FSLR earnings analysis
What we found in FSLR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, First Solar reported robust performance with a substantial revenue increase of 23.6% to $1.0 billion, compared to $844 million in Q1 2025, driven by a 30.9% rise in module sales volume. The gross margin improved significantly to 46.6%, up from 40.8% a year prior, while diluted EPS rose to 3.47 from 2.29 in the prior year. Management remains optimistic about future growth, driven by increased domestic manufacturing and ongoing demand for solar energy amid evolving market conditions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue increased by 23.6% to $1.04 billion compared to $844 million in Q1 2025.
- Improved Gross Margin
- Gross margin rose to 46.6%, up 5.8 percentage points from 40.8% in the prior year.
- Increased EPS
- Diluted EPS for the quarter was $3.47, up from $2.29 in Q1 2025.
- Increased Module Sales Volume
- Volume of modules sold increased by 30.9%, contributing significantly to revenue growth.
- Product Development Advances
- Expanded U.S. manufacturing capacity includes a sixth facility to be operational in H2 2026.
- Cash Flow from Tax Credits
- Received $95.2 million from the U.S. Department of the Treasury related to Section 45X credits.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Government Incentives
- Changes in solar incentives, particularly from the IRA, could negatively impact demand for our modules.
- Pricing Pressure from Competition
- Intense pricing competition may pressure margins and average selling prices for our solar modules.
- Supply Chain Disruptions
- Ongoing geopolitical tensions could disrupt our supply chain and material availability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.47
- Gross margin
- 46.6%
- Operating margin
- 33.1%
What they said about what is next.
Expectations for continued revenue growth driven by domestic demand and production incentives.
The filing reads better than the one before it.
What came before.
- 10-K · February 24, 2026
- First Solar emphasizes its competitive thin‑film CdTe technology, large U.S. market position, and a distributed manufacturing footprint while ramping Series 7 production and onshoring additional capacity. Q4 2025 showed…
- 10-Q · July 31, 2025
- First Solar reported Q2 net sales of $1,097,170,000 and diluted EPS of $3.18, beating consensus. Revenue rose both year-over-year (+$86.7M, +8.6%) and sequentially (+$252.6M, +29.9%), while gross margin compressed to…
- 10-K · February 27, 2024
- First Solar positions itself as the world’s largest thin‑film PV module manufacturer with a technology- and sustainability-led moat (CdTe modules, >60 GW sold) and is aggressively expanding U.S. and global capacity (≈8…
- 10-Q · October 31, 2023
- First Solar reported a materially stronger Q3 (three months ended September 30, 2023) with net sales of $801,090 (in thousands) and GAAP diluted EPS of $2.50, driven by a return to positive gross profit ($376,175) and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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