First Solar Q3 2024: $1.09B Sales, $500M Debt

TL;DR

First Solar Q3 sales hit $464M, year-to-date $1.09B. Carrying $500M in debt.

AI Summary

First Solar, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported significant financial figures, including $1,087 million in net sales for the nine months ended September 30, 2024, and $464 million in net sales for the third quarter of 2024. They also disclosed $500,000,000 in long-term debt.

Why It Matters

This filing provides insight into First Solar's financial performance and debt obligations, crucial for investors assessing the company's stability and growth prospects in the renewable energy sector.

Risk Assessment

Risk Level: medium — The company has a substantial amount of long-term debt ($500,000,000), which can impact its financial flexibility and profitability.

Key Numbers

• $1,087M — Net Sales (9 months ended Sep 30, 2024) (Represents total revenue generated over the first nine months of the fiscal year.)
• $464M — Net Sales (Q3 2024) (Indicates revenue performance for the most recent quarter.)
• $500,000,000 — Long-term Debt (Shows the company's significant financial leverage.)

Key Players & Entities

• First Solar, Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $1,087 million (dollar_amount) — Net sales for the nine months ended September 30, 2024
• $464 million (dollar_amount) — Net sales for the third quarter of 2024
• $500,000,000 (dollar_amount) — Long-term debt

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FSLR The NASDAQ Stock Market
• $340 — table securities, net of tax of $(464), $340, $(321) and $23 9,683 ( 8,696 ) 6,483
• $23 — net of tax of $(464), $340, $(321) and $23 9,683 ( 8,696 ) 6,483 ( 3,045 ) Unrea
• $0 — n derivative instruments, net of tax of $0, $(214), $(131) and $(1,087) ( 1 ) 719

Filing Documents

• fslr-20240930.htm (10-Q) — 1694KB
• ex311certificationofchiefe.htm (EX-31.1) — 12KB
• ex312certificationofchieff.htm (EX-31.2) — 12KB
• ex321certificationofchiefe.htm (EX-32.1) — 8KB
• fslr-20240930_g1.jpg (GRAPHIC) — 173KB
• 0001274494-24-000038.txt ( ) — 10350KB
• fslr-20240930.xsd (EX-101.SCH) — 49KB
• fslr-20240930_cal.xml (EX-101.CAL) — 97KB
• fslr-20240930_def.xml (EX-101.DEF) — 379KB
• fslr-20240930_lab.xml (EX-101.LAB) — 762KB
• fslr-20240930_pre.xml (EX-101.PRE) — 535KB
• fslr-20240930_htm.xml (XML) — 1827KB

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 56 Item 6. Exhibits 56 Signature 57 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 887,668 $ 801,090 $ 2,692,258 $ 2,160,049 Cost of sales 442,357 424,915 1,402,055 1,361,403 Gross profit 445,311 376,175 1,290,203 798,646 Operating expenses: Selling, general and administrative 46,293 50,172 138,680 140,528 Research and development 50,197 41,190 144,876 108,445 Production start-up 26,822 12,059 69,681 54,930 Litigation loss — — 430 35,590 Total operating expenses 123,312 103,421 353,667 339,493 Gain on sales of businesses, net — 211 1,115 329 Operating income 321,999 272,965 937,651 459,482 Foreign currency loss, net ( 5,158 ) ( 987 ) ( 17,665 ) ( 11,586 ) Interest income 22,580 23,254 74,424 74,102 Interest expense, net ( 9,008 ) ( 3,734 ) ( 27,983 ) ( 5,897 ) Other expense, net ( 3,071 ) ( 1,033 ) ( 6,435 ) ( 1,492 ) Income before taxes 327,342 290,465 959,992 514,609 Income tax expense ( 14,386 ) ( 22,067 ) ( 61,064 ) ( 33,071 ) Net income $ 312,956 $ 268,398 $ 898,928 $ 481,538 Net income per share: Basic $ 2.92 $ 2.51 $ 8.40 $ 4.51 Diluted $ 2.91 $ 2.50 $ 8.36 $ 4.49 Weighted-average number of shares used in per share calculations: Basic 107,049 106,834 107,015 106,795 Diluted 107,562 107,498 107,514 107,326 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 312,956 $ 268,398 $ 898,928 $ 481,538 Other comprehensive income (loss): Foreign currency translation adjustments 9,775 ( 4,942 ) ( 1,702 ) ( 7,635 ) Unrealized gain (loss) on marketable securities and restricted market

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View this 10-Q filing on SEC EDGAR