Slide 1: First Solar Q4'23 Earnings and 2024 Guidance Call
First Solar Q4’23 Earnings and 2024 Guidance Call February 27, 2024
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: 2023 Review
| 2023 Review 28.3 GW of net-bookings in 2023 and record volume sold of 11.4 GW Commercial 1.8 GW of net-bookings year-to-date, 2.3 GW since previous earnings call Backlog of future deliveries (as of today’s call) of 80.1 GW Full year 2023 Earnings per Share of $7.74, above midpoint of guida
Slide 4: Expected Module Volume Sold (GWDC)
| Expected Module Volume Sold (GWDC): 90.0 85.0 28.3 GW 78.3 GW 1.8 GW 80.1 GW 80.0 75.0 70.0 65.0 61.4 GW 11.4 GW 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, 2022 (1) YTD Volume Sold as of YTD Net Bookings as of December 31, 2023 (4) QTD Net-Bookings February 27, 2024 (6) D
Slide 5: Income Statement Highlights
| Income Statement Highlights Q4 2023A 2023A (In millions, except per share amounts)(1) Q4 2023A QoQ Change YoY Change 2023A YoY Change Net sales $1,159 $357 $156 $3,319 $699 Gross profit % 43.3% (3.6%) 37.3% 39.2% 36.5% Selling, general and administrative 57 7 14 198 33 Research and development 44
Slide 6: Balance Sheet Highlights
| Balance Sheet Highlights Q4 2023A (In millions)(1) Q4 2023A Q3 2023A Q4 2022A QoQ Change YoY Change Cash and marketable securities(2) $2,121 $1,840 $2,590 281 (470) Accounts receivable 661 754 324 (93) 336 Inventories - current and noncurrent 1,087 1,144 882 (57) 205 Property, plant and equipment,
Slide 7: Potential Booking Opportunities
| Potential Booking Opportunities Total bookings opportunities Mid-to-Late stage opportunities 1.3 1.2 0.3 8.9 8.5 23.2 55.1 © 2024 Copyright First Solar, Inc. 3.8 GW of opportunities confirmed, but not booked 66.5 GW Opportunity 32.0 GW Opportunity 7
Slide 8: Expansion Update
| Expansion Update Year-End Nameplate Manufacturing Capacity (GW) Full-Year Production (GW) 30.0 Series 7 (India) 30.0 India Series 7 (US) US Series 6 (US) 25.2 International ex-India Series 6 (International) 21.8 - 23.2 22.5 25.0 25.0 3.5 21.2 3.5 18.7 - 20.0 3.1 - 3.3 3.2 20.0 20.0 16.6 15.6 - 16.
Slide 9: 2024 Guidance Assumptions
| 2024 Guidance Assumptions Global: 15.6 GW to 16.3 GW Volumes Sold Produced in US: 5.8 GW to 6.1 GW Produced and sold in India: 2.0 to 2.2 GW Average Selling 28.2 cents per watt global ASP (includes domestic India sales) Prices Includes benefit of certain technology, commodity and freight
Slide 10: 2024 Guidance as of February 27, 2024
| 2024 Guidance as of February 27, 2024 (1) 2024 Guidance Net Sales $4.4B to $4.6B Gross Margin ($)(2) $2.0B to $2.1B Operating Expenses(3) $455M to $485M Operating Income(4) $1.5B to $1.6B Earnings Per Diluted Share $13.00 to $14.00 Net Cash Balance(5) $0.9B to $1.2B Capital Expenditures $1.7B to $
Slide 11: Summary & Highlights
| Summary & Highlights 2.3 GW of net bookings since the previous earnings call, at ASP of 31.8 cents per watt Demand Current contracted backlog of 80.1 GW Opportunity pipeline of 66.5 GW, including 32.0 GW mid-to-late stage Produced 12.1 GW of modules in 2023 including 2.4 GW of Series 7 Man
Slide 12: Copyright and trademarks
© 2024 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