First Solar reported robust Q2 2024 financial results with net sales increasing 25% to $1.01 billion compared to $810.7 million in Q2 2023, driven by a 21% increase in module sales volume and 4% higher average selling prices. Gross profit margin expanded significantly to 49.4% from 38.3% year-over-year, benefiting from higher utilization rates and Section 45X tax credits.Net income more than doubled to $349.4 million from $170.6 million in Q2 2023, reflecting strong operational execution and manufacturing efficiency gains. The company produced 3.7 GW and sold 3.4 GW of solar modules during the quarter, while maintaining a strong order backlog of 74.6 GW worth $22.3 billion through 2030.The company continues expanding its manufacturing footprint, with its fourth and fifth U.S. facilities expected to commence operations in H2 2024 and H2 2025 respectively. First Solar achieved a new world record 23.1% CdTe research cell efficiency and commissioned its new R&D innovation center in Ohio, supporting its technology roadmap implementation.

First Solar reported robust Q2 2024 financial results with net sales increasing 25% to $1.01 billion compared to $810.7 million in Q2 2023, driven by a 21% increase in module sales volume and 4% higher average selling prices. Gross profit margin expanded significantly to 49.4% from 38.3% year-over-year, benefiting from higher utilization rates and Section 45X tax credits.Net income more than doubled to $349.4 million from $170.6 million in Q2 2023, reflecting strong operational execution and manufacturing efficiency gains. The company produced 3.7 GW and sold 3.4 GW of solar modules during the quarter, while maintaining a strong order backlog of 74.6 GW worth $22.3 billion through 2030.The company continues expanding its manufacturing footprint, with its fourth and fifth U.S. facilities expected to commence operations in H2 2024 and H2 2025 respectively. First Solar achieved a new world record 23.1% CdTe research cell efficiency and commissioned its new R&D innovation center in Ohio, supporting its technology roadmap implementation.