Slide 1: First Solar Q1'22 Earnings Call
First Solar Q1’22 Earnings Call April 28, 2022
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: First Quarter 2022 Update
| First Quarter 2022 Update Year to date bookings of 16.7 GW; 11.9 GW since previous earnings call Q1 Highlights Q1 2022 production of approximately 2.1 GW, shipments of approximately 1.7 GW Manufacturing 96% fleet-wide capacity utilization; 110% when adjusted for planned downtime Performance
Slide 4: Expected Module Shipments (GWDC)
| Expected Module Shipments(1) (GWDC): 36.4 GW 11.9 GW 21.4 GW 4.8 GW (1.7) GW Dec 31, 2021 YTD Shipments as of YTD Net-Bookings as QTD Net-Bookings April 28, 2022(5) March 31, 2022(2) of March 31, 2022(3) Q2 2022(4) The above table presents the actual module shipments for 2022 through March 31, 202
Slide 5: Indicative Contract Pricing Adjustments
| Indicative Contract Pricing Adjustments (1) Previous Structure Updated Structure BIN Technology Degradation ● ● Roadmap Temperature Coefficient ● ● Bifaciality n/a ● Product Series 7 n/a ● Features Standard / High Load ● ● Logistics & Sales Freight ● ● © 2022 Copyright First Solar, Inc. Commoditie
Slide 6: Potential Booking Opportunities
| Potential Booking Opportunities Total bookings opportunities Mid-to-Late stage opportunities 1.8 1.6 0.5 1.7 26.3 5.4 16.1 24.4 © 2022 Copyright First Solar, Inc. 1.2 GWDC of opportunities confirmed, but not booked 54.1 GWDC Opportunity 23.7 GWDC Opportunity 6
Slide 7: Policy
| Policy US Uyghur Forced Labor Prevention Act - Signed December 2021, fully enters into force in June 2022 Solar Energy Manufacturing for America Act (SEMA) - Proposed framework for tax credits to incentivize domestic manufacturing Petition related to anti-circumvention of AD/CVD duties - Dep
Slide 8: Income Statement Highlights
| Income Statement Highlights (In millions, except per share amounts)(1) Q1 2022A Q4 2021A Q1 2021A QoQ Change YoY Change Net sales $367 $907 $803 ($540) ($436) Gross profit % 3.1% 27.2% 23.0% (24.1%) (19.9%) Selling, general and administrative 37 38 52 (2) (15) Research and development 27 30 20 (3)
Slide 9: Balance Sheet Highlights
| Balance Sheet Highlights (In millions)(1) Q1 2022A Q4 2021A Q1 2021A QoQ Change YoY Change Cash and marketable securities(2) $1,558 $1,831 $1,797 (273) (239) Accounts receivable(3) 322 455 817 (133) (495) Inventories - current and noncurrent 1,079 904 755 175 323 Property, plant and equipment, net
Slide 10: 2022 Guidance as of April 28
| 2022 Guidance as of April 28, 2021 Prior Current Net Sales $2.4B to $2.6B Unchanged Gross Margin ($)(1) $155M to $215M Unchanged Operating Expenses(2) $365M to $380M Unchanged Operating Income(3,4) $55M to $150M Unchanged Earnings Per Share $0.00 to $0.60 Unchanged Net Cash Balance(5) $1.1B to $1.
Slide 11: Summary & Highlights
| Summary & Highlights Q1’22 loss per share of $0.41, in line with internal expectations Financial Reiterated full year 2022 guidance Q1’22 production of 2.1 GW and shipments of 1.7 GW in line with expectations Operational Technology roadmap opportunity across Series 7, bifaciality, tandem
Slide 12: Copyright and trademarks
© 2022 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