First Solar Announces 1Q 2025 Financial Results

First Solar, Inc. announced financial results for the first quarter ended March 31, 2025, and issued revised guidance to reflect the expected impact of the implementation of new tariffs in April 2025.

Net sales for the first quarter were $0.8 billion, a decrease of $0.7 billion from the prior quarter. The decrease in net sales was primarily due to an anticipated seasonal reduction in the volume of modules sold.

The company reported first quarter net income per diluted share of $1.95, compared to net income per diluted share of $3.65 in the fourth quarter of 2024.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the first quarter, decreased to $0.4 billion from $1.2 billion at year-end. The decrease was primarily driven by capital expenditures for its Louisiana manufacturing facility, along with reduced operating cash flows attributable to lower cash receipts from module sales and an increase in inventories to meet contracted commitments in the back half of the year.

“Despite the near-term challenges presented by the new tariff regime, we believe that the long-term outlook for solar demand, particularly in our core U.S. market, remains strong, and that First Solar remains well-positioned to serve this demand,” said CEO Mark Widmar. “This belief is based on the unique profile of First Solar compared to its peers, as America’s largest, and most established solar module manufacturer, and the country’s only fully vertically integrated producer, our significant network of domestic supply chain vendors, and our proprietary CadTel-based semiconductor.”