First Solar swings to Q1 loss as sales plunge

US thin-film photovoltaics (PV) maker First Solar Inc (NASDAQ:FSLR) on Thursday posted a first-quarter net loss of USD 43.3 million (EUR 40.6m) largely caused by a sharp sales drop but still confirmed its full-year guidance.

As compared to the previous quarter, the solar manufacturer’s top-line result contracted by almost 60% as its performance was dented by lower solar module sales, a drop in selling prices and lower project revenues in Japan.

More details about First Solar’s performance are available in the table below.

Despite the drop in revenues, First Solar’s CEO Mark Widmar said that the company had a “strong bookings progress,” as it bagged 11.9 GW DC of orders in less than 60 days. As a result, year-to-date bookings have grown to 16.7 GW DC.

First Solar’s cash, restricted cash, and marketable securities at the end of March amounted to USD 1.6 billion, down from USD 1.8 billion in the prior quarter. The decline is mainly due to costs related to the expansion of the company’s production capacity in India and Ohio, as well as operating expenses.

Looking ahead, the US solar product maker reiterated its forecast for 2022, as given in the table.

(USD 1.0 = EUR 0.937)

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