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First Solar Inc (FSLR) Q4 2025 Earnings Call Transcript

First Solar reported record 2025 module shipments of 17.5 GW, a 24% increase year‑over‑year, and net sales of $5.2 billion at the top of its guidance range. Gross margin fell to 41% from 44% due to tariff costs and under‑utilized overseas plants, partially offset by $1.6 billion in Section 45X tax credits. The company ended the year with $2.4 billion of net cash, a 50.1 GW backlog valued at $15 billion, and announced new U.S. capacity in Louisiana and South Carolina. Guidance for 2026 projects U.S. production of 13‑13.3 GW and a gross margin near 50% including tax credits.