FIRST SOLAR, INC.

FSLR 10-Q · Q2 2025
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FSLR Q2 2025 request

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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 1,097,170 1,010,482 +8.6%
Cost of Revenue 597,320 511,593 +16.8%
Gross Profit 499,850 498,889 +0.2%
Selling, General & Administrative 52,590 46,560 +13.0%
Research & Development 54,487 51,937 +4.9%
Production Start Up Expense 31,166 27,451 +13.5%
Operating Expenses 138,243 126,378 +9.4%
Operating Income 361,607 372,511 -2.9%
Foreign Currency Transaction Gain Loss Before Tax -9,728 -9,649 -0.8%
Investment Income Net 12,100 24,599 -50.8%
Interest Expense -9,184 -9,765 +5.9%
Other Non-Operating Income (Expense) -2,628 -565 -365.1%
Income Before Taxes 352,167 377,131 -6.6%
Income Tax Expense (Benefit) -10,299 -27,775 +62.9%
Net Income 341,868 349,356 -2.1%
Show Equity Components breakouts
Retained Earnings 341,868 349,356 -2.1%
EPS (Basic) 3.19 3.26 -2.1%
EPS (Diluted) 3.18 3.25 -2.2%
Wtd Avg Shares (Basic) 107,245 107,042 +0.2%
Wtd Avg Shares (Diluted) 107,518 107,525 -0.0%
Comprehensive Income 352,020 344,644 +2.1%
Other Comprehensive Income 10,152 -4,712 +315.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 10,152 -4,712 +315.4%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,124,740 1,702,913 -34.0%
Show Cash And Cash Equivalents breakouts
Cash 1,085,499 943,765 +15.0%
Money Market Funds 39,241 759,148 -94.8%
Available For Sale Securities Debt Securities Current 29,098 37,430 -22.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Bank Time Deposits 20,025 28,913 -30.7%
Fair Value Inputs Level2 · Domestic Corporate Debt Securities 9,073 8,517 +6.5%
Show Financial Instrument breakouts
Bank Time Deposits 20,025 28,913 -30.7%
Bank Time Deposits · Fair Value Measurements Recurring 20,025 28,913 -30.7%
Domestic Corporate Debt Securities 9,073 8,517 +6.5%
Domestic Corporate Debt Securities · Fair Value Measurements Recurring 9,073 8,517 +6.5%
Accounts Receivable 1,730,972 647,565 +167.3%
Grants Receivable Current 482,546 6,034 +7897.1%
Inventory 1,414,006 1,027,872 +37.6%
Other Assets Current 642,229 527,109 +21.8%
Total Current Assets 5,423,591 3,948,923 +37.3%
Non-Current Assets
Property, Plant & Equipment 5,722,561 5,139,000 +11.4%
Deferred Tax Assets 204,671 201,801 +1.4%
Grants Receivable Noncurrent 238,850 607,086 -60.7%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 238,850 607,086 -60.7%
Estimate Of Fair Value Fair Value Disclosure 213,789 569,686 -62.5%
Goodwill 30,555 — —
Inventory Noncurrent 269,852 273,977 -1.5%
Other Non-Current Assets 702,277 555,124 +26.5%
Total Assets 12,858,044 11,014,255 +16.7%
Operating Lease Right-of-Use Assets 109,684 79,593 +37.8%
Other Assets
Debt Securities Available For Sale Restricted 213,737 200,243 +6.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 213,737 200,243 +6.7%
Show Financial Instrument breakouts
Domestic Corporate Debt Securities · Restricted Debt Securities [Member] 112,855 110,116 +2.5%
Foreign Government Debt Securities · Restricted Debt Securities [Member] 53,942 48,910 +10.3%
Supranational debt [Member] · Restricted Debt Securities [Member] 28,100 22,900 +22.7%
US Government Debt Securities · Restricted Debt Securities [Member] 18,840 18,317 +2.9%
Show Debt Security Type [Axis] breakouts
Restricted Debt Securities [Member] 213,737 200,243 +6.7%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 213,737 200,243 +6.7%
Intangible Assets Net Excluding Goodwill 51,950 59,267 -12.3%
Current Liabilities
