First Solar Outshines Competitors as Top-Earning Solar Module Company in 2024

First Solar, Inc. released its 2024 annual report, cementing its position as the world’s most profitable solar module manufacturer amid a challenging year for the global solar industry. The company delivered exceptional financial and operational results, driven by robust U.S. demand, strategic policy advantages, and operational excellence.

Robust Financial Performance

In 2024, First Solar achieved a full-year revenue of $4.2 billion (approximately RMB 30.32 billion), marking a 26.56% increase from 2023. Net income soared to $1.292 billion (approximately RMB 9.327 billion), reflecting a remarkable 55.53% year-over-year growth. The company’s strong profitability was bolstered by its ability to leverage the U.S. 45X tax credit, which contributed to a year-end net cash position of $1.2 billion.

Fourth-quarter results further highlighted First Solar’s momentum, with revenue reaching $1.51 billion, a 30.7% increase from the same period in 2023. This growth underscores the company’s ability to maintain strong pricing power and operational efficiency in a competitive market.

Record Operational Achievements

First Solar’s operational performance was equally impressive, with module shipments totaling 14.1 gigawatts (GW) in 2024, a 23.68% increase from the previous year. This growth reflects the company’s expanded manufacturing capacity and strong market penetration, particularly in the U.S., where solar accounted for 66% of new power capacity additions in 2024, totaling 50 GW.

The company’s focus on innovation also paid dividends. In mid-2024, First Solar opened the Jim Nolan Center for Solar Innovation in Ohio, enhancing its research and development capabilities. This investment is expected to drive advancements in module efficiency and cost competitiveness, further solidifying its market leadership.

Industry Leadership Amid Challenges

While many global solar module leaders faced headwinds from price wars and trade barriers in 2024, First Solar stood out as a beacon of success. As the only large-scale U.S.-based solar module manufacturer not reliant on foreign components, the company capitalized on its domestic market advantage. Its strategic positioning allowed it to surpass competitors, with analysts noting that First Solar became the highest-valued solar company globally by market capitalization in 2024.

Wolfe Research recently upgraded First Solar’s rating to “Outperform,” citing its unique exposure to U.S. policy incentives and forecasting $10 billion in benefits from the 45X tax credit over time. The company’s stock rose over 9% following the annual report release on February 26, 2025, with analysts projecting a target price of $231.38, compared to its current $135.35.

Optimistic Outlook for 2025

Looking ahead, First Solar projects 2025 revenue between $5.3 billion and $5.8 billion, signaling confidence in sustained growth. Analysts anticipate annual revenue growth of 12.6% and earnings per share growth of 21.5%, driven by continued U.S. market expansion and global demand for clean energy.

First Solar’s 2024 performance sets a high benchmark for the solar industry, demonstrating resilience and innovation in a dynamic renewable energy landscape.