First Solar Q1 Earnings: IRATC Timing, Strong Backlog, Higher ASP Per Watt

First Solar did not change their 2023 guidance. However, the company did indicate that earnings will be heavily weighed toward the 2nd half. First Solar reiterated full year sales of $3.5b and IRATC amount of $660-710 and $0.17 IRATC per watt. For the first time, they shared the IRATC timing recognition - 25% in the first half and 75% in the second half. The contract backlog grew from 61.4GW in Q4 to 71.6 GW in Q1. The current backlog is about 6x 2023 production capacity. They’re sold out through 2026, ex-India. Volume sold targets remained unchanged at about 12 GW. US capacity expansion plans in Ohio and Alabama are on track. We review this and more in the write-up below.

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