First Solar Reports Financial Results - First Solar Increases Revenue and Improves Earnings - Cautious 2026 Outlook Weighs - Stock Plunges
Phoenix (USA) – The U.S. solar module manufacturer First Solar, Inc. has released its full-year 2025 and fourth-quarter 2025 financial results.
According to the company, net revenue in 2025 amounted to USD 5.22 billion, up from USD 4.21 billion in 2024 (+24%). In the fourth quarter, First Solar recorded net revenue of USD 1.68 billion, compared to USD 1.51 billion in the same quarter of the previous year (+11%). The increase in revenue is primarily attributed to higher module shipment volumes by the company, which is listed in the renewable energy stock index RENIXX World.
Diluted earnings per share reached USD 14.21 for 2025 and USD 4.84 in the fourth quarter (2024: USD 12.02 / Q4 2024: USD 4.24). Net liquidity rose to USD 2.4 billion at year-end, up from USD 1.5 billion at the end of Q3. This was driven by additional proceeds from the sale of production tax credits under Section 45X and operational cash flows, partially offset by investments at the Louisiana site.
First Solar sees the company on track: “Our growth journey continued into 2025, with the commissioning of our new Louisiana factory and our decision to establish a new facility in South Carolina,” said CEO Mark Widmar. “As we navigated a rapidly evolving environment, we maintained a disciplined approach to contracting and remained anchored in our core principle of pricing and delivery certainty, a key differentiator that our customers value.”
For 2026, First Solar forecasts net revenue between USD 4.9 and 5.2 billion and adjusted EBITDA of USD 2.6 to 2.8 billion. Expected net liquidity at the end of 2026 is projected at USD 1.7 to 2.3 billion. The outlook is subject to political conditions in the U.S., including trade measures and regulations related to the Inflation Reduction Act. Reuters also notes potential burdens from the trade policies of U.S. President Donald Trump.
Investors reacted negatively to First Solar’s figures. While the company exceeded analysts’ Q4 revenue estimates of USD 1.58 billion, the earnings per share of USD 5.15 came in below expectations. Additionally, the analyst consensus for full-year 2026 of USD 6.09–6.12 billion exceeds the company’s guidance. First Solar’s stock is sharply down in today’s trading, currently falling 18.14% to EUR 37.60 (15:18 CET, February 25, 2026, Stuttgart Stock Exchange).
Source: IWR Online, 25 Feb 2026
