CrossAssetDataThe Company File
···
FSLR

First Solar, Inc.

First Solar, Inc. is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in Phoenix, AZ. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $5.2 billion and a profit of $1.5 billion (its filed statements).

Product business with commodity pressure Semiconductors & Related Devices Phoenix, AZ filings since 2003 9 of 9 filed
Ask the desk about FSLR → Compare FSLR with CSIQ → Price chart on TradingView ↗ Full EDGAR file ↗ Watch FSLR →

Sector peers: CSIQDQQON

6.4/10headline grade
vs its business-model standard
5.7/10past 7.3/10present 6.2/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business with commodity pressure: from the semis smell test of 2026-08-06 (solar manufacturing). All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 6.4 out of ten, 9 of 9 metrics filed: past 5.7 out of ten, present 7.3 out of ten, future 6.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 5.1 out of ten. +6.7% a year over 10 filed years; profitable in 6 of 10. 51st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 3.6 out of ten. Share count grew 0.3% a year. 0% of cash flow returned. Insiders: 164 sales, 0 purchases. 36th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Financial health (present): 6.2 out of ten. ROE 16%: 16¢ of profit per shareholder dollar. Leverage 28%: owes 28¢ per asset dollar. 62nd percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 8.6 out of ten. top 14% of 97 in its family; net margin 29.3%. 86th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 7.6 out of ten. top 24% of 66 in its family for leadership; chief executive since 2016. 76th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
  • Room to expand (future): 5.3 out of ten. top 47% of 94 in its family for room to expand. 53rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 7.2 out of ten. top 28% of 93 in its family for growth drivers. 72nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 6.1 out of ten. top 39% of 88 in its family for expectations against reality. 61st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-30 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-30 (on EDGAR). Newest filing: Form 4, 2026-10-02. Filings on record since 2003. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-24.

The people

Mark Widmar has been chief executive since July 2016. He joined in April 2011 as chief financial officer, after serving as finance chief of GrafTech International, a maker of carbon and graphite materials. Alexander Bradley, with the company since May 2008 and once its head of treasury and project finance, has been chief financial officer since October 2016. Georges Antoun, who arrived in July 2012 as chief operating officer after senior roles at Cisco Systems, Redback Networks and Ericsson, has been chief commercial officer since July 2016. [1, 2, 3, 4, 5]

The factories are run by long-serving insiders. Kuntal Kumar Verma, with First Solar since 2002, has been chief manufacturing officer since November 2022; Michael Koralewski, there since 2006, became chief supply chain officer the same month; and Patrick Buehler, also there since 2006, has been chief product officer since December 2022. Markus Gloeckler, who joined in 2005 and led the transfer of General Electric's thin film technology after the 2013 purchase of its intellectual property, has been chief technology officer since November 2020. Jason Dymbort, general counsel since July 2020, also directs the company's advocacy on trade and industrial policy. [6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

Michael Ahearn chairs the board. He was chief executive from August 2000 to September 2009 and again, on an interim basis, from October 2011 to May 2012, has been chair since July 2012, and runs the venture firm True North Venture Partners. William Post, the retired chair and chief executive of Pinnacle West Capital, is lead independent director; Michael Sweeney has sat on the board since 2003 and Paul Stebbins since 2006, and Curtis Morgan, a former chief executive of Vistra, was nominated in 2026. The insider filings this site holds, newer than the proxy statement, give Ahearn's latest title as chairman and interim chief executive officer. [16, 17, 18, 19, 20]

At the end of 2025 First Solar had about 7,900 associates, its word for full and part-time employees, most of them in the United States, Malaysia, India and Vietnam. Only those in Vietnam and Sweden are represented by unions, the Vietnam General Confederation of Labor and the Engineers of Sweden. [21, 22]

How it operates

First Solar makes one thing: thin film solar panels, called modules, built on cadmium telluride (CdTe) rather than the crystalline silicon most rivals use, and it reports a single segment. It sells two models: the Series 6 Plus, about 4 feet by 6 feet, averaged 464 watts at the end of 2025, and the larger Series 7, about 4 feet by 7 feet, averaged 532 watts. It has sold more than 93 GW of modules, and it prices and sells them by the watt. [23, 24, 25, 26, 27]

Its buyers are system developers, independent power producers, utilities, commercial and industrial companies and large corporate energy buyers, and most of the modules went to projects in the United States. Silicon Ranch Corporation and NextEra Energy each took 10% or more of 2025 net sales; the financial statements put the two largest customers at 11% and 10%. The filing says data centers, AI workloads and the electrification of industry have widened the pool of buyers, with technology, data infrastructure, manufacturing and logistics companies buying power under long-term contracts. Substantially all sales are in US dollars. [28, 29, 30, 31, 32, 33]

