First Solar, Inc. · FSLR · FY2026 Q1 · Calendar Q2 2026

First Solar Posts Record Q1 Revenue as CURE Technology Launch Drives Margin Strength

First Solar delivered record first-quarter revenue of $1.04 billion, beating both EPS ($3.22 vs. $3.03 estimated) and revenue ($1.044B vs. $1.035B estimated) consensus. The quarter was driven by higher module volumes and Section 45X tax credit benefits, with adjusted EBITDA above the company's preview range. The successful launch of CURE thin-film technology -- which can generate up to $600 million in additional revenue from technology adders -- and the acquisition of perovskite IP from Oxford PV position First Solar for a next-generation product roadmap. However, U.S. bookings remain selective as management awaits clarity on Section 232/301 trade policy, and Southeast Asian factory underutilization continues to weigh on costs. The stock surged 4.9% on the print and drifted 43% higher over the subsequent period, suggesting the market increasingly prices in the technology and capacity…

Reported After market closeNASDAQTechnology $21.41B market cap
100quality score

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.

Earnings scorecard

Reported versus consensus
Reported EPS $3.22 Consensus $3
EPS surprise +6.3% Reported versus consensus
Reported revenue $1.04B Consensus $1.03B
Revenue surprise +0.9% Reported versus consensus

Earnings History

Estimate Beat Miss Match
FSLR EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $1.99 Q1 '24 actual $2.20, beat Q2 '24 estimate $2.69 Q2 '24 actual $3.25, beat Q3 '24 estimate $3.14 Q3 '24 actual $2.91, miss Q2 '25 estimate $2.66 Q2 '25 actual $3.18, beat Q3 '25 estimate $4.24 Q3 '25 actual $4.24, match Q4 '25 estimate $5.14 Q4 '25 actual $4.84, miss Q1 '26 estimate $3.03 Q1 '26 actual $3.22, beat Q2 '26 estimate $2.99 Q2 '26 actual $3.92, beat Q3 '26 estimate $5.17 Q4 '26 estimate $5.88 Q1 '27 estimate $5.10 Q2 '27 estimate $5.56
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Analyst Consensus ?

