First Solar (FSLR) Gross Margin — Quarter Ended Mar 31, 2025

Revenue and gross profit were lower than the immediately preceding quarter but higher than the same quarter one year earlier. Gross margin improved from the prior quarter but weakened compared with a year ago.

Gross margin takeaway

Quarter ended Mar 31, 2025 · FY2025 Q1

The sequential improvement in gross margin was linked to a more pronounced reduction in cost of revenue relative to the decline in revenue.
Compared with the prior quarter, gross margin was higher; compared with the same quarter last year, gross margin was lower.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

40.8%

Gross profit

$344.4M

Revenue

$844.6M

Cost of revenue

$500.2M

Quarter-over-quarter change

+3.3 pts

Year-over-year change

-2.8 pts

Quarterly gross margin trend

A four-quarter view of the revenue and direct-cost bridge behind gross margin.

Period	Revenue	Gross profit	Cost of revenue	Gross margin
Jun 30, 2024	$1.0B	$498.9M	$511.6M	49.4%
Sep 30, 2024	$887.7M	$445.3M	$442.4M	50.2%
Dec 31, 2024	$1.5B	$567.7M	$946.4M	37.5%
Mar 31, 2025	$844.6M	$344.4M	$500.2M	40.8%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Dec 31, 2024

+3.3 pts

Year-over-year change

Mar 31, 2024

-2.8 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The sequential improvement in gross margin was linked to a more pronounced reduction in cost of revenue relative to the decline in revenue.

Compared with the prior quarter, gross margin was higher; compared with the same quarter last year, gross margin was lower.

Monitor the trend in the relationship between revenue and cost of revenue to assess whether the current gross margin level can be sustained.