-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
FSLR delivered record Q1 2026 revenue of $1.04B (+24% Y/Y, in line with consensus) with record module volumes of 3.8 GW, driving gross margin expansion to 46.5% (+570 bps) and diluted EPS of $3.22, beating consensus of $2.83. Adjusted EBITDA reached $519.8M (+37% Y/Y, 12% over consensus) with margin expanding to 49.8% (+500 bps), demonstrating strong operational leverage. Backlog declined to 47.9 GW from 50.1 GW sequentially, a worrisome trend that warrants close monitoring as sales continue outpacing new bookings. Management forecasts Q2 module sales of 3.4-4.0 GW with Section 45X credits of $330-400M. We expect commercial solar project activity may accelerate heading into mid-year as developers rush to meet the July 4, 2026 tax credit eligibility deadline, which could drive an inflection in bookings during Q2 and Q3. Section 45X credits are projected at $2.15B for the full year, and FSLR's integrated manufacturing approach positions the company favorably to capitalize on IRA support.