It makes the modules in its own plants, in a continuous, automated flow that turns a sheet of glass into a finished module within a few hours. The plants are in Perrysburg and Lake Township, Ohio; Trinity, Alabama; Iberia Parish, Louisiana; Kulim, Malaysia; Ho Chi Minh City, Vietnam; and Tamil Nadu, India, where capacity is 3.2 GW, and a sixth US plant is being built in Gaffney, South Carolina. Headquarters are in Phoenix, with research in Perrysburg and Santa Clara, California. Malaysia exempts substantially all of its income there from tax until 2027, and Vietnam taxes its income at reduced rates until the end of 2036. [34, 35, 36, 37, 38]

Its process uses about 30 raw materials and components. CdTe, tellurium and products containing it, and the substrate glass come from a single supplier or a few, and some production equipment is custom-built and sole-sourced. Tellurium is mainly a by-product of copper refining, and China, a major producer, tightened export controls on it in February 2025; the company has applied for export licenses and is pursuing other suppliers. It uses no polysilicon and says none of its module components come from Xinjiang, China. [39, 40, 41, 42, 43, 44, 45, 46]

The specifics

Its cells are a thin film of CdTe on glass, which the company says needs about 2% to 3% of the semiconductor material of a crystalline silicon module and, in many climates, produces more energy: it copes better with heat, humidity and partial shade and is immune to cell cracking. It has put more than 2 billion dollars into research and development over the last 20 years and holds world records of 23.1% for a CdTe research cell and 19.9% for module aperture efficiency. It is developing perovskite films on a dedicated line in Ohio and a process called CuRe, which replaces copper in the cell to improve performance and was first sold to customers in the first half of 2025. [47, 48, 49, 50, 51, 52, 53, 54, 55, 56]

It enforces patents on TOPCon, a type of crystalline silicon cell that several rivals have introduced. It sued JinkoSolar in February 2025 and Canadian Solar in May 2025 in Delaware, Adani's Mundra unit sued it seeking a declaration that it does not infringe, and late in 2025 the Patent Trial and Appeal Board declined challenges to its patents by both JinkoSolar and Mundra. On February 24, 2026 it petitioned the US International Trade Commission over TOPCon imports by affiliates of Axitec Solar, Canadian Solar, JA Solar, JinkoSolar, Mundra, Philadelphia Solar, Hanwha QCells, Runergy, Trina Solar and VSUN. [57, 58, 59, 60, 61, 62, 63]

It names its main competition as crystalline silicon module makers, most of them linked to China, some with access to state support that lets them run at minimal or negative margins for long periods. US policy tilts the field: tax-credit limits tied to foreign entities of concern and domestic-content rules favor US-made or non-Chinese equipment. First Solar belongs to the industry committee whose 2024 petitions led to antidumping and countervailing duty orders, extra import duties on goods judged unfairly cheap or subsidized, on solar products from Cambodia, Malaysia, Thailand and Vietnam in June 2025. [27, 64, 65, 66, 67]

Two problems marked 2025. Some Series 7 modules made in 2023 and 2024 can lose power early once installed; the company estimates that about two-thirds of Series 7 modules sold before the end of 2024 may be affected, puts the remaining losses at 35 million to 75 million dollars, and holds a 50 million dollar warranty liability for them. It also terminated supply agreements with BP Solar Holding and its affiliate Lightsource after they failed to cure breaches, which cut its contracted backlog by 6.6 GW worth 1.9 billion dollars, and it is suing them in New York for the remaining termination payments. [68, 69, 70, 71, 72]

What drives growth, line by line

Modules business. The only line: net sales rose 24% to 5.2 billion dollars from 4.2 billion, which the filing puts down mainly to a 24% increase in the volume of modules sold to third parties; it produced 16.1 GW and sold 17.5 GW. Gross margin fell to 40.6% from 44.2% as more of the modules sold were made in the United States, at higher cost, and warehousing, duties and tariffs, and logistics costs rose. It recognized 1.6 billion dollars of US manufacturing credits under Section 45X against its cost of sales, which offset part of the rise. [73, 74, 75, 76]

By place, the United States brought in 5.0 billion dollars, 95.7% of revenue, up 27.9%. The filing says module prices held stable in the United States while they fell in many other markets, helped by demand for domestically made modules under the IRA, limits on tax credits tied to foreign entities, and tariffs on imported modules. [77, 78]

