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First Solar’s Revenue Breakdown (2016 – 2021)

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This statistic highlights First Solar’s Revenue Breakdown from Q1 2016 onwards, split between Energy Generation, Engineering, Procurement and construction, Module Plus, Operations and Maintenance, Solar Modules, and Solar Power Systems.
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This statistic highlights First Solar’s Revenue Breakdown from Q1 2016 onwards, split between Energy Generation, Engineering, Procurement and construction, Module Plus, Operations and Maintenance, Solar Modules, and Solar Power Systems.

First Solar Inc. is the global leader in solar photovoltaic systems. PV solar modules using sophisticated thin-film semiconductor technologies are designed, manufactured, and sold by the company. In select areas, PV solar power systems are also being developed and sold that utilize the panels produced by them principally and offer systems owners with operating and maintenance services. Continuous R&D focused on several innovations in technology. The business is the leading manufacturer of thin-film PV solar modules in the world and the leading manufacturer of PV solar modules in the Western Hemisphere.

First Solar’s Revenue Breakdown

Application Q1 2020 Q1 2021 YOY Growth Revenue Share in Q1 2021
Energy Generation $17.97 $14.58 -18.86% 1.82%
Engineering, Procurement, and construction $0.91 $-0.70 -176.92% -0.09%
Module Plus
Operations and Maintenance $29.47 $27.23 -7.60% 3.39%
Solar Modules $393.68 $534.67 35.81% 66.60%
Solar Power Systems $90.08 $226.97 151.96% 28.27%
Total $532.11 $802.75 50.86% 100.00%

(All figures in millions, except percentages)

First Solar’s total revenue rose from $532.11 million in Q1 2020 to $802.75 million in Q1 2021, marking an increase of 50.86% on a year-on-year basis.

Energy Generation

First Solar technology produces clean power for more than 25 years with no carbon emissions or air pollution. Their unique production techniques have a small carbon footprint and lowest lifecycle water consumption, and the fastest energy payback period of any solar PV module available in the market.

First Solar’s revenue from Energy Generation decreased from $17.97 million in Q1 2020 to $14.58 million in Q1 2021, a decline of 18.86% on a year-on-year basis. In Q1 2021, the Energy Generation contributed 1.82% to the company’s total revenue. 

Engineering, Procurement, and construction

Engineering, Procurement, and Construction (EPC) is a particular type of contractual structure in many countries in which the EPC contractor is made accountable for all operations including design, procurement, construction, commissioning, and project handover to the end-user or owner. First Solar starts this  EPC operation in 2019.

First Solar generated $0.91 million from EPC in Q1 2020. In Q1 2020 this makes a loss of $0.70 million.

Module Plus

First Solar’s revolutionary thin-film photovoltaic modules use less energy, water, and semiconductor material, resulting in the industry’s finest environmental profile. In Q3 2016, the company generated $50.37 million. Later it becomes a loss-making module.

Operations and Maintenance

For operations and maintenance in solar PV plants, First Solar energy Services offers excellent customized end-to-end solutions for thin film and silicon technology.

First Solar’s revenue from Operations and Maintenance decreased from $29.47 million in Q1 2020 to $27.23 billion in Q1 2021, a decline of 7.60% on a year-on-year basis. In Q1 2021, Operations and Maintenance contributed 3.39% to the company’s total revenue. 

Solar Modules

First Solar’s revenue from Solar Modules rose from $393.68 million in Q1 2020 to $534.67 million in Q1 2021, a growth of 35.81% on a year-on-year basis. In Q1 2021, the revenue generated through Solar Modules contributed 66.60% to the company’s total revenue. 

A solar module is a single photovoltaic panel made up of interconnected solar cells. Solar cells use sunlight as an energy source to create electricity.

Solar Power Systems

Solar power is harnessed through the use of Solar Photovoltaic technology, which transforms sunlight (solar radiation) into electricity with the help of semiconductors. When the sunlight hits on the semiconductor within the PV cell, electrons are liberated, and bus bars collect the freed electrons, resulting in electric current.

First Solar’s revenue from Solar Power Systems rose from $90.08 million in Q1 2020 to $226.97million in Q1 2021, a growth of 151.96% on a year-on-year basis. In Q1 2021, the revenue generated through Solar Modules contributed 28.27% to the company’s total revenue. 

Company Overview

First Solar Inc. was founded in 1990 by the inventor of solar cell Harold Mcmaster. It is headquartered in Tempe, Arizona, United States. First Solar is listed on the NYSE and traded under the stock code “FSLR”. In 2016, Tesla Inc. acquired First Solar Inc. First Solar was the first solar panel manufacturer to reduce its manufacturing costs to $1 per watt in 2009. 

It was ranked first on Forbes’s list of America’s 25 fastest-growing companies, in 2011. The company has around 5,100 workers as of December 31, 2020, with roughly 4,000 in the modules business and approximately 400 colleagues working directly in the systems business.

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