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.

First Solar Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	3,318,602)	2,619,319)	2,923,377)	2,711,332)	3,063,117)
Cost of sales	(2,017,923)	(2,549,461)	(2,193,423)	(2,030,659)	(2,513,905)
Gross profit	1,300,679)	69,858)	729,954)	680,673)	549,212)
Selling, general and administrative	(197,622)	(164,724)	(170,320)	(222,918)	(205,471)
Research and development	(152,307)	(112,804)	(99,115)	(93,738)	(96,611)
Production start-up	(64,777)	(73,077)	(21,052)	(40,528)	(45,915)
Litigation loss	(35,590)	—)	—)	(6,000)	(363,000)
Operating expenses	(450,296)	(350,605)	(290,487)	(363,184)	(710,997)
Gain on sales of businesses, net	6,883)	253,511)	147,284)	—)	—)
Operating income (loss)	857,266)	(27,236)	586,751)	317,489)	(161,785)
Foreign currency income (loss), net	(21,533)	(16,414)	(7,975)	(4,890)	2,291)
Interest income	97,667)	33,284)	6,179)	16,559)	48,886)
Interest expense, net	(12,965)	(12,225)	(13,107)	(24,036)	(27,066)
Other income (expense), net	(29,145)	31,189)	314)	(11,932)	17,545)
Income (loss) before taxes and equity in earnings (losses)	891,290)	8,598)	572,162)	293,190)	(120,129)
Income tax (expense) benefit	(60,513)	(52,764)	(103,469)	107,294)	5,480)
Equity in losses, net of tax	—)	—)	—)	(2,129)	(284)
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)

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).

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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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	First Solar Inc. operating income (loss) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income (loss) before taxes and equity in earnings (losses)	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	First Solar Inc. income (loss) before taxes and equity in earnings (losses) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
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) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

First Solar Inc. (NASDAQ:FSLR)

Income Statement