Shares of First Solar, Inc. (FSLR) rose 2.9% to $149.25 on Feb 28, following the company’s recent report release.  The company reported fourth-quarter 2023 earnings of $3.25 per share against the prior-year quarter’s reported loss of 7 cents per share. The bottom line beat the Zacks Consensus Estimate of $3.19 by 1.9%.FSLR recorded earnings of $7.74 per share in 2023 against a loss of 41 cents per share in 2022.Sales UpdateFirst Solar’s fourth-quarter net sales were $1,158.6 million, which lagged the Zacks ...

The past year has been extremely difficult for solar companies and First Solar (NASDAQ:FSLR) has been no exception. These companies have experienced a slew of headwinds, such as higher interest rates and falling demand. However, FSLR stock is rising today after reporting its fourth-quarter and 2023 full-year earnings. For the quarter, revenue tallied in at $1.15 billion, which was below the analyst estimate for $1.3 billion. EPS came in at $3.25, beating the estimate for $3.19. "Few years have been as conse ...

Core Viewpoint - First Solar reported strong quarterly results, with a significant order backlog and resilience against sector downturns, indicating solid growth prospects ahead [1][2][3]. Financial Performance - Net income increased by 30% year-over-year to $349.2 million from $268.3 million [1]. - Earnings per share reached $3.25, surpassing the LSEG estimate of $3.13 [1]. - Revenue was $1.15 billion, slightly below the consensus forecast of $1.31 billion [1]. - The company achieved strong margins of 43.3%, exceeding consensus estimates of 37.7% [1]. Market Position and Outlook - First Solar has a record order backlog of 80.1 gigawatts, fully booked through the next two years [1]. - The company has outperformed the broader solar sector, with only a 6.2% decline over the past 12 months compared to a 43% drop in the Invesco Solar ETF [2]. - Analysts from JPMorgan, Deutsche Bank, and Morgan Stanley have raised their price targets, indicating significant upside potential for the stock [2][3]. Strategic Insights - First Solar's focus on large, utility-scale projects has insulated it from macroeconomic challenges affecting the residential solar sector [2]. - The company is expanding capacity with two new U.S. facilities under construction [3]. - CFO Alexander Bradley indicated that the company will be "highly selective" with contracting in 2024 due to potential uncertainties from upcoming U.S. elections [3]. Risks and Challenges - Potential headwinds include a slowdown in bookings after two strong years and concerns over the impact of U.S. tax credit changes if Republicans gain control [3]. - CEO Mark Widmar highlighted challenges from Chinese subsidization and oversupply in key international markets [4]. - Goldman Sachs lowered its price target for First Solar, citing risks from solar module oversupply and potential changes to U.S. tax credits [4].

Key TakeawaysFirst Solar shares gained in premarket trading Wednesday after the solar panel maker topped analysts' fourth quarter bottom-line estimates and issued better-than-expected full-year earnings guidance.CEO Mark Widmar said the company continues to see strong mid- to long-term demand, especially in the United States.The company expects to receive between $1 billion and $1.05 billion in tax credits this year.First Solar shares may face selling pressure around $174 near the lower trendline of a Wycko ...

First Solar Inc. shares rose about 5% in the extended session Tuesday after investors looked past a mixed quarter for the solar-power company to cheer guidance for the year. First Solar FSLR, +0.28% earned $349 million, or $3.25 a share, in the fourth quarter, compared with $268 million, or $2.50 a share, in the year-ago period. ...

