Short answer
First Solar (FSLR) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.6B (up 79.7% year over year) with net income of $456M.
Q3 2025 key financials · XBRL
- Revenue
- $1.6B
- +79.7% YoY · +45.4% QoQ
- Net income
- $456M
- +45.7% YoY · +33.4% QoQ
- Operating margin
- 29.2%
- Gross margin
- 38.3%
- EPS (diluted)
- $4.24
- +45.7% YoY · +33.3% QoQ
Source: XBRL data from the First Solar (FSLR) Q3 2025 10-Q on SEC EDGAR. USD.
First Solar Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.595B Q3 FY25, up 79.7% YoY from $0.888B Q3 FY24, driven by 79.1% higher volume and prior Series 7 manufacturing issues recovery
- Gross margin 38.3% Q3 FY25 vs 50.2% Q3 FY24, down 11.9 pts due to higher logistics costs, lower Section 45X credit impact, and contract termination effects
- Single segment: CdTe solar modules, sold 5.3 GW Q3 FY25; Series 7 production started in new Louisiana facility
- Cash, equivalents, securities $2.0B Sept 30, 2025 vs $1.8B Dec 31, 2024; operating cash flow $815M YTD, capex $900M-$1.2B expected in 2025 to expand US capacity
- Management notes continued US market demand from IRA incentives, but headwinds include tariffs/tax changes, pricing competition, export controls; expects advanced manufacturing credits to support liquidity
Risk Factors
- New legal risk: Patent infringement claims initiated in 2023 with discovery and claim construction scheduled in early 2026
- Updated operational risk: Manufacturing issues in Series 7 modules lead to warranty liability of $89.5M, with estimated losses up to an undisclosed upper range
- Regulatory risk: Inflation Reduction Act Section 45X tax credits sold for $818.6M (2024) and $296.3M (2025) affecting cost of sales and government grants receivable
- Market risk: Termination of $1.9B contracts with major oil and gas customer reduced backlog by 6.6 GW, impacting near-term revenue recognition by $61.0M
- Financial risk: Debt outstanding $555.2M with $272.4M current, secured by assets, plus $193.8M secured borrowings under recourse factoring arrangements as of Sept 30, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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