At Ando Money, I’m here to provide an in-depth look at First Solar net worth. With growing advancements in renewable energy and strong financial performance, First Solar is a key player in the industry.
Let’s explore the company’s financial growth, its impact on the solar market, and how it stands among other industry leaders.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | First Solar, Inc. |
| Full Name | First Solar, Inc. |
| Website | N/A |
| Industry | Solar energy, Renewable energy |
| Traded as | Publicly traded |
| ISIN | N/A |
| Founded | 1999 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | N/A |
| Chief Executive Officer | Mark R. Widmar |
| Number of Employees | 6,700 |
| Market Cap | $24.74 Billion |
| Total Assets | $11.014 Billion |
| Total Equity | $7.255 Billion |
| Revenue | $1.01 Billion (Q2 2024) |
| Net Income | $349 Million (Q2 2024) |
What is the Net Worth/Market Cap Of First Solar in 2024?
First Solar’s net worth, measured by its market cap, stands at a robust $24.74 Billion as of October 2024.
This positions the company prominently in the solar industry, contributing to its standing as one of the world’s most influential renewable energy firms.
While First Solar’s valuation is remarkable, it competes closely with other industry players.
Here are some notable related companies:
- SunPower
- Canadian Solar
- JinkoSolar
- Enphase Energy
- Trina Solar
- Tesla (Solar Division)
- Sunrun
- Array Technologies
- SolarEdge Technologies
- Hanwha Q CELLS
First Solar is among the key contributors to renewable energy and is considered part of the world’s most significant players.
If you are interested in exploring more about the largest and most prosperous companies in the industry, you can learn more here.
First Solar Financial Performance Overview
Revenue Breakdown and Growth Patterns
First Solar demonstrated strong financial growth in Q2 2024, achieving net sales of $1.01 Billion. Compared to Q1 2024 and the same period in the previous year, this figure grew by $216 Million and $199 Million, respectively.
The revenue increase is driven largely by rising demand for solar energy, technological innovation, and a growing market for their solar modules.
In terms of geographic distribution, First Solar’s expanding reach across North America and the international solar markets has contributed significantly to its revenue.
This regional growth reflects not only the growing demand for renewable energy solutions but also First Solar’s ability to meet this demand effectively.
Product Performance and Sales Volume
Central to First Solar’s success is its high-performing solar modules: the Series 6 (S6) and the more advanced Series 7 (S7). In Q2 2024, the company produced 2.5 GW of the S6 and 1.2 GW of the S7.
These modules play a significant role in the company’s revenue, with average bin wattage for S6 at 468 and S7 at 536.
The company’s focus on efficiency and performance, such as improving wattage and enhancing product durability, directly impacts sales volume and revenue.
Additionally, advancements in the technology embedded in these modules are likely to further drive sales growth in upcoming quarters.
Technological Innovations Impacting Financials
First Solar’s commitment to technology is evident in its CdTe (Cadmium Telluride) research, achieving a record conversion efficiency of 23.1%.
This efficiency places First Solar as a leader in solar technology, providing a competitive edge that not only enhances product appeal but also contributes to financial performance.
The CuRe (Copper Replacement) technology, expected to launch in Q4 2024, is poised to optimize costs and improve module performance further.
The Jim Nolan Center for Solar Innovation, based in Ohio, serves as a focal point for research and development, enhancing the company’s technological progress and revenue growth potential.
Manufacturing Capacity and Expansion
Manufacturing is the backbone of First Solar’s revenue. The company has been actively expanding its capacity, with the Ohio facility now commissioned in July 2024, adding 0.9 GW in capacity.
The upcoming Alabama and Louisiana manufacturing facilities are expected to be operational in Q3 2024 and the second half of 2025, respectively. With these expansions, the total U.S. capacity is projected to reach 14.1 GW by the end of 2025.
This growth in capacity directly correlates with the potential for increased sales and revenue, positioning First Solar to meet rising market demand effectively.
Bookings Backlog and Pipeline Opportunities
Bookings play a significant role in First Solar’s financial projections. By Q2 2024, the company secured 3.6 GW in net bookings, with a current contracted backlog of 75.9 GW extending through 2030.
The opportunity pipeline is equally promising, with 80.6 GW in potential bookings, 28.6 GW of which are in the mid-to-late stage.
This robust backlog and pipeline of opportunities ensure sustained revenue growth, financial stability, and a clear pathway for meeting demand in the renewable energy market.
Cost Structure and Gross Margin Evolution
Cost efficiency has played a vital role in First Solar’s gross margin, which improved to 49.4% in Q2 2024.
Despite facing production start-up costs and ongoing operational expenses, the company effectively manages these expenses to maintain profitability.
Strategies to control production costs, along with innovative manufacturing processes, continue to enhance First Solar’s bottom line.
Financial Guidance and Future Projections
For the fiscal year 2024, First Solar anticipates net sales in the range of $4.4 Billion to $4.6 Billion.
The company projects a net cash balance between $0.6 Billion to $0.9 Billion, with capital expenditures estimated at $1.8 Billion to $2.0 Billion.
The expected volume sold ranges from 15.6 GW to 16.3 GW, reflecting the company’s strong sales forecast and further contributing to its overall revenue growth.
Earnings Per Share and Profitability Trends
First Solar’s earnings per share (EPS) reached $3.25 in Q2 2024, growing significantly from the previous quarter and year. With net income rising to $349 Million, the company’s profitability trends are on an upward trajectory.
Looking ahead, First Solar maintains a positive outlook on its earnings cadence, projecting stronger financial performance for the latter half of the year.
FAQs about First Solar
What are First Solar’s revenue and net income for Q2 2024?
It reported $1.01 Billion in revenue and a net income of $349 Million for Q2 2024.
How efficient are First Solar’s solar modules?
The CdTe solar modules boast a 23.1% conversion efficiency, marking a world record for this technology.
What is the financial guidance for First Solar in 2024?
It anticipates net sales between $4.4 Billion to $4.6 Billion and capital expenditures of $1.8 Billion to $2.0 Billion.
What is its manufacturing capacity as of 2024?
With expansions, the operational capacity stands at 7.1 GW in the U.S., and it is expected to reach 14.1 GW by 2025.
How does First Solar maintain its profitability?
The company achieves profitability through technological innovations, cost control, and strategic expansion in manufacturing capacity.
Conclusion
First Solar’s strong financial performance and technological advancements position it as a leader in the solar industry.
If you have any questions or insights, feel free to comment or share your thoughts. For more analysis and financial insights, explore Ando Money.