India brought in 195.6 million dollars, 3.7% of revenue, down 3.0%. The company expanded its Indian plant to 3.2 GW of capacity. India's approved list of manufacturers, whose modules with domestically made cells nearly all projects completed from June 2026 must use, includes First Solar, though a draft proposal would raise the minimum module efficiency for the list from 2027. [77, 36, 79, 80]

Elsewhere sales shrank: France fell 81.7% to 6.3 million dollars and all other countries together 65.1% to 22.8 million. The company says it cut Series 6 production at its international plants because Chinese modules priced near or below cost have captured Europe, India is effectively closed to Southeast Asian products, and imports into the United States face tariffs. [77, 81]

What comes next, in the company's own words: contracts for the future sale of 50.1 GW of modules at an aggregate transaction price of 15.0 billion dollars, which it expects to recognize as revenue through 2030; of these, 23.2 GW carry price adjustments for technology improvements that could add up to 0.6 billion dollars, mostly in 2027 and 2028. It is adding about 4 GW of US capacity, including the sixth US plant, expected to start in the second half of 2026, and intends to convert one Ohio facility to CuRe beginning in the first quarter of 2026. [82, 83, 84, 56]

What the desk infers (inferred, not filed)

  • First Solar's profit leans heavily on the US manufacturing tax credit: it recognized 1.6 billion dollars of Section 45X credits in 2025 against a gross profit of 2.1 billion dollars, so its US-made modules, more than module prices alone, carry its earnings. Because: It recognized 1.6 billion dollars of Section 45X credits as a reduction of cost of sales in 2025, and expects about 17 cents per watt for each module made in the United States and sold to a third party. [76] Its gross profit for 2025 was 2.1 billion dollars. [85] Gross margin fell as more US-made modules were sold, and the filing credits higher Section 45X credits with offsetting part of that fall. [75] It turns the credits into cash by selling them, for example 701.9 million dollars of 2025 credits sold for 668.1 million. [86] Confidence 80 of 100. Wrong if: A year in which gross profit holds near its 2025 level while the Section 45X credits recognized fall sharply, showing the modules earn their margin without the credit.
  • The sixth US plant, in Gaffney, South Carolina, is meant to turn the Malaysian and Vietnamese factories into suppliers of part-made modules finished in the United States, cutting the tariffs now charged on imported finished modules. Because: The company says the plant will onshore final production processes for modules initiated by its international fleet. [83] Tariffs on international modules imported into the United States added 94.4 million dollars to 2025 cost of sales. [87] Tariffs applied to Vietnam, India and Malaysia, the countries where it makes modules outside the United States. [88] It has already cut Series 6 production at its international plants, citing US import tariffs among its reasons. [81] The United States brought in 95.7% of 2025 revenue. [77] Confidence 65 of 100. Wrong if: A filing showing the South Carolina plant finishing modules mainly for markets outside the United States, or showing its output still charged the import tariff on finished modules.
  • First Solar's contracted backlog is less firm than its size suggests: customers can and do walk away from supply agreements, leaving the company to resell the modules and pursue termination payments in court. Because: Terminating the BP Solar Holding and Lightsource agreements cut the backlog by 6.6 GW worth 1.9 billion dollars. [71] Of 384.6 million dollars of termination payments triggered, it recognized 61.0 million as revenue and sued for the rest. [72] The filing says its contract terms have been breached by customers or renegotiated in the past. [89] It leaves out of its 50.1 GW backlog the Indian contracts whose payment is not fully secured. [82] Confidence 55 of 100. Wrong if: Several years in which no customer contract is terminated or renegotiated and the termination payments owed are collected in full.

