CdTe thin-film solar
First Solar
First Solar manufactures CdTe thin-film photovoltaic modules for large power developers and utilities. Production depends on critical inputs such as CdTe semiconductor materials, industrial gases, and coated glass, some of which come from a limited supplier base. It has also acquired a perovskite developer to advance tandem-module technology.
Business categories Renewable Power Systems · Power & Grid · primary
FSLR Updated Sep 24, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, First Solar is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 11 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 revenue of $5,219,376,000
- Segments · CdTe photovoltaic modules
Revenue from
- NextEra Energy High confidence· Revenue share 10% · FY2025 · Minimum share of First Solar net sales
NextEra Energy was a major customer representing at least 10% of First Solar's 2025 net sales. The companies have also publicly documented prior transactions involving solar projects and First Solar modules.Mentions EN NextEra Energy Published Dec 6, 2010: NextEra Energy Resources to purchase Canadian solar projects from First Solar - Silicon Ranch Corporation High confidence· Revenue share 10% · FY2025 · Minimum share of First Solar net sales
Silicon Ranch was a major customer representing at least 10% of First Solar's 2025 net sales. A 4 GW module supply agreement announced in 2022 covered deliveries to U.S. projects from 2023 through 2025.Confirms EN Silicon Ranch Published Apr 12, 2022: Silicon Ranch and First Solar expand partnership with 4 GW supply agreement
Pays to
- 5N Plus High confidence· Market share 33% · 2025-2026 · Increase in CdTe production and deliveries versus the initial contract level
5N Plus supplies CdTe used in First Solar's thin-film modules. Under an expanded 2025 agreement, deliveries for 2025-2026 were set to rise 33% from the initial level, with CdSe supply beginning in 2026.Confirms EN 5N Plus Published Aug 5, 2025: 5N Plus Inc. Scales Up and Expands Critical Materials Supply Agreement with First Solar - FirstEnergy High confidence
First Solar is the customer served by a transmission-tap extension and a second substation connection that FirstEnergy affiliates ATSI and Toledo Edison pursued to accommodate added load at its facility, while customer-specific tariff revenue was not disclosed.Confirms EN American Transmission Systems and Toledo Edison Published Nov 8, 2017: Chrysler-Dowling 138 kV Transmission Line Tap Final Span Installation to New First Solar Substation Project - Air Liquide Medium confidence
Air Liquide's Malaysian subsidiary supplied an expanded nitrogen generation system for new manufacturing processes at First Solar's Kulim plant. Public sources do not disclose the current contract value or recent delivery volume.
Investments
- Evolar AB High confidence· Amount $36M · May 2023 · Cash paid for 100% of Evolar shares, net of cash acquired
First Solar acquired 100% of perovskite developer Evolar in 2023. Cash paid was $35.5 million net of cash acquired, with up to $42.5 million of additional milestone-based consideration.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Entergy | lead2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Xcel Energy | lead2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| FirstEnergy | lead2 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| WEC Energy Group | lead2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Eversource Energy | lead2 | +8.2 | -5.1 | -23.4 | -2.5 | +22.9 | +1 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| First Solar | node | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| Air Liquide | benef1 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
| FirstEnergy | benef1 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| NextEra Energy | benef2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9.7 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
First Solar operates across CdTe thin-film solar. After +48.2% in 2025, it corrected -21.7% in 2026. The supply side (avg +21.3%) has moved harder than the stock (-21.7%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Air Liquide (+21.3%) and the furthest behind is NextEra Energy (+6.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It has also acquired a perovskite developer to advance tandem-module technology.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple