• 
  Net sales of
  
  
  $367 million
  
  
• 
  Net loss per diluted share of $0.41
  
• 
  Cash, restricted cash, and marketable securities of $1.6 billion
  
• 
  YTD net bookings of
  
  
  16.7 GW
  
  
  _DC
  
  
  ; 11.9
  
  
  GW
  
  
  _DC
  
  
  since prior earnings call
  
• 
  Record expected module shipment backlog of over
  
  
  35 GW
  
  
  _DC
  
  
• 
  Reiterated full year 2022 guidance
  

TEMPE, Ariz., April 28, 2022 (GLOBE NEWSWIRE) — First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter ended March 31, 2022.

Net sales for the first quarter were $367 million, a decrease of $540 million from the prior quarter, primarily due to a decrease in module sold volume, a decrease in the module average selling price, and lower project revenue in Japan.

The Company reported a first quarter loss per share of $0.41, compared to earnings per diluted share of $1.23 in the fourth quarter of 2021.

Cash, restricted cash, and marketable securities at the end of the first quarter decreased to $1.6 billion from $1.8 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to expansion in India and Ohio and operating expenses.

“We are encouraged by our strong bookings progress, as we booked 11.9 GW

_DC

in less than 60 days since the prior earnings call, bringing our year-to-date bookings total to 16.7 GW

_DC

, further setting ourselves up for 2023 and beyond,” said Mark Widmar, CEO of First Solar. “Our agile approach to contracting continues to attract customers looking for long-term certainty and value.”

2022 guidance remains unchanged. The complete 2022 guidance is as follows:

——————————

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 first quarter 2022 financial results, 2022 guidance, and financial outlook.

Conference Call Details

First Solar has scheduled a conference call for today, April 28, 2022 at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. An audio replay of the conference call will be available through Tuesday, May 12, 2022 and can be accessed by dialing +1 (800) 585-8367 if you are calling from within the United States or +1 (416) 621-4642 if you are calling from outside the United States and entering the replay passcode 9984077. A replay of the webcast will also be available on the Investors section of the Company’s website approximately five hours after the conclusion of the call and remain available for 90 days.

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 R&D 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. For more information, please visit

www.firstsolar.com

.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for our technology; our expected module shipment backlog; the progression of our Japan project development and O&M platform sale discussions; our financial guidance for 2022, net sales, gross margin, operating expenses, operating income, earnings per share, net cash balance, capital expenditures, shipments, bookings, products and our business and financial objectives for 2022; our ability to attract customers looking for long term certainty and value. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “contingent” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the reduction, elimination, expiration or introduction of government subsidies, policies, and support programs for solar energy projects; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; interest rate fluctuations and both our and our customers’ ability to secure financing; our ability to execute on our long-term strategic plans; the loss of any of our large customers, or the ability of our customers and counterparties to perform under their contracts with us; our ability to execute on our solar module technology and cost reduction roadmaps; our ability to improve the wattage of our solar modules; the creditworthiness of our offtake counterparties and the ability of our offtake counterparties to fulfill their contractual obligations to us; the satisfaction of conditions precedent in our sales agreements; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; our ability to successfully develop and complete our systems business projects; our ability to convert existing production facilities to support new product lines, such as Series 6 module manufacturing; general economic and business conditions, including those influenced by U.S., international, and geopolitical events; environmental responsibility, including with respect to cadmium telluride (“CdTe”) and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects resulting from pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program; supply chain disruption, including the availability of shipping containers, port congestion, canceled shipments by logistic providers, and the cost of fuel, all of which may be exacerbated by the COVID-19 pandemic and the Russia-Ukraine conflict; our ability to protect our intellectual property; our ability to prevent and/or minimize the impact of cyber-attacks or other breaches of our information systems; our continued investment in research and development; the supply and price of components and raw materials, including CdTe; our ability to convert existing or construct production facilities to support new product lines; our ability to attract and retain key executive officers and associates; the severity and duration of the COVID-19 pandemic, including its potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

Contacts

First Solar Investors




[email protected]

First Solar Media




[email protected]

FIRST SOLAR, INC.



CONDENSED CONSOLIDATED BALANCE SHEETS



(In thousands, except share data)



(Unaudited)

FIRST SOLAR, INC.



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



(In thousands, except per share amounts)



(Unaudited)