First Solar, Inc. Announces 4Q, Full Year 2024 Financial Results

First Solar, Inc. announced financial results for the fourth quarter and year ended Dec. 31, 2024.

Net sales for the fourth quarter were $1.5 billion, an increase of $0.6 billion from the prior quarter. The increase was primarily a result of increased module sales in the fourth quarter.

Net sales for the full year 2024 were $4.2 billion compared to $3.3 billion in the prior year. This increase was primarily driven by a higher volume of modules sold to third parties.
The company reported fourth-quarter net income per diluted share of $3.65 and full-year net income per diluted share of $12.02.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $1.2 billion from $0.7 billion at the end of the prior quarter. The increase was primarily the result of the initial proceeds received from the sale of 2024 Section 45X tax credits and module segment operating cash flows, partially offset by capital expenditures associated with the Alabama and Louisiana facilities.

“In 2024, we continued building the foundations required for our long-term growth strategy,” said Mark Widmar, CEO, First Solar. “Even as we maintained a highly selective approach to bookings, we expanded manufacturing capacity by commissioning our Alabama facility and progressed construction of our new Louisiana facility, established the infra-structure we anticipate will accelerate innovation with a new R&D center in Ohio, and produced and shipped a historic volume of modules.”