8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 3, 2007

FIRST SOLAR, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 001-33156
(Commission
File Number) 20-4623678
(I.R.S. Employer
Identification No.)

4050 East Cotton Center Boulevard
Building 6, Suite 68
Phoenix, Arizona 85040
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (602) 414-9300

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

          Item 2.02. Results of Operations and Financial Condition

     On May 3, 2007, First Solar is issuing a press release and holding a conference call regarding its financial results for the first quarter ended March 31, 2007. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

     The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

          Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of First Solar dated May 3, 2007.

Signature

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIRST SOLAR, INC.
Date: May 3, 2007	By:	/s/ I. Paul Kacir
	Name:	I. Paul Kacir
	Title:	Vice President, General Counsel
		and Corporate Secretary

EX-99.1

Exhibit 99.1

News Release

Contacts:
First Solar, Inc.	Sapphire Investor Relations, LLC
Jens Meyerhoff	Erica Mannion
Chief Financial Officer	Investor Relations
(602) 414-9315	(212) 766 -1800
investor@firstsolar.com	investor@firstsolar.com

FOR IMMEDIATE RELEASE

First Solar, Inc. Announces 2007 First Quarter Financial Results

• First quarter revenues of $66.9 million

• First quarter net income of $5.0 million

PHOENIX, AZ — May 3, 2007 — 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 (loss)		(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