First Solar, Inc. Announces 4Q, Full Year 2022 Financial Results

First Solar, Inc. announced financial results for the fourth quarter and year ended Dec. 31, 2022.

Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the pri-or quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter. For the full year, First Solar re-ported net sales of $2.6 billion and 48.3 GW DC of 2022 net bookings, with12 GW DC since the third quarter earnings call.

The company reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable secu-rities, less debt at the end of the fourth quarter, increased to $2.4 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of advance payments received from customers offset by capital expenditures related to expansion in India and Ohio.

“We finished 2022 with a record contracted backlog, a significant pipeline of bookings op-portunities, and a strong balance sheet placing us in a position to respond to emerging opportunities,” said Mark Widmar, CEO of First Solar. “This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product.”

Forecasted net sales for 2023 are $3.4 billion to $3.6 billion. Operating income is forecast-ed to be $745 million to $870 million, which includes production start-up expense of $85 million to $90 million, ramp costs related to expansion projects and underutilization costs related to factory upgrades of $110 million to $130 million, and Inflation Reduction Act Section 45X tax credits of $660 million to $710 million. Forecasted net income per diluted share is $7 to $8. The year-end 2023 net cash balance is projected to be in the range of $1.2 billion to $1.5 billion.