First Solar Announces 2Q 2025 Financial Results

First Solar, Inc. announces financial results for the second quarter ended June 30, 2025.

Net sales for the second quarter were $1.1 billion, an increase of $0.3 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties.

During the quarter, the company sold $312 million of Section 45X tax credits generated during 2025 for cash proceeds of $296 million, and recognized a loss of $16 million on the transaction.

The company reported second quarter net income per diluted share of $3.18, compared to net income per diluted share of $1.95 in the first quarter of 2025.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the second quarter, increased to $0.6 billion from $0.4 billion at the end of the prior quarter. The increase was primarily driven by proceeds from the sale of Section 45X tax credits.

“In our view, the recent policy and trade developments have, on balance, strengthened First Solar’s relative position in the solar manufacturing industry,” says CEO Mark Widmar. “In addition, we believe that on a fundamental basis, with its cost-competitive energy and faster time to power profile, the case for utility-scale solar generation is compelling regardless of the policy environment, which places First Solar, a utility-scale leader, in a position of strength.”