First Solar has reported 49 percent increase in sales to $548 million with net income of $42.6 million during the first quarter of 2023.
“We entered 2023 in a significantly stronger commercial, operational, and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond,” said Mark Widmar, CEO of First Solar, in its earnings report.
“The first quarter of the year reflects this direction as we commissioned our latest factory in the United States and started production of our next generation Series 7 modules, progressed our technology roadmap with a new cell efficiency record, and continued our strong bookings and ASP momentum.”
First Solar is targeting to achieve revenue of $3.4 billion to $3.6 billion in 2023. First Solar is aiming for a annual capital expenditure (Capex) of $1.9 billion to $2.1 billion in 2023.
First Solar said it produced 2,526 MW (+22 percent) and sold 1,939 MW (+51 percent) in the first quarter of 2023.
First Solar bookings reached 12.1 GWDC; 4.8 GWDC since fourth quarter earnings call at an average selling price of $0.318 per watt. First Solar has a total bookings backlog of 71.6 GW extending through 2029.