Sign in

    First Solar Inc (FSLR)

    You might also like

    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 .

    1. 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.
    2. 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.
    NamePositionExternal RolesShort 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.

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?
    YearAmount Due (USD, Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024208.261Current Portion of DebtN/A35.8% = (208.261 / 581.998) * 100
    202529.057India JPM Working Capital FacilityN/A5.0% = (29.057 / 581.998) * 100
    202570.474India HSBC Working Capital FacilityN/A12.1% = (70.474 / 581.998) * 100
    202517.917India Citibank Working Capital FacilityN/A3.1% = (17.917 / 581.998) * 100
    2029464.550India Credit FacilityN/A79.8% = (464.550 / 581.998) * 100
    CustomerRelationshipSegmentDetails

    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.

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2000 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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.

    First Solar Reports Q1 2025 Results and Revises Guidance
    FSLR
    Earnings
    Guidance Update
    New Projects/Investments
    • 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 .
    4 days ago