Washington, D.C. 20549


Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

October 31, 2023
Date of Report (Date of earliest event reported)

(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

350 West Washington Street, Suite 600
Tempe, Arizona 85288
(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueFSLRThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.    Results of Operations and Financial Condition

On October 31, 2023, First Solar, Inc. is issuing a press release and holding a conference call regarding its financial results for the second quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits.
Exhibit NumberDescription
Cover Page Interactive Data File (embedded within the Inline XBRL Document)



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 31, 2023By:/s/ JASON DYMBORT
Name:Jason Dymbort
Title:General Counsel & Secretary


News Release

First Solar, Inc. Announces Third Quarter 2023 Financial Results
Net sales of $801 million
Net income per diluted share of $2.50
Net cash balance of $1.3 billion
Maintain full-year 2023 revenue guidance and raise the mid-point of EPS guidance from $7.50 to $7.60
YTD net bookings of 27.8 GW; 6.8 GW since second quarter earnings call with an average selling price of $0.30 per watt, excluding India
Expected sales backlog of 81.8 GW

TEMPE, Ariz., October 31, 2023 First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the third quarter ended September 30, 2023.

Net sales for the third quarter were $801 million, a decrease of $10 million from the prior quarter. The decrease was primarily driven by a reduction in volume of modules sold.

The Company reported third quarter net income per diluted share of $2.50, compared to net income per diluted share of $1.59 in the second quarter of 2023.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, decreased to $1.3 billion from $1.5 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, India, and Ohio, offset by operating cash flows and a final drawdown under our India financing facility.

“Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology,” said Mark Widmar, CEO of First Solar. “Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders.”


Our 2023 guidance has been updated as follows:

Net Sales$3.4B to $3.6BUnchanged
Gross Margin (1)$1.2B to $1.3BUnchanged
Operating Expenses (2)$450M to $475M$440M to $470M
Operating Income (3)$745M to $870M$770M to $870M
Earnings per Diluted Share$7.00 to $8.00$7.20 to $8.00
Net Cash Balance (4)$1.5B to $1.8BUnchanged
Capital Expenditures$1.7B to $1.9BUnchanged
Volume Sold11.8GW to 12.3GWUnchanged
(1)Includes $110 million to $120 million of ramp and underutilization costs and $670 million to $700 million of Section 45X tax benefits
(2)Includes $75 million to $85 million of production start-up expense and $36 million of litigation losses
(3)Includes $185 million to $205 million of production start-up expense and ramp and underutilization costs, $36 million of litigation losses, and $670 million to $700 million of Section 45X tax benefits
(4)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2023

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to certain factors related to the Inflation Reduction Act of 2022 (the “IRA”). Among other things, such factors include (i) the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code and (ii) the timing and ability to monetize such credit. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s third quarter 2023 financial results, 2023 guidance, and financial outlook.

Conference Call Details

First Solar has scheduled a conference call for today, October 31, 2023 at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. An audio replay of the conference call will be available through Thursday, November 30, 2023, and can be accessed by dialing +1 (800) 770-2030 if you are calling from within the United States or +1 (647) 362-9199 if you are calling from outside the United States and entering the replay passcode 99681. A replay of the webcast will also be available on the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for 30 days.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules advancing the fight against climate change. Developed at research and development labs in California and Ohio, the Company’s advanced thin film photovoltaic (“PV”) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This release 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 release, 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; increased research and development investment; new domestic and international capacity coming online; production and delivery of our new Series 7 modules; our financial guidance for 2023, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted share, net cash balance, capital expenditures, volume sold, shipments, bookings, products and our business and financial objectives for 2023; the availability of benefits under certain production linked incentive programs, and the impact of the IRA including the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “contingent” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the reduction, elimination, expiration or introduction of government subsidies, policies, and support programs for solar energy projects; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; the passage of legislation intended to encourage renewable energy investments through tax credits, such as the IRA; the impact of the IRA on our expected results of operations in future periods, which may be affected by technical guidance, regulations, subsequent amendments or interpretations of the law; interest rate fluctuations and both our and our customers’ ability to secure financing; changes in the exchange rates between the functional currencies of our subsidiaries and other currencies in which assets and liabilities are denominated; our ability to execute on our long-term strategic plans; the loss of any of our large customers, or the ability of our customers and counterparties to perform under their contracts with us; our ability to execute on our solar module technology and cost reduction roadmaps; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including the production of bifacial solar modules and the implementation of our Copper Replacement (“CuRe”) program; the satisfaction of conditions precedent in our sales agreements; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events; environmental responsibility, including with respect to cadmium telluride (“CdTe”) and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program; supply chain disruptions, including demurrage and detention charges; our ability to protect our intellectual property; our ability to prevent and/or minimize the impact of cyber-attacks or other breaches of our information systems; our continued investment in research and development; the supply and price of components and raw materials, including CdTe; our ability to construct production facilities to support product lines, including Series 6 and Series 7 module manufacturing; our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 modules manufacturing facilities; our ability to attract and retain key executive officers and associates; the severity and duration of public health threats (including pandemics such as COVID-19 and similarly infectious diseases), including the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.



