First Solar, Inc. Announces First Quarter 2025 Financial Results and Revises Guidance to Reflect Expected Impact of Implementation of New Tariffs

TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) (the 'Company') today 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 our 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 Mark Widmar, Chief Executive Officer. '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.'
Our 2025 guidance has been updated as follows:
——————————
(1)
From a second quarter earnings cadence perspective, we anticipate our module sales to be between 3.0 and 3.9 GW. We forecast the advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code ('Section 45X tax credit'), to be between $310 million and $350 million in the second quarter. These factors result in forecasted second quarter earnings per diluted share between $2.00 and $3.00.
(2)
Assumes $95 to $220 million of ramp and underutilization costs and $1.65 to $1.7 billion of Section 45X tax credits.
(3)
Assumes $60 to $70 million of production start-up expense.
(4)
Assumes $155 to $290 million of production start-up expense, ramp and underutilization costs, and $1.65 to $1.7 billion of Section 45X tax credits.
(5)
Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025.
Expand
The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to tariffs and other trade remedies, and certain factors related to the Inflation Reduction Act of 2022 (the 'IRA'). Among other things, such factors include (i) the total Section 45X tax credit available to us and (ii) the timing and ability to monetize such credit. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar's first quarter 2025 financial results, 2025 guidance, and financial outlook.
Conference Call Details
First Solar has scheduled a conference call for today, April 29, 2025, at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. A replay of the webcast will also be available on the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for 30 days.
About First Solar, Inc.
First Solar, Inc. (Nasdaq: FSLR) is America's leading photovoltaic ('PV') solar technology and manufacturing company. The only U.S.-headquartered company among the world's largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with its advanced, uniquely American thin film PV technology. Developed at research and development ('R&D') labs in California and Ohio, the Company's technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV modules. For more information, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for solar technology generally and for our technology specifically, including in the U.S. market, and our positioning to serve such demand; new capacity coming online; production and delivery of our modules; our financial guidance for 2025, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted share, net cash balance, capital expenditures, expected earnings cadence, volume sold, bookings, and expected module shipments; products and our business and financial objectives for 2025; the availability of benefits under certain production linked incentive programs, and the impact of the IRA including the total Section 45X tax credit; and the impact of the implementation of new tariffs in April 2025. These forward-looking statements are often characterized by the use of words such as 'estimate,' 'expect,' 'anticipate,' 'project,' 'plan,' 'intend,' 'seek,' 'believe,' 'forecast,' 'foresee,' 'likely,' 'may,' 'should,' 'goal,' 'target,' 'might,' 'will,' 'could,' 'predict,' 'continue,' 'contingent,' and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications; the impact of public policies, such as tariffs, export controls, or other trade remedies imposed on solar cells and modules or related raw materials or equipment; the impact of the IRA on our expected results of operations in future periods, which may be affected by technical guidance, regulations, subsequent amendments, or interpretations of the law; interest rate fluctuations and our customers' ability to secure financing; changes in the exchange rates between the functional currencies of our subsidiaries and other currencies in which assets and liabilities are denominated; our ability to execute on our long-term strategic plans, including our ability to secure financing and realize the potential benefits of strategic acquisitions and investments; the loss of any of our large customers, or the ability of our customers and counterparties to perform under their contracts with us; our ability to execute on our solar module technology and cost reduction roadmaps; the performance of our solar modules upon installation; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including the implementation of our Copper Replacement ('CuRe') program; the satisfaction of conditions precedent in our sales agreements; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events and conflicts; environmental responsibility, including with respect to cadmium telluride ('CdTe') and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program or otherwise as required by external laws and regulation; supply chain disruptions, including demurrage and detention charges; our ability to protect or successfully commercialize our intellectual property; our ability to prevent and/or minimize the impact of cybersecurity incidents or information or security breaches; our continued investment in research and development; the supply and price of key raw materials (including CdTe, tellurium, and tellurium compounds), components, and manufacturing equipment; our ability to construct new production facilities to support new product lines in line with anticipated timing; evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters; our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 module manufacturing facilities; our ability to attract, train, retain, and successfully integrate key talent into our team; the severity and duration of public health threats, and the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.