ConsensusHold73 ratings
Bullish4460.3%
Neutral2230.1%
Bearish79.6%

Analyst 52W Price Targets

$206.01Current
$70Low
$242.64Average
$330High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Roth Capital Buy BuyMaintainJul 24, 2026
Truist Securities Hold BuyDowngradeJul 14, 2026
Barclays Overweight OverweightMaintainJul 14, 2026
Susquehanna Positive PositiveMaintainJul 10, 2026
Morgan Stanley Overweight OverweightMaintainJul 9, 2026
Deutsche Bank Buy HoldUpgradeJul 7, 2026
Wells Fargo Overweight OverweightMaintainJul 6, 2026
Mizuho Outperform OutperformMaintainJun 15, 2026
UBS Buy BuyMaintainJun 11, 2026
GLJ Research Buy HoldUpgradeMay 28, 2026
Freedom Broker Buy HoldUpgradeMay 5, 2026
Evercore ISI Group In Line In LineMaintainMay 4, 2026
Citigroup Buy BuyMaintainApr 21, 2026
Jefferies Hold HoldMaintainApr 7, 2026
Guggenheim Buy BuyMaintainMar 17, 2026
RBC Capital Outperform OutperformMaintainFeb 25, 2026
HSBC Hold BuyDowngradeFeb 25, 2026
Baird Neutral OutperformDowngradeFeb 25, 2026
B of A Securities Buy BuyMaintainJan 22, 2026
TD Cowen Buy BuyMaintainOct 31, 2025
Keybanc Underweight UnderweightMaintainOct 31, 2025
JP Morgan Overweight OverweightMaintainOct 31, 2025
BMO Capital Outperform OutperformMaintainAug 1, 2025
Goldman Sachs Buy BuyMaintainMay 19, 2025
Wolfe Research Outperform Peer PerformUpgradeMay 13, 2025
Oppenheimer Perform OutperformDowngradeApr 30, 2025
Piper Sandler Overweight OverweightMaintainApr 21, 2025
Roth MKM Buy BuyMaintainFeb 26, 2025
Seaport Global Buy NeutralUpgradeJan 16, 2025
Janney Montgomery Scott Buy NeutralUpgradeOct 29, 2024
DZ Bank Buy HoldUpgradeAug 1, 2024
Pickering Energy Partners Outperform NeutralUpgradeSep 8, 2023
Credit Suisse Neutral NeutralMaintainApr 28, 2023
Daiwa Capital Outperform OutperformMaintainDec 23, 2022
Raymond James Market Perform UnderperformUpgradeJan 4, 2022
Stephens & Co. Overweight OverweightMaintainJun 25, 2021
JMP Securities Outperform OutperformMaintainFeb 10, 2021
CFRA Hold HoldMaintainMay 8, 2020
Cascend Buy BuyMaintainFeb 21, 2020
Argus Research Buy HoldUpgradeDec 4, 2018
Argus Buy HoldUpgradeDec 4, 2018
Bank of America Buy NeutralUpgradeJun 25, 2018
Vertical Research Sell BuyDowngradeJun 7, 2018
Vertical Group Sell BuyDowngradeJun 7, 2018
Standpoint Research Accumulate HoldUpgradeMar 7, 2018
Needham Buy HoldUpgradeOct 27, 2017
Axiom Capital Buy HoldUpgradeJul 19, 2017
Macquarie Neutral OutperformDowngradeNov 23, 2016
Avondale Partners Underperform Market PerformDowngradeNov 17, 2016
Janney Capital Neutral BuyDowngradeNov 3, 2016
Piper Jaffray Neutral NeutralMaintainOct 10, 2016
Williams Capital Buy BuyMaintainSep 30, 2016
Stifel Nicolaus Buy BuyMaintainDec 10, 2015
Stifel Buy BuyMaintainDec 10, 2015
Cowen & Co. Outperform Market PerformUpgradeAug 5, 2015
Northland Securities Market Perform UnderperformUpgradeFeb 25, 2015
Northland Capital Markets Market Perform UnderperformUpgradeFeb 25, 2015
Standpoint Buy HoldUpgradeJan 6, 2015
Brean Capital Buy BuyMaintainApr 21, 2014
FBR Capital Perform Market PerformMaintainFeb 19, 2014
Maxim Group Hold SellUpgradeJun 24, 2013
DNB Markets Hold SellUpgradeMar 12, 2013
Pacific Crest Underperform Sector PerformDowngradeFeb 22, 2013
Cantor Fitzgerald Hold BuyDowngradeNov 2, 2012
Canaccord Genuity Hold HoldMaintainNov 2, 2012
ThinkEquity Hold SellUpgradeAug 2, 2012
Wellington Shields Buy BuyMaintainJul 23, 2012
PiperJaffray Neutral NeutralMaintainMay 4, 2012