Sources

  1. First Solar, Inc., Form 10-K filed 2026-02-24: “Mark R. Widmar was appointed Chief Executive Officer in July 2016. He joined First Solar in April 2011 as Chief Financial Officer and also served as First Solar’s Chief Accounting Officer from February 2012 through June 2015.”
  2. First Solar, Inc., Form 10-K filed 2026-02-24: “Prior to joining First Solar, Mr. Widmar served as Chief Financial Officer of GrafTech International Ltd., a leading global manufacturer of advanced carbon and graphite materials, from May 2006 through March 2011.”
  3. First Solar, Inc., Form 10-K filed 2026-02-24: “Alexander R. Bradley was appointed Chief Financial Officer in October 2016. He joined First Solar in May 2008, and previously served as Vice President of both Treasury and Project Finance”
  4. First Solar, Inc., Form 10-K filed 2026-02-24: “Georges Antoun was appointed Chief Commercial Officer in July 2016. He joined First Solar in July 2012 as Chief Operating Officer before being appointed as President, U.S. in July 2015.”
  5. First Solar, Inc., Form 10-K filed 2026-02-24: “Mr. Antoun joined Ericsson in 2007, when Ericsson acquired Redback Networks, a telecommunications equipment company, where Mr. Antoun served as the Senior Vice President of World Wide Sales & Operations. After the acquisition, Mr. Antoun was promoted to Chief Executive Officer of the Redback Networks subsidiary. Prior to Redback Networks, Mr. Antoun spent five years at Cisco Systems”
  6. First Solar, Inc., Form 10-K filed 2026-02-24: “Kuntal Kumar Verma was appointed Chief Manufacturing Officer in November 2022 and previously served as First Solar’s Chief Manufacturing Engineering Officer.”
  7. First Solar, Inc., Form 10-K filed 2026-02-24: “Mr. Verma joined First Solar in 2002, serving in progressively more senior roles in engineering and manufacturing”
  8. First Solar, Inc., Form 10-K filed 2026-02-24: “Michael Koralewski was appointed Chief Supply Chain Officer in November 2022 and is accountable for maintaining executive oversight of First Solar’s strategic global supply chain.”
  9. First Solar, Inc., Form 10-K filed 2026-02-24: “Mr. Koralewski joined First Solar in 2006, serving in several senior roles in operations and quality management”
  10. First Solar, Inc., Form 10-K filed 2026-02-24: “Patrick Buehler was appointed Chief Product Officer in December 2022, having previously served as Chief Quality and Reliability Officer.”
  11. First Solar, Inc., Form 10-K filed 2026-02-24: “Mr. Buehler joined First Solar in 2006, serving in progressively more senior technical and operations roles”
  12. First Solar, Inc., Form 10-K filed 2026-02-24: “Markus Gloeckler was appointed Chief Technology Officer in November 2020 after being appointed Co-Chief Technology Officer in July 2020.”
  13. First Solar, Inc., Form 10-K filed 2026-02-24: “In his role as Vice President of Research, he led the thin film technology transfer from General Electric to First Solar following the intellectual property acquisition in 2013. He joined First Solar in 2005 in an engineering function supporting First Solar’s technology development after the initial launch of the Series 2 module.”
  14. First Solar, Inc., Form 10-K filed 2026-02-24: “Jason Dymbort joined First Solar in March 2008 and was appointed General Counsel and Secretary in July 2020.”
  15. First Solar, Inc., Form 10-K filed 2026-02-24: “Mr. Dymbort directs the Company’s advocacy strategies, defining its responses to challenges and opportunities in areas such as trade and industrial policy.”
  16. First Solar, Inc., Form DEF 14A filed 2026-04-02: “Mr. Ahearn previously served as the Company’s chief executive officer from August 2000 to September 2009; interim chief executive officer from October 2011 to May 2012; executive chair from October 2009 to December 2010 and May 2012 to July 2012; and non-executive chair from January 2011 to October 2011 and July 2012 to present. Mr. Ahearn is currently Chair and Managing Partner of True North Venture Partners, L.P.”
  17. First Solar, Inc., Form DEF 14A filed 2026-04-02: “Michael J. Ahearn 69 Chair of the Board 2000 Anita Marangoly George 65 Director 2021 Lisa A. Kro 60 Director 2022 Curtis A. Morgan 65 Director Nominee — William J. Post 75 Lead Independent Director 2010 Venkata “Murthy” Renduchintala 60 Director 2024 Paul H. Stebbins 69 Director 2006 Michael Sweeney 68 Director 2003”
  18. First Solar, Inc., Form DEF 14A filed 2026-04-02: “Mr. Post retired as chair and chief executive officer of Pinnacle West Capital Corporation (“Pinnacle West”) in April 2009.”
  19. First Solar, Inc., Form DEF 14A filed 2026-04-02: “Mr. Morgan was previously CEO of Vistra Corp, an integrated retail electricity and power generation company from 2016 to 2022.”
  20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
  21. First Solar, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, we had approximately 7,900 associates (our term for full and part-time employees), the majority of which work in the United States, Malaysia, India, and Vietnam.”
