First Solar

First Solar (Nasdaq: FSLR) makes thin-film solar panels (cadmium telluride, or CdTe, instead of silicon) and sells them by the watt to U.S. utility-scale project owners, and a U.S. manufacturing tax credit (Section 45X) sold for cash helps carry the profit. FY2025 (year ended Dec 31, 2025) net sales were $5.22B (+24%) on 17.5 GW of modules sold, with 96% of sales in the United States. Gross profit was $2.12B (40.6% margin, down from 44.2%), operating income $1.60B and net income $1.53B. In 2025 it agreed to sell $1.40B (face value) of 2025 manufacturing credits for $1.34B in cash. At Dec 31, 2025 it had signed contracts to sell 50.1 GW for $15.0B through 2030, and two customers were 11% and 10% of net sales. H1 2026 net sales were $2.10B (+8%) and net income $769.2M, but Q2 net sales fell 3.7% to $1.06B and Q2 gross margin of 57.3% included an $88.6M net benefit from expected tariff refunds; operating cash flow was negative $359.8M in H1 as cash and securities fell from $2.9B to $1.7B, and it paid off its India credit facility in May 2026.

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