DBN Markets Buy HoldUpgradeMay 4, 2012
Wunderlich Securities Sell HoldDowngradeApr 18, 2012
Wunderlich Sell SellMaintainApr 18, 2012
Bank oferica Buy BuyMaintainApr 18, 2012
Collins Stewart Neutral BuyDowngradeFeb 10, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $206.01. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesJulian Dumoulin-Smith$207$205.31 +0.5%Jul 21, 2026
Truist FinancialAnalyst unavailable$249$221.03 +20.9%Jul 13, 2026
SusquehannaAnalyst unavailable$270$228.5 +31.1%Jul 10, 2026
Morgan StanleyAnalyst unavailable$245$224.3 +18.9%Jul 9, 2026
Deutsche BankAnalyst unavailable$272$233.06 +32.0%Jul 6, 2026
Wells FargoAnalyst unavailable$320$224.57 +55.3%Jul 6, 2026
Mizuho SecuritiesAnalyst unavailable$300$267.31 +45.6%Jun 15, 2026
GLJ ResearchGordon Johnson$315$273.67 +52.9%May 27, 2026
UBSAnalyst unavailable$290$208.79 +40.8%May 4, 2026
Evercore ISINicholas Amicucci$219$209.52 +6.3%May 4, 2026
BarclaysChristine Cho$213$192.49 +3.4%Apr 21, 2026
SusquehannaAnalyst unavailable$250$197.25 +21.4%Apr 9, 2026
JefferiesJulian Dumoulin-Smith$205$210.12 -0.5%Feb 26, 2026
Deutsche BankCorinne Blanchard$245$210.12 +18.9%Feb 25, 2026
HSBCAnalyst unavailable$211$212.3 +2.4%Feb 25, 2026
RBC CapitalChristopher Dendrinos$236$207.28 +14.6%Feb 25, 2026
Mizuho SecuritiesMaheep Mandloi$326$226.24 +58.2%Feb 11, 2026
BMO CapitalMarket Perform$263$249.41 +27.7%Jan 29, 2026
RBC CapitalAnalyst unavailable$258$241.61 +25.2%Jan 20, 2026
GuggenheimAnalyst unavailable$312$241.5 +51.4%Jan 8, 2026
Deutsche BankAnalyst unavailable$300$241.54 +45.6%Jan 7, 2026
GLJ ResearchGordon Johnson$314.43$265.7 +52.6%Nov 4, 2025
BarclaysAnalyst unavailable$279$266.94 +35.4%Nov 3, 2025
UBSJon Windham$330$266.94 +60.2%Nov 3, 2025
Morgan StanleyDavid Arcaro$275$249.13 +33.5%Oct 31, 2025
KeyBancSophie Karp$150$254.64 -27.2%Oct 31, 2025
Roth CapitalPhilip Shen$300$254.64 +45.6%Oct 31, 2025
JefferiesJulian Dumoulin-Smith$269$249.13 +30.6%Oct 31, 2025
BMO CapitalAmeet Thakkar$273$233.58 +32.5%Oct 31, 2025
Goldman SachsBrian Lee$316$233.58 +53.4%Oct 31, 2025
NeedhamAnalyst unavailable$286$223.08 +38.8%Oct 22, 2025
Morgan StanleyDavid Arcaro$253$244.4 +22.8%Oct 16, 2025
SusquehannaAnalyst unavailable$273$225.91 +32.5%Oct 13, 2025
Evercore ISIAnalyst unavailable$240$229.57 +16.5%Oct 6, 2025
JefferiesAnalyst unavailable$260$224.82 +26.2%Oct 2, 2025
GuggenheimJoseph Osha$287$202.28 +39.3%Aug 22, 2025
UBSAnalyst unavailable$275$186.84 +33.5%Aug 5, 2025
JefferiesJulien Dumoulin-Smith$194$171.93 -5.8%Jul 15, 2025
UBSJon Windham$255$156.21 +23.8%May 14, 2025
GLJ ResearchGordon Johnson$172.37$126.57 -16.3%May 1, 2025
Morgan StanleyAndrew Percoco$223$131.1 +8.2%Apr 23, 2025
Piper SandlerAnalyst unavailable$205$122.45 -0.5%Apr 21, 2025
Truist FinancialAnalyst unavailable$245$127.57 +18.9%Apr 1, 2025
Deutsche BankAnalyst unavailable$265$151.95 +28.6%Feb 27, 2025
Seaport GlobalTom Curran$274$186.82 +33.0%Jan 16, 2025
DaiwaJonathan Kees$210$202.92 +1.9%Dec 19, 2024
RBC CapitalChristopher Dendrinos$280$197.52 +35.9%Oct 30, 2024
BMO CapitalAmeet Thakkar$260$197.5 +26.2%Oct 30, 2024
Piper SandlerKashy Harrison$245$187.61 +18.9%Oct 30, 2024
SusquehannaBiju Perincheril$252$188.47 +22.3%Oct 30, 2024
Mizuho SecuritiesMaheep Mandloi$257$186.72 +24.8%Oct 30, 2024
Goldman SachsBrian Lee$279$199.67 +35.4%Oct 30, 2024
Bank of America SecuritiesDimple Gosal$269$199.67 +30.6%Oct 30, 2024
Evercore ISISean Morgan$278$199.67 +34.9%Oct 30, 2024