  22. First Solar, Inc., Form 10-K filed 2026-02-24: “Other than our associates in Vietnam and Sweden, none of our associates are currently represented by labor unions or covered by a collective bargaining agreement. Our associates in Vietnam are represented by the Vietnam General Confederation of Labor. Our associates in Sweden are represented by the Engineers of Sweden.”
  23. First Solar, Inc., Form 10-K filed 2026-02-24: “First Solar operates as one business, which involves the design, manufacture, and sale of CdTe solar modules, which convert sunlight into electricity. As such, we operate as a single operating segment.”
  24. First Solar, Inc., Form 10-K filed 2026-02-24: “Our Series 6 Plus module is a glass laminate approximately 4ft x 6ft in size that encapsulates thin film PV semiconductor materials. Our Series 7 module has a larger form factor of approximately 4ft x 7ft in size. At the end of 2025, our Series 6 Plus and Series 7 modules had an average power output of 464 watts and 532 watts, respectively.”
  25. First Solar, Inc., Form 10-K filed 2026-02-24: “With more than 93 GW of modules sold worldwide, we have a demonstrated history of manufacturing success and innovation.”
  26. First Solar, Inc., Form 10-K filed 2026-02-24: “our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules.”
  27. First Solar, Inc., Form 10-K filed 2026-02-24: “Our primary source of competition is crystalline silicon module manufacturers, the majority of which are linked to China.”
  28. First Solar, Inc., Form 10-K filed 2026-02-24: “Our customers include system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. During 2025, we sold the majority of our solar modules to customers with projects in the United States. During 2025, Silicon Ranch Corporation and NextEra Energy each accounted for 10% or more of our modules business net sales.”
  29. First Solar, Inc., Form 10-K filed 2026-02-24: “Customer #1 11 % * * Customer #2 10”
  30. First Solar, Inc., Form 10-K filed 2026-02-24: “Additionally, the unprecedented expansion of data centers, AI workloads, electrification of industrial processes, and broader economic growth has increased demand for new generation capacity and has expanded the number of potential buyers of our modules”
  31. First Solar, Inc., Form 10-K filed 2026-02-24: “Corporate buyers—particularly technology, data infrastructure, manufacturing, and logistics companies with significant electricity requirements—are increasingly active participants in the market, primarily through long‑term offtake arrangements”
  32. First Solar, Inc., Form 10-K filed 2026-02-24: “Substantially all of our net sales during 2025 were denominated in U.S. dollars.”
  33. First Solar, Inc., Form 10-K filed 2026-02-24: “We generally price and sell our solar modules on a per watt basis. During 2025, Silicon Ranch Corporation and NextEra Energy each accounted for 10% or more of our net sales”
  34. First Solar, Inc., Form 10-K filed 2026-02-24: “At the outset of our module production, a sheet of glass enters the production line and is transformed into a completed module ready for shipment within a few hours.”
  35. First Solar, Inc., Form 10-K filed 2026-02-24: “Corporate headquarters Phoenix, Arizona, United States Lease R&D facility Santa Clara, California, United States Lease Manufacturing plants, R&D facilities, and administrative offices Perrysburg and Lake Township, Ohio, United States Own Manufacturing plants Kulim, Kedah, Malaysia Lease land, own buildings Manufacturing plants Ho Chi Minh City, Vietnam Lease land, own buildings Manufacturing plant Tamil Nadu, India Lease land, own buildings Manufacturing plant Trinity, Alabama, United States Own Manufacturing plant Iberia Parish, Louisiana, United States Lease land, own buildings Manufacturing plant (1) Gaffney, South Carolina, United States Lease”
  36. First Solar, Inc., Form 10-K filed 2026-02-24: “we recently expanded production of Series 7 modules at our first manufacturing facility in India, bringing our total installed nameplate production capacity in the country to 3.2 GW.”
  37. First Solar, Inc., Form 10-K filed 2026-02-24: “We primarily conduct our R&D activities and qualify process and product improvements for full production at our Perrysburg, Ohio facilities and systematically deploy them to our other facilities.”
  38. First Solar, Inc., Form 10-K filed 2026-02-24: “In Malaysia, we have been granted a long-term tax holiday, scheduled to expire in 2027, pursuant to which substantially all of our income earned in Malaysia is exempt from income tax, conditional upon our continued compliance with certain employment and investment thresholds. In Vietnam, we have been granted a long-term tax incentive, scheduled to expire at the end of 2036, pursuant to which income earned in Vietnam is subject to reduced tax rates”
  39. First Solar, Inc., Form 10-K filed 2026-02-24: “Our module manufacturing process uses approximately 30 types of raw materials and components to construct a solar module, including CdTe, front glass coated with transparent conductive oxide, other semiconductor materials”
