First Solar, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Solar, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operational information.</b>

AI Summary

FIRST SOLAR, INC. (FSLR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. First Solar, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 350 West Washington Street, Suite 600, Tempe, AZ 85288. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. The SIC code for First Solar, Inc. is 3674 (Semiconductors & Related Devices).

Why It Matters

For investors and stakeholders tracking FIRST SOLAR, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and disclosures, crucial for understanding the company's current performance and outlook in the solar energy sector. The detailed financial data allows for analysis of revenue trends, asset management, and liabilities, offering insights into the company's financial health and operational efficiency.

Risk Assessment

Risk Level: low — FIRST SOLAR, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or events beyond routine business operations.

Analyst Insight

Monitor future filings for updates on revenue growth, cost management, and any new strategic initiatives or market developments impacting First Solar's operations.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2024 — Fiscal Year (FILING VALUES)
• 2023 — Fiscal Year End (COMPANY DATA)

Key Players & Entities

• FIRST SOLAR, INC. (company) — FILER
• 350 WEST WASHINGTON STREET (location) — BUSINESS ADDRESS
• TEMPE (location) — CITY
• AZ (location) — STATE
• 85288 (location) — ZIP
• FIRST SOLAR HOLDINGS LLC (company) — FORMER COMPANY

FAQ

Industry Context

First Solar operates in the renewable energy sector, specifically in the manufacturing of solar panels and related technologies.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance and revenue drivers if available in the complete document.
3. Compare Q1 2024 results against previous periods and analyst expectations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update for the period ending March 31, 2024, following previous filings like the 2023 annual report (10-K) and prior quarterly reports.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FSLR The NASDAQ Stock Market
• $102 — ed marketable securities, net of tax of $102 and $(402) ( 2,003 ) 6,966 Unrealized
• $12 — components, the credit is equal to (i) $12 per square meter for a PV wafer, (ii) 4

Filing Documents

• fslr-20240331.htm (10-Q) — 1449KB
• ex101formofgrantnoticefore.htm (EX-10.1) — 42KB
• ex311certificationofchiefe.htm (EX-31.1) — 12KB
• ex312certificationofchieff.htm (EX-31.2) — 12KB
• ex321certificationofchiefe.htm (EX-32.1) — 8KB
• fslr-20240331_g1.jpg (GRAPHIC) — 173KB
• 0001274494-24-000022.txt (&nbsp;) — 9810KB
• fslr-20240331.xsd (EX-101.SCH) — 52KB
• fslr-20240331_cal.xml (EX-101.CAL) — 101KB
• fslr-20240331_def.xml (EX-101.DEF) — 378KB
• fslr-20240331_lab.xml (EX-101.LAB) — 754KB
• fslr-20240331_pre.xml (EX-101.PRE) — 529KB
• fslr-20240331_htm.xml (XML) — 1709KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 50 Part II. Other Information 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signature 52 Throughout this Quarterly Report on Form 10-Q, we refer to First Solar, Inc. and its consolidated subsidiaries as "First Solar," "the Company," "we," "us," and "our." Units of electricity are typically stated in gigawatts ("GW"). Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) FIRST SOLAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 794,108 $ 548,286 Cost of sales 448,105 436,235 Gross profit 346,003 112,051 Operating expenses: Selling, general and administrative 45,827 44,028 Research and development 42,742 30,510 Production start-up 15,408 19,494 Total operating expenses 103,977 94,032 Gain on sales of businesses, net 1,115 ( 17 ) Operating income 243,141 18,002 Foreign currency loss, net ( 2,858 ) ( 5,947 ) Interest income 27,245 25,822 Interest expense, net ( 9,210 ) ( 748 ) Other expense, net ( 2,799 ) ( 1,456 ) Income before taxes 255,519 35,673 Income tax (expense) benefit ( 18,903 ) 6,888 Net income $ 236,616 $ 42,561 Net income per share: Basic $ 2.21 $ 0.40 Diluted $ 2.20 $ 0.40 Weighted-average number of shares used in per share calculations: Basic 106,910 106,675 Diluted 107,407 107,154 See accompanying notes to these condensed consolidated financial statements. 1 Table of Contents FIRST SOLAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Net income $ 236,616 $ 42,561 Other comprehensive (loss) income: Foreign currency translation adjustments ( 8,533 ) 2,655 Unrealized (loss) gain on marketable securities and restricted marketable securities, net of tax of $102 and $(402) ( 2,003 ) 6,966 Unrealized gain on derivative instruments, net of tax of $(308) and $(708) 1,062 2,214 Other comprehensive (loss) income ( 9,474 ) 11,835 Comprehensive income $ 227,142 $ 54,396 See accompanying notes to these condensed consolidated financial statements. 2 Table of Contents FIRST SOLAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Cur

View Full Filing

View this 10-Q filing on SEC EDGAR