Financial Data and Key Metrics Changes - For Q4 2023, net sales were $1.2 billion, an increase of $0.4 billion compared to the prior quarter, driven by higher volumes sold, particularly Series 7 modules [17] - Full-year 2023 net sales reached $3.3 billion, up from $2.6 billion in 2022, primarily due to a $0.9 billion increase in module net sales [17] - Full-year EPS was $7.74, exceeding the midpoint of initial and Q3 2023 guidance, despite impacts from the sale of Section 45X tax credits and an impairment of investment in CubicPV [8][24] Business Line Data and Key Metrics Changes - The company produced a record 12.1 gigawatts in 2023, a 33% increase over 2022, with Series 6 factories producing 9.7 gigawatts and Series 7 factories contributing over 2.4 gigawatts [8][9] - The total contracted backlog increased to 80.1 gigawatts, with net bookings of 28.3 gigawatts at a base ASP of over $0.30 per watt [7][13] Market Data and Key Metrics Changes - The company added 10 new customers in 2023, with strong mid to long-term demand, particularly in the U.S., evidenced by 2.3 gigawatts of net bookings since the previous earnings call [7] - The average ASP for recent bookings was $31.9 per watt pre-adjuster, indicating a positive pricing trend despite market challenges [13] Company Strategy and Development Direction - The company plans to increase its nameplate capacity to approximately 25 gigawatts by the end of 2026, with significant investments in new manufacturing facilities [11][38] - The focus remains on R&D investments, including a new R&D Innovation Center and a perovskite development line, to enhance technology and product offerings [12][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges from Chinese subsidization and pricing volatility affecting market conditions, particularly in the U.S. and India [28][29] - The company remains optimistic about its strong backlog and ongoing demand, expecting to leverage its differentiated manufacturing model for growth [41][51] Other Important Information - The company completed the sale of approximately $687 million of Section 45X tax credits, with expected cash proceeds of $659 million [18] - The economic impact study indicated that First Solar supported over 16,000 jobs across the U.S. in 2023, with projections of approximately 30,000 jobs by 2026 [34][35] Q&A Session Summary Question: Will bookings near zero in a quarter be a concern for investors? - Management indicated a strategy of patience in bookings, with ongoing commercial conversations for over three gigawatts of bookings in late-stage negotiations [67] Question: What is the outlook for ASPs and bookings? - Management expressed satisfaction with recent bookings and ASPs, emphasizing a focus on maintaining pricing while recognizing ongoing opportunities in both the U.S. and India [68]

First Solar (FSLR) came out with quarterly earnings of $3.25 per share, beating the Zacks Consensus Estimate of $3.19 per share. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.88%. A quarter ago, it was expected that this largest U.S. solar company would post earnings of $2.09 per share when it actually produced earnings of $2.50, delivering a surprise of 19.62%.Over the last four quarters, th ...

The global fight against climate change has fueled a surge in investor interest towards green energy stocks. Companies operating in the renewable energy sector, like wind, solar, hydrogen, electric vehicles (EVs) and energy storage continue to attract increased attention. Tesla (NASDAQ:TSLA) has been a big proponent of this interest, as the company has far outpaced the S&P 500 over the last decade. Now, a new wave of investors who seek to contribute to a greener future possess the potential to benefit from ...

First Solar Q4'23 Earnings and 2024 Guidance Call February 27, 2024 | Important Information Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand ...

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) First Solar is a leading American PV solar technology company specializing in advanced thin film CdTe modules, focusing on high-performance, lower-carbon solutions with global manufacturing and R&D - First Solar is the world's largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere[17](index=17&type=chunk) - The company has invested over **$1 billion** in R&D in the last 10 years, focusing on improving wattage, energy yield, durability, and manufacturing efficiencies[18](index=18&type=chunk)[24](index=24&type=chunk) - In 2023, First Solar commenced production of its Series 7 modules at its third manufacturing facility in Ohio and its first manufacturing facility in India, and is expanding manufacturing capacity by approximately **8 GW**, including new facilities in Alabama (H2 2024) and Louisiana (late 2025)[21](index=21&type=chunk) - The company's CdTe thin film modules offer a superior temperature coefficient, spectral response in humid environments, better partial shading response, and