FSLR · 10-Q · 2026Q3 · Full report
Cash Flow and Capital Allocation
FIRST SOLAR, INC. · 2026-10-29 · Importance 69 · Surprise 64 · No source text
Net cash used in investing activities was $428.067 million for the nine months ended September 30, 2026, versus $577.934 million in 2025, primarily because of lower property, plant and equipment purchases for U.S. manufacturing facilities, partly offset by higher net marketable-security purchases. Net cash used in financing activities was $393.980 million, compared with $124.442 million provided in the prior-year period. The financing cash-flow shift primarily reflected higher debt repayments in 2026 and higher net proceeds from secured trade-receivable factoring with recourse in 2025.
Key facts
- For the nine months ended September 30, 2026, First Solar used $393.980 million of cash in financing activities, compared with providing $124.442 million in 2025. source
- For the nine months ended September 30, 2026, First Solar used $428.067 million of cash in investing activities, compared with $577.934 million in 2025. source
- First Solar prepaid the final $328.2 million principal amount and $5.5 million outstanding interest under the India Credit Facility in May 2026, satisfying all obligations. source
- As of September 30, 2026, First Solar's restricted marketable securities held for module collection and recycling were $202.5 million and associated restricted cash and cash equivalents were $13.3 million. source
- First Solar's module collection and recycling liability was $145.9 million as of September 30, 2026. source
- The decrease in cash used in investing activities was primarily due to lower U.S. manufacturing-facility property, plant and equipment purchases, partly offset by higher net purchases of marketable securities. source
- The increase in cash used in financing activities was primarily due to higher current-period debt repayments and higher prior-period net proceeds from secured borrowings through trade receivables factoring with recourse. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -3.7% | For the nine months ended September 30, 2026, First Solar used $393.980 million of cash in financing activities, compared with providing… |
| cash | negative | realized | -2.4% | First Solar prepaid the final $328.2 million principal amount and $5.5 million outstanding interest under the India Credit Facility in May… |
| liability | positive | realized | +2.4% | First Solar prepaid the final $328.2 million principal amount and $5.5 million outstanding interest under the India Credit Facility in May… |
| cash | positive | realized | +1.1% | For the nine months ended September 30, 2026, First Solar used $428.067 million of cash in investing activities, compared with $577.934… |
| liability | negative | realized | — | First Solar's module collection and recycling liability was $145.9 million as of September 30, 2026. |