Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net sales	548,286)	1,002,391)	628,933)	620,955)	367,040)	907,319)	583,504)	629,180)	803,374)	609,232)	927,565)	642,411)	532,124)	1,399,377)	546,806)	584,956)	531,978)	691,241)	676,220)	309,318)	567,265)
Cost of sales	(436,235)	(941,778)	(607,951)	(644,155)	(355,577)	(660,830)	(458,924)	(455,062)	(618,607)	(449,372)	(634,550)	(504,951)	(441,786)	(1,065,822)	(408,443)	(507,774)	(531,866)	(592,931)	(547,093)	(317,376)	(394,467)
Gross profit (loss)	112,051)	60,613)	20,982)	(23,200)	11,463)	246,489)	124,580)	174,118)	184,767)	159,860)	293,015)	137,460)	90,338)	333,555)	138,363)	77,182)	112)	98,310)	129,127)	(8,058)	172,798)
Selling, general and administrative	(44,028)	(42,734)	(46,368)	(38,894)	(36,728)	(38,411)	(43,476)	(36,346)	(52,087)	(62,700)	(49,861)	(51,770)	(58,587)	(55,643)	(53,542)	(50,934)	(45,352)	(51,338)	(33,539)	(50,854)	(41,126)
Research and development	(30,510)	(31,284)	(29,183)	(25,229)	(27,108)	(29,881)	(25,426)	(23,935)	(19,873)	(22,670)	(22,972)	(22,483)	(25,613)	(25,427)	(24,912)	(24,395)	(21,877)	(21,388)	(22,390)	(20,370)	(20,324)
Production start-up	(19,494)	(32,740)	(19,768)	(13,231)	(7,338)	(5,038)	(2,945)	(1,715)	(11,354)	(16,716)	(13,019)	(6,311)	(4,482)	(7,351)	(18,605)	(10,437)	(9,522)	(14,576)	(14,723)	(24,352)	(37,084)
Litigation loss	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6,000)	—)	(363,000)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(94,032)	(106,758)	(95,319)	(77,354)	(71,174)	(73,330)	(71,847)	(61,996)	(83,314)	(102,086)	(85,852)	(86,564)	(88,682)	(451,421)	(97,059)	(85,766)	(76,751)	(87,302)	(70,652)	(95,576)	(98,534)
Gain on sales of businesses, net	(17)	239)	5,984)	245,381)	1,907)	—)	(1,866)	(1,745)	150,895)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	18,002)	(45,906)	(68,353)	144,827)	(57,804)	173,159)	50,867)	110,377)	252,348)	57,774)	207,163)	50,896)	1,656)	(117,866)	41,304)	(8,584)	(76,639)	11,008)	58,475)	(103,634)	74,264)
Foreign currency income (loss), net	(5,947)	(4,373)	(4,859)	(2,984)	(4,198)	(3,362)	(1,018)	(1,000)	(2,595)	(1,341)	(1,852)	(1,299)	(398)	(816)	1,209)	1,726)	172)	1,908)	(2,383)	2,422)	(2,517)
Interest income	25,822)	18,330)	9,749)	2,880)	2,325)	2,183)	1,752)	1,288)	956)	1,446)	2,109)	3,674)	9,330)	9,663)	11,454)	13,510)	14,259)	14,643)	16,456)	16,865)	11,824)
Interest expense, net	(748)	(3,133)	(2,991)	(3,236)	(2,865)	(2,530)	(2,958)	(4,623)	(2,996)	(3,018)	(10,975)	(3,254)	(6,789)	(3,048)	(4,976)	(8,921)	(10,121)	(11,476)	(3,198)	(6,065)	(5,182)
Other income (expense), net	(1,456)	28,510)	4,774)	(1,883)	(212)	(2,284)	(2,603)	(3,247)	8,448)	(3,279)	(3,236)	(3,195)	(2,222)	21,873)	(3,399)	(4,438)	3,509)	32,102)	(5,971)	(4,328)	17,934)
Income (loss) before taxes and equity in earnings (losses)	35,673)	(6,572)	(61,680)	139,604)	(62,754)	167,166)	46,040)	102,795)	256,161)	51,582)	193,209)	46,822)	1,577)	(90,194)	45,592)	(6,707)	(68,820)	48,185)	63,379)	(94,740)	96,323)
Income tax (expense) benefit	6,888)	(976)	12,512)	(83,799)	19,499)	(35,796)	(837)	(20,346)	(46,490)	66,400)	(38,107)	(10,214)	89,215)	30,865)	(15,035)	(11,744)	1,394)	4,416)	(2,396)	6,164)	(11,625)
Equity in earnings (losses), net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,279)	(65)	303)	(88)	(79)	65)	(97)	(173)	(485)	(3,233)	40,085)	(1,747)
Net income (loss)	42,561)	(7,548)	(49,168)	55,805)	(43,255)	131,370)	45,203)	82,449)	209,671)	115,703)	155,037)	36,911)	90,704)	(59,408)	30,622)	(18,548)	(67,599)	52,116)	57,750)	(48,491)	82,951)

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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 Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	First Solar Inc. operating income (loss) increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

First Solar Inc. (NASDAQ:FSLR)

Income StatementQuarterly Data

Income Statement
Quarterly Data