First Solar Reports Q3 2026 Results with Increased Net Income Amid Lower Sales Volumes
First Solar (FSLR) reported third-quarter results for 2026 characterized by a significant divergence between revenue and profitability. While net sales fell 23% year-over-year to $1.23 billion due to lower module volumes sold to third parties, net income surged 25% to $571 million. This margin expansion was driven by a higher concentration of domestically produced U.S. modules and improved utilization costs, resulting in an adjusted EBITDA margin of 60%. Despite the strong profitability, management revised its full-year guidance downward for net sales, volume, and adjusted EBITDA due to reduced sales expectations in India and international markets. The company is currently managing a massive contracted backlog of 44 gigawatts valued at $13.5 billion, providing visibility through 2030. However, risks such as community opposition (NIMBYism), rising battery prices affecting project economics, and early technical stabilization issues with Series 7 modules remain key headwinds.
Tickers: $FSLR
Topics: Adjusted EBITDA Contract Backlog Guidance Revision Net Income Net Sales
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