Stock Analysis on Net
Stock Analysis on Net

First Solar Inc. (NASDAQ:FSLR)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 29, 2024.

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.

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First Solar Inc., consolidated income statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net sales
Cost of sales
Gross profit
Selling, general and administrative
Research and development
Production start-up
Litigation loss
Operating expenses
Gain on sales of businesses, net
Operating income (loss)
Foreign currency income (loss), net
Interest income
Interest expense, net
Other income (expense), net
Income (loss) before taxes and equity in earnings (losses)
Income tax (expense) benefit
Equity in losses, net of tax
Net income (loss)

Based on: 10-K (reporting date: 2023-12-31), 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).

Net Sales
There is a fluctuation in net sales over the period. Sales decreased from 3,063,117 thousand USD in 2019 to 2,711,332 thousand USD in 2020. A slight recovery to 2,923,377 thousand USD followed in 2021, then a drop again in 2022 to 2,619,319 thousand USD, before a significant increase to 3,318,602 thousand USD in 2023. This indicates variability with a strong rebound in the most recent year.
Cost of Sales
Cost of sales showed a generally declining trend from 2019 through 2023 but with some volatility. It decreased notably from 2,513,905 thousand USD in 2019 to 2,030,659 thousand USD in 2020, then slightly increased in 2021 and 2022, followed by a marked decrease to 2,017,923 thousand USD in 2023. The pattern suggests management's efforts to control cost despite fluctuating sales.
Gross Profit
Gross profit increased steadily from 549,212 thousand USD in 2019, peaking at 729,954 thousand USD in 2021, before a drastic drop to 69,858 thousand USD in 2022. It surged again to 1,300,679 thousand USD in 2023. The sharp decline in 2022 followed by a pronounced rebound likely reflects extraordinary items or cost management effects in that year.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses remained relatively stable with minor fluctuations. After an initial increase from 205,471 thousand USD in 2019 to 222,918 thousand USD in 2020, expenses decreased significantly to 170,320 thousand USD in 2021 and further slightly in 2022. In 2023, expenses rose again to 197,622 thousand USD, indicating variability but overall controlled spending in this category.
Research and Development
R&D expenses show an increasing trend over the period. Starting at 96,611 thousand USD in 2019, they slightly decreased in 2020 before gradually rising to 152,307 thousand USD in 2023, reflecting a strategic emphasis on innovation and technology development.
Production Start-up Costs
Production start-up expenses generally declined from 45,915 thousand USD in 2019 to 21,052 thousand USD in 2021. However, they increased again to 73,077 thousand USD in 2022 before slightly decreasing to 64,777 thousand USD in 2023. This suggests initiation of new production activities particularly in 2022 and 2023.
Litigation Loss
Litigation loss shows a significant reduction from a large loss of 363,000 thousand USD in 2019 to 6,000 thousand USD in 2020. No losses were reported for 2021 and 2022, with a relatively minor loss of 35,590 thousand USD in 2023, pointing to decreased litigation impact over time.
Operating Expenses
Operating expenses halved from 710,997 thousand USD in 2019 to 363,184 thousand USD in 2020 and continued to decrease to 290,487 thousand USD in 2021. A slight increase to 350,605 thousand USD in 2022 was followed by a further increase to 450,296 thousand USD in 2023. This trend mirrors the variations seen in SG&A, R&D, and start-up costs combined.
Gain on Sales of Businesses, Net
Gains from sales of businesses were recorded starting 2021, with 147,284 thousand USD, increasing sharply to 253,511 thousand USD in 2022 before dropping to 6,883 thousand USD in 2023. This transitory income source has materially influenced operating results in 2021 and 2022.
Operating Income (Loss)
Operating income improved significantly from a loss of 161,785 thousand USD in 2019 to a profit of 317,489 thousand USD in 2020, increasing further to 586,751 thousand USD in 2021. However, it turned negative again in 2022 at a loss of 27,236 thousand USD, recovering strongly to 857,266 thousand USD in 2023, corresponding with fluctuations in gross profit and gains on business sales.
Foreign Currency Income (Loss), Net
A consistent net loss in foreign currency transactions worsened over the years, starting with a small gain of 2,291 thousand USD in 2019 shifting to increasing losses, culminating in a loss of 21,533 thousand USD in 2023. This suggests growing exposure to adverse currency movements.
Interest Income
Interest income decreased sharply from 48,886 thousand USD in 2019 to 6,179 thousand USD in 2021, then rebounded significantly to 97,667 thousand USD in 2023, pointing to variability in interest-bearing assets or rates.
Interest Expense, Net
Interest expense remained relatively stable throughout the period, fluctuating narrowly between 12,225 thousand USD and 27,066 thousand USD. The slight decrease after 2019 indicates some reduction in net interest costs.
Other Income (Expense), Net
Other income (expense) exhibited volatility, with positive figures in 2019 (17,545 thousand USD) and 2022 (31,189 thousand USD), negative in 2020 (-11,932 thousand USD) and 2023 (-29,145 thousand USD), and near neutral in 2021. Such variability suggests irregular non-core income or expenses.
Income (Loss) Before Taxes and Equity in Earnings (Losses)
The figure shows a transition from loss of 120,129 thousand USD in 2019 to positive values peaking at 572,162 thousand USD in 2021, declining substantially to 8,598 thousand USD in 2022, before rising to 891,290 thousand USD in 2023. This mirrors operating income trends and indicates overall profitability improvements.
Income Tax (Expense) Benefit
Income tax fluctuated between benefits and expenses. Tax benefit of 5,480 thousand USD was reported in 2019, increasing to 107,294 thousand USD in 2020, turning to expenses of 103,469 thousand USD in 2021 and maintaining negative values in 2022 and 2023, consistent with the company's alternating profitability and loss positions.
Equity in Losses, Net of Tax
Equity losses were marginal and only reported in 2019 and 2020, with 284 thousand USD and 2,129 thousand USD respectively. No data is reported subsequently, indicating a possible divestment or improved equity investment results.
Net Income (Loss)
Net income trend shows a loss of 114,933 thousand USD in 2019, improving sharply to profits of 398,355 thousand USD in 2020 and 468,693 thousand USD in 2021. A loss occurred again in 2022, at 44,166 thousand USD, followed by a robust profit of 830,777 thousand USD in 2023. This pattern suggests sensitivity to operating factors, one-time items, and overall improved financial performance in the long term.