Earnings release
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EXHIBIT 99.1 News Release First Solar, Inc. Announces Third Quarter 2025 Financial Results and Updates Guidance • Net sales of $1.6 billion; Record volume sold of 5.3 GW • Net income per diluted share of $4.24 • Gross cash balance of $2.0 billion; Net cash balance of $1.5 billion • 2.7 GW gross bookings since our last earnings call with an average selling price of 30.9 cents per watt, excluding contract pricing adjusters • Contracted sales backlog of 53.7 GW, valued at $16.4 billion, as of September 30, 2025 TEMPE, Arizona, October 30, 2025 – First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the third quarter ended September 30, 2025, and updated its 2025 guidance. Net sales for the third quarter were $1.6 billion, an increase of $0.5 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties. The Company reported third quarter net income per diluted share of $4.24, compared to net income per diluted share of $3.18 in the second quarter of 2025. Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, increased to $1.5 billion from $0.6 billion at the end of the prior quarter. The increase was primarily due to higher cash receipts from module sales, including advance payments for future sales, and favorable changes in working capital. “As a result of our disciplined approach to balancing growth, liquidity, and profitability, we’ve further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales,” said Mark Widmar, Chief Executive Officer. “While trade and policy developments have introduced new challenges for many in our industry, we continue to differentiate ourselves by offering pricing and delivery certainty, enabling us to respond effectively to evolving demand drivers and reinforce our leadership.” 1 www.firstsolar.com
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Our 2025 guidance has been updated as follows: Prior Current Net Sales $4.90Bto $5.70B $4.95Bto $5.20B Gross Margin (1) $2.05Bto $2.35B $2.10Bto $2.20B Operating Expenses (2) $480Mto $520M $515Mto $535M Operating Income (3) $1.53Bto $1.87B $1.56Bto $1.68B Earnings per Diluted Share $13.50to $16.50 $14.00to $15.00 Net Cash Balance (4) $1.3Bto $2.0B $1.6Bto $2.1B Capital Expenditures $1.0Bto $1.5B $0.9Bto $1.2B Volume Sold 16.7GWto 19.3GW 16.7GWto 17.4GW —————————— (1) Assumes $155 million to $165 million of ramp and underutilization costs and $1.56 billion to $1.59 billion of Section 45X tax credits. (2) Assumes $90 million of production start-up expense. (3) Assumes $245 million to $255 million of production start-up expense, ramp and underutilization costs, and $1.56 billion to $1.59 billion of Section 45X tax credits. (4) Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025. The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s third quarter 2025 financial results, 2025 guidance, and financial outlook. Conference Call Details First Solar has scheduled a conference call for today, October 30, 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 our advanced, uniquely American thin film PV technology. Developed at research and development (“R&D”) labs in California and Ohio, our technology represents the next generation of solar power generation, providing a competitive, high- performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. 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; our expectations regarding the political and trade environment and its impacts; 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 2 www.firstsolar.com
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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 Internal Revenue Code including the Section 45X tax credits; and the impact of the implementation of new tariffs. 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; 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 inability of our customers and counterparties to perform under their contracts with us, including through terminations by customers of any contract in part or in full; 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. Contacts First Solar Investors First Solar Media investor@firstsolar.com media@firstsolar.com 3 www.firstsolar.com
