First Solar, Inc. · NASDAQ:FSLR
First Solar — Q3 2026 Earnings Presentation
17 slides from First Solar's earnings presentation, Oct 29, 2026
Slide 1: First Solar Q3'26 Earnings Call
First Solar Q3’26 Earnings Call October 29, 2026
Slide 2: Safe Harbor Statement
| Safe Harbor Statement Cautionary Note Regarding Forward Looking Statements This presentation 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 presentation, other than statements of
Slide 3: Non-GAAP Measures
| Non-GAAP Measures This presentation includes earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures, to provide supplemental information to our U.S. generally accepted accounting principles ("GAAP”) re
Slide 4: Q3'26 Executive Highlights
| Q3’26 | Executive Highlights $1.23B 58% $744M Net Sales Gross Margin Adj. EBITDA1 (23)% YoY +20 pp YoY +11% YoY In line with expected sales cadence Strong margin expansion 60% Adj. EBITDA Margin1 EXECUTION COMMERCIAL POSITION COMPETITIVE POSITION ■ Strong manufacturing execution ■ Disciplined cont
Slide 5: A New Market Framework
| A New Market Framework MARKET FRAMEWORK DEMAND STRENGTH COMMERCIAL DISCIPLINE 1 Fair Trade & Enforcement 2 Core drivers intact; late-decade opportunity 3 Framework → project-specific contracting Section 232 and Solar 4 Load growth and data centers Contracting pivot in progress Aug 2026 | Effective
Slide 6: Backlog: 44.0 GW, ~$13.5B, Through 2030
| Backlog | 44.0 GW | ~$13.5B | Through 2030 INDIA ACTIVITY INCLUDED IN YTD BOOKINGS SINCE Jul. 30 CALL2 | U.S. BOOKINGS EX-INDIA India gross bookings: 1.3 GW · India bookings ASP: ~$20 c/w U.S. gross bookings: 1.4 GW · ASP with adjusters: ~$36 c/w Volumes are rounded to nearest hundred megawatts an
Slide 7: Q3'26 Financial Performance
| Q3’26 Financial Performance1 Net Sales Gross Margin Financial Execution Highlights $1.23B 58% ✓ Favorable module mix and contract composition (23)% YoY +20 pp YoY ✓ Expanded 45X-eligible U.S. module mix ✓ Lower logistics, detention and demurrage costs 3.9 GW U.S. / 0.2 GW India Global fleet utiliz
Slide 8: Q3'26 Balance Sheet and Financial Resilience
| Q3’26 | Balance Sheet and Financial Resilience $1.5B $403M $435M Net Cash1 YTD Operating Cash Outflow YTD Capital Expenditures Liquidity, Q3’26 ending Working capital seasonality South Carolina expansion, Perovskites, & CuRe 2026 INVESTMENT PRIORITIES BALANCE SHEET RESILIENCE CapEx investment: $0.
Slide 9: FY 2026 Guidance
| FY 2026 Guidance Revised from July 30, 2026 outlook | As of October 29, 2026 F Y 2 0 2 6 G U I D A N C E (1) KEY ASSUMPTIONS | UPDATED Prior Current Section 45X tax credits $2.07B to $2.19B Volume sold 17.0 - 18.2 GW 16.0 GW to 17.0 GW Underutilization costs $110M to $120M U.S. component 12.6 - 13
Slide 10: Appendix
Appendix
Slide 11: Manufacturing Nameplate Capacity: 22.1 GW
| Manufacturing Nameplate Capacity | 22.1 GW Nameplate Capacity (GW) First Solar US | ~17.1 GW U.S. Domestic 13.6 Policy Drivers: 45X | ITC/PTC | AD/CVD | 232 U.S. Finishing 3.5 International 5.0 OH: 6.7 GW (US) AL: 3.4 GW (US) SC1: 3.5 GW (from VN for US) LA: 3.4 GW (US) VN1: 3.5 GW IN: 3.2 GW (to
Slide 12: Summarized Income Statement
| Summarized Income Statement YoY YTD YTD YoY (In millions, except per share amounts)(1) Q3 2026A Q3 2025A Change Q3 2026A Q3 2025A Change Net sales $ 1,231 $ 1,595 $ (364) $ 3,331 $ 3,537 $ (206) Gross Profit 713 611 102 1,804 1,455 349 Gross profit % 58 38 20 54 41 13 Underutilization costs 21 49
Slide 13: Summarized Balance Sheet
| Summarized Balance Sheet (In millions)(1) Q3 2026A Q4 2025A Change Cash and marketable securities(2) $ 1,641 $ 2,866 $ (1,225) Accounts receivable - current and noncurrent 1,591 1,310 281 Inventories - current and noncurrent 1,313 974 339 Government grants receivable - current and noncurrent 1,875
Slide 14: About Non-GAAP Financial Measures
| About Non-GAAP Financial Measures This presentation includes EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in accordance with GAAP and should not be considered
Slide 15: About Non-GAAP Financial Measures (continued)
| About Non-GAAP Financial Measures (continued) Management believes adjusting our GAAP results for the items described above to determine Adjusted EBITDA is useful to investors in assessing underlying operating performance and comparing period-to-period results, because these items (i) are largely n
Slide 16: Non-GAAP Reconciliation
| Non-GAAP Reconciliation1 (In millions) Q3’26 Q3’25 YTD Q3’26 YTD Q3’25 Net income and net income margin(2) $ 571 46 % $ 456 29 % $ 1,340 40 % $ 1,007 28 % Interest income (24) (23) (83) (54) Interest expense, net 2 14 16 33 Income tax (benefit) expense (5) 4 39 22 Depreciation and amortization 148
Slide 17: Trademark notice
First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First Solar, Inc.