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First Solar, a US manufacturer of cadmium telluride (CdTe) thin-film solar modules, reported higher sales and profit for the first quarter of 2026, according to its latest financial disclosure. The company described the period as featuring record sales and strong margin expansion.
Net sales for Q1 2026 reached US$1.04 billion, a 24 percent increase compared to the same three-month period in 2025. The firm shipped a record 3.8 gigawatts of CdTe thin-film modules during the quarter, with its US manufacturing facilities operating at a 96 percent utilization rate. First Solar also reported a module sales backlog of 47.9 gigawatts, valued at approximately US$14.4 billion, extending through 2030.
Net income for the quarter was US$347 million, or US$3.22 per share, up from US$210 million (US$1.90 per share) in Q1 2025. Adjusted EBITDA came in at US$520 million, a 37 percent jump from the US$379 million recorded in the first quarter of the previous year.
The company ended the first quarter with a gross margin of 47 percent, six percentage points higher than in 2025, largely due to increased benefits from products qualifying for the 45X Advanced Manufacturing credit.
During Q1, First Solar introduced its CuRe technology and produced the first such module on March 26 at its facility in Perrysburg, Ohio. The company claimed in its earnings presentation that CuRe increases energy yield, reduces degradation, and provides enhanced bifaciality. In its earnings call, First Solar stated that CuRe would offer up to 8 percent more lifetime specific energy yield compared to crystalline silicon TOPCon.
First Solar’s US market position has been strengthened by domestic manufacturing incentives and barriers to importing and producing crystalline silicon solar products in the US. Both factors are tied to its CdTe thin-film technology. The company benefited from 45X tax credits and the domestic content bonus introduced under the Inflation Reduction Act of the Biden administration. Access to these incentives has become more difficult for most solar manufacturers following the introduction of Foreign Entity of Concern rules under the current President of the United States, Donald Trump, which restrict exposure to Chinese-made or owned technology, components, and intellectual property. First Solar is largely insulated from the crystalline silicon supply chain due to its CdTe technology, making it less exposed to these restrictions.
The company has also filed trade complaints with the US government regarding antidumping and countervailing duty tariffs for products entering the US from Southeast Asia and India, and has initiated a patent infringement case against TOPCon products in the US market, seeking an import exclusion order. In its earnings presentation, First Solar described these factors as tailwinds for its US operations.
Interactive table based on the Store Companies dataset for this report.
This report provides a comprehensive view of the global solar cells and light-emitting diodes industry, tracking demand, supply, and trade flows across the worldwide value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers worldwide. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the global solar cells and light-emitting diodes landscape.
The report combines market sizing with trade intelligence and price analytics. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and regions.
For the global report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
The forecast horizon extends to 2035 and is based on a structured model that links solar cells and light-emitting diodes demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts.
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of global solar cells and light-emitting diodes dynamics.
The market size aggregates consumption and trade data at country and regional levels, presented in both value and volume terms.
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
The report provides profiles for the largest consuming and producing countries, enabling benchmarking across peers.
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Report Scope and Analytical Framing
Concise View of Market Direction
Market Size, Growth and Scenario Framing
Commercial and Technical Scope
How the Market Splits Into Decision-Relevant Buckets
Where Demand Comes From and How It Behaves
Supply Footprint, Trade and Value Capture
Trade Flows and External Dependence
Price Formation and Revenue Logic
Who Wins and Why
Where Growth and Supply Concentrate
Commercial Entry and Scaling Priorities
Where the Best Expansion Logic Sits
Leading Players and Strategic Archetypes
Detailed View of the Most Important National Markets
How the Report Was Built
Largest solar manufacturer globally
Leading monocrystalline silicon producer
Major module and cell producer
High-efficiency cell and module maker
Global manufacturer and project developer
Major player in US and EU markets
Integrated PV product manufacturer
Leading thin-film CdTe manufacturer
World's largest solar cell producer
ABC cell technology leader
Major LED component and display maker
Pioneer and major supplier of LED chips
Historically leading innovator in LED technology
Leading European optoelectronics supplier
High-power LED and automotive lighting
One of world's largest LED chip producers
Major LED packaging and component supplier
Leading Taiwanese LED chip manufacturer
Innovator in WICOP and SunLike technologies
LED components for automotive and IT
IBC cell technology leader
Solar project developer and manufacturer
Integrated PV manufacturer
Historically significant in both fields
Rapidly growing cell and module producer
Solar manufacturing arm of Chint Group
Module manufacturer with US focus
Leading Indian solar manufacturer
LED packaging and lighting solutions
Major LED packaging company
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