U.S.-based solar modules manufacturer First Solar has recorded a net income of $55.8 million in the second quarter (Q2) of 2022, representing a quarter-over-quarter (QoQ)  increase of 99% compared to the net loss of $43.26 million registered in the previous quarter. However, the company recorded a 26% year-on-year (YoY) net income decrease from $82.45 million in Q2 2021.

The firm’s net sales in Q1 2021 stood at $620.96 million, up 59.54% from $254 million in Q1 2022. In a YoY comparison, net sales were down by $8 million. Net sales in the quarter were up due to an increase in module sales.

Operating income for the second quarter was $145 million, compared to an operating loss of $58 million in the prior quarter. Second quarter operating income increased primarily due to increased module sales and a gain on the sale of the company’s Japan project development platform, partially offset by an impairment associated with a legacy systems business asset in Chile.

Cash, restricted cash, and marketable securities at the end of the second quarter increased to $1.9 billion from $1.6 billion at the end of the prior quarter. The increase was primarily due to the sale of the company’s Japan project development platform.

First Solar had a record year-to-date net booking of 27.1 GW in Q2 2022. The company manufactured 2.2 GW of solar modules during the quarter and had shipments of 2.5 GW.

“We are pleased with our second quarter results,” said Mark Widmar, CEO of First Solar. “Our competitive differentiators, including our technology, agile contracting, certainty, and the promise of responsibly-produced solar, have sustained our bookings momentum and continue to drive demand. We now have a record backlog of over 44 GW, extending the horizon for future expected deliveries to 2026. The 10.4 GW of new bookings since our prior earnings call in April brings our total year-to-date bookings to 27.1 GW.”

In June 2021, First Solar announced that it would invest $684 million to set up a 3.3 GW vertically-integrated thin-film solar module manufacturing facility in India. The company produces thin-film solar panel modules that do not use polysilicon. India is the second-largest market for the company after North America.

The U.S. International Development Finance Corporation had approved $500 million of debt financing to First Solar to set up the vertically integrated solar module manufacturing facility in Tamil Nadu.