First Solar, Inc.

Good afternoon and welcome to First Solar's first quarter 2026 earnings conference 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 First Solar Investor Relations.

Good afternoon and thank you for joining us. We're joined today by Mark Widmar, our Chief Executive Officer, and Alex Bradley, our Chief Financial Officer. Mark will provide an overview of our first quarter performance and an update on technology, manufacturing, and market conditions. Alex will then cover our bookings, financials, and our 2026 outlook. After our prepared remarks, we'll open the line for questions. Today's discussion contains forward-looking statements. Actual results may differ materially due to risks and uncertainties as described in our earnings press release, other SEC filings, and earnings materials available at investor.firstsolar.com. We undertake no obligation to update these statements due to new information or future events. We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measure are in our earnings press release and presentation. 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. With that, I'll turn it over to Mark.

Thank you and good afternoon. Beginning on slide four, we delivered a strong start to 2026 with record first quarter revenue, record sales in India, meaningful margin expansion, and adjusted EBITDA above the top end of our first quarter preview range. Since our last earnings call on February 24th, we secured gross bookings of 1.9 gigawatts. Excluding domestic India volume, we booked 1.4 gigawatts into our key U.S. utility scale market at an ASP of approximately 35 cents per watt, inclusive of applicable adjusters. Turning to slide five, Our technology strategy is anchored in the premise that customers value not just nameplate efficiency, but lifetime energy production as well. CURE is central to that strategy. Extensive testing data has validated our expected bifaciality, advantage temperature coefficient, and degradation profile. With CURE, anticipated to deliver up to 8% more lifetime-specific energy yield then Kristen, SILIC, and Topcon. I'm pleased to report that CURE launch is complete in Perrysburg, and the first Series 6 line is ramping consistent with expectations. CURE is scheduled to be replicated across the Series 6 and 7 fleet through the first half of 2028, which, if achieved, supports the potentialization of up to $0.6 billion of additional revenue from technology adjusters in the backlog, with the majority anticipated in 2027 and 2028. Turning to slide six, we produced 4.3 gigawatts of modules in the quarter with approximately 3 gigawatts from our U.S. facilities and 1.3 gigawatts from our international fleet. Our U.S. facilities operated at approximately 96% utilization. South Carolina finishing facility is on track for production start in the second half of 2026. with equipment installation beginning this quarter. Upon completion, this facility is expected to provide finishing capacity for Series 6 modules initiated at our international factories and optimize freight, tariff, and domestic content outcomes while benefiting from Section 45X module assembly tax credits. Our international facilities in Malaysia and Vietnam continue to operate at a significantly reduced utilization consistent with current trade dynamics and lower ASP expectations for internationally produced modules. Turning to slide seven, our competitive position in the United States and India continues to strengthen, underpinned by differentiated technology, a domestic manufacturing footprint and bill of material, and independence from Chinese Christmas silicon supply chains. In the United States, headwinds for Christmas silicons continue to build, in our view, including trade remedy enforcement, indications of restrictive fiat regulations, and the intellectual property litigation actions we have discussed on recent calls. For IP specifically, in March, the U.S. International Trade Commission instituted our Section 337 investigation with respondents representing a significant share of top 10 modules currently imported into the United States. We expect an initial determination within approximately 11 months and final decision within 15 months. In India, our presence reflects the same strategic logic that underpins our U.S. manufacturing investment, energy security, and supply chain independence. The policy framework, including the existing approved list of Models and Manufacturers, or ALMM, and the anticipated implementation of the ALMM at the cell level, as well as domestic content requirements, currently favors vertically manufacturers such as First Solar. Near-term demand is supported by both utility scale and distributed solar applications, including agricultural land developments, where our Cattell Technologies Energy yield in hot, humid conditions is a meaningful differentiator. Overall, our differentiated technology, our domestic manufacturing footprint, and our independence from Chinese supply chains are attributes that are increasingly valued by our customers, and we remain well positioned to deliver on our 2026 commitments. I'll now turn the call over to Alex to discuss our bookings, financial results, and outlook.