  40. First Solar, Inc., Form 10-K filed 2026-02-24: “Several of our key raw materials and components, in particular CdTe, tellurium, products containing tellurium, substrate glass, and manufacturing equipment are either single-sourced or sourced from a limited number of suppliers.”
  41. First Solar, Inc., Form 10-K filed 2026-02-24: “Some of our manufacturing equipment is customized to our production lines based on designs or specifications that we provide to equipment manufacturers, which then undertake a specialized process to manufacture the custom equipment.”
  42. First Solar, Inc., Form 10-K filed 2026-02-24: “Tellurium, one of the main components of CdTe, is mainly produced as a by-product of copper refining, and therefore, its supply is largely dependent upon demand for copper.”
  43. First Solar, Inc., Form 10-K filed 2026-02-24: “In February 2025, China announced that it would tighten export controls for five key minerals, including products containing tellurium, which is one of the main components of our CdTe modules. Although tellurium and products containing tellurium are sourced globally, China is a major global producer of tellurium and products containing tellurium.”
  44. First Solar, Inc., Form 10-K filed 2026-02-24: “We have applied for and intend to continue applying for export licenses where appropriate, as well as continuing to implement other strategic alternatives, such as sourcing from other suppliers to mitigate potential adverse impacts from these export controls.”
  45. First Solar, Inc., Form 10-K filed 2026-02-24: “While we do not use polysilicon in our solar modules, which mitigates the potential supply chain disruptions and human rights risks associated with such import ban”
  46. First Solar, Inc., Form 10-K filed 2026-02-24: “First Solar ensures that no module components are sourced from Xinjiang, China, and that no suppliers are connected to entities on the Uyghur Forced Labor Prevention Act entity list.”
  47. First Solar, Inc., Form 10-K filed 2026-02-24: “CdTe has absorption properties that are well matched to the solar spectrum and can deliver competitive performance using approximately 2% to 3% of the amount of semiconductor material used to manufacture conventional crystalline silicon modules. In terms of performance, in many climates our solar modules provide certain energy production advantages relative to competing crystalline silicon modules.”
  48. First Solar, Inc., Form 10-K filed 2026-02-24: “a superior temperature coefficient, which results in stronger system performance in typical high insolation climates”
  49. First Solar, Inc., Form 10-K filed 2026-02-24: “a superior spectral response in humid environments where atmospheric moisture alters the solar spectrum relative to standard test conditions”
  50. First Solar, Inc., Form 10-K filed 2026-02-24: “a better partial shading response than competing crystalline silicon technologies”
  51. First Solar, Inc., Form 10-K filed 2026-02-24: “an immunity to cell cracking and its resulting power output loss, a common failure often observed in crystalline silicon modules”
  52. First Solar, Inc., Form 10-K filed 2026-02-24: “With over $2 billion in cumulative R&D investments in the last 20 years, we have a demonstrated history of innovation and continuous improvement.”
  53. First Solar, Inc., Form 10-K filed 2026-02-24: “We currently hold two world records for CdTe PV cell efficiency, achieving an independently certified research cell efficiency of 23.1% and a module aperture area efficiency of 19.9%.”
  54. First Solar, Inc., Form 10-K filed 2026-02-24: “Our investment in this technology also includes the construction of a dedicated perovskite development line at our Ohio facility.”
  55. First Solar, Inc., Form 10-K filed 2026-02-24: “Our CuRe program is intended to improve our current semiconductor structure by replacing copper with certain other elements that are expected to enhance module performance”
  56. First Solar, Inc., Form 10-K filed 2026-02-24: “In late 2024, we commenced a limited commercial production run of modules employing our CuRe technology, and during the first half of 2025, we sold our first CuRe modules to customers. Beginning in the first quarter of 2026, we intend to permanently convert one of our Ohio facilities to CuRe”
  57. First Solar, Inc., Form 10-K filed 2026-02-24: “certain module manufacturers have introduced n-type mono-crystalline modules, such as tunnel oxide passivated contact (“TOPCon”) modules”
  58. First Solar, Inc., Form 10-K filed 2026-02-24: “On February 25, 2025, First Solar filed suit in the district court for the District of Delaware asserting that JinkoSolar Holding Co., Ltd.”
  59. First Solar, Inc., Form 10-K filed 2026-02-24: “On May 9, 2025, we filed a lawsuit in the United States District Court for the District of Delaware against Canadian Solar and its related entities alleging infringement of certain of our U.S. TOPCon patents.”
  60. First Solar, Inc., Form 10-K filed 2026-02-24: “On April 15, 2025, Mundra Solar PV Limited (“Mundra”) filed suit in the district court of the District of Delaware seeking declaratory judgment that it does not infringe two of First Solar’s patents”
