First Solar, Inc. Announces 1Q 2023 Financial Results

First Solar, Inc. announced financial results for the first quarter ended March 31, 2023.
Net sales for the first quarter were $548 million, a decrease of $454 million from the prior quarter. The decrease was primarily driven by a decrease in the volume of modules sold to third parties.

The company reported first quarter net income per diluted share of $0.40, compared to a net loss per diluted share of $0.07 in the fourth quarter of 2022.

“We entered 2023 in a significantly stronger commercial, operational, and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond,” said Mark Widmar, CEO of First Solar. “The first quarter of the year reflects this direction as we commissioned our latest factory in the United States and started production of our next generation Series 7 modules, progressed our technology roadmap with a new cell efficiency record, and continued our strong bookings and ASP momentum.”