First Solar Stock Earnings Reports

First Solar reported a strong start to 2026 with record Q1 revenue ($1.0B), record India sales, expanded gross margin (47%) and adjusted EBITDA of $520M (50% margin), above their prior preview. Production totaled 4.3 GW (≈3.0 GW U.S., 1.3 GW international) with U.S. facilities at ~96% utilization. Key operational updates: CuRe (their next-gen CdTe technology) launch is complete in Perrysburg with Series 6 ramping and replication across Series 6/7 planned through H1 2028; CuRe is expected to deliver up to ~8% more lifetime specific energy vs. silicon Topcon and could potentialize up to $0.6B of additional revenue from technology adjusters in the backlog (mostly 2027–2028). South Carolina finishing facility is on track to start H2 2026 and will optimize freight/tariff/domestic content outcomes and leverage Section 45X tax credits. Malaysia/Vietnam international plants are operating at reduced utilization amid trade/tariff uncertainties; management is maintaining options on that capacity pending U.S. policy outcomes (notably Section 232 and FEOC/Section 122 timing). Backlog was 47.9 GW ($14.4B transaction price, excl. tech adjusters). Q1 bookings included ~1.4 GW into the U.S. since the last call (ASP ~ $0.35/W) and strong India demand (1.0 GW sold in-country at ~$0.20/W). Balance sheet: $2.4B cash & equivalents and net cash ~$2.0B (at the high end of target). 2026 guidance remains unchanged; Q2 volume guide 3.4–4.0 GW and adjusted EBITDA guide $400–500M. Management emphasized a selective booking approach until key tariff/regulatory outcomes are resolved and reiterated willingness to commercialize IP via licensing, while actively enforcing IP (Section 337 investigation initiated).