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July 31, 2025 First Solar Q2’25 Earnings Call
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© 2025 Copyright First Solar, Inc. 2 Cautionary Note Regarding Forward Looking Statements This presentation 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 presentation, 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; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; our ability to upgrade and expand manufacturing capacity worldwide; our expectations regarding the political and trade environment and its impacts; increased research and development (“R&D”) programs and investment; production and delivery of our modules; anticipated claims under our limited product warranty obligations and any related remediation commitments; 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, booking opportunities, 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 Inflation Reduction Act of 2022 (“IRA”) including the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code; our expectations regarding the sale of our Section 45X tax credits; our expectations regarding investment in the expansion of our capacity; our expectations regarding our work with partners; the impact of the implementation of new tariffs in August 2025; and our belief about recently passed legislation. 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 presentation. 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; interest rate fluctuations and our customers’ ability to secure financing; 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; 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 regulations; supply chain disruptions; 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; 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. You should carefully consider the risks and uncertainties described in these reports. | Important Information
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© 2025 Copyright First Solar, Inc. 3 | Second Quarter 2025 Update 1 For the period from April 1, 2025, through June 30, 2025 Financial ▪ 3.6 GW of modules sold, above mid-point of previous earnings call forecast ▪ Q2 2025 diluted EPS of $3.18, above high end of previous earnings call forecast Manufacturing ▪ 4.2 GW Total Production(1): U.S. 2.4 GW / International 1.8 GW ▪ Alabama factory ramp-up continues ▪ Louisiana factory begun its integrated production run; plant qualification expected in Oct. Technology ▪ Recent CuRe field data validating enhanced energy profile of technology platform ▪ Field data also confirming CuRe superior degradation rate seen in lab testing ▪ Perovskite R&D meeting internal initial stage efficiency, stability & manufacturing metrics Corporate Responsibility ▪ Published 2025 Corporate Responsibility Report ▪ Achieved 5x greater energy ROI compared to China-made c-Si panels ▪ Nearly doubled water recycling and recovered 95% of materials from recycled panels
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© 2025 Copyright First Solar, Inc. 4 Solar ITC/PTC Safe Harbored by YE 2024 45/48 Construction Start 2025 45Y/48E Const. Start by 7/4/26 45Y/48E Const. Start after 7/4/26 45Y/48E | Utility Scale Solar | One Big Beautiful Bill Act H.R. 1 Jan 1 2024 Jan 1 2025 Jan 1 2026 Jan 1 2027 Jan 1 2028 Jan 1 2029 Jan 1 2030 Jan 1 2031 C.C. C.C. C.C. C.C. Commence Construction Window for Safe Harbor Purposes Placed In Service Window Prohibited Foreign Entity & Material Assistance Restrictions Apply OBBB: Continuity of Mid-Term Demand Drivers OBBB: Catalyst for American Manufacturing Domestic Content 40% Domestic Content 40%, but 45% if CC after 6/16/25 Domestic Content 50% Material Assistance 40% Domestic Content 50% Material Assistance 40% Key Provisions IRA OBBB Sec. 45X Credit Values & # of Years Sec. 45X Credit Integration Sec. 45X Transferability Sec. 45X FEOC Restrictions Sec. 45Y/48E FEOC Restrictions Sec. 48E Domestic Content Percentage Passed 2022 Maintained Maintained Maintained New New Increased Passed 2025 Note: Prohibited Foreign Entity and Material Assistance Restrictions must be satisfied for 45X, 45Y and 48E credit eligibility. 45Y and 48E domestic content percentages must be met to secure incremental bonus credit Note: This material is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Note: Placed in Service Windows reflected above are assumed based on historic views of current Safe Harbor language, and may be subject to change with forthcoming Treasury guidance.
