First Solar, Inc.

Company facts

Industry

Semiconductors & Related Devices

Headquarters

Phoenix, Arizona

Most recent report

10-Q, filed Jul 30, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1274494

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 5 of 10 sections worth reading, with 2 positive, 11 notable, and 7 negative flags.

• Financial Statements (Item 1)

  Full financial statements with material results, cash burn, and new litigation.
  Notable

  • Submitted refund claims for IEEPA tariffs after Supreme Court ruling; receivable recorded.
  • New unsecured $1.5B credit facility replaced prior $1B secured facility in February 2026.
  • India Credit Facility up to $500M fully repaid and closed in May 2026.
  • Backlog fell to 45.1 GW / $13.6B from 47.9 GW / $14.4B at March 31, 2026.
  Negative

  • $47M specific warranty liability for Series 7 modules; potential losses up to $65M.
  • Securities class action filed June 23, 2026 alleging false statements on tariff impact.

• Management's Discussion (Item 2)

  Key results, tariff refunds, debt paydown, cash burn, and trade policy risks are all company-specific.
  Positive

  • In May 2026, First Solar prepaid the entire $328.2 million India Credit Facility principal plus $5.5 million interest.
  • Gross profit margin rose to 57.3% in Q2 2026, up from 45.6% a year ago, driven mostly by expected IEEPA tariff refunds.
  Notable

  • First Solar permanently converted one Ohio facility to CuRe technology and plans phased replication across the fleet.
  • Backlog of 45.1 GW with transaction price $13.6 billion; includes up to $0.5 billion in potential price adjustments by 2028.
  • Gross profit includes an $88.6 million net benefit from expected IEEPA tariff refunds less amounts payable to customers.
  Negative

  • Net sales fell 3.7% to $1.1B in Q2 2026, mainly from customer contract terminations, though module volume rose 5.3%.
  • Manufacturing issues with certain Series 7 modules may hurt average selling prices, inventory value, and increase warranty claims.
  • Cash, cash equivalents, and marketable securities fell from $2.9B to $1.7B as of June 30, 2026, a $1.2B drop.

• Legal Proceedings (Item 1)

  Multiple patent suits stayed; customer dispute seeks $323.6M; USITC case with Tesla/BYD.
  Notable

  • First Solar's patent lawsuits against JinkoSolar, Canadian Solar, Mundra, and Trina Solar are all stayed pending USITC outcome.
  • USPTO granted ex parte reexamination of First Solar's '074 patent; First Solar petitioned to terminate.
  • First Solar seeks $323.6M in termination payments from BP/Lightsource after canceling module supply agreements.

• Risk Factors (Item 1A)

  New tariff structure post-IEEPA, updated AD/CVD rates, and multiple new TOPCon patent lawsuits in 2026.
  Negative

  • New Section 301 tariffs of 10% on Malaysia, India, EU and 12.5% on China, Vietnam now apply, replacing expired IEEPA tariffs, raising costs on modules from those countries.
  • Preliminary Laos antidumping duty raised to 33.57% (from 22.46% in prior filing), increasing risk for competitors selling from there.

• Other Information (Item 5)

  Four officers adopted 10b5-1 sale plans in Q2 2026, up from two.
  Notable

  • Four officers adopted plans to sell a total of 19,554 shares in Q2 2026, up from two officers in Q1 2026.

What changed: Jun 2026 vs. Mar 2026

About 5% of FSLR's Jun 2026 10-Q is new information. 19 paragraphs were added, 189 changed, and 32 removed. Below are the most important lines SECSift identified.

• Item 1 80
• Item 2 68
• Item 1A 5
• Item 6 2
• Item 4 2
• Item 5 1