First Solar (NASDAQ:FSLR) held its 2026 annual meeting of stockholders virtually, with shareholders approving the company’s director nominees, ratifying its auditor and backing executive compensation, while rejecting a shareholder proposal seeking to lower the threshold for calling special meetings.
Chief Executive Officer Mark Widmar chaired the meeting and said the company’s virtual format was intended to “maximize the participation of stockholders regardless of their location.” Also participating were Chief Financial Officer Alex Bradley, General Counsel and Secretary Jason Dymbort and John Russo, a partner at PricewaterhouseCoopers LLP.
Shareholders Elect Directors and Approve Auditor
Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as First Solar’s independent registered public accounting firm for the year ending Dec. 31, 2026. According to preliminary voting results read by Dymbort, 79,960,750 shares, or about 86.8% of shares represented in voting on the proposal, voted in favor.
The advisory vote on executive compensation also passed, with 69,188,428 shares, or approximately 86.81% of shares represented in voting on the proposal, supporting the compensation of First Solar’s named executive officers.
Special Meeting Proposal Fails
A shareholder proposal submitted by John Chevedden sought to improve shareholders’ ability to call a special shareholder meeting by giving holders of a combined 10% of outstanding common stock the power to do so. Kam Franklin, speaking on behalf of Chevedden, argued that First Solar’s existing requirement, which she described as requiring the backing of 25% of shares and disqualifying certain shares from counting toward that threshold, made the current right “more like an insurance policy that will prevent a special shareholder meeting from ever taking place.”
The proposal received 34,307,259 votes in favor, or approximately 43.05% of shares represented in voting on the proposal, and failed to pass. Dymbort said the results were preliminary and subject to final tabulation by the Inspector of Election. Final voting results will be published in a Form 8-K filing with the Securities and Exchange Commission.
Management Highlights Growth Strategy
Following the formal portion of the meeting, Widmar reviewed First Solar’s growth strategy, saying the company’s four growth pillars are “a balanced business model, an optimized product, a repeatable, scalable manufacturing format, and continued investment in differentiation.” He said those pillars are intended to help deliver long-term shareholder value while navigating policy and market volatility.
Widmar said First Solar’s technology strategy remains based on the view that “customers ultimately buy lifetime energy, not just nameplate efficiency.” He highlighted two thin-film-focused priorities: the rollout of CuRe technology and development of perovskites.
Widmar said the CuRe launch is complete in Perrysburg, Ohio, and that First Solar’s first Series 6 line is ramping in line with expectations. He said CuRe is scheduled to be replicated across the company’s Series 6 and Series 7 fleet through the first half of 2028. If achieved, he said, that could support up to $600 million of additional revenue from technology adjusters in the backlog, with most of that anticipated in 2027 and 2028.
On perovskites, Widmar said the technology is part of First Solar’s effort to develop next-generation thin-film semiconductors that can be deployed at commercial scale in the utility-scale market and potentially expand the company’s addressable market. He said the company has achieved reliability results it believes are comparable to best-in-class research and development efforts while continuing to work on efficiency and stability.
Record 2025 Results and Strong First Quarter
Bradley said 2025 was “a record year on multiple fronts.” He said First Solar sold a record 17.5 gigawatts, generated record net sales of $5.2 billion and delivered full-year diluted earnings per share of $14.21. The company ended the year with a $2.4 billion net cash balance.
On manufacturing, Bradley said First Solar produced 16.1 gigawatts in 2025 and commissioned and initiated commercial production at its Louisiana facility. He added that the company’s South Carolina finishing line remains on schedule for the fourth quarter of 2026.
Bradley also cited strong first-quarter 2026 performance, including record first-quarter revenue of $1 billion, record volume sold of 3.8 gigawatts, record sales in India, margin expansion and record first-quarter diluted earnings per share of $3.22.
No shareholder questions were submitted during the meeting, Dymbort said.
About First Solar (NASDAQ:FSLR)
First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.
Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.
