First Solar, Inc. (FSLR) is a leading American solar technology company and global provider of photovoltaic (PV) solar energy solutions. The company specializes in the design, manufacture, and sale of cadmium telluride (CdTe) solar modules, which convert sunlight into electricity . These modules are produced using advanced thin film semiconductor technology, offering a high-performance, lower-carbon alternative to conventional crystalline silicon PV solar modules . First Solar's business activities are centered around providing eco-efficient solar energy solutions, with a strong focus on reducing environmental impacts and enhancing the social and economic benefits of their products across their life cycle .
- Modules Business - Sells solar modules to system developers, independent power producers, utilities, commercial and industrial companies, and other system owners and operators, driving the majority of the company's consolidated operating results.
- Residual Business Operations - Engages in project development activities, provides operations and maintenance (O&M) services, and sells PV solar power systems, contributing a smaller portion to the overall revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alexander R. Bradley Executive | Chief Financial Officer | None | CFO since October 2016; joined FSLR in May 2008; led structuring and financing of over $10 billion in solar assets. | |
Caroline Stockdale Executive | Chief People and Communications Officer | Member, Forbes Human Resources Council | Joined FSLR in October 2019; appointed Chief People and Communications Officer in October 2020; extensive HR leadership experience. | |
Georges Antoun Executive | Chief Commercial Officer | Board Member, Marathon Digital Holdings; Chairman, University of Louisiana’s College of Engineering Dean’s Advisory Council | CCO since July 2016; joined FSLR in July 2012 as COO; extensive operational and technical experience. | |
Jason Dymbort Executive | General Counsel and Secretary | None | General Counsel and Secretary since July 2020; joined FSLR in March 2008; oversees global legal functions. | |
Kuntal Kumar Verma Executive | Chief Manufacturing Officer | None | Chief Manufacturing Officer since November 2022; joined FSLR in 2002; extensive engineering and manufacturing expertise. | |
Mark R. Widmar Executive | Chief Executive Officer | Board Member, American Clean Power Association | CEO since July 2016; joined FSLR in April 2011 as CFO; led 8point3 Energy Partners LP; extensive leadership in solar energy. | View Report → |
Markus Gloeckler Executive | Chief Technology Officer | None | CTO since November 2020; joined FSLR in 2005; led advancements in thin-film PV module technology. | |
Michael Koralewski Executive | Chief Supply Chain Officer | None | Chief Supply Chain Officer since November 2022; joined FSLR in 2006; previously Chief Manufacturing Operations Officer. | |
Nathan Theurer Executive | VP, Global Controller and Chief Accounting Officer | None | Appointed Chief Accounting Officer in January 2025; joined FSLR in 2014; extensive accounting and financial reporting expertise. | |
Patrick Buehler Executive | Chief Product Officer | None | Chief Product Officer since December 2022; joined FSLR in 2006; previously Chief Quality and Reliability Officer. | |
Anita Marangoly George Board | Director | Board Member, Tata Sons; Board Member, Piramal Enterprises Limited; Member, multiple nonprofit boards | Director since July 2021; expertise in renewable energy finance and infrastructure. | |
Lisa A. Kro Board | Director | Chief Financial & Administrative Officer, Ryan Companies; Board Member, MillerKnoll, Inc. | Director since 2022; extensive private equity and financial leadership experience. | |
Michael J. Ahearn Board | Chair of the Board | Chair, True North Venture Partners; Board Member, Cox Enterprises; Member, Global Advisory Board of Beijing Climate Policy Initiative | Chair of the Board since 2000; former CEO of FSLR; extensive leadership in solar energy and venture capital. | |
Michael Sweeney Board | Director | None | Director since 2003; extensive leadership experience in private equity and corporate governance. | |
Molly E. Joseph Board | Director | Board Member, West Pharmaceutical Services, Bend Health, U.S. Radiology Specialists, Amsurg; Vice Chair, Santa Clara University Board of Trustees | Director since 2017; former CEO of UnitedHealthcare Global; extensive healthcare and corporate leadership experience. | |
Norman L. Wright Board | Director | EVP, Health Equity Strategy, UnitedHealth Group; Director, UnitedHealth Foundation, YMCA of the North | Director since 2022; expertise in equity and community engagement strategies. | |
Paul H. Stebbins Board | Director | Chair Emeritus, World Kinect Corporation; Member, FixUSNow.org, Amigos International, Silk Road Project, Council on Foreign Relations | Director since 2006; former CEO of World Fuel Services; expertise in energy and governance. | |
Venkata "Murthy" Renduchintala Board | Director | Board Member, Accenture plc | Director since 2024; former Chief Engineering Officer at Intel; expertise in technology and governance. | |
William J. Post Board | Lead Independent Director | Chair, Translational Genomics Research Institute; Board Member, Blue Cross Blue Shield of Arizona, City of Hope; Chair, ASU Enterprise Partners Foundation | Director since 2010; extensive utility and governance expertise. |
- Given the uncertainties surrounding the upcoming November elections and the potential for policy reversals affecting the Inflation Reduction Act, how is First Solar adjusting its business strategy to mitigate risks associated with possible changes in U.S. trade and renewable energy policies?
- With the projected U.S. oversupply position of approximately 40 gigawatts by the end of 2024 due to China's continued overcapacity and dumping practices, how does First Solar plan to maintain its market share and profitability in this challenging environment?
- You mentioned that some multinational oil and gas and utility companies are reconsidering their strategic direction by potentially pivoting back to fossil projects; how might this shift impact First Solar's future bookings and growth projections, especially in relation to demand from these customers?
- Can you elaborate on the significance of your recent acquisition of TOPCon technology patents and how you plan to leverage them to strengthen your competitive position, particularly regarding enforcement actions against potential infringers?