FIRST SOLAR, INC.
(In thousands, except share data)
(Unaudited)
March 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
837,641
$
1,621,376
Marketable securities
53,119
171,583
Accounts receivable trade, net
1,605,603
1,261,049
Government grants receivable, net
214,385
403,759
Inventories
1,286,120
1,084,384
Other current assets
577,235
546,882
Total current assets
4,574,103
5,089,033
Property, plant and equipment, net
5,638,042
5,413,683
Deferred tax assets, net
204,436
208,808
Restricted marketable securities
210,555
199,136
Government grants receivable
430,277
157,570
Goodwill
29,707
28,335
Intangible assets, net
52,637
54,654
Inventories
276,688
275,372
Other assets
700,220
697,770
Total assets
$
12,116,665
$
12,124,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
427,799
$
482,190
Income taxes payable
81,609
77,363
Accrued expenses
555,154
508,581
Current portion of debt
197,201
236,424
Deferred revenue
1,041,899
712,000
Other current liabilities
68,050
60,884
Total current liabilities
2,371,712
2,077,442
Accrued solar module collection and recycling liability
137,770
134,394
Long-term debt
327,942
373,354
Deferred revenue
859,409
1,327,825
Other liabilities
232,498
233,769
Total liabilities
3,929,331
4,146,784
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,244,215 and 107,060,281 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
107
107
Additional paid-in capital
2,885,650
2,898,418
Accumulated earnings
5,472,645
5,263,110
Accumulated other comprehensive loss
(171,068
)
(184,058
)
Total stockholders' equity
8,187,334
7,977,577
Total liabilities and stockholders' equity
$
12,116,665
$
12,124,361
Expand
FIRST SOLAR, INC.
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2025
December 31,
2024
March 31,
2024
Net sales
$
844,568
$
1,514,031
$
794,108
Cost of sales
500,165
946,370
448,105
Gross profit
344,403
567,661
346,003
Operating expenses:
Selling, general and administrative
53,164
49,582
45,827
Research and development
52,389
46,499
42,742
Production start-up
17,606
14,811
15,408
Total operating expenses
123,159
110,892
103,977
Gain on sales of businesses, net
—
—
1,115
Operating income
221,244
456,769
243,141
Foreign currency loss, net
(11,593
)
(7,311
)
(2,858
)
Interest income
18,865
14,666
27,245
Interest expense, net
(9,525
)
(10,887
)
(9,210
)
Other expense, net
(1,932
)
(6,891
)
(2,799
)
Income before taxes
217,059
446,346
255,519
Income tax expense
(7,524
)
(53,230
)
(18,903
)
Net income
$
209,535
$
393,116
$
236,616
Net income per share:
Basic
$
1.96
$
3.67
$
2.21
Diluted
$
1.95
$
3.65
$
2.20
Weighted-average number of shares used in per share calculations:
Basic
107,122
107,058
106,910
Expand
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2025
2024
Cash flows from operating activities:
Net income
$
209,535
$
236,616
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Depreciation, amortization and accretion
125,876
90,584
Share-based compensation
2,584
6,791
Deferred income taxes
4,740
(29,033
)
Gain on sales of businesses, net
—
(1,115
)
Other, net
8,645
(814
)
Changes in operating assets and liabilities:
Accounts receivable, trade
(306,822
)
17,499
Inventories
(202,781
)
(149,470
)
Government grants receivable
(99,118
)
281,889
Other assets
(114,627
)
(89,610
)
Income tax receivable and payable
(5,928
)
26,239
Accounts payable and accrued expenses
(145,797
)
(160,939
)
Deferred revenue
(91,169
)
37,978
Other liabilities
6,880
1,108
Net cash (used in) provided by operating activities
(607,982
)
267,723
Cash flows from investing activities:
Purchases of property, plant and equipment
(205,966
)
(413,456
)
Purchases of marketable securities and restricted marketable securities
(389,832
)
(569,446
)
Proceeds from maturities of marketable securities
502,937
416,971
Other investing activities
4,652
(2,697
)
Net cash used in investing activities
(88,209
)
(568,628
)
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs
92,340
105,420
Repayment of debt
(176,409
)
(45,771
)
Payments of tax withholdings for restricted shares
(15,421
)
(18,952
)
Other financing activities
(129
)
—
Net cash (used in) provided by financing activities
(99,619
)
40,697
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents
1,607
(1,938
)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents
(794,203
)
(262,146
)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period
1,638,223
1,965,069
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period
$
844,020
$
1,702,923
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities
$
325,717
$
445,963
Proceeds to be received from asset-based government grants
$
156,900
$
154,754
Acquisitions funded by contingent consideration
$
6,500
$
18,500
Expand

