First Solar, Inc. announces financial results for the third quarter ended Sept. 30, 2025, and updates its 2025 guidance.

Net sales for the third quarter were $1.6 billion, an increase of $0.5 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties.

The company reports third quarter net income per diluted share of $4.24, compared to net income per diluted share of $3.18 in the second quarter of 2025.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, increased to $1.5 billion from $0.6 billion at the end of the prior quarter. The increase was primarily due to higher cash receipts from module sales, including advance payments for future sales, and favorable changes in working capital.

“As a result of our disciplined approach to balancing growth, liquidity, and profitability, we’ve further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales,” says CEO Mark Widmar. “While trade and policy developments have introduced new challenges for many in our industry, we continue to differentiate ourselves by offering pricing and delivery certainty, enabling us to respond effectively to evolving demand drivers and reinforce our leadership.”