Janney MontgomerySean Milligan$260$203.62 +26.2%Oct 29, 2024
CitigroupVikram Bagri$254$196.25 +23.3%Oct 22, 2024
Roth CapitalPhilip Shen$280$205.15 +35.9%Oct 15, 2024
Truist FinancialJordan Levy$300$241.72 +45.6%Sep 26, 2024
JefferiesJulian Dumoulin-Smith$271$212.74 +31.5%Sep 3, 2024
BarclaysChristine Cho$290$218.5 +40.8%Aug 2, 2024
Piper SandlerKashy Harrison$250$215.99 +21.4%Jul 31, 2024
BMO CapitalAmeet Thakkar$286$218.1 +38.8%Jul 31, 2024
SusquehannaBiju Perincheril$285$216.73 +38.3%Jul 3, 2024
Robert W. BairdBen Kallo$307$222.71 +49.0%Jul 2, 2024
OppenheimerColin Rusch$325$294.53 +57.8%Jun 12, 2024
Robert W. BairdBen Kallo$344$279.8 +67.0%Jun 11, 2024
BMO CapitalAmeet Thakkar$311$267.34 +51.0%Jun 10, 2024
Goldman SachsBrian Lee$302$271.76 +46.6%Jun 3, 2024
Roth CapitalPhilip Shen$320$276.74 +55.3%May 31, 2024
Mizuho SecuritiesMaheep Mandloi$274$278.19 +33.0%May 30, 2024
RBC CapitalChris Dendrinos$315$280.16 +52.9%May 29, 2024
UBSJon Windham$350$280.16 +69.9%May 29, 2024
Piper SandlerKashy Harrison$219$202.38 +6.3%May 21, 2024
UBSJon Windham$270$196.34 +31.1%May 21, 2024
BarclaysChristine Cho$228$186.97 +10.7%May 15, 2024
OppenheimerColin Rusch$271$177.58 +31.5%May 2, 2024
Morgan StanleyAndrew Percoco$248$177.58 +20.4%May 2, 2024
JefferiesDushyant Ailani$211$177.58 +2.4%May 2, 2024
UBSJon Windham$252$177.58 +22.3%May 2, 2024
Goldman SachsBrian Lee$268$177.58 +30.1%May 2, 2024
Morgan StanleySean Morgan$232$177.58 +12.6%May 2, 2024
Morgan StanleySean Morgan$227$176.28 +10.2%Apr 23, 2024
Wells FargoMichael Blum$250$174.29 +21.4%Apr 19, 2024
Mizuho SecuritiesMaheep Mandloi$196$148.06 -4.9%Feb 28, 2024
RBC CapitalChristopher Dendrinos$195$158.24 -5.3%Feb 14, 2024
Piper SandlerKashy Harrison$235$142.84 +14.1%Nov 1, 2023
Loop Capital MarketsAmeet Thakkar$237$175.23 +15.0%Sep 14, 2023
BMO CapitalAmeet Thakkar$237$170.5 +15.0%Sep 14, 2023
OppenheimerColin Rusch$262$198.32 +27.2%Jul 28, 2023
Loop Capital MarketsAmeet Thakkar$204$192.26 -1.0%Jul 10, 2023
OppenheimerColin Rusch$222$181.26 +7.8%Apr 28, 2023
Deutsche BankCorinne Blanchard$230$211.26 +11.6%Apr 13, 2023
Goldman SachsBrian Kinstlinger$260$210.11 +26.2%Mar 3, 2023
Morgan StanleyAnalyst unavailable$194$160 -5.8%Jan 10, 2023
Wells FargoAnalyst unavailable$188$145.46 -8.7%Jan 6, 2023
DaiwaAnalyst unavailable$175$156.75 -15.1%Dec 23, 2022
Goldman SachsAnalyst unavailable$231$155.09 +12.1%Dec 20, 2022
J.P. MorganAnalyst unavailable$190$171.43 -7.8%Nov 28, 2022
Deutsche BankAnalyst unavailable$180$153.63 -12.6%Nov 15, 2022
BarclaysChristine Cho$162$148.39 -21.4%Nov 1, 2022
KeyBancSophie Karp$145$133.02 -29.6%Oct 28, 2022
Wolfe ResearchSteve Fleishman$170$131.18 -17.5%Oct 28, 2022
Morgan StanleyAnalyst unavailable$146$131.05 -29.1%Sep 22, 2022
Goldman SachsBrian Lee$172$134.8 -16.5%Sep 7, 2022
Piper SandlerKashy Harrison$120$117.96 -41.8%Aug 15, 2022
Morgan StanleyAnalyst unavailable$54$64.82 -73.8%Jun 13, 2022
Roth CapitalAnalyst unavailable$85$73.64 -58.7%Apr 29, 2022
Robert W. BairdBen Kallo$91$67.37 -55.8%Mar 3, 2022
Cowen & Co.Jeff Osborne$90$69.51 -56.3%Mar 2, 2022
Evercore ISISean Morgan$92$69.51 -55.3%Mar 2, 2022
CitigroupJ.B. Lowe$70$69.51 -66.0%Mar 2, 2022
Wolfe ResearchSteve Fleishman$65$69.51 -68.4%Mar 2, 2022
Wells FargoMichael Blum$88$70.39 -57.3%Feb 8, 2022
BarclaysMoses Sutton$112$107.14 -45.6%Nov 23, 2021
GLJ ResearchGordon Johnson$152.9$107.14 -25.8%Nov 23, 2021
StephensGail Nicholson$102$84.51 -50.5%Jun 24, 2021
Show less

