First Solar, Inc: 2Q Review: Largely Tracking Expectations, Section 232 Remains Key Catalyst

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First Solar, Inc: 2Q Review: Largely Tracking Expectations, Section 232 Remains Key Catalyst

J P M O R G A N North America Equity Research

31 July 2026

First Solar, Inc Overweight

FSLR, FSLR US

2Q Review: Largely Tracking Expectations, Section 232 Price (30 Jul 26):$206.01

Remains Key Catalyst Price Target (Dec-27):$256.00

FSLR reported a significant 2Q EPS beat driven primarily by a one-time IEEPA Clean Energy, Power Infrastructure,

tariff recovery that benefited gross margins, while revenue was roughly in-line and Sustainable Investing

with the Street. Bookings activity approximately aligned with expectations and Mark Strouse, CFA AC

remains intentionally subdued ahead of a pending Section 232 decision, and (1-212) 622-8244

management remains upbeat regarding the pipeline of opportunities once a policy mark.w.strouse@jpmorgan.com

decision is announced. FY26 guidance was reaffirmed as the 2Q IEEPA tariff Michael G Fairbanks

recovery is expected to be offset by other tariffs during 2H. With this note, we are (1-212) 622-4908

introducing FY28 estimates and establishing a YE27 price target of $256, michael.fairbanks@jpmchase.com

unchanged from our YE26 price target. Maintain Overweight. We believe the S232 Anna Zhu

(1-212) 622-0012

decision is the key catalyst to watch, with potential for an update in August, though anna.zhu@jpmorgan.com

exact timing remains elusive. J.P. Morgan Securities LLC

• 2Q beat driven by IEEPA recovery. Revenue of $1.06bn was roughly in-line

(JPMe: $1.02bn/Street: $1.07bn). Gross margin of 57.3% far exceeded Quarterly Forecasts (FYE Dec)

expectations (JPMe: 41.2%/Street: 42.6%) on a ~$89mm one-time IEEPA Adj. EPS ($)

tariff benefit. Excluding the IEEPA benefit, gross margin would have been 2025A 2026E 2027E