Financial Performance - Net sales for Q3 2024 were $0.9 billion, a decrease of $0.1 billion from the prior quarter, primarily due to a decrease in MW sold and a $50 million product warranty reserve charge[1][2] - Net income per diluted share for Q3 2024 was $2.91, compared to $3.25 in Q2 2024[2] - Net sales for the nine months ended September 30, 2024, reached $2,692,258, a 24.6% increase compared to $2,160,049 in the same period in 2023[11] - Gross profit for the nine months ended September 30, 2024, was $1,290,203, up 61.6% from $798,646 in the same period in 2023[11] - Net income for the nine months ended September 30, 2024, was $898,928, an 86.7% increase compared to $481,538 in the same period in 2023[11] Cash Flow and Capital Expenditures - Net cash balance decreased to $0.7 billion from $1.2 billion in the prior quarter, driven by capital expenditures for new U.S. factories and increased working capital[3] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $407,003, a significant increase from $41,151 in the same period in 2023[12] - Purchases of property, plant and equipment for the nine months ended September 30, 2024, totaled $1,212,537, a 16.6% increase from $1,039,863 in the same period in 2023[12] - Property, plant and equipment acquisitions funded by liabilities for the nine months ended September 30, 2024, were $264,480, up from $185,064 in the same period in 2023[12] - Proceeds to be received from asset-based government grants for the nine months ended September 30, 2024, were $159,490, compared to $152,458 in the same period in 2023[12] Sales and Bookings - YTD net bookings reached 4.0 GW, with 0.4 GW added since the Q2 earnings call[1] - Expected sales backlog stands at 73.3 GW[1] Updated Guidance for 2024 - Updated 2024 guidance: Net sales revised to $4.10B-$4.25B from $4.4B-$4.6B, and volume sold adjusted to 14.2GW-14.6GW from 15.6GW-16.3GW[5] - Capital expenditures for 2024 are now projected at $1.55B-$1.65B, down from $1.8B-$2.0B[5] - Gross margin for 2024 is expected to be $1.95B-$2.00B, slightly lower than the previous estimate of $2.0B-$2.1B[5] - Operating income for 2024 is forecasted at $1.48B-$1.54B, compared to the prior range of $1.5B-$1.6B[5] - Earnings per diluted share for 2024 are now expected to be $13.00-$13.50, down from $13.00-$14.00[5] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $144,876, a 33.6% increase from $108,445 in the same period in 2023[11] Marketable Securities and Cash Position - Proceeds from sales and maturities of marketable securities for the nine months ended September 30, 2024, were $1,897,997, compared to $3,996,439 in the same period in 2023[12] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period on September 30, 2024, were $1,021,467, a decrease from $1,510,242 at the end of the same period in 2023[12]

First Solar Q2'24 Earnings Call July 30, 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 for our technology, o ...

Financial Data and Key Metrics Changes - Second quarter net sales were $1 billion, an increase of $0.2 billion compared to the first quarter, driven by a 24% increase in megawatt volume sold [22][23] - Gross margin improved to 49% in the second quarter from 44% in the first quarter, attributed to a higher mix of U.S. factory modules sold and $255 million in Section 45X tax credits [22][23] - Earnings per diluted share for the second quarter were $3.25, with a net cash balance of $1.2 billion at quarter-end [8][24] Business Line Data and Key Metrics Changes - The company secured a net 0.9 gigawatts of bookings since the last earnings call, bringing year-to-date net bookings to 3.6 gigawatts, with a total contracted backlog of 75.9 gigawatts [7][8] - The average selling price (ASP) for the new bookings was $0.316 per watt, excluding adjusters [7][18] - The total pipeline of potential bookings increased to 80.6 gigawatts, with mid- to late-stage opportunities at 28.6 gigawatts [20] Market Data and Key Metrics Changes - The company noted a significant portion of its backlog includes opportunities to increase ASP through adjusters, potentially adding up to $0.7 billion in revenue if fully realized [18] - The U.S. market continues to show strong demand for solar energy, with data center-driven energy demand expected to increase by 15% to 20% annually through 2030 [46][47] Company Strategy and Development Direction - The company is focused on expanding its manufacturing capacity, with the Ohio facility completed and commercial shipments beginning as scheduled [10][11] - Investment in R&D infrastructure is a priority, with nearly $0.5 billion allocated to enhance thin-film technology and develop next-generation solar technologies [12][31] - The company aims to maintain its competitive edge against Chinese manufacturers by leveraging its domestic manufacturing capabilities and advocating for stronger trade policies [33][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external uncertainties, particularly related to policy and supply conditions, which could impact the industry [9][28] - The upcoming U.S. elections are expected to create a pause in bookings as developers assess the potential policy changes [62] - Despite uncertainties, the company remains optimistic about long-term demand for renewables, driven by various sectors including data centers and manufacturing reshoring [38][46] Other Important Information - The company is on track to launch its CuRe program in Q4 2024, which is expected to enhance energy production through improved module performance [8][13] - The company has established a new world record CadTel research cell with a conversion efficiency of 23.1% [13][44] Q&A Session Summary Question: Clarification on bookings and ASP - The ASP reported includes the impact of a cancellation, but the overall ASP remains consistent with previous reports [55] Question: Key milestones for the Louisiana project - The first milestone will be the completion of the building construction, with tool move-in expected in Q1 to Q2 of 2025 [59] Question: Impact of the election on bookings - Initial pauses in bookings are expected due to uncertainty, but a favorable outcome for domestic manufacturing could accelerate momentum post-election [63][64] Question: Pricing environment and bookings from U.S. fabs - Some bookings included India domestic volume, but the pricing environment has firmed up recently, with ASPs remaining competitive [72]

