US thin-film photovoltaics (PV) maker First Solar Inc (NASDAQ:FSLR) swung to a net loss in 2022, mainly due to increased costs, but projects positive earnings in 2023.
The company announced on Tuesday that capital expenditures related to its expansion in India and Ohio were among the major reasons for the negative bottom-line result.
First Solar closed 2022 with a net loss of USD 44.2 million (EUR 41.7m), against a profit of USD 468.7 million a year back. On a per-share basis, the deficit came at USD 0.41. In the fourth quarter alone, the company lost USD 7.5 million net after a profit of USD 131.4 million a year earlier but still narrowed its USD-49.2-million loss booked in the previous quarter.
