First Solar
Q1 2022 Earnings Call
Apr 28, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, everyone, and welcome to First Solar's first quarter 2022 earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. [Operator instructions] As a reminder, today's call is being recorded. I would now like to turn the call over to Mitch Ennis from First Solar investor relations.
Mitch, you may begin.
Mitch Ennis -- Investor Relations
Thank you. Good afternoon, everyone, and thanks for joining us. Today, the company issued a press release announcing its first quarter 2022 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.
With me today are Mark Widmar, chief executive officer; and Alex Bradley, chief financial officer. Mark will begin by providing a business and technology update. Alex will then discuss our financial results for the quarter. Following the remarks, we'll open the call for questions.
Please note this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations, including, among other risks and uncertainties, the severity and duration of the effects of the COVID-19 pandemic. We encourage you to review the safe harbor statements contained in today's press release and presentation for a more complete description. It is now my pleasure to introduce Mark Widmar, chief executive officer. Mark?
Mark Widmar -- Chief Executive Officer
Thank you, Mitch. Good afternoon, and thank you for joining us today. To begin, while our $0.41 loss per share results came in within our internal expectations for the quarter, it is reflective of what is projected to be a challenging 2022 from an earnings standpoint due to the factors that we highlighted during our call in March, and which we will address further today. That said, we are encouraged by our strong bookings progress as we booked 11.9 gigawatts in less than 60 days since the prior earnings call, bringing our year-to-date bookings total to 16.7 gigawatts, further setting ourselves up for 2023 and beyond.
An important feature of many of these recent bookings, as previously discussed, is that they include adjusters to potentially increase ASPs based on the realization of our technology road map achievements and sales risk sharing mitigation. In addition, we have begun to employ a similar ASP adjustment mechanism related to aluminum exposure. Later in the call, we will provide an indicative view of how these pricing adjustments could result in an ASP potentially significantly greater than the baseline reflected at the time of our bookings. In short, while these contracts have a baseline ASP that is reflective of the value of the product we are manufacturing today, that ASP has the potential to increase to capture the value of our product or technology enhancements or to offset sales freight and aluminum margin erosion risk.