First Solar (NASDAQ:FSLR) Announces Earnings Results, Beats Estimates By $0.32 EPS

First Solar (NASDAQ:FSLR) announced its quarterly earnings results on Thursday. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.32, FiscalAI reports. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.05 billion. First Solar had a net margin of 29.28% and a return on equity of 17.32%. First Solar’s revenue was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.95 EPS.

Here are the key takeaways from First Solar’s conference call:

• Record first-quarter results — $1.0B in net sales, adjusted EBITDA of $520M (60% margin), net income of $347M and EPS $3.22, above the company’s Q1 preview.
• CuRe launch is complete in Perrysburg with Series 6 ramping; management expects CuRe to deliver up to ~8% more lifetime specific energy versus TOPCon and could add up to $0.6B of technology-adjuster revenue from the backlog, with replication planned across Series 6/7 through H1 2028.
• Southeast Asia (Malaysia/Vietnam) facilities are running at significantly reduced utilization due to trade dynamics and lower international ASPs, and future use of that capacity (finish in U.S., run full end‑to‑end, or shut) depends on the unresolved Section 232 tariff outcome, creating near-term operational uncertainty.
• Backlog is 47.9 GW at an aggregate transaction price of $14.4B (ex tech adjusters); management sold ~3.8 GW in Q1 and is being selective on new U.S. bookings (~$0.34–$0.35/W) while awaiting key policy/regulatory decisions (Section 232, FEOC, ITC Section 337) that could affect pricing and demand.

First Solar Stock Performance

FSLR traded up $11.28 during midday trading on Thursday, hitting $201.89. 3,253,798 shares of the company traded hands, compared to its average volume of 1,867,984. The company has a quick ratio of 2.35, a current ratio of 2.67 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $21.69 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 0.43 and a beta of 1.61. The company’s 50-day moving average is $198.46 and its 200 day moving average is $231.76. First Solar has a 52 week low of $122.47 and a 52 week high of $285.99.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a research note on Monday. Royal Bank Of Canada dropped their price target on shares of First Solar from $258.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. The Goldman Sachs Group dropped their price target on shares of First Solar from $316.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Morgan Stanley dropped their price target on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of First Solar from $303.00 to $256.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Nineteen investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, First Solar has an average rating of “Moderate Buy” and an average target price of $243.49.

Insider Buying and Selling at First Solar

In other First Solar news, General Counsel Jason E. Dymbort sold 9,022 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $199.62, for a total transaction of $1,800,971.64. Following the transaction, the general counsel owned 9,850 shares in the company, valued at approximately $1,966,257. This represents a 47.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Markus Gloeckler sold 3,640 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $196.95, for a total transaction of $716,898.00. Following the transaction, the chief technology officer owned 8,037 shares in the company, valued at $1,582,887.15. This represents a 31.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 76,562 shares of company stock worth $15,042,232. 0.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently made changes to their positions in FSLR. Viking Global Investors LP increased its position in shares of First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock valued at $375,122,000 after purchasing an additional 854,919 shares during the last quarter. Amundi increased its position in shares of First Solar by 38.6% during the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer’s stock valued at $459,917,000 after purchasing an additional 564,032 shares during the last quarter. Atreides Management LP purchased a new stake in shares of First Solar during the 2nd quarter valued at about $65,134,000. Peconic Partners LLC purchased a new stake in shares of First Solar during the 2nd quarter valued at about $49,662,000. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of First Solar by 2,863.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 235,504 shares of the solar cell manufacturer’s stock valued at $61,521,000 after purchasing an additional 227,556 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar News Summary

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Q1 earnings beat and strong margins — First Solar reported GAAP EPS of $3.22, beating consensus, and delivered 23.6% y/y revenue growth to $1.04B alongside a very high net margin (~29%). The results and margin expansion support stronger-than-expected profitability. First Quarter 2026 Financial Results
• Positive Sentiment: Operational momentum and bookings — Management touted record Q1 revenue, record sales in India, and gross bookings of ~1.9 GW (1.4 GW in the U.S. at an ASP ~ $0.35/W), signaling durable demand for utility-scale modules. This supports revenue visibility beyond the quarter. Q1 2026 Earnings Transcript
• Neutral Sentiment: Guidance reaffirmed — First Solar reaffirmed its 2026 guidance range (reiterating management’s outlook), which provides some continuity for investors but leaves sensitivity to bookings/shipments and pricing. Reaffirms Guidance
• Negative Sentiment: Full-year revenue midpoint below some estimates — The company’s midpoint for 2026 revenue (~$5.05B reported in some coverage / guidance range $4.9B–$5.2B) was modestly below Wall Street consensus, which trimmed near-term upside expectations and pressured some analysts. Surprises With Q1 CY2026 Sales
• Negative Sentiment: Analyst price-target cuts and mixed sentiment — Citi cut its price target (keeps Buy), reflecting updated modeling; such adjustments can cap near-term upside even with a buy rating. Analyst Coverage Note

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.