immunity to cell cracking compared to crystalline silicon modules[19](index=19&type=chunk)[20](index=20&type=chunk) - First Solar's Series 7 module has a carbon and water footprint approximately **four times lower** than conventional crystalline silicon modules manufactured in China and an energy payback time approximately **five times faster**[29](index=29&type=chunk) - The United States accounted for **96%** of First Solar's net sales in 2023, driven by strong demand for renewable energy and domestically manufactured modules, partly due to the Inflation Reduction Act (IRA)[37](index=37&type=chunk) [Company Overview](index=5&type=section&id=Company%20Overview) [Business Strategy](index=5&type=section&id=Business%20Strategy) [Market Overview](index=8&type=section&id=Market%20Overview) [Global Markets](index=9&type=section&id=Global%20Markets) [Support Programs](index=10&type=section&id=Support%20Programs) [Modules Business](index=12&type=section&id=Modules%20Business) [Raw Materials](index=13&type=section&id=Raw%20Materials) [Customers](index=13&type=section&id=Customers) [Competition](index=13&type=section&id=Competition) [Limited Solar Module Warranties](index=14&type=section&id=Limited%20Solar%20Module%20Warranties) [Solar Module Collection and Recycling](index=14&type=section&id=Solar%20Module%20Collection%20and%20Recycling) [Intellectual Property](index=15&type=section&id=Intellectual%20Property) [Regulatory, Environmental, Health, and Safety Matters](index=15&type=section&id=Regulatory%2C%20Environmental%2C%20Health%2C%20and%20Safety%20Matters) [Human Capital](index=16&type=section&id=Human%20Capital) [Available Information](index=17&type=section&id=Available%20Information) [Information about Our Executive Officers](index=17&type=section&id=Information%20about%20Our%20Executive%20Officers) [Item 1A. Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) First Solar faces risks from market competition, policy changes, supply chain, technology, international operations, and regulatory compliance - The solar industry faces intense competition and potential structural imbalances between supply and demand, leading to pricing volatility. In 2023, approximately **305 GW** of capacity was added by solar module manufacturers, primarily in China[89](index=89&type=chunk) - Changes to government subsidies, economic incentives, tax incentives (like the IRA's Section 45X credit), and trade policies (e.g., tariffs on imported crystalline silicon PV cells and modules) could negatively impact demand, pricing, and operating results[90](index=90&type=chunk)[93](index=93&type=chunk)[139](index=139&type=chunk) - Reliance on a limited number of large customers and single-sourced or limited suppliers for key raw materials (CdTe, substrate glass) and manufacturing equipment poses risks of reduced net sales, manufacturing delays, and increased costs[97](index=97&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - Failure to continuously refine technology, develop new PV products, and successfully implement advancements (like the CuRe program or multi-junction applications) could render solar modules uncompetitive[113](index=113&type=chunk)[114](index=114&type=chunk) - The company's substantial international operations expose it to risks from unfavorable political, regulatory, labor, and tax conditions, including currency fluctuations and trade barriers[134](index=134&type=chunk)[135](index=135&type=chunk) - Evolving ESG regulations and expectations, including new California laws and the EU Corporate Sustainability Reporting Directive, require continuous monitoring and could lead to additional costs or reputational damage if not met[154](index=154&type=chunk) [Summary of Risk Factors](index=20&type=section&id=Summary%20of%20Risk%20Factors) [Risks Related to Our Markets and Customers](index=20&type=section&id=Risks%20Related%20to%20Our%20Markets%20and%20Customers) [Risks Related to Our Operations, Manufacturing, and Technology](index=20&type=section&id=Risks%20Related%20to%20Our%20Operations%2C%20Manufacturing%2C%20and%20Technology) [Risks Related to Regulations](index=21&type=section&id=Risks%20Related%20to%20Regulations) [General Risk Factors](index=39&type=section&id=General%20Risk%20Factors) [Item 1B. Unresolved Staff Comments](index=44&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report [Item 1C. Cybersecurity](index=43&type=section&id=Item%201C.