May 3, 2007

First Solar, Inc. Announces 2007 First Quarter Financial Results

May 3, 2007 (PrimeNewswire via COMTEX News Network) --



    * First quarter revenues of $66.9 million
    * First quarter net income of $5.0 million

PHOENIX, May 3, 2007 (PRIME NEWSWIRE) -- First Solar, Inc. (Nasdaq:FSLR) today announced its financial results for the first quarter ended March 31, 2007. Quarterly revenues were $66.9 million, up from $52.7 million in the fourth quarter of fiscal 2006 and up from $13.6 million in the first quarter of fiscal 2006.

Net income for the first quarter of fiscal 2007 was $5.0 million or $0.07 per share on a fully diluted basis, compared to net income of $8.0 million or $0.11 per share on a fully diluted pro-forma basis for the fourth quarter of fiscal 2006 and a net loss of $5.9 million for the first quarter of fiscal 2006 or $(0.08) per share on a fully diluted pro-forma basis.

Pro-forma earnings per share for the three months ended December 30, 2006 and April 1, 2006 have been adjusted to give effect to the Company's equity offerings during 2006, including its initial public offering, as if each occurred on January 1, 2006. The Company believes the pro- forma earnings per share presentation represents a meaningful basis for the comparison of its current results to results during fiscal periods occurring prior to the Company's initial public offering.On a GAAP fully diluted basis, net income for the first quarter of fiscal 2007 was $0.07 per share, compared to $0.12 per share for the fourth quarter of fiscal 2006. Net loss for the first quarter of 2006 was $(0.12) per share on a GAAP fully diluted basis.

"During the first quarter we benefited from continued solid execution providing for both sequential revenue and throughput growth, while readying ourselves for the production ramp at our German plant," said Mike Ahearn, Chief Executive Officer of First Solar.

First Solar will discuss these results and expected results for fiscal 2007 in a conference call scheduled for today at 4:30 p.m. EDT. To participate in the conference call, please dial (800) 817-4887 or (913) 981-4913. Investors may also access a live audio web cast of this conference call on the Investors section of the Company's website at http://www.firstsolar.com. A replay of the web cast will be available approximately two hours after the conclusion of the call and remain available for three months. An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Tuesday, May 8, 2007 at 12:00 a.m. EDT and can be accessed by dialing (888) 203-1112 or (719) 457-0820 and entering access ID number 9848426.

About First Solar:

First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions, and peak time grid constraints.

The First Solar, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=3052

For First Solar Investors:

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships, and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.



                           FIRST SOLAR, INC.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except per share amounts)
                              (Unaudited)

                                              Three Months Ended
                                            ----------------------
                                            March 31,     April 1,
                                              2007          2006
                                            --------      --------

 Net sales                                  $ 66,949      $ 13,624
 Cost of sales                                36,907        10,352
                                            --------      --------

 Gross profit                                 30,042         3,272
                                            --------      --------
 Operating expenses:
   Research and development                    3,058         1,519
   Selling, general, and administrative       13,690         5,872
   Production start-up                         8,474         2,579
                                            --------      --------
                                              25,222         9,970
                                            --------      --------

 Operating income (loss)                       4,820        (6,698)

 Foreign currency gain                           270           900
 Interest expense                               (201)         (423)
 Other income (expense), net                   3,960           349
                                            --------      --------

 Income (loss) before income taxes             8,309        (5,872)
 Income tax expense                            3,281            23
                                            --------      --------
 Net income (loss)                          $  5,028      $ (5,895)
                                            ========      ========

 Net income (loss) per share
   Basic                                    $   0.07      $  (0.12)
   Diluted                                  $   0.07      $  (0.12)

 Weighted-average shares used to
 compute net income (loss) per share

   Basic                                      72,347        50,777
                                            ========      ========
   Diluted                                    75,392        50,777
                                            ========      ========

                      CONSOLIDATED BALANCE SHEETS
               (In thousands, except share information)
                              (Unaudited)
                                               March 31,  December 30,
                                                 2007        2006
                                               --------   -----------
 ASSETS
 Current assets:
   Cash and cash equivalents                   $325,012     $308,092
   Short-term investments                           326          323
   Accounts receivable, net                       7,844       27,966
   Inventories                                   15,023       16,510
   Economic development funding receivable       34,947       27,515
   Prepaid expenses and other current assets      4,337        8,116
                                               --------     --------
     Total current assets                       387,489      388,522
   Property and equipment, net                  220,918      178,868
   Restricted investments                         8,313        8,224
   Other noncurrent assets                        2,043        2,896
                                               --------     --------
     Total assets                              $618,763     $578,510
                                               ========     ========
 LIABILITIES AND STOCKHOLDERS' EQUITY
   Current liabilities:
   Short-term debt                             $ 20,556     $ 16,339
   Current portion of long-term debt              3,319        3,311
   Accounts payable and accrued expenses         44,319       32,083
   Other current liabilities                         --          340
                                               --------     --------
     Total current liabilities                   68,194       52,073
   Accrued recycling                              4,989        3,724
   Long-term debt                                71,955       61,047
   Other noncurrent liabilities                     310           --
                                               --------     --------
     Total liabilities                          145,448      116,844
                                               --------     --------

 Employee stock options on redeemable shares     91,097       50,226

 Stockholders' equity:
   Common stock, $0.001 par value per share;
    500,000,000 shares authorized; 72,364,135
    shares issued and outstanding at March
    31, 2007                                         72           72
   Additional paid in capital                   521,375      555,749
   Accumulated deficit                         (140,431)    (145,403)
   Accumulated other comprehensive income         1,202        1,022
                                               --------     --------
     Total stockholders' equity                 382,218      411,440
                                               --------     --------
     Total liabilities and stockholders'
      equity                                   $618,763     $578,510
                                               ========     ========

                           FIRST SOLAR, INC.

                 PRO-FORMA vs. GAAP EARNINGS PER SHARE
                 (In thousands, except per share data)
                              (Unaudited)

 A reconciliation of the denominator used in calculating pro forma
 fully diluted earnings per share is as follows:

                                           Three Months Ended
                                    ---------------------------------
                                    April 1,   December 30,  March 31,
                                     2006         2006         2007
                                    -------    -----------   --------

 Net income (loss)                  $(5,895)     $ 8,038     $ 5,028
 Weighted-average shares
  outstanding, diluted as
  reported                           50,777       66,324      75,392
 Adjustment to reflect the
  IPO shares and other equity
  offerings as if they had
  been outstanding since the
  beginning of 2006                  24,161        8,363          --

 Pro-forma weighted-average
  shares outstanding, diluted        74,938       74,687      75,392

 Net income per share diluted
  as reported                       $ (0.12)     $  0.12     $  0.07

 Net income per share diluted
  pro-forma                         $ (0.08)     $  0.11     $  0.07

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: First Solar, Inc.

First Solar, Inc.
          Jens Meyerhoff, Chief Financial Officer
          (602) 414 - 9315
          investor@firstsolar.com

          Sapphire Investor Relations, LLC
          Erica Mannion, Investor Relations
          (212) 766 -1800
          investor@firstsolar.com

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