First Solar expects more revenue with lower profit

With the announcement of its figures for the second quarter of this year, U.S. solar company First Solar Inc. has raised its 2022 full-year revenue forecast to $2.55 billion to $2.8 billion from the previous $2.4 billion to $2.6 billion. At the same time, the company lowered its gross profit forecast from $155 million to $215 million to now $115 million to $165 million. First Solar cited »legacy systems business asset impairment in Chile and Japanese Yen devaluation« as reasons.
The company achieved net revenue of $621 million for the second quarter, down 1.3 percent from the same period last year but up 69.2 percent from the first quarter of this year. For the first two quarters of this year, net revenue is just under $998 million, down significantly from $1.43 billion in the first half of 2021. After including other items, net income for the first half of 2022 is $12.6 million, down from $292.1 million in the same period last year.
Order backlog has increased by 10.4 gigawatts since the Q1 2022 figures were announced, and the company now has a total of 27.1 gigawatts year to date. By 2026, »expected deliveries« are registered at more than 44 gigawatts. At the same time as the quarterly figures, First Solar also announced a new major order of 2.4 gigawatts for the period from 2024 to 2026; the customer is the U.S. renewable energy company Intersect Power LLC.

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