First Solar Announces Q2 2022 Financial Results: QoQ Growth 99%

Highlights :

  • In the previous quarter (Q1) of 2022, the registered net loss of the company was $43.26 million. Besides it, the net YoY income got decreased by 26% from the prior year.
  • In Q2 2021, the net income of the company was $82.45 million & in Q2 2022, it is $55.8 million.

US solar panel manufacturer First Solar has announced its Second quarter (Q2) 2022 financial results, reporting net sales worth  $621 million for the second quarter, an increase of $254 million from the prior quarter. This 99% increase in QoQ was primarily a result of increased module sales volume and a gain on the sale of the Company’s Japan project development platform, stated the company. The company has benefited from a strong resurgence in US sales, besides restrictions on purchases from China and South East Asia that have driven many customers to it despite the higher cists associated with thin film solar typically.  

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In the previous quarter (Q1) of 2022, the registered net loss of the company was $43.26 million. Besides it, the net YoY income got decreased by 26% from the prior year. In Q2 2021, the net income of the company was $82.45 million & in Q2 2022 financial results, it is $55.8 million.

The operating income for the second quarter of the current year was $145 million compared to the previous year (Q2 2021) a $58 million loss.

The company recorded a $0.52 profit per diluted share for the second quarter, compared to a $0.41 loss per diluted share for the prior quarter.

After the second quarter, there was $1.9 billion in cash, restricted cash, and marketable securities, up from $1.6 billion at the end of the first quarter. The earnings from the sale of the company’s Japan project development platform were principally responsible for the increase.

Prior Current
Net Sales $2.4B to $2.6B $2.55B to $2.8B
Gross Profit (1)(2) $155M to $215M $115M to $165M
Operating Expenses (3) $365M to $380M $350M to $365M
Operating Income (2)(4)(5) $55M to $150M $5M to $70M
Earnings (Loss) per Diluted Share $0.00 to $0.60 $(0.25) to $0.25
Net Cash Balance (6) $1.1B to $1.35B $1.3B to $1.5B
Capital Expenditures $850M to $1.1B Unchanged
Shipments 8.9GW to 9.4GW Unchanged

Recently, First Solar has announced agreeing to supply 2.4 GW of thin film solar PV modules to Intersect Power. The modules are scheduled to be delivered from 2024 to 2026. Also, First Solar has announced a new renewable energy Global Supply Agreement with Akuo Energy, a France-based independent global renewable energy player. Through this agreement, First Solar will supply 500 MW of thin film PV solar modules to Akuo Energy.

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