Oct 29, 2026 earnings call — Share repurchase authorization and CuRe expansion
Board authorized a share repurchase program of up to $500 million, effective immediately.
Revenue $1.2B (est $1.3B) · EPS $5.30 (est $4.67)
Key quotes
"Operationally, our continued CuRe deployment across the fleet is being executed through a disciplined learnings-based approach that began with our Perrysburg Series 6 conversion in Q1 of this year."
"The Section 232 proclamation issued in August represents a meaningful shift for U.S. solar manufacturing, and we believe First Solar is well positioned to benefit as the shift takes effect."
"From our perspective, the enhanced certainty surrounding project-specific contracts allows us to optimize module allocation and delivery with a potential trade-off of slowing the pace of an extended multiyear contracted backlog."
Analyst Q&A 8
Why developers delay booking 2029
Q (Moses Sutton · BNP Paribas): Why do developers show little urgency to book 2029 volume and would you change strategy or price to force bookings?
A: Management said customers are focused on near-term issues like financing, tariffs, interconnection and local opposition (NIMBYism), so they are delaying long-term commitments and concentrating on meeting 48 safe harbor rules for 2028. They are booking some pipeline opportunities beyond 2029 but many customers want clarity on 232 implementation and FEOC guidance before committing further.
"I mean everyone is really concerned now of meeting their 48 safe harbor requirements, which these projects have to be safe harbored by -- and completed and commissioned by the end of 2028." — Mark Widmar (CEO)
How post-232 conversations affect pricing
Q (Joseph Osha · Guggenheim): How are conversations that began after the 232 announcement settling, and how has that changed pricing in negotiations?
A: They said since the 232 announcement they have revised and increased pricing in negotiations, and new opportunities are priced higher than prior indications. But they expect a long price discovery process as customers evaluate needs for domestic content and seek board approvals before final decisions.
"Since the announcement of 232, we have revised and increased our pricing." — Mark Widmar (CEO)
Where pricing might settle next quarter
Q (Philip Shen · ROTH Capital): With price discovery taking time, what might you book next quarter and what prices could you get for crystalline silicon and your products?
A: Management said pricing varies by product and domestic content: imported modules sit at the low end and domestically made Series 7 at the high end, and they reported an average near $0.36 recently. They will try to capture the highest value vs alternatives but would not commit to a precise future price realization today.
"crystalline silicon pricing is still most likely for deals in the next 12 to 24 months." — Alexander Bradley (CFO)
Shift from frameworks to project deals
Q (Brian Lee · Goldman Sachs): Are you shifting from long framework contracts to project-by-project deals, and can your sales force handle more fluid quarter-to-quarter bookings?
A: They said customers increasingly prefer individual project deals, which give clearer timing and let First Solar plan operations better; the sales team can handle that pivot. Moving to project-based bookings should reduce inventory, storage and working capital costs and improve operational and financial efficiency.
"If we move to more of a project-based model where there's a certainty around an individual project, the timing of that project and delivery schedule, that allows me to plan on the operational side much more efficiently, reduce working capital, reduce storage costs as well." — Alexander Bradley (CFO)
Timing of government grant cash and selling credits
Q (Jonathan Windham · UBS): When will the $1.9 billion of government grant receivables hit cash, and would you consider selling credits earlier in the market?
A: They said turnaround from filing to receiving cash has been relatively short based on past experience, and they are still deciding this year whether to sell credits or file for refundability. They are discussing potential sales to balance pulling liquidity forward versus taking a discount on sales.
"the turnaround time from filing to receiving the cash, relatively short." — Alexander Bradley (CFO)
Project booking lead time and Malaysia capacity decision
Q (David Arcaro · Morgan Stanley): How far in advance do project-specific bookings enter backlog, and will you decide on Malaysia capacity in H1 2027?
A: They said project module procurement is often locked up 18 months to 2 years before first delivery, giving better certainty even if not much shorter lead time. For Malaysia, they believe they will have enough visibility in the first half of next year and have been operating it at low throughput to preserve optionality for up to about 1.8 gigawatts.
"I do believe we have enough visibility going into the first half of next year." — Alexander Bradley (CFO)
Series 7 pricing vs silicon and competition risk
Q (Vikram Bagri · Citi): If silicon panel prices rise, what discount should we assume for Series 7 U.S. panels, and does new U.S. capacity from competitors reduce urgency to book 2029?
A: They said Series 7 CuRe will generally be advantaged versus PERC and slightly disadvantaged by a few pennies relative to TOPCon; competitiveness varies by geography and bifacial impact. They also noted some customers worry competitors' U.S. capacity may not be truly FEOC-free, so risk concerns make customers cautious and can encourage longer partnerships with First Solar.
"Series 7 CuRe is going to be advantaged against PERC and disadvantaged by pennies relative to TOPCon." — Mark Widmar (CEO)
Risk from exclusions and Swift Current lawsuit
Q (Dimple Gosai · Piper Sandler): What are the risks from potential exclusions on Dec 4 and can you comment on the Swift Current lawsuit?
A: They said they do not believe any exclusions have been publicly communicated yet and that exclusions would be judged case by case with Commerce focusing on limiting their duration. On the lawsuit, they said they will file a response soon, will stand behind warranty obligations for Series 7 within warranty terms, and cannot comment further now.
"I don't believe there's any actual exclusions that have been communicated publicly at this point in time." — Mark Widmar (CEO)