First Solar(FSLR) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2025 were $0.8 billion, a decrease of$0.7 billion from the previous quarter, primarily due to seasonal reduction in module sales[2] - Net income per diluted share for Q1 2025 was $1.95, down from$3.65 in Q4 2024[2] - Net sales for Q1 2025 were $844.6 million, a decrease of 44.2$1.5 billion in Q4 2024 and an increase of 6.4% from $794.1 million in Q1 2024[17] - Gross profit for Q1 2025 was$344.4 million, down 39.4% from $567.7 million in Q4 2024 and slightly down from$346.0 million in Q1 2024[17] - Operating income for Q1 2025 was $221.2 million, a decrease of 51.6$456.8 million in Q4 2024 and a decrease of 9.0% from $243.1 million in Q1 2024[17] - Net income for Q1 2025 was$209.5 million, down 46.6% from $393.1 million in Q4 2024 and down 11.4$236.6 million in Q1 2024[17] - Basic net income per share for Q1 2025 was $1.96, compared to$3.67 in Q4 2024 and $2.21 in Q1 2024[17] Cash Flow and Expenditures - Cash and cash equivalents decreased to$0.4 billion from $1.2 billion at year-end 2024, driven by capital expenditures and reduced operating cash flows[3] - Cash flows from operating activities for Q1 2025 showed a net cash outflow of$608.0 million, compared to a cash inflow of $267.7 million in Q1 2024[20] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of Q1 2025 were$844.0 million, down from $1.7 billion at the end of Q1 2024[20] - The company incurred$205.9 million in capital expenditures during Q1 2025, a decrease from $413.5 million in Q4 2024[20] Guidance and Forecast - Revised 2025 guidance for net sales is now$4.5 billion to $5.5 billion, down from the previous range of$5.3 billion to $5.8 billion[6] - Revised earnings per diluted share guidance is now$12.50 to $17.50, down from$17.00 to $20.00[6] - The forecasted second quarter earnings per diluted share is expected to be between$2.00 and $3.00[6] - The company anticipates module sales between 3.0 GW and 3.9 GW for the second quarter[6] - Year-to-date net bookings reached 0.7 GW, with an average selling price of 30.5 cents per watt, excluding adjusters and India domestic sales[5] - The expected sales backlog is 66.3 GW[5] Market Outlook - First Solar remains optimistic about long-term solar demand in the U.S. market despite near-term challenges from new tariffs[4] Operating Expenses - Total operating expenses for Q1 2025 were$123.2 million, an increase of 11.0% from $110.9 million in Q4 2024 and an increase of 18.5$104.0 million in Q1 2024[17] Foreign Currency Impact - The company reported a foreign currency loss of $11.6 million in Q1 2025, compared to a loss of$7.3 million in Q4 2024 and a loss of $2.9 million in Q1 2024[17]