First Solar, Inc. (NASDAQ: FSLR)

First Solar, Inc. is America’s leading PV solar technology and manufacturing company. The firm focuses on enabling power generation needs with its advanced thin film cadmium telluride PV technology. Developed in R&D labs in California and Ohio the technology offers a high performance alternative to conventional crystalline silicon modules. The company produces its PV solar modules through a fully integrated continuous process that does not depend on Chinese crystalline silicon supply chains. First Solar is the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. Over two billion dollars of cumulative R&D investment in the last twenty years supports a history of innovation and continuous improvement. The firm believes its strategies and points of differentiation provide a foundation for its competitive position and enable it to remain a preferred provider of PV solar modules.

First Solar, Inc. generates revenue principally from the design manufacture and sale of its cadmium telluride solar modules. The company offers several product lines including the Series 6 Plus and Series 7 modules which differ in size and power output. Customers purchase these modules for utility scale commercial and industrial solar projects. In addition to module sales the firm provides recycling services for end of life modules which recover more than ninety percent of materials for reuse. The recycling activity contributes a smaller but growing portion of total revenue. Overall the company’s income is driven by the volume of modules shipped and the average selling price per watt which is influenced by technology performance warranty terms and market demand.

First Solar, Inc. holds a leading position among global PV solar module manufacturers as the largest producer of thin film technology and the top manufacturer in the Western Hemisphere. Its competitive advantages stem from a proprietary cadmium telluride semiconductor that uses far less material than crystalline silicon and delivers superior temperature coefficient spectral response and shading tolerance. The firm’s integrated manufacturing process eliminates multiple supply chain steps and enables rapid throughput from glass to finished module in a few hours. Strong research and development capabilities supported by over two billion dollars of investment yield continuous improvements in wattage and durability. Additionally the company’s commitment to responsible sourcing zero tolerance for forced labor and a mature recycling program differentiates it from many peers that rely on Chinese silicon supply chains. These factors help First Solar maintain pricing power and market share despite intense competition from crystalline silicon manufacturers largely based in China.

First Solar, Inc. serves a diverse customer base that includes system developers independent power producers utilities commercial and industrial companies and large corporate energy buyers. In 2025 the company’s largest customers were Silicon Ranch Corporation and NextEra Energy each representing ten percent or more of its modules business net sales. Other significant customers include regulated utilities that invest in utility scale solar to meet growing demand and replace retiring assets. Corporate buyers particularly those in technology data infrastructure manufacturing and logistics sectors increasingly enter long term offtake agreements to secure electricity from utility scale solar projects. Independent power producers and infrastructure oriented investors also play a central role in developing owning and financing these ventures. The broad customer mix provides the company with stable demand across multiple end use sectors.