New York, Feb 25, 2026, 05:22 (ET) — Premarket
First Solar shares tumbled close to 14% in after-hours trading Tuesday after the company forecast 2026 net sales between $4.9 billion and $5.2 billion—well shy of the $6.12 billion analysts were looking for. Citing “federal permitting approval delays” affecting customers, the U.S. solar panel maker also flagged an expected $125 million to $135 million tariff impact in 2026. Reuters
Guidance like this carries weight in a market where policy decisions directly steer both demand and expense. For U.S. solar supply chains, permitting timelines, tariffs, and tax credits aren’t just afterthoughts—they’ve become the playbook itself.
Investors now have to gauge if Tuesday’s after-hours move holds up when cash trading kicks off—or if it loses steam as buyers point to backlog and balance-sheet muscle. One thing’s clear: FSLR is staring down a choppy open after a calm day in regular hours.
First Solar shares finished Tuesday’s regular session at $243.21, a gain of 0.44%. The stock saw intraday swings from $238.55 to $250.99, with roughly 3.34 million shares traded.
First Solar, based in Phoenix, posted 2025 net sales of $5.2 billion in its earnings release, with $1.7 billion logged for the fourth quarter. Net income for the quarter landed at $4.84 per diluted share. Looking ahead to 2026, the company forecasted sales volume in a range of 17.0 to 18.2 gigawatts (GW), the standard measure of solar capacity, and projected adjusted EBITDA between $2.6 billion and $2.8 billion—this figure excludes interest, taxes, and some non-cash items.
Baird analysts lowered their rating on First Solar, shifting to “Neutral” from “Outperform” and slashing the price target to $205, down from $264. They cited ongoing uncertainty in the company’s outlook, and pointed to shifting trade and regulatory factors. In their note, Baird highlighted unresolved issues surrounding Section 232—U.S. trade powers that may trigger tariffs—and questions over “foreign entity of concern” rules that determine which supply chains remain eligible for incentives. Investing.com
First Solar and Oxford PV have struck a U.S.-centered patent licensing deal involving perovskites, a semiconductor material seen as key to the next leap in solar tech. “This agreement allows us to continue pursuing viable pathways to manufacturing and commercializing thin film-perovskite products,” said CEO Mark Widmar. Oxford PV’s chief executive, David Ward, called robust IP protection “essential to supporting innovation at scale across the solar industry.” The companies announced the agreement in a joint statement. Business Wire
Trade tensions are still front and center. Citing a Reuters report, Indian manufacturers are now facing uncertainty after President Donald Trump’s freeze on project approvals left thousands of megawatts of clean power projects in limbo. That’s yet another snag on top of the permitting holdups First Solar has already highlighted. “The manufacturers have been anticipating U.S. tariffs… even before the investigation was first launched in August 2025,” Fei Chen, a solar research analyst at Rystad Energy, told Reuters. Reuters
Still, the outlook isn’t locked. Permitting delays can upend timelines, pushing projects and module shipments further out. Should tariffs expand or costs outpace prices, even manufacturers with a U.S. focus could see margin pressure. Traders are eyeing any shift from cautious forecasts to cautious dealmaking.
Another trade deadline just landed. On Tuesday, the U.S. Commerce Department slapped countervailing duties—anti-subsidy tariffs—on solar cells and panels coming in from India, Indonesia and Laos. Subsidy rates: 125.87% for India, 104.38% for Indonesia, and 80.67% for Laos. Together, those three countries shipped $4.5 billion worth of solar products to the U.S. last year, according to Reuters. Tim Brightbill, the main lawyer for the Alliance for American Solar Manufacturing and Trade, called the action “an important step toward restoring fair competition.” The department has a separate anti-dumping ruling set for next month, and it’s aiming for a final call on the countervailing tariffs in July. Reuters
