•Net sales of $4.2 billion for 2024 and $1.5 billion for the fourth quarter

•Net income per diluted share of $12.02 for 2024 and $3.65 for the fourth quarter

•2024 year-end net cash balance of $1.2 billion

•2024 net bookings of 4.4 GW with an average selling price of 30.5 cents per watt, excluding adjusters, India domestic volume, and terminations

•2025 net sales guidance of $5.3 billion to $5.8 billion

•2025 earnings per diluted share guidance of $17.00 to $20.00

•2025 year-end net cash balance guidance of $0.7 billion to $1.2 billion

TEMPE, Arizona, February 25, 2025 – First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the fourth quarter and year ended December 31, 2024.

Net sales for the fourth quarter were $1.5 billion, an increase of $0.6 billion from the prior quarter. The increase was primarily a result of increased module sales in the fourth quarter. Net sales for the full year 2024 were $4.2 billion compared to $3.3 billion in the prior year. This increase was primarily driven by a higher volume of modules sold to third parties.

The Company reported fourth quarter net income per diluted share of $3.65 and full year net income per diluted share of $12.02.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $1.2 billion from $0.7 billion at the end of the prior quarter. The increase was primarily the result of the initial proceeds received from the sale of 2024 Section 45X tax credits and module segment operating cash flows, partially offset by capital expenditures associated with our Alabama and Louisiana facilities.

“In 2024, we continued building the foundations required for our long-term growth strategy,” said Mark Widmar, chief executive officer, First Solar. “Even as we maintained a highly selective approach to bookings, we expanded manufacturing capacity by commissioning our Alabama facility and progressed construction of our new Louisiana facility, established the infrastructure we anticipate will accelerate innovation with a new R&D center in Ohio, and produced and shipped a historic volume of modules.”

The complete 2025 guidance is as follows:

——————————

(1)Expectation of between 2.7 and 3.0 GW of module sales in the first quarter, at a gross margin similar to the full year average, resulting in first quarter Earnings per Diluted Share of between $2.20 and $2.70

(2)Assumes $50 million to $60 million of ramp and underutilization costs and $1.65 billion to $1.7 billion of Section 45X tax credits

(3)Assumes $60 million to $70 million of production start-up expense

(4)Assumes $110 million to $130 million of production start-up expense, and ramp and underutilization costs, and $1.65 billion to $1.7 billion of Section 45X tax credits

(5)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025

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 fourth quarter and full year 2024 financial results, 2025 guidance, and financial outlook.

First Solar has scheduled a conference call for today, February 25, 2025, 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. 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.

First Solar, Inc. (Nasdaq: FSLR) is America's leading photovoltaic (“PV”) solar technology and manufacturing company. The only US-headquartered company among the world's largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with its advanced, uniquely American thin film PV technology. Developed at research and development (“R&D”) labs in California and Ohio, the Company's technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV modules. For more information, please visit www.firstsolar.com.

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 capacity coming online; production and delivery of our modules; anticipated claims under our limited product warranty obligations and any related remediation commitments; our financial guidance for 2025, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted share, net cash balance, capital expenditures, expected earnings cadence; volume sold, shipments, bookings, products and our business and financial objectives for 2025; 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; the performance of our solar modules upon installation; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including 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 or otherwise as required by laws and regulations; 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 cybersecurity incidents including breaches or outages 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 new production facilities to support new product lines in line with anticipated timing; evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social and governance matters; our ability to avoid manufacturing interruptions; our ability to attract and retain key executive officers and associates; the severity and duration of public health threats, and 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, as supplemented by our other filings with the Securities and Exchange Commission.

investor@firstsolar.com                            media@firstsolar.com

						Years Ended December 31,
						2024						2023						2022
Cash flows from operating activities:
Net income (loss)						$	1,292,044					$	830,777					$	(44,166)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, amortization and accretion						423,498						307,994						269,724
Impairments and net losses on disposal of long-lived assets						1,360						1,568						63,338
Share-based compensation						28,104						34,219						28,656
Deferred income taxes						(54,754)						(60,813)						(12,799)
Gain on sales of businesses, net						(1,115)						(6,883)						(253,511)
Liabilities assumed by customers for the sale of systems						—						—						(145,281)
Gain on debt forgiveness						—						—						(30,201)
Other, net						11,982						22,062						(1,029)
Changes in operating assets and liabilities:
Accounts receivable, trade						(505,336)						(304,183)						118,724
Inventories						(276,807)						(205,106)						16,693
Government grants receivable						270,300						(659,745)						—
Other assets						(311,363)						(215,707)						(86,938)
Income tax receivable and payable						47,421						8,656						43,592
Accounts payable and accrued expenses						268,731						79,328						5,569
Deferred revenue						698						783,207						912,946
Other liabilities						23,236						(13,114)						(11,948)
Net cash provided by operating activities						1,217,999						602,260						873,369
Cash flows from investing activities:
Purchases of property, plant and equipment						(1,526,076)						(1,386,775)						(903,605)
Purchases of marketable securities and restricted marketable securities						(2,516,097)						(3,612,801)						(3,375,008)
Proceeds from sales and maturities of marketable securities						2,491,857						4,563,890						2,646,787
Proceeds from sales of businesses, net of cash and restricted cash sold						—						7,680						442,302
Acquisitions, net of cash acquired						—						(35,739)						—
Other investing activities						(12,991)						(9,046)						(3,050)
Net cash used in investing activities						(1,563,307)						(472,791)						(1,192,574)
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs						258,461						367,983						397,380
Repayment of debt						(205,821)						—						(75,896)
Payments of tax withholdings for restricted shares						(20,178)						(31,130)						(12,092)
Contingent consideration payment and other financing activities						(7,613)						—						—
Net cash provided by financing activities						24,849						336,853						309,392
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents						(6,387)						5,285						47,438
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents						(326,846)						471,607						37,625
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period						1,965,069						1,493,462						1,455,837
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period						$	1,638,223					$	1,965,069					$	1,493,462
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities						$	185,618					$	249,455					$	315,961
Proceeds to be received from asset-based government grants						$	171,920					$	152,208					$	—
Acquisitions funded by contingent consideration						$	6,500					$	18,500					$	—