First Solar, Inc. stock research
FY2025 Q2
First Solar (FSLR) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit both increased compared to the previous quarter and were slightly higher than the same quarter last year. Gross margin improved sequentially but weakened versus the prior year period.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the previous quarter and were slightly higher than the same quarter last year. Gross margin improved sequentially but weakened versus the prior year period.
- The sequential gross margin improvement was driven by revenue growth that outpaced the increase in cost of revenue.
- Compared to the prior quarter, gross margin was higher. Compared to 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
45.6%
Gross profit
$499.9M
Revenue
$1.1B
Cost of revenue
$597.3M
Quarter-over-quarter change
+4.8 pts
Year-over-year change
-3.8 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2025 | $1.1B | $499.9M | $597.3M | 45.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+4.8 pts
Year-over-year change
Jun 30, 2024
-3.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential gross margin improvement was driven by revenue growth that outpaced the increase in cost of revenue.
Compared to the prior quarter, gross margin was higher. Compared to the same quarter last year, gross margin was lower.
Monitor the trend in cost of revenue relative to revenue, as the year-over-year increase in cost outpaced revenue growth.