- Considering the potential for new tariffs on imports and the threat of critical circumstances determinations imposing retroactive cash deposit requirements, what contingency plans does First Solar have to address possible adverse impacts on gross margins from your Malaysia, Vietnam, and India production sold into the U.S. market?
Research analysts who have asked questions during FIRST SOLAR earnings calls.
Brian Lee
Goldman Sachs Group, Inc.
4 questions for FSLR
Philip Shen
ROTH MKM
4 questions for FSLR
Julien Dumoulin-Smith
Jefferies
3 questions for FSLR
Andrew Percoco
Morgan Stanley
2 questions for FSLR
Kashy Harrison
Piper Sandler
2 questions for FSLR
Mark W. Strouse
J.P. Morgan Chase & Co.
2 questions for FSLR
Moses Sutton
BNP Paribas
1 question for FSLR
Praneeth Satish
Wells Fargo
1 question for FSLR
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer #1 | Purchases First Solar’s solar modules | All | Contributed 10% of total net sales in 2023 and 10% in 2022. |
Customer #2 | Purchases First Solar’s solar modules | All | Contributed 14% of total net sales in 2022. |
Customer #3 | Purchases First Solar’s solar modules | All | Contributed 10% of total net sales in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Evolar AB | 2023 | First Solar acquired 100% of Evolar AB in May 2023 through a deal involving $35.5 million in cash payments (net of $0.5 million) and the potential for up to $42.5 million contingent on achieving technical milestones, with a fair value of $18.5 million for the contingent consideration. The purchase price was allocated to key assets, including $47.0 million for an IPR&D intangible asset, $15.0 million for goodwill, $9.2 million for a deferred tax liability, and $2.0 million for property, plant, and equipment; the acquisition is strategically aimed at accelerating the development of high-efficiency multi-junction photovoltaic devices by leveraging Evolar's perovskite technology alongside First Solar’s R&D capabilities. |
Recent press releases and 8-K filings for FSLR.
- On October 20, 2025, First Solar agreed to sell $600 million of advanced manufacturing production tax credits for $573 million under a Fixed Transfer Agreement with a digital payments company; payments of the purchase price are expected on October 31 and December 29, 2025.
- Simultaneously, the company entered a Variable Transfer Agreement to sell up to $175 million of additional tax credits at $0.955 per $1 of credit, with payment due February 27, 2026.
- Solar modules in the US are three times more expensive than in the rest of the world, reflecting sustained import tariffs.
- Fewer than 5% of projects rely on federal funding, and tax credits have been extended through 2030, reducing policy risk for the sector.
- A shift toward domestic manufacturing benefits firms with US footprint, notably First Solar, as tariffs support nearshoring.
- Mandloi’s top sector picks include First Solar (solar modules), Sunrun (residential solar & storage), and Bloom Energy (fuel cells for data centers).
- A coalition led by First Solar, including Qcells, Talon PV, and Mission Solar, has formally requested the U.S. Commerce Department to impose anti-dumping and countervailing duties on solar imports from India, Indonesia, and Laos, alleging unfair subsidies and pricing practices that hurt domestic manufacturers.
- Imports from these countries jumped from $289 million in 2022 to $1.6 billion in 2023, raising concerns over the impact on U.S. solar manufacturing investments.
- U.S. solar manufacturing capacity has expanded from 7 GW in 2020 to around 50 GW currently, yet annual installations are projected to reach nearly 43 GW, underscoring demand outpacing domestic supply.
- The Commerce Department has 20 days to decide whether to initiate an investigation into the tariffs petition, highlighting ongoing trade enforcement challenges.
- First Solar partners with UbiQD through an exclusive multi-year agreement to integrate UbiQD’s fluorescent quantum dot (QD) technology into its thin-film bifacial photovoltaic panels.
- The deal follows a 2023 joint R&D collaboration and targets enhanced utility-scale solar performance by boosting bifacial quantum efficiency.
- UbiQD’s production is set to scale to over 100 metric tons annually, representing the first high-volume QD supply outside of display applications.
- The collaboration strengthens domestic manufacturing capacity for advanced PV modules amid growing power demand from data centers, AI, and manufacturing sectors.
- Governance outcomes: Nine directors were elected, PwC’s appointment was ratified by 87.12% of votes, the advisory vote on executive compensation passed with 86.80%, and a stockholder proposal for meeting improvement failed with 15.45% support.
- Record performance: The company reported $4.2 billion in net sales and $12.02 diluted EPS in 2024, with a significant manufacturing output of 15.5 GW and expanded capacity from new facilities.
- Growth strategy focus: Emphasis was placed on advanced thin-film technologies, including perovskite development and next-generation tandem devices, as key pillars to drive future innovation and scalability.
- Q1 2025 Financials: Reported net sales of $0.8B, diluted EPS of $1.95, and a net cash balance of $0.4B with a noted seasonal drop versus the prior quarter .
- Production Highlights: Achieved module sales of 2.9 GW, produced 4.0 GW (evenly split between Series 6 and Series 7), and secured a contracted backlog of approximately 66.1 GW (rising to 66.3 GW after additional contracts) .
- Guidance Revision: Updated full-year 2025 guidance now projects net sales between $4.5B and $5.5B and diluted EPS from $12.50 to $17.15, reflecting the impact of new tariffs .
- Tariff Challenges: Ongoing tariff-related challenges, including uncertainty around reciprocal tariffs in markets like India, Malaysia, and Vietnam, are affecting both international sales and manufacturing strategies .
- Domestic Manufacturing: Advancing U.S. manufacturing with capacity expansions in Alabama and Louisiana and plans to optimize finishing capacity to improve module economics amid evolving tariffs .