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FIRST SOLAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) September 30,2025 December 31,2024 ASSETS Current assets: Cash and cash equivalents $ 1,992,173 $ 1,621,376 Marketable securities 47,747 171,583 Accounts receivable trade, net 1,442,044 1,261,049 Government grants receivable, net 684,118 403,759 Inventories 1,100,850 1,084,384 Other current assets 634,836 546,882 Total current assets 5,901,768 5,089,033 Property, plant and equipment, net 5,759,806 5,413,683 Deferred tax assets, net 183,646 208,808 Restricted marketable securities 215,526 199,136 Government grants receivable 296,238 157,570 Goodwill 30,682 28,335 Intangible assets, net 51,262 54,654 Inventories 254,541 275,372 Other assets 765,840 697,770 Total assets $ 13,459,309 $ 12,124,361 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 284,542 $ 482,190 Income taxes payable 78,773 77,363 Accrued expenses 587,679 508,581 Current portion of debt 272,396 236,424 Deferred revenue 1,554,707 712,000 Other current liabilities 311,757 60,884 Total current liabilities 3,089,854 2,077,442 Accrued solar module collection and recycling liability 145,073 134,394 Long-term debt 282,565 373,354 Deferred revenue 663,058 1,327,825 Other liabilities 263,447 233,769 Total liabilities 4,443,997 4,146,784 Commitments and contingencies Stockholders’ equity: Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,307,994 and 107,060,281shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 107 107 Additional paid-in capital 2,899,631 2,898,418 Accumulated earnings 6,270,456 5,263,110 Accumulated other comprehensive loss (154,882) (184,058) Total stockholders’ equity 9,015,312 7,977,577 Total liabilities and stockholders’ equity $ 13,459,309 $ 12,124,361 4 www.firstsolar.com
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FIRST SOLAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30,2025 June 30,2025 September 30,2024 September 30,2025 September 30,2024 Net sales $ 1,594,856 $ 1,097,170 $ 887,668 $ 3,536,594 $ 2,692,258 Cost of sales 984,111 597,320 442,357 2,081,596 1,402,055 Gross profit 610,745 499,850 445,311 1,454,998 1,290,203 Operating expenses: Selling, general and administrative 47,324 52,590 46,293 153,078 138,680 Research and development 60,592 54,487 50,197 167,468 144,876 Production start-up 36,734 31,166 26,822 85,506 69,681 Litigation loss — — — — 430 Total operating expenses 144,650 138,243 123,312 406,052 353,667 Gain on sales of businesses, net — — — — 1,115 Operating income 466,095 361,607 321,999 1,048,946 937,651 Foreign currency loss, net (8,903) (9,728) (5,158) (30,224) (17,665) Interest income 23,308 12,100 22,580 54,273 74,424 Interest expense, net (14,121) (9,184) (9,008) (32,830) (27,983) Other expense, net (6,034) (2,628) (3,071) (10,594) (6,435) Income before taxes 460,345 352,167 327,342 1,029,571 959,992 Income tax expense (4,402) (10,299) (14,386) (22,225) (61,064) Net income $ 455,943 $ 341,868 $ 312,956 $ 1,007,346 $ 898,928 Net income per share: Basic $ 4.25 $ 3.19 $ 2.92 $ 9.40 $ 8.40 Diluted $ 4.24 $ 3.18 $ 2.91 $ 9.37 $ 8.36 Weighted-average number of shares used in pershare calculations: Basic 107,264 107,245 107,049 107,211 107,015 Diluted 107,538 107,518 107,562 107,492 107,514 5 www.firstsolar.com
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FIRST SOLAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months EndedSeptember 30, 2025 2024 Cash flows from operating activities: Net income $ 1,007,346 $ 898,928 Adjustments to reconcile net income to cash provided by operating activities: Depreciation, amortization and accretion 388,585 299,079 Share-based compensation 16,713 21,987 Deferred income taxes 26,477 (85,343) Gain on sales of businesses, net — (1,115) Other, net 28,218 3,238 Changes in operating assets and liabilities: Accounts receivable, trade (196,967) (68,823) Inventories (679) (434,375) Government grants receivable (442,010) (59,181) Other assets (150,159) (183,127) Income tax receivable and payable (44,684) 35,708 Accounts payable and accrued expenses (164,194) (8,953) Deferred revenue 262,877 (13,159) Other liabilities 83,689 2,139 Net cash provided by operating activities 815,212 407,003 Cash flows from investing activities: Purchases of property, plant and equipment (698,148) (1,212,537) Purchases of marketable securities and restricted marketable securities (1,307,656) (2,014,764) Proceeds from sales and maturities of marketable securities 1,424,918 1,897,997 Other investing activities 2,952 (12,617) Net cash used in investing activities (577,934) (1,341,921) Cash flows from financing activities: Proceeds from borrowings under debt arrangements, net of issuance costs 309,047 227,654 Repayment of debt (357,515) (205,821) Proceeds from other borrowings 487,323 — Repayment of other borrowings (298,407) — Payments of tax withholdings for restricted shares (15,479) (20,144) Contingent consideration payment and other financing activities (527) (7,568) Net cash provided by (used in) financing activities 124,442 (5,879) Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents2,021 (2,805) Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents363,741 (943,602) Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period1,638,223 1,965,069 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period$ 2,001,964 $ 1,021,467 Supplemental disclosure of noncash investing and financing activities: Property, plant and equipment acquisitions funded by liabilities $ 222,115 $ 264,480 Proceeds to be received from asset-based government grants $ 149,775 $ 159,490 Acquisitions funded by contingent consideration $ 3,600 $ 11,000 6 www.firstsolar.com