First Solar, a leading American solar technology company, reported a robust financial performance for the third quarter ended September 30, 2024. The company's net sales increased by 11% to $887.7 million compared to $801.1 million in the same period in 2023. This growth was primarily driven by an increase in the volume of modules sold and termination payments associated with certain customer contract terminations. Gross profit as a percentage of net sales rose to 50.2% from 47.0% year-over-year, attributed to the termination payments and a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC. The company commenced production of Series 7 modules at its new manufacturing facility in Alabama, contributing to a total installed nameplate production capacity of...Show More

First Solar, a leading American solar technology company, reported a robust financial performance for the third quarter ended September 30, 2024. The company's net sales increased by 11% to $887.7 million compared to $801.1 million in the same period in 2023. This growth was primarily driven by an increase in the volume of modules sold and termination payments associated with certain customer contract terminations. Gross profit as a percentage of net sales rose to 50.2% from 47.0% year-over-year, attributed to the termination payments and a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC. The company commenced production of Series 7 modules at its new manufacturing facility in Alabama, contributing to a total installed nameplate production capacity of approximately 19.4 GW. First Solar's R&D innovation center in Ohio was also commissioned, enhancing its technology roadmap and supporting the production of full-sized prototypes of thin film and tandem PV modules. Looking ahead, First Solar plans to expand its manufacturing capacity, with a new facility expected to commence operations in the second half of 2025, and aims to achieve an annual manufacturing capacity of over 25 GW by 2026. The company's financial results and operational developments reflect its commitment to providing eco-efficient PV solar energy solutions and maintaining a strong competitive position in the solar industry.