First Solar's outlook is not as optimistic as it was in the Trump era.

First Solar, the U.S.'s largest solar panel manufacturer, cited a?customer headwind, such as delays in permits under the Donald Trump Administration, which sent its shares down by nearly 14%.

In a call following earnings, CFO Alex Bradley stated that the company expects to see a $125-$135 million impact in 2026 from tariffs.

"We've run at a very low usage rate to try and sort of?"buy some time" to see how tariffs eventually get played out, the?company stated. It added that the decline in the?gross profit was driven by tariff-related costs as well as underutilization related to curtailments made to its Series 6 International facilities.

First Solar stated that "many of our customers are still facing both commercial and regulatory challenges, including delays in federal permit approvals."

Net sales for the December 31 quarter were $1.68 billion, up 11.1% from the previous period. This was due to an increase in the volume of modules sold.

The Arizona-based firm now expects its 2026 net sales to range between $4.9 billion and $5.2 billion. According to data compiled by LSEG, analysts were on average expecting $6.12?billion.

First Solar reported net income of $4.84 per a share for the fourth quarter, compared to $3.65 per share a year earlier.

(source: Reuters)