Demand
← Отчётные звонки
01
02
03
04 05 06
Тон
Капзатраты
A1 A2
FSLR
FY2026 Q2
Улучшается
Отчётный звонок First Solar, Inc.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$1.0562B+1% к/к
EPS$3.92+22% к/к
Валовая маржа57.28%Факт
Операционная маржа42.64%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Backlog
Backlog at 45.1 GW extends through 2030
Capex
South Carolina second phase delayed to mid-2027 for CURE integration
Показать ещё 3 тезиса
Technology
CURE technology performance exceeds expectations
Pricing
First CURE contractual adjuster notifications initiated
Policy
Policy clarity key to Southeast Asia capacity decision
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $1.0562B | +1% к/к |
| EPS | $3.92 | +22% к/к |
| Валовая маржа | 57.28% | Факт |
| Операционная маржа | 42.64% | Факт |
| Свободный денежный поток | $-0.6396B | Факт |
| Капзатраты | $0.2798B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Операционная маржа | FY2026 Q3 | $0.625B–$0.775B | $0.7B | Обозначен |
| Объём | FY2026 Q3 | 3.9%–4.5% | 4.2% | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in strategic positioning, highlighting record volumes, strong demand from hyperscalers, and policy advocacy while maintaining disciplined execution.
Инвестиции и мощности
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
все упомянутые компании ниже: 3
Компаниис момента звонка
Клиенты
Клиенты
Alex Bradley
Google is the counterparty offtaker for the Steel River project, highlighting continued hyperscaler demand for utility-scale solar.
Доказательства
“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”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“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.”
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
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.
Доказательства
“We're running somewhere around $30 million quarter of underutilization associated with running Southeast Asia manufacturing well below its theoretical capacity”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 3. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.