First Solar Revises Outlook as Tariffs Weigh on Q1 Financial Results and Module Sales

First Solar, Inc., a leading global provider of solar technology and renewable energy solutions, has announced its financial results for the first quarter ended March 31, 2025, and issued revised guidance in light of new solar tariffs implemented in April 2025.

Key Financial Highlights for Q1 2025:

• Net sales: $0.8 billion
  • Down $0.7 billion from Q4 2024
  • Primarily due to seasonal reduction in solar module volumes sold
• Net income per diluted share: $1.95
  • Compared to $3.65 in Q4 2024
• Cash position (net of debt): $0.4 billion
  • Down from $1.2 billion at year-end 2024
  • Decrease driven by:
  • Capital expenditures for the new Louisiana manufacturing facility
  • Reduced operating cash flow from lower module sales
  • Inventory build-up to support contracted deliveries later in the year

The decline in sales and income was in line with expectations, as the Company strategically positioned itself for higher module deliveries in the latter half of the year.

First Solar’s cash and cash equivalents—including restricted cash and marketable securities—net of debt, stood at $0.4 billion at the end of Q1, down from $1.2 billion at year-end. The decrease was primarily attributed to capital investments in its new manufacturing facility in Louisiana, lower operating cash flow, and an intentional inventory build to meet upcoming contract obligations.

With ongoing expansion in domestic manufacturing and a strong order book, First Solar remains focused on long-term growth, even as near-term pressures from policy changes such as tariffs impact short-term performance.