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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

October 30, 2025
Date of Report (Date of earliest event reported)

FIRST SOLAR, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3315620-4623678
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

350 West Washington Street, Suite 600
Tempe, Arizona 85288
(Address of principal executive offices, including zip code)

(602) 414-9300
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueFSLRThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition

On October 30, 2025, First Solar, Inc. is issuing a press release and holding a conference call regarding its financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits.
Exhibit NumberDescription
104
Cover Page Interactive Data File (embedded within the Inline XBRL Document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST SOLAR, INC.
Date: October 30, 2025By:/s/ JASON DYMBORT
Name:Jason Dymbort
Title:General Counsel & Secretary

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EXHIBIT 99.1
fslr_logox2021a.jpg
News Release

First Solar, Inc. Announces Third Quarter 2025 Financial Results and Updates Guidance

•Net sales of $1.6 billion; Record volume sold of 5.3 GW
•Net income per diluted share of $4.24
•Gross cash balance of $2.0 billion; Net cash balance of $1.5 billion
•2.7 GW gross bookings since our last earnings call with an average selling price of 30.9 cents per watt, excluding contract pricing adjusters
•Contracted sales backlog of 53.7 GW, valued at $16.4 billion, as of September 30, 2025

TEMPE, Arizona, October 30, 2025 – First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the third quarter ended September 30, 2025, and updated its 2025 guidance.

Net sales for the third quarter were $1.6 billion, an increase of $0.5 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties.

The Company reported third quarter net income per diluted share of $4.24, compared to net income per diluted share of $3.18 in the second quarter of 2025.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, increased to $1.5 billion from $0.6 billion at the end of the prior quarter. The increase was primarily due to higher cash receipts from module sales, including advance payments for future sales, and favorable changes in working capital.

“As a result of our disciplined approach to balancing growth, liquidity, and profitability, we’ve further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales,” said Mark Widmar, Chief Executive Officer. “While trade and policy developments have introduced new challenges for many in our industry, we continue to differentiate ourselves by offering pricing and delivery certainty, enabling us to respond effectively to evolving demand drivers and reinforce our leadership.”

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Our 2025 guidance has been updated as follows:

Prior
Current
Net Sales
$4.90Bto$5.70B$4.95Bto$5.20B
Gross Margin (1)
$2.05Bto$2.35B$2.10Bto$2.20B
Operating Expenses (2)
$480Mto$520M$515Mto$535M
Operating Income (3)
$1.53Bto$1.87B$1.56Bto$1.68B
Earnings per Diluted Share
$13.50to$16.50$14.00to$15.00
Net Cash Balance (4)
$1.3Bto$2.0B$1.6Bto$2.1B
Capital Expenditures$1.0Bto$1.5B$0.9Bto$1.2B
Volume Sold
16.7GWto19.3GW16.7GWto17.4GW
——————————
(1)Assumes $155 million to $165 million of ramp and underutilization costs and $1.56 billion to $1.59 billion of Section 45X tax credits.
(2)Assumes $90 million of production start-up expense.
(3)Assumes $245 million to $255 million of production start-up expense, ramp and underutilization costs, and $1.56 billion to $1.59 billion of Section 45X tax credits.
(4)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025.

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s third quarter 2025 financial results, 2025 guidance, and financial outlook.

Conference Call Details

First Solar has scheduled a conference call for today, October 30, 2025, at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. A replay of the webcast will also be available on the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for 30 days.

About First Solar, Inc.

First Solar, Inc. (Nasdaq: FSLR) is America’s leading photovoltaic (“PV”) solar technology and manufacturing company. The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at research and development (“R&D”) labs in California and Ohio, our technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. For more information, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for solar technology generally and for our technology specifically, including in the U.S. market, and our positioning to serve such demand; new capacity coming online; our expectations regarding the political and trade environment and its impacts; production and delivery of our modules; our financial guidance for 2025, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted
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share, net cash balance, capital expenditures, expected earnings cadence, volume sold, bookings, and expected module shipments; products and our business and financial objectives for 2025; the availability of benefits under certain production linked incentive programs, and the impact of the Internal Revenue Code including the Section 45X tax credits; and the impact of the implementation of new tariffs. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “contingent,” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications; the impact of public policies, such as tariffs, export controls, or other trade remedies imposed on solar cells and modules or related raw materials or equipment; interest rate fluctuations and our customers’ ability to secure financing; our ability to execute on our long-term strategic plans, including our ability to secure financing and realize the potential benefits of strategic acquisitions and investments; the loss of any of our large customers, or the inability of our customers and counterparties to perform under their contracts with us, including through terminations by customers of any contract in part or in full; our ability to execute on our solar module technology and cost reduction roadmaps; the performance of our solar modules upon installation; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including the implementation of our Copper Replacement (“CuRe”) program; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events and conflicts; environmental responsibility, including with respect to cadmium telluride (“CdTe”) and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program or otherwise as required by external laws and regulations; supply chain disruptions; our ability to protect or successfully commercialize our intellectual property; our ability to prevent and/or minimize the impact of cybersecurity incidents or information or security breaches; our continued investment in research and development; the supply and price of key raw materials (including CdTe, tellurium, and tellurium compounds), components, and manufacturing equipment; our ability to construct new production facilities to support new product lines; evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters; our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 module manufacturing facilities; our ability to attract, train, retain, and successfully integrate key talent into our team; the severity and duration of public health threats, and the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.