First Solar Investors                             First Solar Media
investor@firstsolar.com                            media@firstsolar.com


(In thousands, except share data)
September 30,
December 31,
Current assets:
Cash and cash equivalents$1,492,958 $1,481,269 
Marketable securities329,516 1,096,712 
Accounts receivable trade, net753,520 324,337 
Accounts receivable unbilled33,603 30,654 
Inventories882,787 636,312 
Other current assets331,618 222,137 
Total current assets3,824,002 3,791,421 
Property, plant and equipment, net4,072,857 3,536,902 
Deferred tax assets, net133,407 78,680 
Restricted marketable securities183,700 182,070 
Government grants receivable582,202 — 
Goodwill28,473 14,462 
Intangible assets, net66,379 31,106 
Inventories261,359 260,395 
Other assets430,266 356,192 
Total assets$9,582,645 $8,251,228 
Current liabilities:
Accounts payable$110,795 $341,409 
Income taxes payable33,583 29,397 
Accrued expenses600,421 382,782 
Deferred revenue372,167 263,215 
Other current liabilities46,730 21,245 
Total current liabilities1,199,105 1,038,048 
Accrued solar module collection and recycling liability130,131 128,114 
Long-term debt464,040 184,349 
Deferred revenue1,349,602 944,725 
Other liabilities137,391 119,937 
Total liabilities3,280,269 2,415,173 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 106,844,040 and 106,609,094 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively107 107 
Additional paid-in capital2,879,412 2,887,476 
Accumulated earnings3,621,827 3,140,289 
Accumulated other comprehensive loss(198,970)(191,817)
Total stockholders’ equity6,302,376 5,836,055 
Total liabilities and stockholders’ equity$9,582,645 $8,251,228 


(In thousands, except per share amounts)
Three Months EndedNine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
Net sales$801,090 $810,673 $628,933 $2,160,049 $1,616,928 
Cost of sales424,915 500,253 607,951 1,361,403 1,607,683 
Gross profit376,175 310,420 20,982 798,646 9,245 
Operating expenses:
Selling, general and administrative50,172 46,328 46,368 140,528 121,990 
Research and development41,190 36,745 29,183 108,445 81,520 
Production start-up12,059 23,377 19,768 54,930 40,337 
Litigation loss— 35,590 — 35,590 — 
Total operating expenses103,421 142,040 95,319 339,493 243,847 
Gain on sales of businesses, net211 135 5,984 329 253,272 
Operating income (loss)272,965 168,515 (68,353)459,482 18,670 
Foreign currency loss, net(987)(4,652)(4,859)(11,586)(12,041)
Interest income23,254 25,026 9,749 74,102 14,954 
Interest expense, net(3,734)(1,415)(2,991)(5,897)(9,092)
Other (expense) income, net(1,033)997 4,774 (1,492)2,679 
Income (loss) before taxes290,465 188,471 (61,680)514,609 15,170 
Income tax (expense) benefit(22,067)(17,892)12,512 (33,071)(51,788)
Net income (loss)$268,398 $170,579 $(49,168)$481,538 $(36,618)
Net income (loss) per share:
Basic$2.51 $1.60 $(0.46)$4.51 $(0.34)
Diluted$2.50 $1.59 $(0.46)$4.49 $(0.34)
Weighted-average number of shares used in per share calculations:
Basic106,834 106,827 106,596 106,795 106,532 
Diluted107,498 107,278 106,596 107,326 106,532 


(In thousands)
 Nine Months Ended
September 30,
Cash flows from operating activities:
Net income (loss)$481,538 $(36,618)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, amortization and accretion218,303 199,183 
Impairments and net losses on disposal of long-lived assets304 62,793 
Share-based compensation23,209 21,121 
Deferred income taxes(46,053)(4,600)
Gain on sales of businesses, net(329)(253,272)
Other, net89 (6,998)
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled(385,046)177,020 
Project assets and PV solar power systems8,626 (160,300)
Government grants receivable(429,744)— 
Other assets(149,635)(49,071)
Income tax receivable and payable(16,809)40,902 
Accounts payable and accrued expenses121,382 (42,809)
Deferred revenue472,934 293,872 
Other liabilities(9,889)1,136 
Net cash provided by operating activities41,151 78,154 
Cash flows from investing activities:
Purchases of property, plant and equipment(1,039,863)(576,704)
Purchases of marketable securities(3,220,467)(2,278,125)
Proceeds from sales and maturities of marketable securities3,996,439 1,870,973 
Proceeds from sales of businesses, net of cash and restricted cash sold— 363,898 
Acquisitions, net of cash acquired(35,739)— 
Other investing activities— (2,561)
Net cash used in investing activities(299,630)(622,519)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt, net of issuance costs307,214 297,405 
Repayment of long-term debt— (75,896)
Payments of tax withholdings for restricted shares(31,100)(12,048)
Net cash provided by financing activities276,114 209,461 
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents(855)39,866 
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents16,780 (295,038)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period1,493,462 1,455,837 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period$1,510,242 $1,160,799 
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities$185,064 $163,147 
Proceeds to be received from asset-based government grants$152,458 $— 
Acquisitions funded by contingent consideration$18,500 $— 
Proceeds to be received from sales of businesses$208 $72,689 

Document and Entity Information Document
Oct. 31, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 31, 2023
Entity Registrant Name FIRST SOLAR, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-33156
Entity Tax Identification Number 20-4623678
Entity Address, Address Line One 350 West Washington Street, Suite 600
Entity Address, City or Town Tempe
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85288
City Area Code 602
Local Phone Number 414-9300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.001 par value
Trading Symbol FSLR
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001274494
Amendment Flag false

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