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© 2025 Copyright First Solar, Inc. 5 | Market Conditions & Policy Environment 2022 FERC Forecasted Peak Demand: 840 GW 2023 FERC Forecasted Peak Demand: 859 GW 2024 FERC Forecasted Peak Demand: 947 GW 23 GW 39 GW 128 GW Unprecedented US Load Growth Speed of Deployment is Critical Source: Strategic Industries Surging: Driving US Power Demand, Grid Strategies 70% Increase 228% Increase 2025 2026 2028 2030 New Utility-Scale Solar New Nuclear 2035 New Natural Gas New Utility-Scale Energy Storage Nuclear (SMR) 2040 32GW US utility-scale solar installed in 2024* Equivalent to 32 nuclear reactors, 53 natural gas power blocks, or 427 SMRs Utility-Scale Solar is Part of America’s All-of-the-Above Power Generation Strategy 5-Year Nationwide Growth Forecast 2029 Summer Peak Demand Growth (GW) Available Immediately * Forecasted. Source: American Clean Power, Solar Market Monitor, December 2024
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© 2025 Copyright First Solar, Inc. 6 The table above presents our expected module volume sold. (1) Backlog as of December 31, 2024 (2) Volume sold from January 1, 2025, to June 30, 2025 (3) Net Debookings from January 1, 2025, to June 30, 2025 (4) Backlog as of June 30, 2025 (5) Net-bookings from July 1, 2025, to July 31, 2025 (6) Backlog as of June 30, 2025, and net-bookings through July 31, 2025. Volume sold from July 1, 2025, to July 31, 2025, not deducted Note: Volumes are rounded to the nearest hundred megawatts and may not add up due to rounding | Expected Module Volume Sold (GW DC): 48.3 GW 9.9 GW (9.3) GW [6.7] GW 68.5 GW 6.5 GW 0.2 GW 61.9 GW 2.1 GW 64.0 GW - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 Dec 31, 2024 (1) YTD Volume Sold as of Jun 30, 2025 (2) YTD Net Debookings as of Jun 30, 2025 (3) Jun 30, 2025 (4) QTD Net-Bookings Q3 2025 (5) July 31, 2025 (6)
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© 2025 Copyright First Solar, Inc. 7 | Potential Booking Opportunities 70.3 12.6 0.4 83.3 GW Opportunity 20.1 GW Opportunity Total booking opportunities Mid-to-Late stage opportunities 3.9 GW of opportunities confirmed, but not booked 14.1 5.8 0.2 Note: Volumes are rounded to the nearest hundred megawatts and may not add up due to rounding.
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© 2025 Copyright First Solar, Inc. 8 | Income Statement Highlights 1 Actual, QoQ, and YoY amounts rounded to the nearest million and may not tie due to rounding (In millions, except per share amounts)(1) Q2 2025A Q1 2025A Q2 2024A QoQ Change YoY Change Net sales $1,097 $845 $1,010 $252 $87 Gross profit % 45.6% 40.8% 49.4% 4.8% (3.8)% Selling, general and administrative 53 53 47 — 6 Research and development 54 52 52 2 2 Production start-up 31 18 27 13 4 Operating income 362 221 373 141 (11) Income tax expense 10 8 28 2 (18) Net income 342 210 349 132 (7) Net income per share - diluted 3.18 1.95 3.25 1.23 (0.07)
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© 2025 Copyright First Solar, Inc. 9 | Balance Sheet Highlights 1 Actual, QoQ, and YoY amounts rounded to the nearest million and may not tie due to rounding 2 Includes cash and cash equivalents, marketable securities, restricted cash and restricted cash equivalents Q2 2025A (In millions)(1) Q2 2025A Q1 2025A Q2 2024A QoQ Change YoY Change Cash and marketable securities(2) $1,209 $897 $1,754 $312 $(545) Accounts receivable 1,731 1,606 648 125 1,083 Inventories - current and noncurrent 1,684 1,563 1,302 121 382 Government grants receivable - current and noncurrent 721 645 613 76 108 Property, plant and equipment, net 5,723 5,638 5,139 85 584 Total assets 12,858 12,117 11,014 741 1,844 Deferred revenue - current and noncurrent 1,823 1,901 1,948 (78) (125) Debt - current and noncurrent 578 525 559 53 19 Total liabilities 4,312 3,929 3,759 383 553 Total stockholders’ equity 8,546 8,187 7,255 359 1,291
