$FSLR

FIRST SOLAR, INC.

CIK:0001274494|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net sales	$ 1,056,193	$ 1,097,170	$ 2,100,433	$ 1,941,738
Cost of sales	451,189	597,320	1,009,298	1,097,485
Gross profit	605,004	499,850	1,091,135	844,253
Operating expenses:
Selling, general and administrative	51,947	52,590	117,278	105,754
Research and development	76,243	54,487	143,187	106,876
Production start-up	26,428	31,166	34,981	48,772
Total operating expenses	154,618	138,243	295,446	261,402
Operating income	450,386	361,607	795,689	582,851
Foreign currency loss, net	(13,988)	(9,728)	(23,051)	(21,321)
Interest income	29,920	12,100	58,782	30,965
Interest expense, net	(5,563)	(9,184)	(13,178)	(18,709)
Other expense, net	(1,378)	(2,628)	(4,531)	(4,560)
Income before taxes	459,377	352,167	813,711	569,226
Income tax expense	(36,808)	(10,299)	(44,523)	(17,823)
Net income	$ 422,569	$ 341,868	$ 769,188	$ 551,403
Net income per share:
Basic	$ 3.93	$ 3.19	$ 7.16	$ 5.14
Diluted	$ 3.92	$ 3.18	$ 7.14	$ 5.13
Weighted-average number of shares used in per share calculations:
Basic	107,462	107,245	107,409	107,184
Diluted	107,732	107,518	107,677	107,468

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 769,188	$ 551,403
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	295,238	248,256
Share-based compensation	13,826	9,394
Deferred income taxes	(11,878)	5,861
Other, net	39,939	9,438
Changes in operating assets and liabilities:
Accounts receivable, trade	(140,960)	(417,136)
Inventories	(305,955)	(323,781)
Government grants receivable	(649,315)	(177,419)
Other assets	(94,788)	(106,090)
Income tax receivable and payable	42,468	(39,698)
Accounts payable and accrued expenses	(166,070)	(85,119)
Deferred revenue	(155,834)	(186,652)
Other liabilities	4,374	53,138
Net cash used in operating activities	(359,767)	(458,405)
Cash flows from investing activities:
Purchases of property, plant and equipment	(279,849)	(494,100)
Purchases of marketable securities and restricted marketable securities	(1,428,591)	(930,807)
Proceeds from sales and maturities of marketable securities	1,439,474	1,067,702
Other investing activities	(22,630)	7,002
Net cash used in investing activities	(291,596)	(350,203)
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs	209,199	212,273
Repayment of debt	(672,370)	(244,022)
Proceeds from other borrowings	0	394,450
Payments of tax withholdings for restricted shares	(194)	(15,436)
Other financing activities	(583)	(266)
Net cash (used in) provided by financing activities	(463,948)	346,999
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents	3,812	3,469
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(1,111,499)	(458,140)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period	2,814,031	1,638,223
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period	1,702,532	1,180,083
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities	136,905	242,177
Proceeds to be received from asset-based government grants	$ 136,596	$ 155,336

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,688,279	$ 2,803,514
Marketable securities	38,685	51,849
Accounts receivable trade, net	1,476,221	1,294,040
Government grants receivable, net	284,549	499,592
Inventories	1,088,115	736,734
Other current assets	741,366	643,103
Total current assets	5,317,215	6,028,832
Property, plant and equipment, net	5,643,539	5,675,794
Deferred tax assets, net	198,588	194,672
Restricted marketable securities	214,315	217,172
Government grants receivable	978,788	125,607
Goodwill	30,142	31,095
Intangibles assets, net	63,372	51,007
Inventories	185,508	237,462
Other assets	757,131	759,669
Total assets	13,388,598	13,321,310
Current liabilities:
Accounts payable	346,334	405,775
Income taxes payable	46,590	7,490
Accrued expenses	410,164	519,414
Current portion of debt	37,635	215,979
Deferred revenue	1,179,374	1,014,386
Other current liabilities	91,719	91,058
Total current liabilities	2,111,816	2,254,102
Accrued solar module collection and recycling liability	144,821	146,017
Long-term debt	0	282,593
Deferred revenue	519,486	805,018
Other liabilities	292,137	295,587
Total liabilities	3,068,260	3,783,317
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,469,302 and 107,309,794 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	107	107
Additional paid-in capital	2,915,837	2,902,013
Accumulated earnings	7,560,527	6,791,339
Accumulated other comprehensive loss	(156,133)	(155,466)
Total stockholders' equity	10,320,338	9,537,993
Total liabilities and stockholders' equity	$ 13,388,598	$ 13,321,310