FSLR
Updated: 25/09/2026, 02:52:40
First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.5B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.2B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Contract terms: liquidated damages and domestic content provisions
Customer contracts include liquidated damages for late delivery or failure to meet U.S. domestic content requirements, and termination payments on customer default
“our customer contracts generally contain provisions that require us to pay the customer liquidated damages if we fail to deliver modules by scheduled dates or if we fail to deliver modules that meet certain U.S. domestic content requirements”
Foreign tax jurisdictions of operations
Subject to income taxes in the United States and foreign jurisdictions, principally Singapore, Malaysia, Vietnam, and India
“We are subject to income taxes in both the United States and numerous foreign jurisdictions in which we operate, principally Singapore, Malaysia, Vietnam, and India.”
Foreign currency loss widening, India hedging costs
Net foreign currency loss widened 54% to $38.6M in 2025, driven by hedge position mismatches and higher India-related hedging costs
“higher costs associated with hedging activities related to our subsidiaries in India.”
Fifth U.S. manufacturing facility in production start-up
2025 production start-up expense ($86.3M) primarily for the company's fifth U.S. manufacturing facility
“During 2025 and 2024, we incurred production start-up expense primarily for our fifth and fourth manufacturing facilities in the United States, respectively.”
Evolar AB acquisition (perovskite technology)
Acquired 100% of Evolar AB (perovskite technology) in May 2023 for $35.5M cash net plus up to $42.5M contingent; $47.0M IPR&D, $15.0M goodwill; aims to accelerate high efficiency multi-junction devices
“In May 2023, we acquired 100% of the shares of Evolar AB ("Evolar"), a developer of perovskite technology, for cash payments of $35.5 million, net of cash acquired of $0.5 million”
R&D expense growth
R&D rose 22% to $233.4M in 2025 (4.5% of net sales) on headcount, R&D facilities/equipment investment, and utility costs
“(ii) higher depreciation and maintenance costs resulting from our significant investments in R&D facilities and equipment, and (iii) higher utility costs.”
Section 45X advanced manufacturing production credit as major profit driver
Section 45X credits decreased cost of sales by $601.8 million in 2025 and affect the effective tax rate; credit sales proceeds boosted cash
“a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, which decreased cost of sales by $601.8 million.”
2025 cost of sales drivers
Cost increases of +$651.6M volume, +$216.5M production (U.S. mix, tariffs on raw materials), +$173.1M logistics, +$130.7M warehousing, +$94.4M import tariffs; offset by -$601.8M from Section 45X credits
“(v) tariffs on international modules imported into the United States of $94.4 million. These increases were partially offset by (vi) a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, which decreased cost of sales by $601.8 million.”
Liquidity: $2.9B cash and marketable securities; revolver upsized to $1.5B
$2.9B cash/marketable securities at Dec 31, 2025 (vs $1.8B); $0.5B held abroad (USD, INR, EUR); unused $1.0B revolver replaced in Feb 2026 with $1.5B facility; factoring arrangements in place
“In February 2026, we terminated the existing revolving credit facility and replaced it with a larger, $1.5 billion revolving facility.”
Receivables factoring with recourse accounted for as secured borrowings
Net interest expense rose 14% to $44.1M in 2025 primarily due to recourse factoring of trade receivables treated as secured borrowings
“Interest expense, net during 2025 increased compared to 2024 primarily due to factoring certain trade receivables with recourse, which were accounted for as secured borrowings.”
Section 45X credits reduced 2025 cost of sales by $601.8M, lifted gross margin, lowered the effective tax rate (3.3%), and sale of the credits drove cash growth to $2.9B.
“Our tax rate is affected by the advanced manufacturing production credit under Section 45X”
Tariffs on raw materials contributed $216.5M of higher production costs and $94.4M of tariffs on international modules imported into the U.S. compressed 2025 gross margin.
“higher production costs of $216.5 million, largely due to a higher sales mix of U.S.-produced modules and tariffs on raw materials”
Malaysia hosts manufacturing operations benefiting from a long-term tax holiday expiring in 2027; its expiration partially offset 2025 tax benefits.
“partially offset by a lower relative benefit from the long-term tax holiday in Malaysia”
Vietnam operations enjoy a long-term tax incentive with reduced tax rates expiring end of 2036, conditional on revenue and R&D spending thresholds.
“In Vietnam, we have been granted a long-term tax incentive, scheduled to expire at the end of 2036”
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