First Solar reported revenue of $1.59 billion in the third quarter of 2025, a year-over-year increase of 79.7%, driven by robust demand for its thin-film photovoltaic modules in utility-scale projects. The company delivered net income of $456 million and earnings per share of $13.04, while maintaining gross margins at 38.3%. Its U.S. manufacturing base continues to shield it from international tariff fluctuations and supply-chain disruptions, positioning First Solar as a critical supplier for the world’s largest solar farms—including those planned under Saudi Arabia’s Vision 2030 initiative.

In Utah, Rio Tinto’s Kennecott copper mine added a 25 MW solar array featuring over 71,000 panels built with tellurium recovered on site and processed by 5N Plus in Canada before module assembly by First Solar. The project, completed two months ahead of schedule, lifts Kennecott’s total solar capacity to 30 MW and reduces Scope 2 emissions by 6%. This collaboration underscores First Solar’s central role in a fully integrated North American supply chain—from mineral extraction through panel manufacturing—enhancing resilience and cost efficiency for large-scale installations.

The U.S. Patent and Trademark Office director has dismissed three separate third-party petitions challenging the validity of First Solar’s proprietary thin-film solar cell patents. This decision solidifies First Solar’s intellectual-property moat around its cadmium telluride semiconductor technology, which underpins module efficiency and cost advantages. By securing these patents against administrative review, First Solar mitigates the risk of generic competitors eroding its market share in utility-scale projects worldwide.