First Solar, Inc. reported a net sales increase of 8.6% for the second quarter of 2025, reaching $1.1 billion compared to $1.0 billion in the same period of 2024. The growth was attributed to a 5.7% rise in the volume of solar modules sold and an additional $40.4 million in revenue from customer contract terminations. However, gross profit as a percentage of net sales decreased to 45.6% from 49.4% year-over-year, primarily due to higher costs associated with U.S.-produced modules, increased storage costs, and losses related to tax credit sales. For the first half of 2025, net sales totaled $1.94 billion, up from $1.80 billion in the prior year.

The company’s operating income for the second quarter was $361.6 million, down from $372.5 million in the same quarter of 2024. Net income for the quarter was $341.9 million, slightly lower than $349.4 million a year earlier, resulting in diluted earnings per share of $3.18 compared to $3.25. First Solar's total assets increased to $12.86 billion as of June 30, 2025, from $12.12 billion at the end of 2024, driven by higher accounts receivable and inventory levels.

In terms of strategic developments, First Solar has expanded its manufacturing capacity, recently commencing operations at its fourth U.S. facility and planning to open a fifth facility in the third quarter of 2025. The company aims to achieve an annual manufacturing capacity of over 25 gigawatts by 2026. Additionally, First Solar entered into an agreement in June 2025 to sell $311.9 million of Section 45X tax credits, generating cash proceeds of $296.3 million, although this transaction resulted in a $15.6 million loss recorded in cost of sales.

Operationally, First Solar produced 4.2 gigawatts and sold 3.6 gigawatts of solar modules during the second quarter. The company reported a total of 61.9 gigawatts of contracted future sales valued at $18.5 billion, expected to be recognized as revenue through 2030. The company’s employee headcount has also increased, reflecting its ongoing expansion efforts. Looking ahead, First Solar anticipates continued demand for its products, bolstered by government incentives and a growing focus on renewable energy solutions, despite potential challenges from market volatility and competition.

About FIRST SOLAR, INC.

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