First Solar, a leading American solar technology company, reported a significant increase in financial performance for the quarter ended June 30, 2024. Net sales surged by 25% to $1.0 billion compared to $0.8 billion in the same period in 2023, driven by a 21% increase in the volume of modules sold and a 4% rise in the average selling price per watt. Gross profit as a percentage of net sales jumped to 49.4% from 38.3% in the previous year, attributed to a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, higher plant utilization, and a contract termination payment from a European customer. The company's modules business remains the primary segment, focusing on the design, manufacture, and sale of cadmium telluride...Show More

First Solar, a leading American solar technology company, reported a significant increase in financial performance for the quarter ended June 30, 2024. Net sales surged by 25% to $1.0 billion compared to $0.8 billion in the same period in 2023, driven by a 21% increase in the volume of modules sold and a 4% rise in the average selling price per watt. Gross profit as a percentage of net sales jumped to 49.4% from 38.3% in the previous year, attributed to a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, higher plant utilization, and a contract termination payment from a European customer. The company's modules business remains the primary segment, focusing on the design, manufacture, and sale of cadmium telluride solar modules. First Solar's future plans include expanding manufacturing capacity in the United States, with new facilities expected to commence operations in the second halves of 2024 and 2025, aiming for an annual manufacturing capacity of over 25 GW by the end of 2026. The company also achieved a new world record CdTe research cell conversion efficiency of 23.1% and completed key construction at its Ohio R&D innovation center. First Solar's market overview highlights the growth of solar energy as a competitive and environmentally beneficial alternative to traditional energy sources, with government support programs like the IRA expected to further bolster the industry.