Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Gross profit grew while sales shrank by a fifth
The filing names the U.S. production credit first, so the margin depends on where modules are made, not only on their price.
For investorsHow much of the margin is the credit, and how much is the module?
For foundersTurning a different supply chain into a moat
Net income of $571.1M came with cash flowing out, as credit sales brought in less and supplier payments rose, the filing says.
Contracted volume dwarfs the quarter's 4.1 GW of shipments, yet terminations still cut revenue: the backlog is large but not fixed.
Thin film modules made without Chinese crystalline silicon qualify where tariffs and credit rules penalize rivals, which supports U.S. pricing.
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Business Lens describes First Solar from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
