Energy · Profile from Energy Research Companion
First Solar
The Tempe, Arizona company that makes solar modules from cadmium telluride (CdTe) deposited on glass instead of from crystalline silicon. Because it uses no polysilicon, no wafers and no Chinese inputs, it sits outside the chain China dominates. That made it a modest, often struggling business through a decade of falling Chinese module prices. Then US trade law (AD/CVD, Section 201, UFLPA) and tax law (the IRA's 45X manufacturing credit, kept with FEOC limits by the 2025 law) turned it into the largest US-headquartered module maker and the clearest case in the energy industry of a different technology as a policy-protected moat. In 2025 it sold a record ~17.5 GWdc of modules for ~$5.2bn of net sales, an implied average of ~$0.30/Wdc, at a time when Chinese TOPCon modules traded near ~$0.09–0.10/Wdc (company; BNEF via secondary reports). For 2026 it guided ~$2.1–2.2bn of Section 45X credits (company), on the same order as its expected gross profit.
At a glance
- Founded
- 1990 as Solar Cells, Inc. (Harold McMaster, Toledo, Ohio); acquired in 1999 by True North Partners (Walton family investment vehicle) and renamed First Solar (reported)
- Headquarters
- Tempe, Arizona; main manufacturing and R&D in Perrysburg / Lake Township, Ohio
- Ownership / structure
- Public, Nasdaq: FSLR (IPO Nov 2006); widely held by institutions; Walton family entities were the largest holders for years and sold down over time (reported, verify current stake)
- Leadership (2026)
- Mark Widmar (CEO since Jul 2016); Alex Bradley (CFO, verify); Michael Ahearn (chairman, verify current role)
- Technology
- CdTe thin film: Series 6 (from 2018) and Series 7 (from 2023) large-format modules, ~19–20% module efficiency (company claims); CuRe copper-replacement process; TetraSun TOPCon patents (acquired 2013); perovskite research incl. Evolar (Sweden, acquired 2023) and an Oxford PV licence (Feb 2026)
- Factories (2026)
- US: Ohio (three factories), Alabama (~3.5 GW, opened Sep 2024), Louisiana (~3.5 GW, opened Nov 2025, production from Jul 2025), South Carolina finishing line (~3.7 GW, ~$330m, commissioning 2H 2026); abroad: Kulim (Malaysia), Ho Chi Minh City (Vietnam), Chennai (India, ~3.3 GW). US nameplate ~14 GW (2026) → ~17.7 GW (2027) (company)
- Scale
- 2025: net sales ~$5.2bn, ~17.5 GW sold (record); backlog ~50.1 GW / ~$15.1bn at 31 Dec 2025, after ~8.3 GW of debookings in 2025 (company). Backlog ~45.1 GW at 30 Jun 2026. Q3 2026 net sales ~$1.23bn (−23% y/y), net income ~$571m, backlog ~44.0 GW at 30 Sep 2026; 2026 guidance cut to ~$4.6–4.9bn and ~16–17 GW sold (8-K, 29 Oct 2026)
- Signature moves (incl. failures)
- CdTe and the 2006 IPO; the 2008–11 boom (first below $1/W); the 2012 restructuring and European exit; the 8point3 yieldco (2015–18); the Series 6 bet (2016); tariffs and the "only US scale maker" position (2018–25); the IRA 45X windfall and credit sales (2022–23); new US factories (2023–26); the post-2025 FEOC position and the credit cliff (2025–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2006
CdTe Thin Film and the IPO
Technology bet / spin-off or IPO
2008
Below One Dollar a Watt and the Boom
Scale-up / strategy pivot (into US utility-scale development)
2012
Restructuring and European Exit
Restructuring (failure)
2015
8point3 Yieldco
Financing (yieldco) — failure
2016
Series 6 Bet
Technology bet / re-tooling
2018
Tariffs and the Only US Scale Maker
Regulatory or legal action / market position
2022
IRA 45X Windfall and Credit Sales
Policy / financing (credit transfer)
2023
New US Factories
Construction or commissioning
2025
FEOC Position and the Credit Cliff
Regulatory or legal action / market shock