%20Cybersecurity) First Solar maintains a comprehensive cyber risk management program aligned with NIST framework, with no material adverse effects from incidents identified - First Solar's cyber risk management program incorporates recognized best practices and standards from the National Institute of Standards and Technology (NIST) cybersecurity framework[185](index=185&type=chunk) - The program includes regular risk assessments, internal and external penetration testing, continuous cyber risk register reviews, and risk prioritization with executive officers[185](index=185&type=chunk) - The Head of Information Security, with over 20 years of IT experience, reports to the Chief Information Officer and regularly briefs the Chief Financial Officer and the audit committee on cybersecurity matters[187](index=187&type=chunk) - As of the filing date, no risks from cybersecurity threats have materially affected or are reasonably likely to materially affect the Company's business strategy, financial condition, or results of operations[190](index=190&type=chunk) [Item 2. Properties](index=44&type=section&id=Item%202.%20Properties) First Solar's properties include headquarters, R&D, and manufacturing plants across the US, Malaysia, Vietnam, and India, with new facilities under construction Principal Properties as of December 31, 2023 | Nature | Location | Held | | :--- | :--- | :--- | | Corporate headquarters | Tempe, Arizona, United States | Lease | | R&D facility | Santa Clara, California, United States | Lease | | R&D facility | Uppsala, Sweden | Lease | | Manufacturing plants, R&D facilities, and administrative offices | Perrysburg and Lake Township, Ohio, United States | Own | | Manufacturing plant and administrative offices | Kulim, Kedah, Malaysia | Lease land, own buildings | | Manufacturing plant | Ho Chi Minh City, Vietnam | Lease land, own buildings | | Manufacturing plant | Tamil Nadu, India | Lease land, own buildings | | Manufacturing plant (under construction) | Trinity, Alabama, United States | Own | | Manufacturing plant (under construction) | Iberia Parish, Louisiana, United States | Lease land, own buildings | [Item 3. Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 14 to the consolidated financial statements - Legal proceedings information is detailed in Note 14. "Commitments and Contingencies – Legal Proceedings" to the consolidated financial statements[192](index=192&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) There are no mine safety disclosures to report PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) First Solar's common stock is listed on Nasdaq (FSLR), with 41 record holders, no dividends, and no recent unregistered security sales or equity repurchases - First Solar's common stock is listed on The Nasdaq Stock Market LLC under the symbol FSLR[3](index=3&type=chunk) - As of February 23, 2024, there were **41** record holders of the common stock[196](index=196&type=chunk) - The company has never paid and does not expect to pay dividends on its common stock for the foreseeable future, prioritizing investments in working capital, capacity expansion, R&D, and M&A[197](index=197&type=chunk) - No recent sales of unregistered securities or issuer purchases of equity were reported[200](index=200&type=chunk)[201](index=201&type=chunk) [Market Information](index=47&type=section&id=Market%20Information) [Holders](index=47&type=section&id=Holders) [Dividend Policy](index=47&type=section&id=Dividend%20Policy) [Stock Price Performance Graph](index=47&type=section&id=Stock%20Price%20Performance%20Graph) [Recent Sales of Unregistered Securities](index=48&type=section&id=Recent%20Sales%20of%20Unregistered%20Securities) [Purchases of Equity Securities by the Issuer and Affiliate Purchases](index=48&type=section&id=Purchases%20of%20Equity%20Securities%20by%20the%20Issuer%20and%20Affiliate%20Purchases) [Item 6. Reserved](index=48&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) First Solar's 2023 net sales increased **27%** to **$3.3 billion**, with gross profit improving to **39.2%** due to tax credits, while expanding capacity and maintaining strong liquidity Key Financial Highlights (2023 vs. 2022) | Metric | 2023 (in millions) | 2022 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $3,318.6 | $2,619.3 | 27% | | Gross Profit | $1,300.7 | $69.9 | >500% | | Gross Profit Margin | 39.2% | 2.7% | +36.5 pp | | Net Income (Loss) | $830.8 | $(44.2) | N/A | | Basic EPS | $7.78 | $(0.41) | N/A | - Gross profit increased significantly due to the recognition of a **$659.7 million** advanced manufacturing production credit under Section 45X of the IRC, lower sales freight costs, increased average selling price per watt, and module cost reductions[205](index=205&type=chunk)[235](index=235&type=chunk) - The company produced **12.1 GW** and sold **11.4 GW** of solar modules in 2023, with expectations to produce **15.6-16.0 GW** and sell **15.6-16.3 GW** in 2024[207](index=207&type=chunk) - First Solar entered into an agreement in December 2023 to sell **$687.2 million** of Section 45X tax credits generated in 2023 for **$659.7 million** in cash proceeds, with initial proceeds received in January 2024[207](index=207&type=chunk)[256](index=256&type=chunk) - As of December 31, 2023, the company had contracts for the future sale of **78.3 GW** of solar modules, representing an aggregate transaction price of **$23.3 billion**, expected to be recognized through 2030[224](index=224&type=chunk)[467](index=467&type=chunk) - Cash, cash