Financial Performance - Net sales for Q2 2024 increased by 25% to $1.0 billion compared to $0.8 billion in Q2 2023, driven by higher module sales volume and increased average selling price per watt[156] - Gross profit margin for Q2 2024 rose to 49.4%, up 11.1 percentage points from 38.3% in Q2 2023, due to higher utilization, advanced manufacturing credits, and a contract termination payment[157] - The company's gross profit margin improved to 49.4% in Q2 2024, up from 38.3% in Q2 2023, driven by cost efficiencies and operational improvements[189] - The company's operating income margin increased to 36.9% in Q2 2024, compared to 20.8% in Q2 2023, reflecting improved cost management and higher sales[189] - The company's net income margin rose to 34.6% in Q2 2024, up from 21.0% in Q2 2023, driven by higher profitability and reduced litigation losses[189] - Net sales from the modules segment increased by $206.5 million (26%) for the three months ended June 30, 2024, driven by a 21% increase in volume and a 4% increase in average selling price per watt[193] - Net sales from the modules segment increased by $463.4 million (35%) for the six months ended June 30, 2024, driven by a 29% increase in volume and a 5% increase in average selling price per watt[194] - Cost of sales increased by $11.3 million (2%) for the three months ended June 30, 2024, with a decrease of 11.1 percentage points as a percent of net sales, primarily due to higher module sales volume and advanced manufacturing production credits[199] - Cost of sales increased by $23.2 million (2%) for the six months ended June 30, 2024, with a decrease of 15.7 percentage points as a percent of net sales, driven by higher module sales volume and advanced manufacturing production credits[200] - Gross profit increased by $188.5 million (61%) for the three months ended June 30, 2024, with gross profit as a percentage of net sales rising to 49.4% from 38.3%[202] - Gross profit increased by $422.4 million (100%) for the six months ended June 30, 2024, with gross profit as a percentage of net sales rising to 46.8% from 31.1%[203] - Research and development expense increased by $15.2 million (41%) for the three months ended June 30, 2024, primarily due to higher depreciation, maintenance costs, and employee compensation[208] - Research and development expense increased by $27.4 million (41%) for the six months ended June 30, 2024, driven by investments in R&D facilities and equipment and increased headcount[208] - Selling, general, and administrative expense remained consistent at $46.6 million for the three months ended June 30, 2024, representing 4.6% of net sales[206] - Selling, general, and administrative expense remained consistent at $92.4 million for the six months ended June 30, 2024, representing 5.1% of net sales[206] - Production start-up expenses for the three months ended June 30, 2024 increased by $4.07 million (17%) compared to the same period in 2023, primarily due to the fourth manufacturing facility in the U.S. expected to commence operations in the second half of 2024[211] - Foreign currency loss, net for the three months ended June 30, 2024 increased by $4.99 million (107%) compared to the same period in 2023, largely due to higher costs associated with hedging activities related to subsidiaries in India[213] - Interest income for the three months ended June 30, 2024 decreased by $427,000 (2%) compared to the same period in 2023, despite higher yields on investments, due to lower average holdings of time deposits[215] - Interest expense, net for the three months ended June 30, 2024 increased by $8.35 million (>500%) compared to the same period in 2023, primarily due to additional borrowing under various arrangements in India[218] - Income tax expense for the three months ended June 30, 2024 increased by $9.88 million (55%) compared to the same period in 2023, primarily due to higher pretax income and a discrete tax expense of approximately $6 million related to the reversal of indefinite reinvestment assertion[223][224] - As of June 30, 2024, the company had $1.7 billion in cash, cash equivalents, and marketable securities, a decrease from $2.1 billion as of December 31, 2023, driven by purchases of property, plant, and equipment for U.S. and Indian facilities[228] - In July 2024, the company repatriated $1.0 billion of offshore funds after reversing its position to indefinitely reinvest the accumulated earnings of a foreign subsidiary[229] - Net cash