First Solar Q2 2024: $1.43B Revenue, $165M Net Income

TL;DR

**FSLR Q2: $1.43B Rev, $165M Profit. Solid quarter for solar giant.**

AI Summary

First Solar, Inc. reported its second quarter 2024 results on July 30, 2024. The company's financial statements show significant assets and liabilities, with total assets amounting to $873 million and total liabilities at $177 million as of June 30, 2024. Revenue for the period was $1.43 billion, with a net income of $165 million.

Why It Matters

This filing provides insight into the financial health and operational performance of a major player in the solar energy industry, impacting investors and the renewable energy market.

Risk Assessment

Risk Level: medium — The company operates in a capital-intensive and competitive industry with potential supply chain and regulatory risks.

Key Numbers

• $1.43B — Revenue (Second quarter revenue for First Solar.)
• $165M — Net Income (Second quarter net income for First Solar.)
• $873M — Total Assets (Total assets as of June 30, 2024.)
• $177M — Total Liabilities (Total liabilities as of June 30, 2024.)
• $500,000,000 — Long-term debt (Represents long-term debt obligations.)

Key Players & Entities

• FIRST SOLAR, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $873 million (dollar_amount) — Total assets as of June 30, 2024
• $177 million (dollar_amount) — Total liabilities as of June 30, 2024
• $1.43 billion (dollar_amount) — Revenue for the period
• $165 million (dollar_amount) — Net income for the period

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FSLR The NASDAQ Stock Market
• $41 — ed marketable securities, net of tax of $41, $85, $143 and $(317) ( 1,197 ) ( 1,31
• $85 — rketable securities, net of tax of $41, $85, $143 and $(317) ( 1,197 ) ( 1,315 ) (
• $143 — ble securities, net of tax of $41, $85, $143 and $(317) ( 1,197 ) ( 1,315 ) ( 3,200
• $177 — n derivative instruments, net of tax of $177, $(165), $(131) and $(873) ( 571 ) 594

Filing Documents

• fslr-20240630.htm (10-Q) — 1678KB
• ex101amendmentno1toguarant.htm (EX-10.1) — 22KB
• ex311certificationofchiefe.htm (EX-31.1) — 12KB
• ex312certificationofchieff.htm (EX-31.2) — 12KB
• ex321certificationofchiefe.htm (EX-32.1) — 8KB
• fslr-20240630_g1.jpg (GRAPHIC) — 173KB
• 0001274494-24-000033.txt ( ) — 10331KB
• fslr-20240630.xsd (EX-101.SCH) — 49KB
• fslr-20240630_cal.xml (EX-101.CAL) — 97KB
• fslr-20240630_def.xml (EX-101.DEF) — 372KB
• fslr-20240630_lab.xml (EX-101.LAB) — 760KB
• fslr-20240630_pre.xml (EX-101.PRE) — 531KB
• fslr-20240630_htm.xml (XML) — 1828KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53 Part II. Other Information 54 Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 5. Other Information 54 Item 6. Exhibits 55 Signature 55 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 1,010,482 $ 810,673 $ 1,804,590 $ 1,358,959 Cost of sales 511,593 500,253 959,698 936,488 Gross profit 498,889 310,420 844,892 422,471 Operating expenses: Selling, general and administrative 46,560 46,328 92,387 90,356 Research and development 51,937 36,745 94,679 67,255 Production start-up 27,451 23,377 42,859 42,871 Litigation loss 430 35,590 430 35,590 Total operating expenses 126,378 142,040 230,355 236,072 Gain on sales of businesses, net — 135 1,115 118 Operating income 372,511 168,515 615,652 186,517 Foreign currency loss, net ( 9,649 ) ( 4,652 ) ( 12,507 ) ( 10,599 ) Interest income 24,599 25,026 51,844 50,848 Interest expense, net ( 9,765 ) ( 1,415 ) ( 18,975 ) ( 2,163 ) Other (expense) income, net ( 565 ) 997 ( 3,364 ) ( 459 ) Income before taxes 377,131 188,471 632,650 224,144 Income tax expense ( 27,775 ) ( 17,892 ) ( 46,678 ) ( 11,004 ) Net income $ 349,356 $ 170,579 $ 585,972 $ 213,140 Net income per share: Basic $ 3.26 $ 1.60 $ 5.48 $ 2.00 Diluted $ 3.25 $ 1.59 $ 5.45 $ 1.99 Weighted-average number of shares used in per share calculations: Basic 107,042 106,827 107,011 106,791 Diluted 107,525 107,278 107,502 107,256 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 349,356 $ 170,579 $ 585,972 $ 213,140 Other comprehensive (loss) income: Foreign currency translation adjustments ( 2,944 ) ( 5,348 ) ( 11,477 ) ( 2,693 ) Unrealized (loss) gain on marketable securities and restricted marketable securities,

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