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Insider

44 minutes ago

• Business Insider

CRWV vs. PLTR vs. NVDA: Which Is the Best AI Stock to Buy Now, According to Analysts?

The stock market remains volatile due to geopolitical tensions and macro uncertainty, raising concerns about a potential slowdown in AI (artificial intelligence) spending. Nonetheless, Wall Street remains confident about several AI stocks, given the massive growth opportunity in the generative AI space over the long term. Using TipRanks' Stock Comparison Tool, we placed CoreWeave (CRWV), Palantir Technologies (PLTR), and Nvidia (NVDA) against each other to find the best AI stock, according to Wall Street analysts. Confident Investing Starts Here: CoreWeave (NASDAQ:CRWV) Stock CoreWeave, a cloud provider that specializes in AI infrastructure, is experiencing strong traction for its offerings amid the ongoing AI boom. The company has been in the news for its strategic deals. Notably, CoreWeave struck a $11.9 billion 5-year cloud computing contract with ChatGPT-maker OpenAI. The two AI companies also signed an expanded agreement of up to $4 billion to meet the growing demand for high-performance computing. Furthermore, CoreWeave is reportedly powering the recently announced cloud deal between Alphabet's Google (GOOGL) and OpenAI. CRWV stock has rallied by a staggering 359% from its IPO (initial public offering) price of $40. Is CRWV a Good Stock to Buy? Recently, Bank of America analyst Bradley Sills downgraded CoreWeave stock to Hold from Buy on valuation concerns, following the stellar rally in the AI infrastructure stock in reaction to the Q1 earnings. The 4-star analyst highlighted that CRWV stock is trading at an elevated valuation of 2027 EV/EBIT (enterprise value-to-earnings before interest and taxes) of 25x. While Sills noted several positives, like the expansion of CoreWeave's partnership with OpenAI and impressive revenue momentum, he pointed out the company's huge capital expenditure ($46.1 billion through 2027). Consequently, the analyst expects $21 billion of negative free cash flow through 2027. Turning to Wall Street, CoreWeave stock scores a Moderate Buy consensus rating based on six Buys, 11 Holds, and one Sell recommendation. The average CRWV stock price target of $78.53 indicates a significant downside risk of 57.2% from current levels. Palantir Technologies (NASDAQ:PLTR) Stock Data analytics company Palantir Technologies is considered one of the hottest AI stocks. PLTR stock has rallied more than 81% so far in 2025. The company's revenue is growing at a rapid pace across its Government and Commercial businesses. Palantir's AIP (Artificial Intelligence Platform) offering is bolstering its business. Palantir's market-beating first-quarter results reinforced the strength of its AI-powered offerings. Notably, Q1 2025 revenue increased by 39% year-over-year to $884 million, while adjusted EPS (earnings per share) jumped 62%. Additionally, the company raised its full-year guidance, as it believes that it is in the 'middle of a tectonic shift' in the adoption of its software, mainly in the U.S. Is Palantir Stock a Buy? While several analysts are cautious on Palantir stock due to its lofty valuation, Loop Capital analyst Mark Schappel reiterated a Buy rating and boosted the price target from $130 to a Street-high of $150. Following a meeting with management, the 5-star analyst stated that he is more convinced about PLTR's AI growth story and his bullish investment thesis. Schappel believes that Palantir is an early software leader in enterprise AI, which he thinks is at a 'tipping point,' as small-scale pilots move into production and AI use cases increase exponentially across all industries. Trading at 48x EV/2027 revenue, the analyst agrees that PLTR stock is 'not for the faint of heart.' That said, he contends that investors should look at the