provided by operating activities increased to $460.7 million in June 2024, primarily driven by proceeds from the sale of Section 45X credits[238][239] - Net cash used in investing activities decreased to $675.9 million in June 2024, due to lower purchases of marketable securities and higher investments in U.S. and Indian facilities[238][240] Manufacturing and Production Capacity - Total installed production capacity reached 17.6 GW as of June 30, 2024, with 3.7 GW produced and 3.4 GW sold in Q2 2024[157] - The company expects to reach an annual manufacturing capacity of over 25 GW by the end of 2026, with new facilities in the U.S. set to commence operations in late 2024 and 2025[156] - The company is expanding its manufacturing capacity by approximately 7.6 GW, including new facilities in the U.S. and capacity expansions at existing sites[187] - The company plans to invest approximately $1.4 billion in expanding U.S. manufacturing facilities, with operations expected to commence in the second halves of 2024 and 2025[232] - Capital expenditures for 2024 are projected to be between $1.8 billion and $2.0 billion, including new facilities and upgrades to increase module wattage and production capacity[233] Research and Development - The company achieved a new world record CdTe research cell conversion efficiency of 23.1%, certified by the U.S. Department of Energy's National Renewable Energy Laboratory[158] - The company completed construction of a dedicated R&D innovation center in Ohio, featuring a pilot manufacturing line for thin film and tandem PV modules[158] - The company is exploring multi-junction solar cell technologies, combining thin film PV with high-efficiency semiconductors, to significantly increase module efficiency[167] - The company commissioned a dedicated R&D innovation center in July 2024, featuring a high-tech pilot manufacturing line for thin film and tandem PV modules[233] Product Innovation and Sales - The company delivered its first bifacial solar modules to customers in Q2 2024, featuring an innovative transparent back contact design[165] - The company's CdTe modules use only 2% to 3% of the semiconductor material compared to conventional crystalline silicon solar modules, significantly reducing manufacturing costs[169] - The company's solar modules are warranted to produce at least 98% of their labeled power output rating in the first year, with a degradation factor of 0.3% to 0.5% annually over a 30-year warranty period[171] - The company has entered into contracts for the future sale of 74.6 GW of solar modules, with an aggregate transaction price of $22.3 billion, expected to be recognized as revenue through 2030[186] Government Incentives and Funding - The company sold $687.2 million of Section 45X tax credits for $659.7 million in cash proceeds, received in the first half of 2024[158] - The company expects to qualify for the advanced manufacturing production credit under Section 45X of the IRC, which provides benefits for solar modules and components manufactured in the U.S.[176] - The company received $44 million in U.S. government funding for CdTe development and perovskite tandem PV product manufacturing R&D projects[177] - The company was allocated INR 11.8 billion ($143 million) under India's Production Linked Incentive (PLI) scheme to promote high-efficiency solar module manufacturing[179] - The company expects to qualify for a Section 45X advanced manufacturing production credit of approximately $0.17 per watt for each solar module produced in the U.S. and sold to third parties, providing significant funding from 2023 to 2032[230] - In December 2023, the company sold $687.2 million of Section 45X tax credits for $659.7 million in cash proceeds, received in full by June 30, 2024[230] Operational and Strategic Initiatives - The CuRe program, aimed at replacing copper in semiconductor structures, is expected to complete lead line implementation in late 2024 and be replicated across facilities by late 2025[166] - The company has established a trust with $200.2 million in restricted marketable securities and $1.8 million in restricted cash for solar module collection and recycling obligations, with a liability of $134.8 million as of June 30, 2024[235] - The company has long-term supply agreements for raw materials, with termination penalties of up to $518.5 million as of June 30, 2024[234] - The company has no off-balance sheet debt or third-party debt guarantees as of June 30, 2024[237]

