Slide 1: First Solar Q4'24 Earnings and 2025 Guidance Call
First Solar Q4’24 Earnings and 2025 Guidance Call February 25, 2025
Slide 2: Important Information
| Important Information Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of
Slide 3: 2024 Review
| 2024 Review 4.4 GW of net-bookings in 2024 Commercial Year end backlog of future deliveries of 68.5 GW, at base ASP of 29.9 cents per watt Record volume sold of 14.1 GW Record net sales of $4.2 billion Financial $857M in Section 45X tax credit sales Full year 2024 earnings per diluted
Slide 4: Expected Module Volume Sold (GWDC)
| Expected Module Volume Sold (GWDC): 90.0 78.3 GW 14.1 GW 85.0 80.0 75.0 70.0 4.4 GW 68.5 GW 0.1 GW 68.6 GW 65.0 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - Dec 31, 2023 (1) YTD Volume Sold as of YTD Net Bookings as of December 31, 2024 (4) QTD Net-Bookings February 25, 2025 (6) De
Slide 5: Potential Booking Opportunities
| Potential Booking Opportunities Total bookings opportunities Mid-to-Late stage opportunities 1.0 0.3 8.9 2.3 70.3 18.5 © 2025 Copyright First Solar, Inc. 3.9 GW of opportunities confirmed, but not booked 80.3 GW Opportunity 21.0 GW Opportunity 5 Note: Volumes are rounded to the nearest hundred meg
Slide 6: Income Statement Highlights
| Income Statement Highlights Q4 2024A 2024A (In millions, except per share amounts)(1) Q4 2024A QoQ Change YoY Change 2024A YoY Change Net sales $1,514 $626 $355 $4,206 $888 Gross profit % 37.5% (12.7)% (5.8)% 44.2% 5.0% Selling, general and administrative 50 3 (8) 188 (9) Research and development
Slide 7: Balance Sheet Highlights
| Balance Sheet Highlights Q4 2024A (In millions)(1) Q4 2024A Q3 2024A Q4 2023A QoQ Change YoY Change Cash and marketable securities(2) $1,810 $1,286 $2,121 $524 $(311) Accounts receivable - current and noncurrent 1,355 762 661 593 694 Inventories - current and noncurrent 1,360 1,520 1,087 (160) 273
Slide 8: Technology Pillars
| Technology Pillars Core Single-Junction CdTe Alternative Semiconductors Next-Generation Tandems Thin Film (CdTe) Perovskites Improve Core CdTe Technology Accelerate Perovskites Thin-film / Thin-film © 2025 Copyright First Solar, Inc. Commenced CuRe production Ramp perovskite test line by Q2 Scalin
Slide 9: Market Conditions & Policy Environment
| Market Conditions & Policy Environment Unprecedented US Load Growth Speed of Deployment is Critical 5-Year Nationwide Growth Forecast 2025 2026 2028 2030 2035 2040 2029 Summer Peak Demand Growth (GW) Available New Utility-Scale Solar 228% Immediately New Utility-Scale Energy Storage Increase New N
Slide 10: 2025 Guidance Assumptions
| 2025 Guidance Assumptions Global: 18 GW to 20 GW Volumes Sold Produced and sold in U.S.: 9.5 GW to 9.8 GW Produced and sold in India: Approximately 1 GW Average Selling Approximately 29 cents per watt global ASP (includes domestic India sales) Prices Includes benefit of certain technolog
Slide 11: 2025 Guidance as of February 25, 2025
| 2025 Guidance as of February 25, 2025 (1) FY 2025 Expected Earnings Cadence Net Sales $5.3B to $5.8B Gross Margin ($)(2) $2.45B to $2.75B “Note, from an earnings cadence Operating Expenses(3) $470M to $510M perspective, we expect between 2.7 Operating Income(4) $1.95B to $2.30B and 3.0 GW of modul
Slide 12: Summary & Highlights
| Summary & Highlights Year end contracted backlog of 68.5 GW, at ASP of 29.9 cents per watt Demand Opportunity pipeline of 80.3 GW, including 21.0 GW mid-to-late stage 2024 earnings per diluted share of $12.02 $ Financial 2025 forecasted earnings per diluted share of $17.00 to $20.00, ~50
Slide 13: Copyright and trademarks notice
© 2025 Copyright First Solar, Inc. First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First So