  61. First Solar, Inc., Form 10-K filed 2026-02-24: “On July 18, 2025, JinkoSolar Co. Ltd. filed an inter partes review before the U.S. Patent and Trademark Office (the “USPTO”) alleging First Solar’s patent asserted in the District of Delaware litigation (the “’074 Patent”) is invalid over certain prior art. On September 29, 2025, First Solar filed a brief requesting that the inter partes review be discretionarily denied. On November 20, 2025, the U.S. Patent Trial and Appeal Board declined the petition, ending the proceeding.”
  62. First Solar, Inc., Form 10-K filed 2026-02-24: “On August 15, 2025, Mundra filed an inter partes review before the USPTO alleging that First Solar’s ’732 Patent is invalid over certain prior art. On October 17, 2025, First Solar filed a brief requesting that the inter partes review be discretionarily denied. On December 11, 2025, the U.S. Patent Trial and Appeal Board declined the petition, ending the proceeding.”
  63. First Solar, Inc., Form 10-K filed 2026-02-24: “Further, on February 24, 2026, we filed a petition with the USITC asserting that entities affiliated with Axitec Solar, Canadian Solar, JA Solar, JinkoSolar, Mundra, Philadelphia Solar, Hanwha QCells, Runergy, Trina Solar, and VSUN directly and indirectly infringe a First Solar patent through the importation and sale of certain TOPCon solar products.”
  64. First Solar, Inc., Form 10-K filed 2026-02-24: “Certain of our existing or future competitors, including many linked to China, may have direct or indirect access to sovereign capital or other forms of state support, which could enable such competitors to compromise intellectual property and operate at minimal or negative operating margins for sustained periods of time.”
  65. First Solar, Inc., Form 10-K filed 2026-02-24: “In the United States, competition is influenced primarily through incentive‑based domestic content requirements and restrictions related to foreign entities of concern (“FEOC”), which affect eligibility for certain federal tax credits rather than imposing absolute sourcing mandates. Such U.S. policies incentivize the use of U.S.‑manufactured or non‑Chinese equipment”
  66. First Solar, Inc., Form 10-K filed 2026-02-24: “In April 2024, the American Alliance for Solar Manufacturing Trade Committee, which includes First Solar, filed a set of AD/CVD petitions with the USDOC and the USITC to impose duties on certain unfairly traded solar products from Cambodia, Malaysia, Thailand, and Vietnam.”
  67. First Solar, Inc., Form 10-K filed 2026-02-24: “AD/CVD orders, including the assessment of countervailing duties and suspension of liquidation of such products, were issued on June 9, 2025.”
  68. First Solar, Inc., Form 10-K filed 2026-02-24: “We have identified manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 that may cause the modules to experience premature power loss once installed in the field.”
  69. First Solar, Inc., Form 10-K filed 2026-02-24: “we estimated that approximately two-thirds of Series 7 modules sold prior to December 31, 2024 may have been impacted”
  70. First Solar, Inc., Form 10-K filed 2026-02-24: “the aggregate remaining losses related to these manufacturing issues will range from approximately $35 million to $75 million. Within that range, we recorded a specific warranty liability of $50 million as of December 31, 2025”
  71. First Solar, Inc., Form 10-K filed 2026-02-24: “These terminations reduced our contracted backlog of solar modules by 6.6 GW at an aggregate transaction price of $1.9 billion.”
  72. First Solar, Inc., Form 10-K filed 2026-02-24: “During 2025, we terminated various master supply agreements with BP Solar Holding LLC and its affiliate Lightsource Renewable Energy Trading, LLC due to the customers’ failure to cure several breaches of their contractual obligations. These terminations triggered certain contractual termination payment provisions amounting to $384.6 million, of which we recognized $61.0 million as revenue for advance payments previously received from the customer. In September 2025, we filed a complaint with the Supreme Court of the State of New York seeking relief and demanding payment from these customers for the remaining termination payments”
  73. First Solar, Inc., Form 10-K filed 2026-02-24: “Net sales for 2025 increased by 24% to $5.2 billion compared to $4.2 billion in 2024. The increase in net sales was primarily driven by an increase in the volume of modules sold to third parties.”
  74. First Solar, Inc., Form 10-K filed 2026-02-24: “During 2025, we produced 16.1 GW and sold 17.5 GW of solar modules.”
  75. First Solar, Inc., Form 10-K filed 2026-02-24: “Gross profit decreased 3.6 percentage points to 40.6% in 2025 from 44.2% in 2024 primarily due to (i) higher costs related to a sales mix that included more U.S.-produced modules; (ii) higher warehousing costs; (iii) additional duties and tariff costs; and (iv) higher logistics charges. As a percentage of net sales, these decreases in gross profit were partially offset by (v) the recognition of higher advanced manufacturing production credits under Section 45X of the IRC.”
