While reviewing First Solar’s first quarter earnings, we were surprised by the dramatic rise in receivables on a decline in revenue. The company generated revenue of $418 million, down four percent sequentially, while its accounts receivable balance rose 300 percent, from $60 million to about $180 million. This had a substantial negative effect on the [...]
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The Chinese Ministry of Finance proposed its “Solar Roofs Program” on March 23, 2009, in order to jumpstart the domestic Chinese solar market that has until now been virtually non-existent. By our estimates, demand in China was about 70 MW in 2008, or less than two percent of the 4.5 GW of worldwide demand. The [...] |
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