Contacts

First Solar Investors                             First Solar Media
investor@firstsolar.com                            media@firstsolar.com

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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
September 30,
2025		December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents$1,992,173 $1,621,376 
Marketable securities47,747 171,583 
Accounts receivable trade, net1,442,044 1,261,049 
Government grants receivable, net684,118 403,759 
Inventories1,100,850 1,084,384 
Other current assets634,836 546,882 
Total current assets5,901,768 5,089,033 
Property, plant and equipment, net5,759,806 5,413,683 
Deferred tax assets, net183,646 208,808 
Restricted marketable securities215,526 199,136 
Government grants receivable296,238 157,570 
Goodwill30,682 28,335 
Intangible assets, net51,262 54,654 
Inventories254,541 275,372 
Other assets765,840 697,770 
Total assets$13,459,309 $12,124,361 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$284,542 $482,190 
Income taxes payable78,773 77,363 
Accrued expenses587,679 508,581 
Current portion of debt272,396 236,424 
Deferred revenue1,554,707 712,000 
Other current liabilities311,757 60,884 
Total current liabilities3,089,854 2,077,442 
Accrued solar module collection and recycling liability145,073 134,394 
Long-term debt282,565 373,354 
Deferred revenue663,058 1,327,825 
Other liabilities263,447 233,769 
Total liabilities4,443,997 4,146,784 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,307,994 and 107,060,281 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively107 107 
Additional paid-in capital2,899,631 2,898,418 
Accumulated earnings6,270,456 5,263,110 
Accumulated other comprehensive loss(154,882)(184,058)
Total stockholders’ equity9,015,312 7,977,577 
Total liabilities and stockholders’ equity$13,459,309 $12,124,361 

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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Net sales$1,594,856 $1,097,170 $887,668 $3,536,594 $2,692,258 
Cost of sales984,111 597,320 442,357 2,081,596 1,402,055 
Gross profit610,745 499,850 445,311 1,454,998 1,290,203 
Operating expenses:
Selling, general and administrative47,324 52,590 46,293 153,078 138,680 
Research and development60,592 54,487 50,197 167,468 144,876 
Production start-up36,734 31,166 26,822 85,506 69,681 
Litigation loss— — — — 430 
Total operating expenses144,650 138,243 123,312 406,052 353,667 
Gain on sales of businesses, net— — — — 1,115 
Operating income466,095 361,607 321,999 1,048,946 937,651 
Foreign currency loss, net(8,903)(9,728)(5,158)(30,224)(17,665)
Interest income23,308 12,100 22,580 54,273 74,424 
Interest expense, net(14,121)(9,184)(9,008)(32,830)(27,983)
Other expense, net(6,034)(2,628)(3,071)(10,594)(6,435)
Income before taxes460,345 352,167 327,342 1,029,571 959,992 
Income tax expense(4,402)(10,299)(14,386)(22,225)(61,064)
Net income$455,943 $341,868 $312,956 $1,007,346 $898,928 
Net income per share:
Basic$4.25 $3.19 $2.92 $9.40 $8.40 
Diluted$4.24 $3.18 $2.91 $9.37 $8.36 
Weighted-average number of shares used in per share calculations:
Basic107,264 107,245 107,049 107,211 107,015 
Diluted107,538 107,518 107,562 107,492 107,514 

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FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended
September 30,
20252024
Cash flows from operating activities:
Net income$1,007,346 $898,928 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion388,585 299,079 
Share-based compensation16,713 21,987 
Deferred income taxes26,477 (85,343)
Gain on sales of businesses, net— (1,115)
Other, net28,218 3,238 
Changes in operating assets and liabilities:
Accounts receivable, trade
(196,967)(68,823)
Inventories(679)(434,375)
Government grants receivable(442,010)(59,181)
Other assets(150,159)(183,127)
Income tax receivable and payable(44,684)35,708 
Accounts payable and accrued expenses(164,194)(8,953)
Deferred revenue262,877 (13,159)
Other liabilities83,689 2,139 
Net cash provided by operating activities
815,212 407,003 
Cash flows from investing activities:
Purchases of property, plant and equipment(698,148)(1,212,537)
Purchases of marketable securities and restricted marketable securities(1,307,656)(2,014,764)
Proceeds from sales and maturities of marketable securities1,424,918 1,897,997 
Other investing activities2,952 (12,617)
Net cash used in investing activities
(577,934)(1,341,921)
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs309,047 227,654 
Repayment of debt(357,515)(205,821)
Proceeds from other borrowings
487,323 — 
Repayment of other borrowings(298,407)— 
Payments of tax withholdings for restricted shares(15,479)(20,144)
Contingent consideration payment and other financing activities(527)(7,568)
Net cash provided by (used in) financing activities
124,442 (5,879)
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents2,021 (2,805)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents363,741 (943,602)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period1,638,223 1,965,069 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period$2,001,964 $1,021,467 
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities$222,115 $264,480 
Proceeds to be received from asset-based government grants$149,775 $159,490 
Acquisitions funded by contingent consideration$3,600 $11,000 
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