  76. First Solar, Inc., Form 10-K filed 2026-02-24: “Based on the current form factor of our modules, we expect to qualify for a credit of approximately 17 cents per watt for each module produced in the United States and sold to a third party. During the year ended December 31, 2025, we recognized $1.6 billion of Section 45X credits as a reduction to “Cost of sales.””
  77. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
  78. First Solar, Inc., Form 10-K filed 2026-02-24: “Module average selling prices in many global markets have declined. However, recent module pricing in the United States, our primary market, has remained stable due, in part, to the rising demand for domestically manufactured modules as a result of the IRA, energy tax credit eligibility restrictions (including foreign-entity-related limitations) as amended by the OBBBA, and tariffs on modules imported into the United States.”
  79. First Solar, Inc., Form 10-K filed 2026-02-24: “In December 2024, the ALMM was amended to require nearly all solar development projects to use PV modules that contain domestically manufactured solar cells, which is expected to be effective for such projects completed on or after June 2026; in August 2025, the relevant list of qualifying entities was released, which included First Solar as an approved manufacturer.”
  80. First Solar, Inc., Form 10-K filed 2026-02-24: “In November 2025, the MNRE released a draft proposal that would increase the minimum efficiency of PV modules for manufacturers to be included in the ALMM beginning in 2027, which would potentially impact First Solar’s ability to sell modules within the Indian market.”
  81. First Solar, Inc., Form 10-K filed 2026-02-24: “Given the combination of (i) a European market captured by Chinese solar modules, where pricing is at levels near or below manufacturing costs, (ii) an Indian market effectively closed to Southeast Asian products, (iii) a general supply and demand imbalance for Southeast Asian products, and (iv) certain tariffs on modules imported into the United States, we have reduced production of Series 6 modules at our international manufacturing facilities.”
  82. First Solar, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, we had entered into contracts with customers for the future sale of 50.1 GW of solar modules for an aggregate transaction price of $15.0 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to our customers. This volume and transaction price exclude contracts with customers in India for which payment has not been fully secured. This volume includes contracts for the sale of 23.2 GW of solar modules with anticipated price adjustments for future module technology improvements”
  83. First Solar, Inc., Form 10-K filed 2026-02-24: “We are in the process of expanding our domestic manufacturing capacity by approximately 4 GW including the construction of our sixth U.S. manufacturing facility to onshore final production processes for modules initiated by our international fleet, which is expected to commence operations in the second half of 2026.”
  84. First Solar, Inc., Form 10-K filed 2026-02-24: “such adjustments, if realized, could result in additional revenue of up to $0.6 billion, the majority of which would be recognized in 2027 and 2028.”
  85. The record on this page: the filed annual figures (EDGAR's company facts)
  86. First Solar, Inc., Form 10-K filed 2026-02-24: “In June 2025 and July 2025, we entered into two separate agreements for the sale of $701.9 million of Section 45X tax credits we generated during 2025 for aggregate cash proceeds of $668.1 million.”
  87. First Solar, Inc., Form 10-K filed 2026-02-24: “(iv) higher warehousing costs of $130.7 million; and (v) tariffs on international modules imported into the United States of $94.4 million.”
  88. First Solar, Inc., Form 10-K filed 2026-02-24: “As it pertains to the countries where we manufacture solar modules, IEEPA tariffs applied to Vietnam (20%), India (25%), and Malaysia (19%).”
  89. First Solar, Inc., Form 10-K filed 2026-02-24: “those contract terms have in the past and may in the future be breached by our customers or subject to renegotiation.”

Where the revenue comes from

By geography: United States 96%, India 4%, All other foreign countries under 1%, France under 1%. As tagged in its annual report (Form 10-K, filed 2026-02-24).

Who runs it

Ahearn, Michael J (Chairman and Interim CEO); Widmar, Mark R (Chief Executive Officer); Bradley, Alexander R. (Chief Financial Officer); Gloeckler, Markus (Chief Technology Officer); Koralewski, Michael (Chief Supply Chain Officer); Buehler, Patrick James (Chief Product Officer); Stockdale, Caroline (Chief People and Comm. Officer); Verma, Kuntal Kumar (Chief Manufacturing Officer); Antoun, Georges (Chief Commercial Officer); Sloan, Samantha L. (EVP, Corporate Affairs); and 10 more. 20 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.