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Sep 30
First Solar Q3 2025 Earnings Report
First Solar reported strong third quarter 2025 financial results with increased net sales and diluted EPS, driven by higher module sales volume and improved liquidity.
Key Takeaways
First Solar delivered a robust third quarter in 2025, achieving record net sales of $1.6 billion and a diluted EPS of $4.24. The company significantly strengthened its net cash position to $1.5 billion and expanded its manufacturing capabilities with the commissioning of its fifth U.S. facility, demonstrating effective execution in a challenging market.
Net sales reached a record $1.6 billion in Q3 2025, an increase of $0.5 billion from the prior quarter.
Diluted earnings per share were $4.24, up from $3.18 in the previous quarter.
The company's net cash balance improved significantly to $1.5 billion from $0.6 billion in the prior quarter.
First Solar booked 2.7 GW of new sales since the last earnings call, with a contracted sales backlog of 53.7 GW valued at $16.4 billion.
First Solar
First Solar
Forward Guidance
First Solar has updated its 2025 guidance, narrowing ranges for net sales, gross margin, operating income, and EPS, while increasing the lower end of its net cash balance and reducing capital expenditure projections.
Positive Outlook
- Increased the lower end of the net sales guidance to $4.95 billion from $4.90 billion.
- Raised the lower end of the gross margin guidance to $2.10 billion from $2.05 billion.
- Increased the lower end of the operating income guidance to $1.56 billion from $1.53 billion.
- Raised the lower end of the earnings per diluted share guidance to $14.00 from $13.50.
- Increased the lower end of the net cash balance guidance to $1.6 billion from $1.3 billion.
Challenges Ahead
- Reduced the upper end of the net sales guidance to $5.20 billion from $5.70 billion.
- Lowered the upper end of the gross margin guidance to $2.20 billion from $2.35 billion.
- Increased the lower end of operating expenses guidance to $515 million from $480 million.
- Reduced the upper end of the operating income guidance to $1.68 billion from $1.87 billion.
- Lowered the upper end of the earnings per diluted share guidance to $15.00 from $16.50.