First Solar has reported net sales of $5.2 billion in 2025 with 17.5 GW of module shipments, but has guided for a conservative revenue range in FY2026
It ended 2025 with a 50.1 GW backlog valued at $15.1 billion, having expanded gross bookings by 7.4 GW
First Solar is advancing its CuRe and perovskite technology roadmap, signing a patent licensing agreement with Oxford PV
The manufacturer has also filed a fresh ITC complaint over alleged TOPCon patent infringement by 10 foreign-headquartered manufacturers
US solar manufacturer First Solar has issued a conservative FY2026 net sales guidance of $4.9 billion to $5.2 billion, even after achieving the higher end of its FY2025 outlook. The company reported $5.2 billion in net sales for 2025, driven by a 24% increase in 3rd-party module volumes, while stronger module sales in Q4 pushed its sequential net sales up by $0.1 billion to $1.7 billion.
First Solar sold 17.5 GW of modules in 2025, a record high for the manufacturer, while expanding its gross bookings by 7.4 GW. The management shared that debookings totaled 8.3 GW last year, due to the termination of certain contracts. Its year-end backlog reached 50.1 GW valued at $15.1 billion.
At the end of 2025, First Solar’s total operational solar PV manufacturing capacity stood at 23 GW, including 7 GW of international production capacity. As the company reduces its Southeast Asia manufacturing capacity to onshore production in the US, its nameplate capacity in 2026 is projected to decline to 19 GW, before rising to 22.1 GW by 2027.
This also includes its upcoming 3.7 GW Series 6 factory in South Carolina, which is scheduled to enter commercial operations in H2 2026 (see First Solar’s New 3.7 GW Solar PV Factory In South Carolina).
First Solar continues to work on its copper replacement (CuRe) technology. It plans to permanently convert the Ohio lead line to CURE CdTe technology in Q1 before rolling it out across Series 6 and Series 7 factories. The manufacturer believes this will lead to a lifetime energy yield up to 8% higher than that of crystalline silicon TOPCon modules, thanks to its ‘superior spectral and shading response’.
Widmar called CuRe and perovskites the 2 core thin-film-focused pillars for the firm’s technology strategy.
Guidance
In 2026, it expects the US factories to produce 13 GW to 13.3 GW out of its global total of 16.5 GW to 17.5 GW, while rolling out 14.9 GW to 16.1 GW in the US out of the 18.9 GW to 20.5 GW it plans for 2027. The Indian factory is expected to operate at high production levels, adjusting its output according to local demand and export opportunities.
The management forecasts module sales of 17 GW to 18.2 GW for FY2026, including 12.6 GW to 13.1 GW sold in the US.
Net sales for the entire year are projected to be in the range of $4.9 billion to $5.2 billion. Adjusted EBITDA is forecast within the $2.6 billion to $2.8 billion range, while gross margin is targeted between $2.4 billion and $2.6 billion.
Oxford PV deal
First Solar has also announced it entered into a patent licensing agreement with Oxford Photovoltaics Limited (Oxford PV). The non-exclusive agreement provides it access to the latter’s existing issued patents and currently pending patent applications.
The contract covers the potential manufacturing and distribution of solar PV products using perovskite semiconductor for potential applications in the US utility-scale, commercial and industrial (C&I), and residential markets. It does not cover crystalline silicon semiconductors.
Having spent more than $2 billion on thin-film research and development, including perovskites, First Solar currently operates a perovskite development line in Perrysburg, Ohio.
First Solar CEO Mark Widmar said, “This agreement allows us to continue pursuing viable pathways to manufacturing and commercializing thin film-perovskite products that could meet our long-term goal of serving all addressable markets.”
Brandenburg, Germany-based Oxford PV entered an exclusive patent licensing partnership with China’s Trinasolar in April 2025 to enable the manufacture and/or sale of perovskite-based PV products in China (see Oxford PV & Trinasolar Enter Exclusive Patent Partnership).
Another patent infringement petition
On its FY2025 earnings call with analysts, First Solar announced that it has filed a petition with the US International Trade Commission (ITC) against affiliates of 10 foreign-headquartered manufacturers who, it believes, are producing products that infringe on one of its US TOPCon patents, directly and indirectly. The entities are affiliated with Axitec Solar, Canadian Solar, JA Solar, JinkoSolar, Mundra, Philadelphia Solar, Hanwha QCells, Runergy, Trinasolar, and VSUN.
If the ITC initiates an investigation, a decision could be expected in about 18 months, according to First Solar.
“If our case is successful, the ITC may issue a general exclusion order preventing importation of infringing TOPCon products made by foreign entities, or in the alternative may issue a limited exclusion order preventing the importation of infringing TOPCon products by the entities named in our complaint. In addition, the ITC may issue a cease and desist order preventing the sale of infringing TOPCon products currently in the United States,” stated Widmar.
He explained that this is separate from its existing TOPCon patent infringement lawsuits seeking monetary damages from Adani, Canadian Solar, and Jinko. The USPTO rejected Inter Partes Review applications filed by the trio in January 2026 (see USPTO Rejects IPRs Against First Solar’s TOPCon Patents).
First Solar has also secured a $1.5 billion revolving credit facility.