equivalents, and marketable securities decreased from **$2.6 billion** in 2022 to **$2.1 billion** in 2023, primarily due to capital expenditures for U.S. and Indian facilities and raw material advance payments, partially offset by debt proceeds and module sales[254](index=254&type=chunk) [Executive Overview](index=48&type=section&id=Executive%20Overview) [Market Overview](index=49&type=section&id=Market%20Overview) [Certain Trends and Uncertainties](index=51&type=section&id=Certain%20Trends%20and%20Uncertainties) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) [Recent Accounting Pronouncements](index=64&type=section&id=Recent%20Accounting%20Pronouncements) [Critical Accounting Estimates](index=64&type=section&id=Critical%20Accounting%20Estimates) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=64&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) First Solar manages market risks including foreign currency, interest rate, commodity, and credit risks through hedging and diversified strategies - First Solar uses foreign exchange forward contracts to hedge forecasted cash flows and balance sheet exposures against foreign currency exchange rate fluctuations[273](index=273&type=chunk)[275](index=275&type=chunk) - A **10%** change in the U.S. dollar relative to primary foreign currency exposures would not have significantly impacted net foreign currency income or loss as of December 31, 2023[276](index=276&type=chunk) - The company is exposed to interest rate risk through variable rate debt and customer financing, where increased rates could reduce demand for modules[277](index=277&type=chunk)[278](index=278&type=chunk) - Commodity swap contracts are used to mitigate exposure to price fluctuations for raw materials like aluminum frames[281](index=281&type=chunk)[426](index=426&type=chunk) - Credit risk is managed by placing financial instruments with high-quality institutions and requiring payment security (e.g., advance payments, guarantees) from customers[282](index=282&type=chunk)[433](index=433&type=chunk) [Foreign Currency Exchange Risk](index=66&type=section&id=Foreign%20Currency%20Exchange%20Risk) [Interest Rate Risk](index=66&type=section&id=Interest%20Rate%20Risk) [Commodity and Component Risk](index=67&type=section&id=Commodity%20and%20Component%20Risk) [Credit Risk](index=67&type=section&id=Credit%20Risk) [Item 8. Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Consolidated financial statements are included in Item 15. "Exhibits and Financial Statement Schedules" - Consolidated financial statements are included in Item 15. "Exhibits and Financial Statement Schedules"[283](index=283&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=68&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There are no changes in or disagreements with accountants on accounting and financial disclosure to report [Item 9A. Controls and Procedures](index=68&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes - As of December 31, 2023, the CEO and CFO concluded that disclosure controls and procedures were effective[285](index=285&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2023, based on COSO criteria[286](index=286&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended December 31, 2023[287](index=287&type=chunk) - The company acknowledges that control systems provide only reasonable, not absolute, assurance due to inherent limitations like human error, collusion, or management override[288](index=288&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=68&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) [Management's Report on Internal Control over Financial Reporting](index=68&type=section&id=Management%27s%20Report%20on%20Internal%20Control%20over%20Financial%20Reporting) [Changes in Internal Control over Financial Reporting](index=68&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) [Limitations on the Effectiveness of Controls](index=69&type=section&id=Limitations%20on%20the%20Effectiveness%20of%20Controls) [Item 9B. Other Information](index=69&type=section&id=Item%209B.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by officers or directors during Q4 2023 - No Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements were adopted or terminated by officers or directors during Q4 2023[289](index=289&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=69&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to First Solar PART III [Item 10. Directors, Executive Officers, and Corporate Governance](index=69&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance, including the code of conduct, is incorporated by reference from the 2024 Proxy Statement - Information on executive officers is provided in Item 1. "Business – Information about Our Executive Officers"[292](index=292&type=chunk) - Information concerning the board of directors, audit committee, and Section 16(a) beneficial ownership reporting compliance will appear in the 2024 Proxy