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© 2025 Copyright First Solar, Inc. 10 Prior Current Tariff impact on full year guidance range • Section 232 tariffs on aluminum and steel imports into the U.S. at a rate of 25% • Upper end: Assumed “universal” tariffs of 10% for Vietnam, India, and Malaysia • Lower end: Assumed “reciprocal” tariffs took effect July 9th, 2025: Malaysia (24%), India (26%), Vietnam (46%) • Section 232 tariffs on aluminum and steel imports into the U.S. at a rate of 50% • Assumes indicative tariffs effective August 1, 2025: Malaysia (25%), India (26%)1, Vietnam (20%) Tariff related cost impacts to full year guidance • Import duties on finished goods approx. $70M to $90M • Raw material imports approx. $40M to $80M • Logistical period costs (warehouse related, detention, and demurrage) of $300M • Temporary idling of production in Malaysia and Vietnam provides optionality pending tariff, budget reconciliation, IRA updates • Net Import duties on finished goods approx. $80M • Raw material imports approx. $70M • Logistical period costs (e.g., warehouse related, detention, and demurrage) of $400M; Detention and demurrage of $100M, year-to-date $85M • Curtailment optionality of production in Malaysia and Vietnam provides strategic flexibility with proposed tariffs Section 45X tax credits • Sale of 2025 Section 45X credits was not assumed • Assumed ~95% of projected Section 45X tax credit value in guidance, reflecting approximately $75M reduction from prior forecast | 2025 Guidance Assumptions as of July 31, 2025 1 Does not assume the President’s July 30th, 2025 announcement of a 25% rate plus an unquantified “penalty” for India’s purchase of military equipment and energy from Russia.
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© 2025 Copyright First Solar, Inc. 11 | 2025 Guidance as of July 31, 2025 (1) April 29, 2025 Current Expected Earnings Cadence Net Sales $4.5B to $5.5B $4.9B to $5.7B “From a third quarter earnings cadence perspective, we anticipate our module sales to be between 5.0 and 6.0 GW. We forecast our advanced manufacturing production tax credit available to us under Section 45X of the Internal Revenue Code (“Section 45X tax credit”), to be between $390 million and $425 million in the third quarter. These factors result in forecasted third quarter earnings per diluted share between $3.30 and $4.70.” Gross Margin ($)(2) $1.96B to $2.47B $2.05B to $2.35B Operating Expenses(3) $470M to $510M $480M to $520M Operating Income(4) $1.45B to $2.00B $1.53B to $1.87B Earnings Per Diluted Share $12.50 to $17.50 $13.50 to $16.50 Net Cash Balance(5) $0.4B to $0.9B $1.3B to $2.0B Capital Expenditures $1.0B to $1.5B Unchanged Volume Sold 15.5GW to 19.3GW 16.7GW to 19.3GW 1 The guidance figures presented are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to tariffs or other trade remedies and certain factors related to the Inflation Reduction Act of 2022 2 Assumes $95 to $180 million of ramp and underutilization costs and $1.575 to $1.625 billion of Section 45X tax credits 3 Assumes $65 to $75 million of production start-up expense 4 Assumes $160 to $255 million of production start-up expense, ramp and underutilization costs and $1.575 to $1.625 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
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© 2025 Copyright First Solar, Inc. 12 | Summary and Highlights 1 Defined as cash, cash equivalents, marketable securities, restricted cash and restricted cash equivalents 2 Defined as gross cash less debt 3 Does not assume the President’s July 30th, 2025 announcement of a 25% rate plus an unquantified “penalty” for India’s purchase of military equipment and energy from Russia. Demand ▪ 2.1 GW booked in July 2025 ▪ Total bookings backlog of 64.0 GW extending through 2030 ▪ Total booking opportunities of 83.3 GW; 20.1 GW mid-to-late stage Financial ▪ Q2 2025 diluted EPS of $3.18, above high end of previous earnings call forecast ▪ Q2 2025 gross cash(1) of $1.2 billion, net cash(2) of $0.6 billion Policy & Fundamentals ▪ On balance, positive overall emerging industrial and trade policy environment ▪ Utility-scale solar well positioned to meet growing U.S. energy demand Revised Guidance ▪ Guidance reflects anticipated implementation of revised tariffs(3) effective August 1, 2025 ▪ Assumed sale of 2025 Section 45X tax credits from all but one of our U.S. facilities ▪ Mid-point of full year diluted EPS guidance unchanged ▪ Mid-point of year-end net cash guidance increase by $1.0 billion
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© 2025 Copyright First Solar, Inc. 13 First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., reg istered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First Solar, Inc.