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First Solar, Inc.
Information Technology · Semiconductors & Semiconductor Equipment
Only at-scale US-domiciled solar module manufacturer; CdTe thin-film chemistry sidesteps the polysilicon supply chain and the 50%+ tariff regime hitting Southeast Asian crystalline-silicon competitors. ~80+ GW contracted backlog stretches into the early 2030s at fixed ASPs, giving multi-year revenue visibility unusual for a hardware name.
17/W on US-made modules and dropped directly to operating income post-2023, structurally inflating margins vs pre-IRA baseline.
- ~80+ GW backlog at fixed ASPs through 2030, ~$20B+ contracted revenue
- 45X credits add ~$1B+/yr to operating income while US capacity ramps to ~14 GW by 2026
- CdTe thin-film exempt from AD/CVD tariffs hitting Chinese/SE Asian c-Si imports
- Bookings ASPs trended into the high $0.30s/W on hyperscaler-linked PPAs
- Net cash balance sheet; capex peaking 2025-2026 then FCF inflection
- 45X credit is statutory - repeal risk under any future administration that unwinds IRA
- Backlog includes termination-for-convenience clauses; bookings have been re-papered before
- Module ASPs anchor to Chinese spot c-Si pricing on the margin; sustained sub-$0.10/W glut compresses incremental bookings
- Customer concentration in a handful of utility-scale developers
- Single-product company - no inverter, tracker, storage, or services optionality
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