Company Overview

First Solar, Inc. (Nasdaq: FSLR) stands as America's leading photovoltaic ("PV") solar technology and manufacturing company. It is a publicly traded American manufacturer specializing in solar panels and a provider of utility-scale PV power plants, along with supporting services such as finance, construction, maintenance, and end-of-life panel recycling. Founded by Michael J. Ahearn in 1999, the company is headquartered in Tempe, Arizona. First Solar provides photovoltaic (PV) solar energy solutions across the United States, France, India, Chile, and other international markets.

The company manufactures and sells PV solar modules utilizing a thin-film semiconductor technology, offering a lower-carbon alternative to conventional crystalline silicon PV solar modules. Its clientele includes developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. Beyond manufacturing, First Solar's operations encompass project development, operations and maintenance services, and the sale of PV solar power systems to third-party customers.

Advanced Cadmium Telluride (CdTe) Technology

First Solar manufactures cadmium telluride (CdTe)-based photovoltaic (PV) modules. These modules generate electricity using a thin CdTe film deposited on glass. The company employs rigid thin-film modules for its solar panels, specifically using cadmium telluride (CdTe) as a semiconductor.

With over $2 billion invested in research and development, First Solar has leveraged unique advantages of this semiconductor. Research and product development teams forecast a thin-film CdTe entitlement of 25% cell efficiency by 2025 and pathways to 28% cell efficiency by 2030. The use of cadmium telluride, compared to silicon, has enabled significantly lower module costs (e.g., $0.67 per watt versus $1.85 per watt for crystalline-silicon PV in 2010). A notable benefit is the high recyclability of thin-film solar panels, with up to 90% of material being recoverable.

Manufacturing and Global Presence

The company is headquartered in Tempe, Arizona. Its manufacturing facilities are strategically located in Perrysburg, Ohio; Kulim, Malaysia; Ho Chi Minh City, Vietnam; and Chennai, India. In September 2024, First Solar opened a new $1.1 billion facility in Alabama. The company currently operates three facilities in Ohio and is constructing a $1.1 billion, 3.5 GW plant in Louisiana, expected to become operational in 2026.

First Solar holds the distinction of being the largest solar panel manufacturer in the USA and the entire Western Hemisphere. Its manufacturing sites span the US, India, Malaysia, and Vietnam. The Ohio factory boasts the largest solar manufacturing footprint in the Western Hemisphere, with a new factory in Alabama slated for commissioning in 2025.

Financial Performance and Market Position

Key Financial Metrics (As of September 2025)

- Market Capitalization: $22.79 billion

- 2024 Revenue: $4.21 billion (a 26.75% increase from the previous year)

- 2024 Earnings: $1.29 billion (a 55.52% increase)

- 2025 Net Sales Guidance: $5.3 billion to $5.8 billion

- 2025 Earnings Per Diluted Share Guidance: $17.00 to $20.00

- EBITDA: $1.95 billion with an EBITDA margin of 45.13%

- Employee Count: 8,100 (as of September 23, 2025)

Recent Performance Highlights

First Solar (FSLR) reported earnings for Q2 2025 at $3.18 per share, surpassing the estimation of $2.66 by 19.63%. The company was among the best-performing stocks in the S&P 500 following its stronger-than-expected earnings report and an upward revision of its 2025 sales outlook.

Market Position and Strategic Advantages

As of 2019, First Solar had over 17 GW deployed globally. The company maintains a significant backlog of 64 GW. It is recognized as a dominant leader at the confluence of robust U.S. manufacturing support, increasing constraints on foreign-connected competitors, and rising energy demand driven by autonomous technology.

First Solar benefits from several critical competitive advantages, notably its vertical integration. This independence allows the company to operate fully outside of the Chinese supply chain. Instead, it can leverage the semiconductor supply chain effectively, enabling the construction and operation of new factories in as little as 18 months.

Research and Development Leadership

First Solar, historically known as Solar Cells Inc. at its inception, has been collaborating with the National Renewable Energy Laboratory (NREL) on thin-film solar technology for over two decades, underscoring its long-term dedication to innovation. In August 2019, researchers from NREL and First Solar published findings in _Nature Energy_, demonstrating a method to achieve 20.8% solar cell efficiency.

Furthermore, First Solar is an active member of the Cadmium Telluride Accelerator Consortium (CTAC), which is managed by NREL and funded by the U.S. Department of Energy's Solar Energy Technologies Office. CTAC's mission is to bolster U.S. technological leadership and competitiveness in CdTe photovoltaics.

First Solar continues to solidify its standing as America's foremost solar technology company, integrating advanced manufacturing capabilities with cutting-edge thin-film technology to deliver comprehensive solar solutions for utility-scale projects worldwide. The company's strategic focus on sustainable manufacturing, recycling initiatives, and continuous technological innovation positions it for sustained growth within the expanding renewable energy market.