The company reported a second quarter loss per share of $0.46, compared to earnings per share of $0.78 in the first quarter of 2018. Net income decreased compared to the prior quarter primarily due to lower revenue and a decrease in gross margin.
Cash and marketable securities at the end of the second quarter increased to $3.1 billion from $2.9 billion at the end of the first quarter. The increase primarily resulted from proceeds received from the sale of the company’s interests in 8point3 Energy Partners, partially offset by ongoing capital investment in Series 6 manufacturing capacity.
“We have taken another important step forward in our Series 6 transition with the first commercial shipments from our Malaysia factory,” said Mark Widmar, CEO of First Solar. “With two factories now producing Series 6 modules and a third factory on the cusp of starting production we have made significant progress during the past quarter. Customer demand for our Series 6 product continues to be solid with nearly 900 megawatts of new contracts signed since our last earnings update. With year-to-date bookings of 4.1GWDC and total contracted volume of 10.9GWDC that extends to the end of 2020, we continue to have good visibility to future demand.”