First Solar Q1 sales rise as module purchase volumes increase

Overview

• US solar module maker's Q1 2026 sales rose 24% yr/yr, meeting analyst expectations

• Adjusted EPS for Q1 2026 rose 65% yr/yr to $3.22

• Company reaffirmed 2026 guidance and cited record Q1 revenue, margin expansion

Outlook

• First Solar reaffirms 2026 net sales guidance of $4.9 bln to $5.2 bln

• Company expects Q2 2026 adjusted EBITDA between $400 mln and $500 mln

• Outlook assumes current U.S. policy environment and permitting timelines remain unchanged

Result Drivers

• HIGHER MODULE VOLUMES - Co said Q1 sales growth was driven primarily by increased volume of modules sold to third parties

• RECORD SALES IN INDIA - Co reported record sales in India during the quarter

• MARGIN EXPANSION - Co cited meaningful margin expansion as a contributor to Q1 results

Company press release: ID:nBw4QtBKla

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 24 "strong buy" or "buy", 16 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the renewable energy equipment & services peer group is "buy"

• Wall Street's median 12-month price target for First Solar Inc is $243.00, about 27.5% above its April 29 closing price of $190.61

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 12 three months ago

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