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First Solar, Inc.

Q2 FY26Semiconductors and Semiconductor Equipment

First Solar, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹303

Market cap₹32.6K Cr

P/E17.4

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

Order bookOrder book rising

The short version

- 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.

Revenue & Sales Performance

Moderate growth

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.

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Profitability & Margins

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.

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Capital Expenditure Plans

Capex planned

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).

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Fundraising & Capital Structure

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.

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Order Book & Pipeline

Order book rising

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.

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Others in Semiconductors and Semiconductor Equipment this season

FormFactor, Inc. (Q2 FY26)
FormFactor, Inc. Q2 FY26 quarterly results analysis. FormFactor expects continued strong revenue growth, with Q2 2026 guidance at $240 million ± $5 million, up
Skyworks Solutions, Inc. (Q2 FY26)
Skyworks Solutions, Inc. Q2 FY26 quarterly results analysis. Revenue opportunity expected to rise year-over-year, acting as a growth tailwind through 2030 (Page
Onto Innovation Inc. (Q2 FY26)
Onto Innovation Inc. Q2 FY26 quarterly results analysis. Advanced packaging revenue expected to grow more than 50% in 2026, driven by Dragonfly G5 and panel-lev
Nova Ltd. (Q2 FY26)
Nova Ltd. Q2 FY26 quarterly results analysis. Nova expects robust growth driven by advanced DRAM, Logic (including gate-all-around), and advanced packaging mark

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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.