First Solar, Inc. Announces Second Quarter 2022 Financial Results – EQ Mag Pro

• Net sales of $621 million

• Net income per diluted share of $0.52

• Cash, restricted cash, and marketable securities of $1.9 billion

• YTD net bookings of 27.1 GW DC

• 10.4 GW DC of net bookings since prior earnings call have a base Average Selling Price (ASP), prior to the application of pricing adjustors, of $0.301 per watt

• Record expected module shipment backlog of over 44 GW DC

• Earnings guidance lowered due to legacy systems business asset impairment in Chile and Japanese Yen devaluation

TEMPE, Ariz. : First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the second quarter ended June 30, 2022.

Net sales for the second quarter were $621 million, an increase of $254 million from the prior quarter, primarily due to increased module sales.

Operating income for the second quarter was $145 million, compared to an operating loss of $58 million in the prior quarter. Second quarter operating income increased primarily due to increased module sales volume and a gain on the sale of the Company’s Japan project development platform, partially offset by an impairment associated with a legacy systems business asset in Chile.

The Company reported second quarter income per diluted share of $0.52, compared to a loss per diluted share of $0.41 in the prior quarter.

Cash, restricted cash, and marketable securities at the end of the second quarter increased to $1.9 billion from $1.6 billion at the end of the prior quarter. The increase was primarily due to proceeds from the sale of the Company’s Japan project development platform.

“We are pleased with our second quarter results,” said Mark Widmar, CEO of First Solar. “Our competitive differentiators, including our technology, agile contracting, certainty, and the promise of responsibly-produced solar, have sustained our bookings momentum and continue to drive demand. We now have a record backlog of over 44 GWs, extending the horizon for future expected deliveries to 2026. The 10.4 GWs of new bookings since our prior earnings call in April brings our total year-to-date bookings to 27.1 GWs.”

The complete 2022 guidance has been updated as follows:

(1) Includes $10 million to $15 million of underutilization losses
(2) Includes $40 million to $50 million of losses associated with a legacy systems business asset in Chile
(3) Includes $80 million to $85 million of production start-up expense
(4) Includes $90 million to $100 million of production start-up expense and underutilization losses
(5) Includes $245 million pre-tax gain related to the sale of the Japan project development and O&M platforms
(6) Defined as cash, marketable securities, and restricted cash less expected debt at the end of 2022

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s second quarter 2022 financial results, 2022 guidance, and financial outlook.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules advancing the fight against climate change. Developed at research and development labs in California and Ohio, the company’s advanced thin film photovoltaic (“PV”) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet.