FIRST SOLAR, INC. SEC Filings

First Solar, Inc. filed its annual report describing a business built around cadmium telluride thin film solar modules, positioning itself as the largest thin film PV manufacturer in the Western Hemisphere and the only U.S.-headquartered company among the world’s biggest solar producers.

The company highlights its Series 6 Plus and Series 7 modules, extensive manufacturing footprint in the U.S., Malaysia, Vietnam, and India, and plans for a sixth U.S. plant expected to start operations in the second half of 2026. The United States is its primary market, accounting for 96% of 2025 net sales, supported by strong demand for domestically produced modules.

First Solar emphasizes heavy investment in R&D, lifecycle sustainability, and high-value recycling that recovers over 90% of module materials. The filing also details significant dependence on U.S. policy, including IRA and OBBBA tax incentives, and notes competitive and regulatory risks from global overcapacity, tariffs, trade actions, and changing incentive frameworks.

First Solar, Inc. reported strong 2025 results and issued detailed 2026 guidance. Net sales for 2025 were $5.2 billion, up from $4.2 billion in 2024, driven by a 24% increase in third‑party module volume. Full‑year diluted net income per share rose to $14.21, with fourth quarter diluted EPS of $4.84.

Year‑end 2025 cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt, reached $2.4 billion, helped by proceeds from sales of Section 45X tax credits and strong operating cash flows. Reported 2025 Adjusted EBITDA was $2.36 billion.

For 2026, guidance includes net sales of $4.9 billion to $5.2 billion, Adjusted EBITDA of $2.6 billion to $2.8 billion, volume sold of 17.0 GW to 18.2 GW, capital expenditures of $0.8 billion to $1.0 billion, and an expected year‑end net cash balance of $1.7 billion to $2.3 billion.

First Solar, Inc. entered into a new senior unsecured five-year revolving credit facility totaling $1.5 billion, including a $450 million sub-limit for letters of credit. The company may increase commitments by up to an additional $1 billion, subject to lender commitments and other conditions.

The facility, led by JPMorgan Chase Bank as administrative agent, can be used for working capital and general corporate purposes and allows two optional one-year extensions. Pricing is tied to either First Solar’s net leverage ratio or, after an investment grade trigger, its public debt ratings, with specified interest and commitment fee ranges.

Financial covenants require a maximum net leverage ratio of 3.50 to 1.00 (with a potential step-up for material acquisitions) and a minimum interest coverage ratio of 3.00 to 1.00. Concurrently, First Solar terminated its prior senior secured revolving credit agreement and had the related collateral security arrangements released.

FMR LLC has filed a Schedule 13G reporting a passive ownership stake in First Solar, Inc. common stock. FMR LLC and Abigail P. Johnson each report beneficial ownership of 6,501,272.02 First Solar shares, representing 6.1% of the common stock as of 12/31/2025.

The filing shows sole dispositive power over these shares and, for FMR LLC, sole voting power over 5,977,931.69 shares. The signatory certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of First Solar.

First Solar EVP Samantha L. Sloan reported equity award activity for January 15, 2026. She acquired 234 shares of First Solar common stock at $0 when 25% of a restricted stock unit grant from January 15, 2024 vested. To cover tax withholding on this vesting, 79 shares of common stock were withheld by the company at a price of $243.64 per share.

After these transactions, Sloan directly held 1,045 shares of First Solar common stock and 468 restricted stock units. Each restricted stock unit represents the right to receive one share of common stock as it vests annually in 25% installments on each anniversary of the January 15, 2024 grant date.

First Solar (FSLR) director reported open‑market sales of company stock. On November 7, 2025, the reporting person sold 1,423, 4,656, and 921 shares (transaction code S) at weighted average prices of $261.27, $262.59, and $263.19, respectively.

After these transactions, the filer beneficially owned 15,287 shares on an indirect basis By Stebbins Family Trust. Footnotes note each sale comprised multiple trades within stated price ranges, with detailed trade-by-trade data available on request.

First Solar (FSLR): A company director reported a sale of 4,500 shares of common stock on 11/06/2025 at a weighted average price of $271.11. The trades were executed in multiple transactions within a price range of $270.87 to $271.24. Following the sale, the director beneficially owns 13,662 shares, held directly.

The price range reflects individual trade executions; the reported price is the weighted average for the day’s transactions as disclosed.

First Solar (FSLR) disclosed an insider transaction by its Chief Commercial Officer, who sold 37,412 shares of common stock on 11/04/2025 across multiple trades priced between $255.05 and $269.37 under a Rule 10b5-1 trading plan adopted on August 5, 2025.

After these sales, the reporting person directly beneficially owns 15,424 shares.