First Solar, Inc. · FSLR · FY2025 Q1 · Calendar Q2 2025

First Solar: Tariffs Lower Guidance Despite Robust Backlog

The call supports a mixed view: strong U.S. solar demand, a substantial backlog and manufacturing expansion support longer-term growth, while tariffs, policy uncertainty and execution risks weakened the near-term outlook.

Reported After market closeNASDAQEnergy $20.05B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $2.59
EPS surprise — Reported versus consensus
Reported revenue — Consensus $843.6M
Revenue surprise — Reported versus consensus

Market reaction

event-close to next-session close
Stock move -8.3% Event window
SPY move +0.0% Same window
Abnormal move -8.4% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift +23.9% Up to 20 sessions
FSLRSPY benchmark

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Transcript intelligence

What changed

Compared with the prior quarter, guidance sentiment shifted from maintained to lowered. Tariff exposure became a more immediate constraint, while backlog remained robust and CuRe progress continued.

Guidance delta

Management lowered full-year guidance amid tariff-related uncertainty and margin pressure.

Key takeaways

  • Management linked the quarter’s EPS shortfall to a higher mix of international sales and tariff-related margin pressure.
  • The 66 GW backlog remains a key demand-supporting factor, but about 12 GW is exposed to tariff provisions.
  • CuRe technology showed early performance validation while U.S. manufacturing expansion continued.

Management priorities

  • Ramp Alabama and Louisiana manufacturing capacity.
  • Optimize domestic and international production under tariff constraints.
  • Continue commercial deployment of CuRe technology.

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Earnings History

Estimate Beat Miss Match
FSLR REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $720M Q1 '24 actual $794M, beat Q2 '24 estimate $940M Q2 '24 actual $1B, beat Q3 '24 estimate $1B Q3 '24 actual $888M, miss Q2 '25 estimate $1B Q2 '25 actual $1B, beat Q3 '25 estimate $2B Q3 '25 actual $2B, beat Q4 '25 estimate $2B Q4 '25 actual $2B, beat Q1 '26 estimate $1B Q1 '26 actual $1B, beat Q2 '26 estimate $1B Q2 '26 actual $1B, miss Q3 '26 estimate $1B Q4 '26 estimate $2B Q1 '27 estimate $1B
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Analyst Consensus ?

ConsensusHold73 ratings
Bullish4561.6%
Neutral2128.8%
Bearish79.6%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$186.6Previous close
$70Low
$244.48Average
$330High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Buy HoldUpgradeOct 12, 2026
Goldman Sachs Buy BuyMaintainOct 8, 2026
Piper Sandler Overweight OverweightMaintainSep 30, 2026
Keybanc Sector Weight UnderweightUpgradeSep 28, 2026
GLJ Research Buy BuyMaintainSep 22, 2026
Show 69 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $186.6. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$270$177.82 +44.7%Oct 12, 2026
Goldman SachsAnalyst unavailable$272$180.13 +45.8%Oct 8, 2026
Piper SandlerDimple Gosai$251$176.93 +34.5%Sep 30, 2026
GLJ ResearchAnalyst unavailable$250$200.78 +34.0%Sep 22, 2026
Piper SandlerAnalyst unavailable$260$213.25 +39.3%Sep 9, 2026
See 129 more

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Company context

Snapshot as of publication

First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.

Historical context

All FSLR earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-15T00:03:42.498162+00:00
  3. Polygon adjusted daily market bars · 2026-10-14T09:20:41.676213+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T09:20:41.673405+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.