Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

First Solar Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net sales	2,619,319)	2,923,377)	2,711,332)	3,063,117)	2,244,044)
Cost of sales	(2,549,461)	(2,193,423)	(2,030,659)	(2,513,905)	(1,851,867)
Gross profit	69,858)	729,954)	680,673)	549,212)	392,177)
Selling, general and administrative	(164,724)	(170,320)	(222,918)	(205,471)	(176,857)
Research and development	(112,804)	(99,115)	(93,738)	(96,611)	(84,472)
Production start-up	(73,077)	(21,052)	(40,528)	(45,915)	(90,735)
Litigation loss	—)	—)	(6,000)	(363,000)	—)
Operating expenses	(350,605)	(290,487)	(363,184)	(710,997)	(352,064)
Gain on sales of businesses, net	253,511)	147,284)	—)	—)	—)
Operating income (loss)	(27,236)	586,751)	317,489)	(161,785)	40,113)
Foreign currency income (loss), net	(16,414)	(7,975)	(4,890)	2,291)	(570)
Interest income	33,284)	6,179)	16,559)	48,886)	59,788)
Interest expense, net	(12,225)	(13,107)	(24,036)	(27,066)	(25,921)
Other income (expense), net	31,189)	314)	(11,932)	17,545)	39,737)
Income (loss) before taxes and equity in earnings (losses)	8,598)	572,162)	293,190)	(120,129)	113,147)
Income tax (expense) benefit	(52,764)	(103,469)	107,294)	5,480)	(3,441)
Equity in earnings (losses), net of tax	—)	—)	(2,129)	(284)	34,620)
Net income (loss)	(44,166)	468,693)	398,355)	(114,933)	144,326)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	First Solar Inc. net sales increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	First Solar Inc. operating income (loss) increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Income (loss) before taxes and equity in earnings (losses)	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	First Solar Inc. income (loss) before taxes and equity in earnings (losses) increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net income (loss)	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	First Solar Inc. net income (loss) increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

First Solar Inc. (NASDAQ:FSLR)

Income Statement