First Solar reports weak first quarter

U.S. solar company First Solar Inc. reported revenue of $367 million in the first quarter of this year, down 59.6 percent from Q4 2021 ($907.3 million) and down 54.3 percent from the same quarter last year ($803.4 million). Gross profit was $11.5 million, down 95.3 percent from Q4 2021 ($246.5 million) and down 93.8 percent from Q1 2021 ($184.8 million). Net income was negative, with the company recording minus $43.3 million here; this compares to a plus of $131.4 million in the previous quarter and $209.7 million in Q1 2021.
As the main reasons for the sharp decline in sales, First Solar cites »a decrease in module sold volume, a decrease in the module average selling price, and lower project revenue in Japan«. According to a press release, however, strong growth in incoming orders is a cause for optimism: Here, a volume of 11.9 gigawatts has been booked in the last 60 days alone and thus 16.7 gigawatts are already on the books for the coming twelve months.
© PHOTON