First Solar’s Q2 profit soars amid strong demand and favourable policies
First Solar, US, reported that its second-quarter (Q2) profit more than doubled, benefiting from stable demand for its products. The company’s cadmium telluride solar panels are favoured by developers due to their independence from polysilicon, a material predominantly produced in China and used in most solar panels.
US utilities are ramping up infrastructure investments as power consumption in the world’s largest economy is projected to hit record highs in 2024 and 2025, driven by the growing demand from data centres and electric vehicles (EVs), according to the US Energy Information Administration.
First Solar’s net sales increased by 24.6 per cent to USD 1.01 billion. In June, First Solar was chosen as the US government’s preferred green-label panel vendor. The company achieved a record production of 3.7 GW in Q2 and reported a net income of USD 349.4 million, or USD 3.25 per share, for the quarter ending June 30.