First Solar Reports $349M Q4 Profit Amidst Strong U.S. Demand

29 Feb 2024 CW Team

U.S.-based solar module giant First Solar announced a remarkable turnaround in its fourth-quarter performance, reporting a net income of $349 million. This marks a significant shift from the previous year's loss of $7.5 million. The surge in profit was attributed to robust demand for its modules, particularly in the United States.

CEO Mark Widmar highlighted the company's resilience amidst industry challenges during a post-earnings conference call with analysts. Despite global oversupply and pricing volatility, First Solar remains bullish on long-term U.S. demand.

In Q4 2023, net sales soared 33% to $1.2 billion, driven by higher module volumes and average selling prices. Cost of sales dropped by approximately 30%, further bolstering bottom-line figures. However, the gross margin slightly decreased to 43% due to factors including tax credit sales and a higher mix of non-U.S. factory sales.

The company also reported a $23 million impairment charge from its investment in CubicPV, a solar-wafer technology firm. CubicPV's decision to abandon plans for a U.S. manufacturing facility due to rising construction costs and declining wafer prices triggered the impairment.

For the full year 2023, First Solar posted a net income of $831 million, a significant improvement from the $464 million loss in 2022. Net sales surged 27% to $3.3 billion, driven by increased module volumes and ASPs.

First Solar's expansion plans include ramping up manufacturing capacity to 25 GW by 2026, with a focus on U.S. operations. The company recently inaugurated a solar manufacturing facility in Tamil Nadu, India, with a capacity of 3.3 GW, adding to its existing factories in the U.S., Malaysia, and Vietnam.

In addition, First Solar entered into tax credit transfer agreements, generating significant revenue from the sale of solar modules and advanced manufacturing production tax credits. These strategic moves position First Solar for continued growth and innovation in the renewable energy sector.

Infrastructure Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..