First Solar, Inc.

Good afternoon and welcome to First Solar's Q4 and full year 2025 earnings and 2026 guidance call. This call is being webcast live on the investor section of First Solar's website at investor.firstsolar.com. All participants are in listen-only mode. And please note that today's call is being recorded. I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations.

Good afternoon, and thank you for joining us on today's earnings call. Joining me are our Chief Executive Officer, Mark Widmar, and our Chief Financial Officer, Alex Bradley. During this call, we will review our 2025 results and discuss our outlook for 2026. After our prepared remarks, we'll open the line for questions. Before we begin, please note that today's discussion contains forward-looking statements and actual results may differ materially due to risks and uncertainties. We undertake no obligation to update these statements due to new information or future events. For a discussion of factors that could cause these results to differ materially, please refer to today's press release our SEC filings, and the earnings materials available at investor.fursolar.com. On this call, we will also reference certain non-GAAP financial information. This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. A reconciliation of our non-GAAP items to their respective nearest U.S. GAAP measure can be found in our earnings press release and our earnings presentation. With that, I'll turn it over to Mark.

Good afternoon, and thank you for joining us today. Beginning on slide four, I will share key highlights and accomplishments from 2025. We entered the year under a new U.S. administration with a back-weighted driven profile that required sustained production to fulfill contracted commitments concentrated in the second half. amid a persistently uncertain policy and trade environment. Over the course of the year, we navigated a budgetary reconciliation process, which created the One Big Beautiful Bill Act, evolving tariff scenarios, customer negotiations, and regulatory developments, including Section 232 actions, FIAC restrictions, and ADCVD investigations that are still unresolved and could ultimately prove to be either headwinds or tailwinds. Throughout, we remain anchored to a core guiding principle and a key differentiator valued by our customers, contract certainty, both in pricing and in timely delivery. To honor our obligations, we maintain sufficient capacity to fulfill international model commitments and actively pursue various contractual productions to address shifting tariff dynamics and, in some cases, contract terminations. Given that backdrop, we took a disciplined, selected approach to customer contracting throughout the year. That approach is proving effective. Since our last earnings call, we secured gross bookings of 2.3 gigawatts, excluding domestic India volume and 0.1 gigawatt of low-bend inventory clearance. We booked one gigawatt in our key U.S. utility scale market. at an ASP of 36.4 cents per watt, inclusive of applicable adjusters. By remaining patient, selective, and opportunistic, we capitalized on demand that recognizes the differentiated value of our product and contracting structure, strengthening the forward earnings profile of our backlog, and positioning us to navigate and potentially benefit from ongoing policy and trade uncertainties. We are pleased to have delivered record sales of 17.5 gigawatts of modules in 2025. Net sales of 5.2 billion were the top end of our most recent guidance range and represented a 24% year-over-year increase. Full year diluted EPS was within our most recent guidance range at $14.21 per share. We ended the year with 2.9 billion of gross cash, and $2.4 billion of net cash coming in above our guidance range. Our growth continued in 2025 as we advanced our U.S. capacity expansion, highlighted by initiating commercial production in Louisiana, our fifth U.S. factory. In addition, we announced plans to onshore the finishing of Series 6 modules initiated at our international factories by adding U.S. finishing capacity with a new facility in South Carolina. We expect production from this facility to begin in Q4 of 2026 and ramp through the first half of 2027. We also advanced our Cattail-based CURE semiconductor platform. Following a limited commercial production run from Q4 2024 to Q1 2025, we delivered initial CURE modules to customers in the first half of 2025. Based on laboratory and field testing results, CURE has demonstrated the expected advantaged energy profile driven by industry-leading temperature coefficient and long-term degradation rate with improved bifaciality. These results continue to support a disciplined factory-by-factory CURE conversion rollout expected to begin next month starting at our Ohio Series 6 factory. In parallel, With our Cattail-based CURE platform, we advanced our next-generation perovskite thin film program. Our focus remains on efficiency, energy attributes, reliability, and a scalable path to high-volume, low-cost manufacturing of this potentially transformational thin film. We launched the perovskite development line at our Perrysburg campus and reached full in-line processing capabilities in Q3. marking an important step in the lab-to-fab transferability and enabling production of smaller form factor modules using anticipated manufacturing tools and integrated processes. In late 2025, we initiated sourcing for a Perovskite Series 6 module form factor pilot line, which we expect to reach operational readiness in early 2027. While we made promising progress in 2025, additional work remains before more broadly scaling our ProSky program. Lastly, we continue to actively enforce our intellectual property rights, including our TopCon patents in the U.S. Notably, in Q4, the U.S. Patent and Trademark Office denied three separate petitions filed by foreign headquartered manufacturers that sought to invalidate aspects of our TopCon portfolio. This outcome reinforces our confidence in the strength of our patent portfolio. I will now turn the call over to Alex to discuss our most recent shipments and booking activities, as well as our Q4 and full-year 2025 results.