Accounts Payable 367,652 230,894 +59.2%
Accrued Income Taxes Current 79,018 81,172 -2.7%
Accrued Liabilities 593,244 540,126 +9.8%
Debt Current 249,894 140,175 +78.3%
Deferred Revenue 1,058,262 689,468 +53.5%
Other Liabilities Current 504,547 90,794 +455.7%
Total Current Liabilities 2,852,617 1,772,629 +60.9%
Non-Current Liabilities
Long-Term Debt 327,972 418,725 -21.7%
Deferred Revenue Noncurrent 764,819 1,258,880 -39.2%
Other Non-Current Liabilities 221,907 173,821 +27.7%
Total Liabilities 4,311,914 3,758,858 +14.7%
Long-Term Debt (Q) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 419,101 500,000 -16.2%
Estimate Of Fair Value Fair Value Disclosure 397,901 481,389 -17.3%
Operating Lease Liabilities 49,043 31,846 +54.0%
Deferred Tax Liabilities 56,521 44,048 +28.3%
Other Liabilities
Solar Module Collection And Recycling Liability 144,599 134,803 +7.3%
Stockholders' Equity
Common Stock 107 107 0.0%
Additional Paid In Capital Common Stock 2,892,426 2,886,569 +0.2%
Retained Earnings 5,814,513 4,557,038 +27.6%
Accumulated Other Comprehensive Income -160,916 -188,317 +14.6%
Total Stockholders' Equity 8,546,130 7,255,397 +17.8%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -50,375 -57,810 +12.9%
Accumulated Other Comprehensive Income -160,916 -188,317 +14.6%
Accumulated Translation Adjustment -110,541 -129,843 +14.9%
Additional Paid In Capital 2,892,426 2,886,569 +0.2%
Common Stock 107 107 0.0%
Retained Earnings 5,814,513 4,557,038 +27.6%
Total Liabilities & Equity 12,858,044 11,014,255 +16.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 250,523 187,921 +33.3%
Stock-Based Compensation 9,394 15,191 -38.2%
Deferred Income Taxes And Tax Credits 5,861 -58,399 +110.0%
Other Operating Activities Cash Flow Statement 7,171 1,650 +334.6%
Change in Accounts Receivable -417,136 29,613 -1508.6%
Change in Inventory -323,781 -215,493 -50.3%
Increase Decrease In Government Grants Receivable -177,419 205,528 -186.3%
Increase Decrease In Other Operating Assets -106,090 -168,363 +37.0%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable -39,698 3,774 -1151.9%
Increase Decrease In Accounts Payable And Accrued Liabilities -85,119 -113,255 +24.8%
Increase Decrease In Deferred Revenue -186,652 -12,499 -1393.3%
Increase Decrease In Other Operating Liabilities 53,138 212 +24965.1%
Net Cash from Operations -458,405 460,737 -199.5%
Investing Activities
Capital Expenditures -494,100 -778,618 +36.5%
Purchases of Investments -930,807 -1,113,826 +16.4%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1,067,702 1,224,167 -12.8%
Other Investing Activities 7,002 -7,697 +191.0%
Net Cash from Investing -350,203 -675,974 +48.2%
Proceeds To Be Received From Asset Based Government Grants 155,336 158,908 -2.2%
Acquisitions Funded By Liabilities And Contingent Consideration 3,600 11,000 -67.3%
Financing Activities
Proceeds From Issuance Of Debt 212,273 110,395 +92.3%
Debt Repayments -244,022 -111,375 -119.1%
Proceeds From Other Debt 394,450 — —
Tax Withholding for Share Compensation -15,436 -19,148 +19.4%
Proceeds From Payments For Other Financing Activities -266 -7,527 +96.5%
Net Cash from Financing 346,999 -27,655 +1354.7%
Supplemental
Unpaid Capital Expenditures 242,177 402,263 -39.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,469 -5,600 +161.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Continuing Operations -458,140 -248,492 -84.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,180,083 1,716,577 -31.3%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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