section 45X tax credits.
- Operating expenses guidance remained unchanged.
Challenges Ahead
- 2025 net sales guidance reduced to $4.5B-$5.5B from $5.3B-$5.8B.
- 2025 EPS guidance lowered to $12.50-$17.50 from $17.00-$20.00.
- Capital expenditures and inventory buildup strained cash balances.
- Decreased module sales volume forecast to 15.5GW-19.3GW.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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