First Solar (FSLR) FY2022 results: revenue $2.6 billion, down 10.4% on the year

First Solar, Inc. (FSLR) reported revenue of $2.6 billion for fiscal 2022, the year ended 31 December 2022, down 10.4% on the year before. Net income was -$44 million, and diluted earnings per share $-0.41. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$2.6 billion

-10.4% on the year

FY2015FY2022

Operating margin

-1.0%

20.1% a year earlier

FY2015FY2022

Net income

-$44 million

FY2015FY2022

Diluted EPS

-$0.41

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,619	2,923	2,711	-10.4%
Cost of revenue	2,549	2,193	2,031	+16.2%
Gross profit	69.9	730	681	-90.4%
Gross margin	2.7%	25.0%	25.1%
Research and development	113	99.1	93.7	+13.8%
Selling, general and administrative	165	170	223	-3.3%
Operating income	-27.2	587	317
Operating margin	-1.0%	20.1%	11.7%
Interest expense	12.2	13.1	24.0	-6.7%
Pre-tax income	8.6	572	293	-98.5%
Income tax	52.8	103	-107	-49.0%
Effective tax rate	613.7%	18.1%	-36.6%
Net income	-44.2	469	398
Net margin	-1.7%	16.0%	14.7%
Diluted EPS	-$0.41	$4.38	$3.73

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	873	238	37.1	+267.6%
Capital expenditure	904	540	417	+67.2%
Free cash flow	-30.2	-303	-380
Free cash flow margin	-1.2%	-10.4%	-14.0%
Cash from investing	-1,193	-99.0	-131
Cash from financing	309	40.5	-82.6	+663.0%
Depreciation and amortisation	270	260	233	+3.8%
Share-based compensation	28.7	20.9	29.3	+37.1%
Diluted shares, weighted	107m	107m	107m	-0.3%
Shares outstanding at period end	107m	106m	106m	+0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	5,836	5,960	5,521	-2.1%
Debt	184	240	279	-23.2%
Operating lease liabilities	40.6	146	189	-72.2%
Other liabilities	2,190	1,068	1,120	+105.0%
Total liabilities and equity	8,251	7,414	7,109	+11.3%
Fixed assets	3,537	2,650	2,402	+33.5%
Goodwill	14.5	14.5	14.5	0.0%
Intangible assets	31.1	45.5	56.1	-31.6%
Investments	1,097	375	520	+192.2%
Cash and equivalents	1,481	1,451	1,227	+2.1%
Receivables	324	429	266	-24.5%
Inventory	621	666	568	-6.7%
Other assets	1,145	1,782	2,055	-35.8%
Total assets	8,251	7,414	7,109	+11.3%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.