Local media reported on October 30 that First Solar, the largest photovoltaic company in the United States, announced its third quarter results on Thursday, with sales exceeding expectations.
The company reported net sales totaling $1.6 billion in the third quarter, up $500 million from the previous quarter. This increase was mainly due to the increase in shipments and the acceleration of delivery points. In addition, the company's gross margin in the third quarter was 38%, down from 46% in the previous quarter, with a total profit of $455.9 million.
However, First Solar also lowered its sales forecast for this year, predicting annual sales of between $4.95 billion and $ 5.2 billion in 2025. That compares with a previous forecast of $4.9 billion to $ 5.7 billion. The reason for the downward revision of expectations is "the decline in international sales due to the termination of cooperation by customers, which is partially offset by the termination of payments". First Solar
is understood to have sued BP's solar division in September, alleging breach of contract that reduced First Solar's solar module orders by 6.6 GW for a total transaction price of $1.9 billion.
First Solar's module production in the third quarter was 3.6G W, of which 2.5G W was produced in its US factories. Affected by the decline in demand caused by BP's default, the production of First Solar's factories in Malaysia and Vietnam was reduced.
At the same time, First Solar also lowered the upper limit of its full-year sales forecast range from 19.3 GW to 17.4 GW , while keeping the lower limit unchanged. Still 16.7 GW .
In addition, First Solar said it will build a new 3.7 GW module manufacturing plant in the United States, which is expected to start production in late 2026 and gradually increase production in the first half of 2027. At the same time, the company's CEO said it would continue to expand its capacity in the United States, and the company's Louisiana plant has been put into operation and started plant certification.
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