First Solar, a leading American solar technology company, reported a significant increase in financial performance for the year ended December 31, 2023. Net sales surged by 27% to $3.3 billion from $2.6 billion in 2022, driven by higher module sales volume and increased average selling prices. Gross profit soared to 39.2% from 2.7% in the previous year, primarily due to the recognition of the advanced manufacturing production credit, reduced freight costs, and continued cost reductions. The company commenced production of Series 7 modules at its Ohio and India facilities, expanding its nameplate production capacity to approximately 16.6 GW. First Solar also announced plans to further increase manufacturing capacity by 8 GW by 2026, including a new facility in Louisiana expected to begin operations in late 2025. The company began commercial production of bifacial...Show More

First Solar, a leading American solar technology company, reported a significant increase in financial performance for the year ended December 31, 2023. Net sales surged by 27% to $3.3 billion from $2.6 billion in 2022, driven by higher module sales volume and increased average selling prices. Gross profit soared to 39.2% from 2.7% in the previous year, primarily due to the recognition of the advanced manufacturing production credit, reduced freight costs, and continued cost reductions. The company commenced production of Series 7 modules at its Ohio and India facilities, expanding its nameplate production capacity to approximately 16.6 GW. First Solar also announced plans to further increase manufacturing capacity by 8 GW by 2026, including a new facility in Louisiana expected to begin operations in late 2025. The company began commercial production of bifacial Series 6 Plus modules and entered into a credit agreement providing a $1.0 billion revolving credit facility. Additionally, First Solar sold $687.2 million of Section 45X tax credits for $659.7 million in cash proceeds. Looking ahead, First Solar plans to prioritize working capital, capacity expansion, R&D, and potential mergers and acquisitions over dividend payments. The company's future plans include continued investment in technology and manufacturing process improvements to enhance module performance and reduce costs.