First Solar targets revenue of $3.4 bn and Capex of $1.9 bn

First Solar PV modules

First Solar said it is aiming to achieve revenue of $3.4 billion – $3.6 billion and Capex of $1.9 billion – $2.1 billion in 2023.

Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter, First Solar said.

First Solar reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41.

“This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar,” said Mark Widmar, CEO of First Solar.

First Solar is targeting operating income of $745 million to $870 million, which includes production start-up expense of $85 million to $90 million, ramp costs related to expansion projects and underutilization costs related to factory upgrades of $110 million to $130 million, and Inflation Reduction Act Section 45X tax credits of $660 million to $710 million.