FIRST SOLAR, INC.

Listed Company

FSLRCIK 0001274494NasdaqLarge AcceleratedSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.22B

Net Income

$1.53B

Total Assets

$13.32B

Equity

$9.54B

Shares Out

107.45M

Op. Cash Flow

$2.06B

Business

FIRST SOLAR, INC. designs, manufactures, and sells advanced thin film photovoltaic (PV) solar modules using cadmium telluride (CdTe) semiconductor technology. Its main products include Series 6 Plus and Series 7 CdTe glass-laminate solar modules, associated warranties, module recycling services, and R&D-driven technology development including perovskite tandem efforts. The company’s primary business segment is its modules business, encompassing integrated high-throughput manufacturing, quality and reliability testing, and a global R&D program. It sells modules and services to system developers, independent power producers, utilities, and commercial and industrial customers across the United States, India, Southeast Asia, Europe, and other international markets, with emphasis on high-insolation and humid climates and domestic U.S. manufacturing channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	5,219	4,206	3,319	2,619	2,923
Cost of sales	3,099	2,348	2,018	2,549	2,193
Gross profit	2,120	1,858	1,301	70	730
Selling, general and administrative	204	188	198	165	170
Research and development	233	191	152	113	99
Production start-up	86	84	65	73	21
Litigation loss	0	430,000	36	0	0
Total operating expenses	523	465	450	351	290
Gain on sales of businesses, net	0	1	7	254	147
Operating income	1,597	1,394	857	−27	587
Foreign currency loss, net	−39	−25	−22	−16	−8
Interest income	82	89	98	33	6
Interest Expense, net	−44	−39	−13	−12	—
Other expense, net	−15	−13	−29	31	314,000
Income before taxes	1,581	1,406	891	9	572
Income tax expense	−53	−114	−61	−53	−103
Net income	1,528	1,292	831	−44	469
Basic (per share)	14.25	12.07	7.78	−0.41	4.41
Diluted (per share)	14.21	12.02	7.74	−0.41	4.38
Basic (shares)	107	107	107	107	106
Diluted (shares)	108	108	107	107	107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,804	1,621	1,947	1,481	1,451
Marketable securities	52	172	155	1,097	375
Accounts receivable trade, net	1,294	1,261	661	324	429
Government grants receivable, net	500	404	660	0	—
Inventories	737	1,084	820	621	666
Other current assets	643	547	392	268	244
Total current assets	6,029	5,089	4,635	3,791	3,191
Property, plant and equipment, net	5,676	5,414	4,397	3,537	2,650
Deferred tax assets, net	195	209	143	79	59
Restricted marketable securities	217	199	198	182	245
Government grants receivable	126	158	152	0	—
Goodwill	31	28	30	14	14
Intangible assets, net	51	55	65	31	46
Inventories	237	275	267	260	238
Other assets	760	698	479	356	439
Total assets	13,321	12,124	10,365	8,251	7,414
Accounts payable	406	482	207	341	193
Income taxes payable	7	77	22	29	5
Accrued expenses	519	509	525	383	288
Current portion of debt	216	236	96	0	—
Deferred revenue	1,014	712	414	263	202
Other current liabilities	91	61	42	21	35
Total current liabilities	2,254	2,077	1,306	1,038	727
Accrued solar module collection and recycling liability	146	134	135	128	139
Long-term debt	283	373	464	184	236
Deferred revenue	805	1,328	1,592	945	96
Other liabilities	296	234	181	120	256
Total liabilities	3,783	4,147	3,678	2,415	1,454
Commitments and contingencies	—	—	—	—	—
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,309,794 and 107,060,281 shares issued and outstanding at December 31, 2025 and 2024, respectively	107,000	107,000	107,000	107,000	106,000
Additional paid-in capital	2,902	2,898	2,890	2,887	2,871
Accumulated earnings	6,791	5,263	3,971	3,140	3,184
Accumulated other comprehensive loss	−155	−184	−174	−192	−96
Total stockholders' equity	9,538	7,978	6,687	5,836	5,960
Total liabilities and stockholders' equity	13,321	12,124	10,365	8,251	7,414

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and accretion	529	423	308	270	260
Share-based compensation	19	28	34	29	21
Deferred income taxes	26	−55	−61	−13	50
Other, net	44	13	24	−1	−3
Accounts receivable, trade	31	−505	−304	119	−97
Inventories	378	−277	−205	17	−136
Government grants receivable	−151	270	−660	0	0
Other assets	−172	−311	−216	−87	−70
Income tax receivable and payable	−32	47	9	44	−13
Accounts payable and accrued expenses	5	269	79	6	49
Deferred revenue	−190	698,000	783	913	47
Other liabilities	42	23	−13	−12	−140
Net cash provided by operating activities	2,057	1,218	602	873	238
Purchases of property, plant and equipment	−870	−1,526	−1,387	−904	−540
Purchases of marketable securities and restricted marketable securities	−1,540	−2,516	−3,613	−3,375	−2,147
Proceeds from sales and maturities of marketable securities	1,654	2,492	4,564	2,647	2,295
Proceeds from sales of businesses, net of cash and restricted cash sold	0	0	8	442	300
Acquisitions, net of cash acquired	0	0	−36	0	0
Other investing activities	−8	−13	−9	−3	−7
Net cash used in investing activities	−765	−1,563	−473	−1,193	−99
Proceeds from borrowings under debt arrangements, net of issuance costs	370	258	368	397	129
Repayment of debt	−473	−206	0	−76	−73
Proceeds from other borrowings	487	0	0	—	—
Repayments of other borrowings	−487	0	0	—	—
Payments of tax withholdings for restricted shares	−16	−20	−31	−12	−16
Contingent consideration payment and other financing activities	−810,000	−8	0	0	0
Net cash (used in) provided by financing activities	−119	25	337	309	41
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents	3	−6	5	47	3
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	1,176	−327	472	—	—
Property, plant and equipment acquisitions funded by liabilities	134	186	249	316	62
Proceeds to be received from asset-based government grants	148	172	152	0	0
Acquisitions funded by contingent consideration	2	7	19	0	0

Filings

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