First Solar, Inc. Q2 FY26 Results — Earnings Call Analysis
Published 29 May 2026 | Semiconductors and Semiconductor Equipment | Market Cap: ₹32.6K Cr
- Full-year 2026 guidance remains unchanged with strong commitment to reshoring and scaling domestic manufacturing. - Q2 volumes expected between 3.4 and 4 gigawatts, with adjusted EBITDA forecasted at $400 million to $500 million. - Sales growth supported by 31% volume increase in Q1, totaling record $1 billion net sales, driven by higher demand particularly in India and U.S. - The U.S. - Full year 2026 guidance remains unchanged with expected adjusted EBITDA between $400 million to $500 million in Q2. - First quarter adjusted EBITDA was $520 million, exceeding top-end guidance. - Strong bookings: 1.4 GW U.S.
From First Solar, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Price
₹303.38
Market Cap
₹32.6K Cr
P/E Ratio
17.4
Revenue Rank
Margin Rank
How does First Solar, Inc. rank in Semiconductors and Semiconductor Equipment?
Compare First Solar, Inc. against every Semiconductors and Semiconductor Equipment company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 3- →Full-year 2026 guidance remains unchanged with strong commitment to reshoring and scaling domestic manufacturing.
- →Q2 volumes expected between 3.4 and 4 gigawatts, with adjusted EBITDA forecasted at $400 million to $500 million.
- →Sales growth supported by 31% volume increase in Q1, totaling record $1 billion net sales, driven by higher demand particularly in India and U.S.
- →The U.S. domestic production contracts are substantially committed through 2028, providing pricing clarity.
- →Momentum in bookings with 1.7 gigawatts gross bookings in Q1, including strong demand in India (~1 GW sold domestically at $0.20/watt) and U.S. (0.9 GW at ~$0.34/watt).
- →Incremental volumes expected to be beneficial to gross margin in the latter half of the year.
- →Longer-term growth aided by development and launch of new technologies like CuRe and perovskite pilot line.
- →Continued evaluation of Southeast Asia capacity and impact of trade policies on future sales dynamics.
📈 Profitability & Margins
Rank 3- →Full year 2026 guidance remains unchanged with expected adjusted EBITDA between $400 million to $500 million in Q2.
- →First quarter adjusted EBITDA was $520 million, exceeding top-end guidance.
- →Strong bookings: 1.4 GW U.S. bookings at ~$0.35/W, with half volume extending into 2029, indicating momentum into outer years.
- →CuRe technology rollout across Series 6 and 7 lines expected to add up to $0.6 billion in additional revenue from technology adjusters, mainly in 2027-2028.
- →South Carolina finishing facility production starts H2 2026, expected to optimize costs and contribute to revenues.
- →Growth constrained by policy uncertainties (e.g., Section 232 tariffs), but domestic manufacturing scale and technology roadmap support positive outlook.
- →Continued selective approach to U.S. bookings pending regulatory clarity, but strong demand in India and U.S.
- →EBITDA margin guidance stable with improvement expected in H2 driven by volume growth and operating leverage.
🏗️ Capital Expenditure Plans
Yes- →Capital expenditures were $119 million in the quarter, primarily for the South Carolina finishing facility (Page 3).
- →The company plans to launch a 1 gigawatt perovskite pilot line in 2027 at the Perrysburg facility, leveraging existing back-end capabilities (Pages 8, 11).
- →The pilot line is for development to validate perovskite technology performance and durability, not yet a high-volume manufacturing line (Page 8).
- →Ongoing investments also include R&D ($67 million in the quarter) focused on perovskite development and CuRe launch work (Page 3).
- →The CuRe first Series 6 facility will launch in India early next year, enhancing efficiency and energy attributes (Page 6).
- →The South Carolina facility investment supports semi-finished product finishing, increasing domestic manufacturing capacity and content (Pages 3, 10).
💰 Fundraising & Capital Structure
No information- →There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript.
- →The company ended the quarter with $2.4 billion in cash, cash equivalents, restricted cash, and marketable securities, and a net cash position of $2 billion, which is at the high end of their targeted net cash range ($1.5 billion to $2 billion).
- →They completed a scheduled $45 million principal payment on their India DFC loan, indicating ongoing debt servicing but no new debt issuance was mentioned.
- →Capital expenditures were $119 million, primarily for the South Carolina finishing facility, funded presumably from existing resources.
- →No references to equity raises or new debt financing plans were discussed during the call.
📋 Order Book & Pipeline
Yes- →Contracted backlog as of March 31, 2026: 47.9 gigawatts at an aggregate transaction price of $14.4 billion (exclusive of technology adjusters) with deliveries through 2030.
- →First quarter 2026 gross bookings: approximately 1.7 gigawatts.
- →Debookings in Q1: 0.1 gigawatts.
- →India bookings: 1 gigawatt sold domestically at ~$0.20 per watt.
- →U.S. bookings: 0.9 gigawatts at approximately $0.34 per watt.
- →Since last earnings call, 1.4 gigawatts booked at average ASP of $0.35 per watt; includes a 700 MW option related to a development acquisition in progress.
- →Focus remains highly selective on incremental U.S. bookings, awaiting key policy and regulatory outcomes, especially on pending Section 232 tariff decision and FEOC rulemaking.
Key Metrics
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Frequently Asked Questions
What were First Solar, Inc. Q2 FY26 results?
- Full-year 2026 guidance remains unchanged with strong commitment to reshoring and scaling domestic manufacturing. - Q2 volumes expected between 3.4 and 4 gigawatts, with adjusted EBITDA forecasted at $400 million to $500 million. - Sales growth supported by 31% volume increase in Q1, totaling record $1 billion net sales, driven by higher demand particularly in India and U.S. - The U.S. - Full year 2026 guidance remains unchanged with expected adjusted EBITDA between $400 million to $500 million in Q2. - First quarter adjusted EBITDA was $520 million, exceeding top-end guidance. - Strong bookings: 1.4 GW U.S.
What is First Solar, Inc. share price analysis?
First Solar, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 17.4 with a market cap of $32,599. Investors should review the full earnings analysis for detailed insights.
Is First Solar, Inc. planning capital expenditure?
- Capital expenditures were $119 million in the quarter, primarily for the South Carolina finishing facility (Page 3).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.