First Solar ends Q1 with far lower sales, but significantly more profitable

U.S. solar group First Solar, Inc. generated revenues of $ 548.3 million in the first quarter of 2023. Thus, according to the company mainly due to significantly lower sales of solar modules to third parties, revenues were 45 percent lower than in the previous quarter ($ 1.0 billion), but at the same time 49 percent higher than in the same quarter last year ($ 367 million).
Most importantly, First Solar achieved net income of $ 42.6 million in Q1 2023, compared to a loss of $ 7.5 million in Q4 2022 and $ 43.3 million in Q1 2022.
Full-year guidance remains unchanged, with First Solar expecting revenue of $ 3.4 billion to $3.6 billion and a volume sold of 11.8 to 12.3 gigawatts.
At the same time as the quarterly results, the company also reported another large order for its cadmium telluride thin-film modules. First Solar will supply a total module capacity of two gigawatts to Renewable energy company Leeward Renewable Energy in 2026 and 2027.
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