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FSLR
FY2026 Q2
개선
First Solar, Inc. 실적 발표
Buzzberg 분석
Cumulative module sales surpass 100 GW milestone
FSLR reported a strong Q2 2026 with record volume, $1.06B net sales, ~57% gross margin, and $644M adjusted EBITDA. Management reiterated full-year 2026 guidance, highlighted record bookings of 1.9 GW at $0.36/W, and emphasized disciplined pricing and a robust pipeline. Key operational themes include South Carolina finishing facility timing (2H26/ mid-27), CURE technology progress and related contractual adjusters, and an ongoing strategic assessment of the ~1.8 GW Southeast Asia manufacturing capacity pending Section 232 clarity. Q2 2026: Net sales of $1.06B (down 4% YoY), gross margin ~57% (up ~12pts), adjusted EBITDA $644M (above guidance), net cash ~$1.7B.
Buzzberg 분석 Cumulative module sales surpass 100 GW milestone FSLR reported a strong Q2 2026 with record volume, $1.06B net sales, ~57% gross margin, and $644M adjusted EBITDA. Management reiterated full-year 2026 guidance, highlighted record bookings of 1.9 GW at $0.36/W, and emphasized disciplined pricing and a robust pipeline. Key operational themes include South Carolina finishing facility timing (2H26/ mid-27), CURE technology progress and related contractual adjusters, and an ongoing strategic assessment of the ~1.8 GW Southeast Asia manufacturing capacity pending Section 232 clarity. Q2 2026: Net sales of $1.06B (down 4% YoY), gross margin ~57% (up ~12pts), adjusted EBITDA $644M (above guidance), net cash ~$1.7B. 전체 분석 보기분석 접기
FSLR reported a strong Q2 2026 with record volume, $1.06B net sales, ~57% gross margin, and $644M adjusted EBITDA. Management reiterated full-year 2026 guidance, highlighted record bookings of 1.9 GW at $0.36/W, and emphasized disciplined pricing and a robust pipeline. Key operational themes include South Carolina finishing facility timing (2H26/ mid-27), CURE technology progress and related contractual adjusters, and an ongoing strategic assessment of the ~1.8 GW Southeast Asia manufacturing capacity pending Section 232 clarity. Q2 2026: Net sales of $1.06B (down 4% YoY), gross margin ~57% (up ~12pts), adjusted EBITDA $644M (above guidance), net cash ~$1.7B.
- Order book: Contracted backlog of 45.1 GW; booked 1.9 GW in US at ASP of $0.36/W; 41 GW of backlog carries domestic content requirements.
- Cypress Creek Steel River project announced (1.6GW solar/1.9GWh storage) for Google; other recent projects with Terrigen (1.4GW) and Panamint (1GW+) signal robust hyperscaler demand.
- South Carolina finishing facility phase 1 on track for 2H26; phase 2 shifted to mid-2027 to incorporate CURE technology.
매출$1.0562B+1% 전분기 대비
주당순이익(EPS)$3.92+22% 전분기 대비
매출총이익률57.28%보고값
영업이익률42.64%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Backlog
Backlog at 45.1 GW extends through 2030
Capex
South Carolina second phase delayed to mid-2027 for CURE integration
핵심 내용 3개 더 보기
Technology
CURE technology performance exceeds expectations
Pricing
First CURE contractual adjuster notifications initiated
Policy
Policy clarity key to Southeast Asia capacity decision
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $1.0562B | +1% 전분기 대비 |
| 주당순이익(EPS) | $3.92 | +22% 전분기 대비 |
| 매출총이익률 | 57.28% | 보고값 |
| 영업이익률 | 42.64% | 보고값 |
| 잉여현금흐름 | $-0.6396B | 보고값 |
| 자본지출 | $0.2798B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 영업이익률 | FY2026 Q3 | $0.625B–$0.775B | $0.7B | 제시 |
| 판매량 | FY2026 Q3 | 3.9%–4.5% | 4.2% | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in strategic positioning, highlighting record volumes, strong demand from hyperscalers, and policy advocacy while maintaining disciplined execution.
투자 및 생산능력
Management provided updates on capital investment, including the South Carolina finishing facility with phase one on track for second half 2026 and phase two now expected in mid-2027, incorporating CURE technology. They continue to invest substantially in perovskite development, expecting the Series 6 pilot line to reach operational readiness in first half 2027. First half capital expenditures wer
아래에 언급된 기업 3개 모두 표시
기업발표 이후 수익률
고객
고객
Alex Bradley
Google is the counterparty offtaker for the Steel River project, highlighting continued hyperscaler demand for utility-scale solar.
근거
“The initial phase is expected to provide approximately 1.6 gigawatts of solar generation capacity and 1.9 gigawatt hours of battery storage to support Google's growing energy needs”
공급망
공급망
Mark Widmar
Freight costs for domestic module delivery are now approaching international shipping economics, a sign of severe US logistics tightness. — This underscores a broad domestic supply chain constraint that could squeeze margins for any US-based manufacturer that cannot pass on freight costs to customers.
근거
“we're seeing costs now to deliver product from Peresberg over to the West Coast of the U.S., the equivalent of delivering product from Asia to the West Coast of the U.S.”
외부 신호
공급망 알파 · 2발표 이후 수익률
Freight costs for domestic module delivery are now approaching international shipping economics, a sign of severe US logistics tightness.
FSLR is holding ~1.8 GW of fully finished international capacity in Malaysia/Vietnam as an 'option' pending the Section 232 outcome, running it at a loss of ~$30M/quarter in underutilization.
근거
“We're running somewhere around $30 million quarter of underutilization associated with running Southeast Asia manufacturing well below its theoretical capacity”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 3개를 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.