big picture, which indicates that Palantir is exposed to a massive AI opportunity. With 10 Holds, three Buys, and four Sells, Wall Street has a Hold consensus rating on Palantir Technologies stock. The average PLTR stock price forecast of $104.27 indicates a possible downside of 24.1% from current levels. Nvidia (NASDAQ:NVDA) Stock After a tough start to the year due to concerns about rising competition in the AI space, chip export restrictions, and tariff woes, Nvidia stock has recovered 21% over the past three months and is up 7.1% year-to-date. While uncertainty around chip exports and competition from custom AI chips remain an overhang, the semiconductor giant continues to gain from robust demand for its GPUs (graphics processing units) in the AI space, as reflected in the market-beating first-quarter results. Looking ahead, the demand for NVDA's Blackwell platform is expected to boost its top-line growth. Moreover, the company's focus on 'sovereign AI,' which it defines as a country's ability to develop and deploy AI, could drive its revenue higher. In this regard, Nvidia's lucrative deals, like the recently announced agreement with Saudi Arabia and Germany, are worth noting. Is Nvidia Stock a Buy, Hold, or Sell? Earlier this month, Bank of America Securities analyst Vivek Arya reiterated a Buy rating on Nvidia stock with a price target of $180. Following a meeting with management, the 5-star analyst noted that the tone of the team was very positive regarding demand for Nvidia's products and continued customer interest across cloud and enterprise, backed by a full-scale supply ramp. Arya believes that management addressed three key investor debates that have been weighing on NVDA stock over the past year – Blackwell rack ramp and execution, AI diffusion and sovereign demand, and China AI shipments. The analyst stated that Nvidia stock remains a top sector pick for Bank of America, as it is 'best positioned' to benefit from the ongoing AI boom, bolstered by a multi-year lead in 'performance (AI scaling), pipeline, incumbency, scale, and developer support.' Despite near-term challenges, Wall Street has a Strong Buy consensus rating on Nvidia stock based on 35 Buys, four Holds, and one Sell recommendation. The average NVDA stock price target of $173.19 indicates 20.4% upside potential from current levels. Conclusion Wall Street is highly bullish on Nvidia stock, cautiously optimistic on CoreWeave, and sidelined on Palantir stock. Currently, analysts forecast further upside in chip giant Nvidia's stock while they see possible downside risk in the other two AI stocks. The optimism of most analysts on Nvidia stock is backed by its strong fundamentals, robust demand for its AI chips, continued innovation, and solid execution.

Yahoo

an hour ago

• Yahoo

Slide Insurance (SLDE) Skyrockets 15% on Strong Investor Confidence

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) is one of the Slide Insurance rallied by 15.06 percent on Friday to close at $23.30 apiece, its second day as a publicly listed company, reflecting strong investor confidence. Under its upsized initial public offering (IPO), Slide Insurance Holdings, Inc. (NASDAQ:SLDE) offered 24 million shares at a price of $17 apiece, potentially raising $408 million in fresh funds. Of the total, 16.6 million shares were offered by the company, while the remaining 7.3 million shares were sold by certain stockholders. Slide Insurance Holdings, Inc. (NASDAQ:SLDE) also granted the underwriters a 30-day option to acquire up to 3.6 million shares. A woman in a business suit in an insurance office, analyzing a policy. Slide Insurance Holdings, Inc. (NASDAQ:SLDE) is a technology-enabled property insurance company that offers customizable coverage options that suit their unique needs and budgets. While we acknowledge the potential of SLDE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.

