FSLR FY2026 Q2 Improving

First Solar, Inc. earnings call

Jul 30, 2026 · 16:30 ET Alex BradleyByron JeffersMark Widmar earningscall_biz

Buzzberg read

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 read 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. Read full analysisCollapse analysis

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.

Revenue$1.0562B+1% QoQ

EPS$3.92+22% QoQ

Gross margin57.28%Reported

Operating margin42.64%Reported

6 grounded callouts

What matters now

The highest-signal changes from the call.

Demand

Cumulative module sales surpass 100 GW milestone

Backlog

Backlog at 45.1 GW extends through 2030

Capex

South Carolina second phase delayed to mid-2027 for CURE integration

Show 3 more callouts

Technology

CURE technology performance exceeds expectations

Pricing

First CURE contractual adjuster notifications initiated

Policy

Policy clarity key to Southeast Asia capacity decision

Reported period

Actuals

Metric	Reported	Change
Revenue	$1.0562B	+1% QoQ
EPS	$3.92	+22% QoQ
Gross margin	57.28%	Reported
Operating margin	42.64%	Reported
Free cash flow	$-0.6396B	Reported
Capex	$0.2798B	Reported

Forward-looking

Forward guidance

Metric	Period	Range	Midpoint	Status
Operating margin	FY2026 Q3	$0.625B–$0.775B	$0.7B	Guided
Units	FY2026 Q3	3.9%–4.5%	4.2%	Guided

AI, capex & demand read

Management read

Tone

Confident

Management expressed confidence in strategic positioning, highlighting record volumes, strong demand from hyperscalers, and policy advocacy while maintaining disciplined execution.

Capex

Investment and capacity

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

all 3 named companies below

Companiesreturns since call

Customers

GOOGL +14.1%

Customers

Google is the counterparty offtaker for the Steel River project, highlighting continued hyperscaler demand for utility-scale solar.

Evidence

“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”

Alex Bradley

Supply chain

JBLU +6.9% UPS +4.5%

Supply chain

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.

Evidence

“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.”

Mark Widmar

External signals

Supply-chain alpha · 2returns since call

Freight costs for domestic module delivery are now approaching international shipping economics, a sign of severe US logistics tightness.

Mark Widmar

JBLU+6.9%UPS+4.5%

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.

Alex Bradley

FSLR+13.1%

Evidence

“We're running somewhere around $30 million quarter of underutilization associated with running Southeast Asia manufacturing well below its theoretical capacity”

Methodology & coverage

Management-only analysis. All 3 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.