First Solar, Inc. announced financial results for the fourth quarter and year ended December 31, 2025.

Net sales for the fourth quarter were $1.7 billion, an increase of $0.1 billion from the prior quarter. The increase was primarily driven by an increase in the volume of modules sold in the fourth quarter. Net sales for the full year 2025 were $5.2 billion compared to $4.2 billion in the prior year, driven by a 24% increase in third‑party module volume.

The company reported fourth quarter net income per diluted share of $4.84 and full year net income per diluted share of $14.21.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $2.4 billion from $1.5 billion at the end of the prior quarter. The increase was primarily the result of additional proceeds received from the sale of its 2025 advanced manufacturing production tax credits under Section 45X of the Internal Revenue Code and operating cash flows, partially offset by capital expenditures associated with its Louisiana facility.

“Our growth journey continued into 2025, with the commissioning of our new Louisiana factory and our decision to establish a new facility in South Carolina,” says CEO Mark Widmar. “As we navigated a rapidly evolving environment, we maintained a disciplined approach to contracting and remained anchored in our core principle of pricing and delivery certainty, a key differentiator that our customers value.”