Fox Sports

an hour ago

• Fox Sports

Qualifying Notes: Kyle Moyer Lands New Job with Arrow McLaren

INDYCAR Kyle Moyer's time as a free agent didn't last long. The veteran team manager who was one of three executives released last month by Team Penske has been hand-picked by Arrow McLaren Team Principal Tony Kanaan to join the Indianapolis-based NTT INDYCAR SERIES program. Moyer will be the organization's director of competition beginning with next week's test at Iowa Speedway. Kanaan and Moyer worked together for years at Andretti Global when Kanaan was a driver. Moyer was the team manager when Kanaan won the INDYCAR SERIES championship in 2004. Moyer left Michael Andretti's team in 2015 to join Roger Penske's organization. Moyer, along with Team President Tim Cindric and Managing Director Ron Ruzewski, were released by Team Penske in advance of the recent Indianapolis 500 presented by Gainbridge after the cars of defending champion Josef Newgarden and Will Power were found with unapproved modifications ahead of qualifying. At Arrow McLaren, Moyer will replace Kanaan as the race strategist for Nolan Siegel, allowing Kanaan to work with all three Arrow McLaren drivers on race weekends. Kanaan told the Associated Press that almost every team in the paddock tried to hire Moyer, but the relationship the two of them have gave McLaren the edge. 'Kyle is one of the best strategists in the paddock, so talking about his qualities, not just about him as a human being, he knows a lot about racing,' Kanaan told the AP. 'Kyle probably is one of the top guys of knowledge of INDYCAR. He's been around it his entire life.' Moyer grew up in Monrovia, Indiana, and was brought into the sport by the Bettenhausen family. Kirkwood Credits Decision Making to Surge Series points leader Alex Palou had the spotlight for most of the first half of the season. A dominant start featured five wins in six races, including an Indy 500 victory, and made him the undisputed championship favorite. But lately, Andretti Global's Kyle Kirkwood has turning heads – and is turning the title tide. Kirkwood has surged to third in the standings, 75 points behind Palou, thanks to wins in the only three races Palou hasn't claimed. Kirkwood had just two wins in his first 53 series races. He now has three wins in the past six races. 'I think he's always been there,' Colton Herta said of his teammate heading into Sunday's XPEL Grand Prix at Road America Presented by AMR (1:30 p.m. ET, FOX, FOX Deportes, FOX Sports app, INDYCAR Radio Network). 'Maybe he's gotten a little bit better at how to race and when to go fast in races, and that just comes (with experience). But I think he's driving pretty similar to last year. He just had bad luck with penalties last year.' Kirkwood agrees the difference isn't raw speed but decision making. He cited last year's fifth-place finish at Road America as an example of when pushed too hard early in the race trying to stave off eventual third-place finisher Scott McLaughlin. The effort backfired and opened the door for McLaughlin and Palou to pass. 'I realized later it was inevitable,' Kirkwood said. 'I pushed too hard too early.' We'll see what he learned from last year. Dixon Penalized for Impeding DeFrancesco Six-time series champion Scott Dixon said he was trying to create a gap to maximize his chances of advancing in qualifying, but race officials said Dixon impeded the hot lap of Rahal Letterman Lanigan Racing's Devlin DeFrancesco during the first round of qualifying. The penalty proved costly to the Chip Ganassi Racing veteran. Rather than advancing to the Fast 12 and perhaps earning a top-10 starting position, Dixon lost his two fastest laps and was reduced to the 25th starting position. Only three times in his career has he started farther back, including 26th earlier this year in the Children's of Alabama INDYCAR Grand Prix at Barber Motorsports Park. He finished 12th in that race. 'It is what it is, man,' he said in ending an interview with FOX's Kevin Lee on pit road. recommended