First Solar’s Backlog Of Future Deliveries Now 67.7 GW

First Solar Reports -$44 million Net Loss In 2022; Says Fully Sold Out Through 2025 & Guides For Up To 12.3 GW DC Module Sales In 2023

First Solar’s Backlog Of Future Deliveries Now 67.7 GW

First Solar exited 2022 with $2.6 billion net sales, and expects to report between $3.4 billion to $3.6 billion in 2023. (Source: First Solar, Inc)

  • First Solar’s 2022 net loss was -$44 million but increased sales improved annual net sales for Q4/2022 to over $1.0 billion
  • It is sold out through 2025 and has 25.5 GW DC to be delivered between 2026 and beyond
  • Company’s contracted backlog now stands at 67.7 GW DC and claims a global opportunity of 93.1 GW DC
  • 2023 net sales are guided between $3.4 billion to $3.6 billion with module sales expected between 11.8 GW to 12.3 GW

American solar module manufacturer First Solar, Inc has reported net loss of -$44 million in 2022 while its net sales declined 10% to $2.6 billion as it faced impacts from high capital expenditures on its new fabs in the US and India, but future is promising as it is sold out through 2025, excluding India.

Increased module sales and sale of a Chile project pushed First Solar’s annual net sales in Q4/2022 to exceed $1.0 billion with an annual jump of over 10%, with a gross profit of 6.0%. Yet it reported net loss of -$8 million for the reporting quarter.

Order book remains strong as the company locked in 12 GW DC of net bookings since the previous earnings call taking its contracted backlog to a record 67.7 GW DC. Management sees a global opportunity of 93.1 GW DC including 58.0 GW DC of mid- to late-stage opportunities. It counts having 25.5 GW to be delivered in 2026 and beyond.

“We have, in recent months, pivoted from negotiating solely for 2026 volume to work with customers who are looking to secure multiyear contracts over the remainder of the decade,” shared First Solar CEO Mark Widmar.

First Solar rolled out 9.1 GW DC modules in 2022 and exited the year with 9.8 GW DC nameplate manufacturing capacity. Initial production at the Series 7 fab in Ohio has begin to be ramped through 2023.

“We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities,” said CEO of First Solar, Mark Widmar.

By 2026, it targets to expand manufacturing capacity to approximately 21.4 GW DC nameplate capacity, including close to 10.7 GW DC of nameplate capacity in the US.

Reflecting on market developments, First Solar’s CFO Alex Bradley said the company is largely mitigating exposure to glass costs through long-term, fixed price agreements with domestic suppliers. However, it expects near-term volatility in glass pricing which should come down in H2/2023.


First Solar has guided for its net sales in 2023 to range between $3.4 billion to $3.6 billion with gross margin of $1.2 billion to $1.3 billion. Operating expenses are expected between $415 million to $440 million and operating income is forecast between $745 million to $870 million. It plans to sell 11.8 GW to 12.3 GW module capacity this year.

Recently, First Solar bagged 8.1 GW DC worth of orders from Lightsource bp, Silicon Ranch Corporation and Savion, LLC (see It’s Raining Deals For American Solar Module Maker).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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