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Market reaction

event-close to next-session close
Stock move +4.9% Event window
SPY move +0.3% Same window
Abnormal move +4.6% Stock minus SPY
Volume 2.5× Versus trailing sessions
Subsequent drift +43.1% Up to 20 sessions
FSLRSPY benchmark

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Transcript intelligence

What changed

Compared to the prior quarter (Q4 2025 / FY2025 results), First Solar transitioned from record full-year results (17.5 GW, $5.2B revenue, EPS $14.21) to a strong start in Q1 2026 with record quarterly revenue of $1.04 billion. CURE technology, which was slated to begin production at Ohio's Series 6 line in Q1 2026, has now been launched with quantified upside of up to $600 million in additional revenue from technology adders. The perovskite partnership with Oxford PV evolved into a full IP acquisition, with a 1-GW pilot line planned for 2027 targeting over 20% module efficiency and 70% bifaciality. New commercial relationships announced: a Trina licensing agreement and an India DFC loan partnership. U.S. bookings remained selective, consistent with the prior quarter's cautious stance awaiting trade-policy clarity.

Guidance delta

Full-year 2026 guidance was maintained at $4.9-$5.2 billion in sales, approximately 49.5% gross margin including Section 45X credits, and $2.6-$2.8 billion in adjusted EBITDA. Q2 2026 expectations were set at 3.4-4.0 GW in module sales and $400-$500 million in adjusted EBITDA. Capex outlook remains stable. Management did not raise guidance despite the EPS and revenue beat, signaling ongoing caution around trade policy and international demand timing.

Key takeaways

  • Record Q1 revenue of $1.04 billion with EPS of $3.22, beating consensus estimates by 6.3% on EPS and 0.9% on revenue.
  • CURE thin-film technology successfully launched, with potential to generate up to $600 million in additional revenue from technology adders.
  • Perovskite IP acquired from Oxford PV; a 1-GW pilot line is planned for 2027, targeting over 20% module efficiency.
  • India bookings drove strength while U.S. bookings remain selective pending Section 232/301 trade-policy outcomes.
  • Full-year 2026 guidance unchanged despite the beat, with Q2 expectations of 3.4-4.0 GW sales and $400-$500 million adjusted EBITDA.
  • South Carolina finishing facility advancing, adding domestic content capacity that qualifies for Section 45X tax credits.

Management priorities

  • Replicate CURE technology across the Series 6 and 7 fleet through 2028.
  • Ramp the South Carolina finishing facility to increase domestic content and Section 45X eligibility.
  • Launch the 1-GW perovskite pilot line in 2027 and evaluate scaling paths.
  • Maintain a selective U.S. booking strategy while monitoring trade-policy decisions.
  • Pursue IP licensing opportunities with companies such as Tesla and Trina.

Related earnings events

Technology

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-31T00:22:37.902530+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T00:22:37.899826+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 . For educational purposes only; not investment advice.