Statement[292](index=292&type=chunk) - A code of business conduct and ethics applies to all directors, officers, and associates[292](index=292&type=chunk) [Item 11. Executive Compensation](index=69&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation and compensation committee information is incorporated by reference from the 2024 Proxy Statement - Information on executive compensation and the compensation committee will appear in the 2024 Proxy Statement[293](index=293&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=68&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan information is incorporated from the 2024 Proxy Statement, with **960,448** shares issuable and **6.58 million** shares available for future issuance - Information on security ownership and related stockholder matters is incorporated from the 2024 Proxy Statement[294](index=294&type=chunk) Equity Compensation Plan Information as of December 31, 2023 | Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options and Rights (a) | Weighted-Average Exercise Price of Outstanding Options and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by stockholders | 960,448 | $— | 6,581,106 | | Equity compensation plans not approved by stockholders | — | — | — | | Total | 960,448 | $— | 6,581,106 | [Equity Compensation Plans](index=70&type=section&id=Equity%20Compensation%20Plans) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=70&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related party transactions, and director independence is incorporated by reference from the 2024 Proxy Statement - Information on certain relationships, related party transactions, and director independence is incorporated from the 2024 Proxy Statement[296](index=296&type=chunk) [Item 14. Principal Accountant Fees and Services](index=70&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services, and audit committee pre-approval policies, are incorporated by reference from the 2024 Proxy Statement - Information on principal accounting fees and services and audit committee pre-approval policies is incorporated from the 2024 Proxy Statement[297](index=297&type=chunk) PART IV [Item 15. Exhibits and Financial Statement Schedules](index=71&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists 10-K documents, including the Independent Auditor's Report, consolidated financial statements, and notes, with schedules omitted if not applicable - The section includes the Report of Independent Registered Public Accounting Firm by PricewaterhouseCoopers LLP, which audited the consolidated financial statements and internal control over financial reporting[299](index=299&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) - The consolidated financial statements include Balance Sheets, Statements of Operations, Comprehensive Income, Stockholders' Equity, and Cash Flows for the years ended December 31, 2023, 2022, and 2021[299](index=299&type=chunk)[317](index=317&type=chunk)[319](index=319&type=chunk)[321](index=321&type=chunk)[324](index=324&type=chunk)[326](index=326&type=chunk) - Financial statement schedules have been omitted as the required information is not applicable, not material, or included in the consolidated financial statements and notes[300](index=300&type=chunk) [Documents](index=71&type=section&id=Documents) [Exhibits](index=71&type=section&id=Exhibits) [Financial Statement Schedules](index=71&type=section&id=Financial%20Statement%20Schedules) [Report of Independent Registered Public Accounting Firm](index=72&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) [FIRST SOLAR, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS](index=75&type=section&id=FIRST%20SOLAR%2C%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20BALANCE%20SHEETS) [FIRST SOLAR, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS](index=76&type=section&id=FIRST%20SOLAR%2C%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) [FIRST SOLAR, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=77&type=section&id=FIRST%20SOLAR%2C%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) [FIRST SOLAR, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY](index=78&type=section&id=FIRST%20SOLAR%2C%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) [FIRST SOLAR, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS](index=79&type=section&id=FIRST%20SOLAR%2C%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](index=80&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Item 16. Form 10-K Summary](index=126&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable and contains no summary [SIGNATURES](index=127&type=section&id=SIGNATURES) The report is signed by the Chief Accounting Officer, CEO, CFO, and Board members of First Solar, Inc., dated February 27, 2024 - The report is signed by Byron Jeffers, Chief Accounting Officer, and other executive officers and directors, dated February 27, 2024[523](index=523&type=chunk)[524](index=524&type=chunk)