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FSLR
FY2026 Q1
개선
First Solar, Inc. 실적 발표
Buzzberg 분석
CURE launch complete; rollout through 2028 could add $0.6B revenue.
First Solar reported a record Q1 with strong margins and EBITDA, but the key signals were about the policy-dependent future of its US and international capacity. Management reiterated its selective booking strategy, waiting on the Section 232 decision to unlock demand and potentially re-engage its Southeast Asian capacity. The competitive landscape is being shaped by IP enforcement against TopCon and the ramp of its new CURE technology. Record Q1 revenue of $1B and adjusted EBITDA of $520M, exceeding guidance.
Buzzberg 분석 CURE launch complete; rollout through 2028 could add $0.6B revenue. First Solar reported a record Q1 with strong margins and EBITDA, but the key signals were about the policy-dependent future of its US and international capacity. Management reiterated its selective booking strategy, waiting on the Section 232 decision to unlock demand and potentially re-engage its Southeast Asian capacity. The competitive landscape is being shaped by IP enforcement against TopCon and the ramp of its new CURE technology. Record Q1 revenue of $1B and adjusted EBITDA of $520M, exceeding guidance. 전체 분석 보기분석 접기
First Solar reported a record Q1 with strong margins and EBITDA, but the key signals were about the policy-dependent future of its US and international capacity. Management reiterated its selective booking strategy, waiting on the Section 232 decision to unlock demand and potentially re-engage its Southeast Asian capacity. The competitive landscape is being shaped by IP enforcement against TopCon and the ramp of its new CURE technology. Record Q1 revenue of $1B and adjusted EBITDA of $520M, exceeding guidance.
- Gross bookings of 1.7GW, with US bookings at ~$0.34/W ASP, maintaining discipline.
- Management reaffirmed FY2026 guidance, expecting stronger H2 margins.
- CURE technology launch complete, aiming for 8% energy yield advantage; pricing shifts to base ASPs, reducing adders.
매출$1.0442B-38% 전분기 대비
주당순이익(EPS)$3.22-33% 전분기 대비
매출총이익률46.55%보고값
영업이익률33.07%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Strong U.S. bookings at 35 cents per watt.
Demand
North American production largely committed through 2028.
핵심 내용 3개 더 보기
Regulatory
Trade IP investigation set to proceed with initial determination within 11 months.
R&D
Perovskite pilot line planned for 2027.
Guidance
Tariff assumptions may change if 232 decision alters policy.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $1.0442B | -38% 전분기 대비 |
| 주당순이익(EPS) | $3.22 | -33% 전분기 대비 |
| 매출총이익률 | 46.55% | 보고값 |
| 영업이익률 | 33.07% | 보고값 |
| 잉여현금흐름 | $-0.3334B | 보고값 |
| 자본지출 | $0.1185B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 잉여현금흐름 | FY2026 Q2 | $400–$500 | $450 | 유지 |
| 판매량 | FY2026 Q2 | 3.4–4 | 3.7 | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Measured
Management expressed confidence in strategic positioning and technology advantages, but remained cautious regarding pending policy and tariff decisions, emphasizing selective booking and disciplined approach.
투자 및 생산능력
Management outlined capacity investments including the South Carolina finishing facility and a perovskite pilot line, with capital expenditures of $119 million in Q1, primarily for the South Carolina facility. They expect the South Carolina facility to start production in the second half of 2026.
아래에 언급된 기업 1개 모두 표시
기업발표 이후 수익률
경쟁사
경쟁사
Mark Widmar
If Tesla adopts TopCon for its US manufacturing, it may infringe on First Solar's IP, potentially leading to licensing negotiations or legal action.
근거
“I do think it's one of the challenges that you know, tesla's going to have to figure out what what technology they go with and how do they get freedom to operate”
외부 신호
공급망 알파 · 3발표 이후 수익률
First Solar holds ~1.8-2GW of fully-finished module capacity in Malaysia/Vietnam that is tethered to the 232 tariff decision.
근거
“There's only about, call it 1.8 gigawatts, maybe closer to two of real capacity. So what we're talking about is from a full-size finishing module capacity perspective.”
First Solar is pricing its new CURE technology into base ASPs, reducing the prevalence of technology adjusters in new contracts.
근거
“For the windows of which we for sure are going to be delivering the cure product, we'll just price it as the contract. And you won't necessarily continue to see the adders.”
India module demand is strong, with ASPs at ~$0.20/watt, but Q3 demand softens.
근거
“Q3, we see a little bit of softness generally in India, and then you'll see a stronger Q4.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 1개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.