First Solar Module Sales Hit Record as US Manufacturing Capacity Expands

First Solar

First Solar module sales reached a record high in 2025 as the US thin-film solar manufacturer benefited from strong domestic demand and a changing tariff environment. The company shipped 17.5GW of modules, up 24pc from its previous record of 14.1GW in 2024, and slightly above its revised annual guidance.

First Solar module sales also translated into stronger revenue. Net sales rose by $1.01bn from 2024 to reach $5.2bn in 2025. Fourth-quarter sales increased to $1.7bn, reflecting continued momentum in utility-scale solar demand and the company’s strong position in the US market.

The outlook for First Solar module sales remains solid in 2026. The company expects to sell 17-18.2GW of modules this year, including 12.6-13.1GW in the US alone. However, its contracted backlog fell to 50.1GW from 68.5GW a year earlier, showing that growth remains exposed to project timing, policy uncertainty, and customer procurement decisions.

US Solar Manufacturing Becomes the Core Growth Engine

First Solar is shifting more production toward the United States as domestic manufacturing becomes a strategic advantage. The company produced 16.1GW of modules in 2025, including 10GW from US facilities, 2.8GW from India, and 3.3GW from other regions outside the US and India.

For 2026, First Solar expects total production of 16.5-17.5GW. US production is forecast to rise sharply to 13-13.3GW, while Indian output is expected at 2.6-2.8GW. Production from other regions is expected to fall to 0.9-1.4GW, showing a clear rebalancing of the company’s manufacturing footprint.

The company is also expanding its domestic capacity base. First Solar began commercial production at a new Louisiana facility this year, its fifth manufacturing site in the US. A 3.7GW plant in South Carolina is expected to begin production from the fourth quarter, further strengthening the company’s US solar supply chain position.

Tariff Uncertainty Reshapes Global Solar Production

Tariff uncertainty is becoming a major factor in solar manufacturing strategy. First Solar expects significant underutilisation at its plants in Vietnam and Malaysia because demand for output from those facilities has been constrained by trade policy uncertainty.

This shift highlights how solar supply chains are being reorganised around policy risk as much as cost. Buyers increasingly want modules that can avoid tariff exposure, qualify for domestic incentives, and support long-term project certainty. That gives First Solar an advantage because its US manufacturing base aligns with domestic energy security and industrial policy goals.

Still, the company’s 2026 sales target of $4.9bn-5.2bn suggests revenue may not grow sharply despite higher expected module volumes. This reflects the complex balance between pricing, product mix, policy incentives, and manufacturing utilisation across different regions.

The Metalnomist Commentary

First Solar’s 2025 record shows that solar manufacturing is becoming a policy-driven industrial sector, not only a renewable energy market. The company’s US capacity expansion gives it a strong position, but tariff uncertainty will continue to reshape where modules are made and sold.