EXHIBIT 99.1 News Release First Solar, Inc. Announces Second Quarter 2024 Financial Results • Net sales of $1.0 billion • Net income per diluted share of $3.25 • Net cash balance of $1.2 billion • Maintain full-year 2024 guidance • YTD net bookings of 3.6 GW; 0.9 GW since first quarter earnings call with an average selling price of 31.6 cents per watt, excluding adjusters and India domestic sales • Expected sales backlog of 75.9 GW TEMPE, Ariz., July 30, 2024 – First Solar, Inc. (Nasdaq: FSLR) (the "Company ...

Financial Data and Key Metrics Changes - First Solar reported earnings per diluted share of $2.20 for Q1 2024, with a net cash balance of $1.4 billion at quarter-end [13][22][23] - Net sales for Q1 2024 were $794 million, a decrease of $365 million compared to the previous quarter, primarily due to seasonal reductions in module sales volume [20][22] - Gross margin improved to 44% in Q1 2024 from 43% in Q4 2023, driven by a higher mix of modules sold from U.S. factories [20][22] Business Line Data and Key Metrics Changes - First Solar achieved record production of 3.6 gigawatts of modules in Q1 2024, reflecting a strong focus on manufacturing excellence [12][20] - The total contracted backlog stood at 78.3 gigawatts with an aggregate value of $23.4 billion, implying an average selling price (ASP) of approximately $0.299 per watt [15][17] Market Data and Key Metrics Changes - The average capacity utilization rate for large Chinese solar manufacturing facilities was reported at a record-low 23% in February 2024, contrasting with First Solar's near nameplate capacity operations [9][10] - Demand expectations are increasing, particularly driven by data center load growth, with U.S. data center power consumption projected to reach 35 gigawatts annually by 2030 [19] Company Strategy and Development Direction - First Solar is focused on long-term growth through investments in R&D, including a new innovation center and a perovskite development line, with a combined investment of nearly $0.5 billion [9][14] - The company aims to exit 2024 with over 21 gigawatts of global nameplate capacity and over 25 gigawatts by 2026, with more than half of this capacity located in the U.S. [14][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the heightened volatility in the solar manufacturing industry due to structural overcapacity in China, emphasizing the importance of their differentiated technology and business model [7][10] - The company remains optimistic about future pricing dynamics and demand, particularly in light of supportive policy changes and increasing engagement with customers [52][53] Other Important Information - First Solar is increasing its capital expenditures forecast by $0.1 billion to accelerate the CuRe conversion at its facilities, aiming for a more than one-year advancement in global fleet replication [24][46] - The company is actively involved in addressing unfair trade practices in the solar industry, having joined an alliance to file antidumping and countervailing petitions [31][40] Q&A Session Summary Question: Pricing dynamics in India post-ALMM implementation - Management noted a 5% to 10% increase in pricing in India since the ALMM was reinstated, with expectations for further improvements as the year progresses [49][50] Question: Expectations for bookings growth amid policy changes - Management indicated that while bookings growth was expected to slow, recent policy developments and market pricing changes have created a more constructive environment, leading to increased engagement with customers [51][52][53] Question: Impact of termination for convenience clauses on guidance - Management stated that while they have not provided a specific number related to potential terminations, they are maintaining their volume sold guidance and believe they can manage any impacts [56][57] Question: Future pricing expectations and data center demand - Management expressed optimism about pricing moving into the mid- to high $0.30 per watt range, driven by increased demand from data centers and corporate customers [63][64][67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission file number: 001-33156 First Solar, Inc. (Exact name of registrant as specified in its charter) Delaware 20-4623678 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 350 West Washington Street, Suite 600 Tempe, Arizona 852 ...

EXHIBIT 99.1 News Release First Solar, Inc. Announces First Quarter 2024 Financial Results TEMPE, Ariz., May 1, 2024 – First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the first quarter ended March 31, 2024. Net sales for the first quarter were $794 million, a decrease of $0.4 billion from the prior quarter. The decrease was primarily driven by an expected historical seasonal reduction in volume of modules sold. The Company reported first quarter net income per diluted ...

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 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 ...