FSLR

EX-99.1

2 ex991pressreleaseq3-2026.htm

EX-99.1

Document

EXHIBIT 99.1

News Release

First Solar, Inc. Announces Third Quarter 2026 Financial Results, Updates Guidance, and Announces $500 Million Share Repurchase Program

•Net sales of $1.23 billion, a decrease of 23% year-over-year

•Net income per diluted share of $5.30, an increase of 25% year-over-year

•Adjusted EBITDA1 of $744 million, an increase of 11% year-over-year

•Gross cash balance of $1.6 billion and net cash balance of $1.5 billion

•First Solar board of directors authorizes $500 million share repurchase program

•Contracted sales backlog of 44.0 GW as of September 30, 2026

PHOENIX, Arizona, October 29, 2026 – First Solar, Inc. (Nasdaq: FSLR) (the “Company”), America’s leading PV solar technology and manufacturing company, today announced financial results for the third quarter ended September 30, 2026 and updated its 2026 guidance.

Net sales were $1.23 billion for the third quarter of 2026, a 23% decrease compared to the third quarter of 2025, driven primarily by a decrease in the volume of modules sold to third parties.

The Company reported third quarter net income of $571 million, or $5.30 per diluted share, compared to $456 million, or $4.24 per diluted share, in the third quarter of 2025. Adjusted EBITDA was $744 million compared to $671 million in the third quarter of 2025.

Net cash balance decreased to $1.5 billion as of September 30, 2026 from $2.4 billion as of December 31, 2025, driven by working-capital needs and capital expenditures primarily for our U.S. facilities, partially offset by Section 45X cash receipts and IEEPA tariff refunds received.

“Section 232 represents a structural change in how the United States approaches solar manufacturing,” said Mark Widmar, Chief Executive Officer. “As a technology company and the only fully-integrated utility-scale solar manufacturer without dependency on the Chinese crystalline silicon supply chain, we believe we are structurally positioned to benefit from this environment.”

Additionally, the Company’s board of directors authorized a share repurchase program of up to $500 million, effective immediately. This authorization reflects confidence in the long-term value of the business while preserving our disciplined approach to capital allocation and ability to continue investing in technology development and growth. The timing and amount of share repurchases will be determined by the Company based on its evaluation of market conditions and other factors. The share repurchase authorization has no expiration date, does not obligate the Company to acquire any particular amount of shares, and may be suspended or discontinued at any time.

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1 See “Non-GAAP Financial Measures” for additional information on Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, which is the most directly comparable GAAP measure.

1

www.firstsolar.com

Our updated 2026 guidance is summarized below:

PriorCurrent

Volume Sold17.0GWto18.2GW16.0GWto17.0GW

Net Sales$4.9Bto$5.2B$4.6Bto$4.9B

Gross Profit(1) $2.4Bto$2.6BUnchanged

Operating Expenses(2) $610Mto$635MUnchanged

Adjusted EBITDA(3) $2.6Bto$2.8B$2.55Bto$2.75B

Capital Expenditures$0.8Bto$1.0B$0.6Bto$0.8B

Net Cash Balance(4) $1.7Bto$2.3BUnchanged

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1.Assumes $2.07 billion to $2.19 billion of Section 45X tax credits and underutilization costs of $110 million to $120 million.

2.Assumes $80 million to $90 million of production start-up expense.

3.Adjusted EBITDA reflects addbacks of approximately $201 million for share-based compensation, Section 45X tax credit discounts, underutilization, and production start-up expenses. See “Non-GAAP Financial Measures” for additional information on Adjusted EBITDA.

4.Net Cash is defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at December 31, 2026. Expected debt excludes factoring arrangements with recourse.

From a fourth quarter earnings cadence perspective, we anticipate our module sales to be between 4.3 GW and 5.3 GW, including 3.4 GW to 4.3 GW from our U.S. manufacturing operations. These factors are expected to result in forecasted fourth quarter Adjusted EBITDA between $643 million and $843 million.

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to the impact of public policies, such as tariffs, export controls, or other trade remedies, freight-related costs, and certain factors related to the Inflation Reduction Act of 2022 (the “IRA”), as amended by the One Big Beautiful Bill Act of 2025. Our outlook assumes the current U.S. policy environment persists, and in addition, that permitting processes and timelines will remain consistent with historical levels. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information abo

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