First Solar Stock Earnings Reports

First Solar reported a strong start to 2026 with record Q1 revenue ($1.0B), record India sales (~1 GW at ~$0.20/W), 4.3 GW produced (~3 GW U.S., 1.3 GW international), expanded gross margin (47%) and adjusted EBITDA of $520M (50% margin) above prior preview. Key strategic highlights: CuRe thin‑film technology launch is complete in Perrysburg and Series 6 ramping; CuRe is expected to deliver up to ~8% higher lifetime specific energy vs. silicon Topcon and could enable up to $0.6B of additional revenue from technology adjusters mostly in 2027–2028 if replicated across Series 6/7. The Company is scaling U.S. manufacturing (South Carolina finishing facility on track for H2 2026 start) and maintaining reduced utilization in Malaysia/Vietnam given trade dynamics. Backlog remains large at 47.9 GW ($14.4B, deliveries through 2030) with domestic U.S. production substantially committed through 2028. Management is taking a selective approach to incremental U.S. bookings pending outcomes from trade/policy processes (notably Section 232, FEOC rulemaking, and IP litigation/ITC Section 337 investigation). Cash and liquidity are strong ($2.4B cash & marketable securities; net cash ~$2.0B). Full‑year 2026 guidance was reaffirmed; Q2 volume guide 3.4–4.0 GW and adjusted EBITDA guide $400–$500M. Risks and near‑term decisions to watch: timing and content of Section 232 determination (expected Q2 but timing uncertain), tariff outcomes affecting international module economics and utilization, replication pace of CuRe across the fleet, and IP litigation/ITC outcomes.