First Solar(NASDAQ) FSLR

First Solar makes solar panels that turn sunlight into clean electricity. These panels help large power companies and businesses generate their own energy. The company uses a special thin film technology instead of traditional silicon.

What First Solar Sells

• Cadmium Telluride Modules: Advanced thin film panels that perform better in heat and humidity than standard silicon; accounted for 100% of net sales in 2025.
• Series 6 Plus: Large glass laminate solar panels roughly 4 feet by 6 feet with an average 464-watt output.
• Series 7: Newer, larger panels featuring a steel mounting structure to speed up installation with an average 532-watt output.
• Recycling Services: Industrial processes that recover more than 90% of materials from old panels for reuse in new products.

A Growing Footprint

• Commenced production of Series 7 modules at a new manufacturing facility in India during 2023.
• Started manufacturing operations at new Alabama and Louisiana facilities during 2024 and 2025 respectively.
• Developing a sixth U.S. manufacturing facility expected to begin final production operations in the second half of 2026.
• Established a dedicated research and development innovation center in Ohio to prototype single-junction and tandem solar modules.

What Makes the Company Different

First Solar is the only major solar manufacturer headquartered in the United States that does not rely on Chinese silicon supply chains. Its fully integrated production process turns a sheet of glass into a finished solar module in just a few hours.

The Financial Scorecard

• Net sales reached $1.7 billion in Q4 2025, up 11.1% from Q4 2024.
• Net income rose to $520.9 million in Q4 2025, up 32.5% year-over-year.
• Free cash flow hit $1.1 billion in Q4 2025, up 115.1% from the previous year.
• Operating income grew to $547.9 million in Q4 2025, a 20% increase from 2024.
• Market capitalization increased 48.6% year-over-year to $28 billion by Q4 2025.

The Bottom Line

First Solar has transitioned into a specialized manufacturer of thin film technology with a heavy focus on the U.S. market. Its shift toward domestic production and proprietary chemical processes has decoupled its growth from traditional global silicon supply chains.