First Photo voltaic swings to Q1 loss as gross sales plunge

April 29 (Renewables Now) – US thin-film photovoltaics (PV) maker First Photo voltaic Inc (NASDAQ:FSLR) on Thursday posted a first-quarter internet lack of USD 43.3 million (EUR 40.6m) largely brought on by a pointy gross sales drop however nonetheless confirmed its full-year steerage.

As in comparison with the earlier quarter, the photo voltaic producer’s top-line consequence contracted by nearly 60% as its efficiency was dented by decrease photo voltaic module gross sales, a drop in promoting costs and decrease venture revenues in Japan.

Extra particulars about First Photo voltaic’s efficiency can be found within the desk under.

Regardless of the drop in revenues, First Photo voltaic’s CEO Mark Widmar mentioned that the corporate had a “robust bookings progress,” because it bagged 11.9 GW DC of orders in lower than 60 days. In consequence, year-to-date bookings have grown to 16.7 GW DC.

First Photo voltaic’s money, restricted money, and marketable securities on the finish of March amounted to USD 1.6 billion, down from USD 1.8 billion within the prior quarter. The decline is principally because of prices associated to the enlargement of the corporate’s manufacturing capability in India and Ohio, in addition to working bills.

Wanting forward, the US photo voltaic product maker reiterated its forecast for 2022, as given within the desk.

(USD 1.0 = EUR 0.937)

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