First Solar

ANNUAL 
REPORT
2024.

FIRST SOLAR | ANNUAL REPORT 2024
First Solar, Inc. is America’s leading PV solar technology and 
manufacturing company. The only US-headquartered company 
among the world’s largest solar manufacturers, First Solar is 
focused on competitively and reliably enabling power generation 
needs with its advanced, uniquely American thin film PV 
technology. Developed at research and development (R&D) labs 
in California and Ohio, the Company’s technology represents 
the next generation of solar power generation, providing a 
competitive, high-performance, and responsibly produced 
alternative to conventional crystalline silicon PV modules.
ABOUT 
FIRST SOLAR
Alabama
Ohio R&D
Louisiana

FIRST SOLAR | ANNUAL REPORT 2024
In 2024, First Solar continued to build the 
foundations supporting our long-term growth 
strategy. 
In this past year, we solidified our position 
as America’s leading solar technology and 
manufacturing company by expanding both 
our manufacturing capacity and our research 
and development (R&D) footprint. In 2024, 
we commissioned a new 3.5-gigawatt (GW)  
manufacturing facility in Alabama; progressed 
construction of a new 3.5 GW factory in Louisiana 
(expected to begin commercial operations in 
the second half of 2025); and established the 
infrastructure we anticipate will help accelerate 
our cycles of innovation with the new Jim Nolan 
Center for Solar Innovation in Ohio. While we were 
laying the groundwork for future growth, in 2024 
we produced and shipped an historic volume of 
modules even as we exited the year with record 
nameplate manufacturing capacity.
To Our 
Shareholders.
MARK WIDMAR | CEO

FIRST SOLAR | ANNUAL REPORT 2024
FINANCIAL REVIEW
From a financial perspective, our full-year diluted 
earnings per share (EPS) for 2024 was $12.02, 
compared to $7.74 in 2023. Net sales for the full 
year 2024 were $4.2 billion compared to $3.3 
billion in the prior year. This increase was primarily 
driven by a higher volume of modules sold to third 
parties.
We ended 2024 with an aggregate cash, cash 
equivalents, restricted cash, restricted cash 
equivalents, and marketable securities balance of 
$1.8 billion, a decrease of $0.3 billion from the prior 
year. Our year-end net-cash position, which includes 
the aforementioned balance, less debt, was $1.2 
billion, a decrease of $0.4 billion from the prior year.
Year in Review.
The decrease in our net-cash balance for the full 
year 2024 was primarily due to capital expenditures, 
partially offset by module segment operating cash 
flows. Cash flows from operations were $1.2 billion 
in 2024, compared to $0.6 billion in 2023. This 
increase was primarily driven by proceeds from the 
December sale of certain of our Section 45X tax 
credits, partially offset by an increase in payments 
made to suppliers compared to the prior year, and 
lower cash receipts from module sales in 2024.
Capital expenditures were $1.5 billion in 2024 
compared to $1.4 billion in 2023 primarily driven 
by expenditures associated with our Alabama and 
Louisiana facilities.

FIRST SOLAR | ANNUAL REPORT 2024
Sales reached a new record high in 2024, with 14.1 
GW of modules sold during the year. 
In parallel, we sustained a highly selective approach 
to contracting, which was foreshadowed at the 
start of the year. As we previously noted, the pace 
of bookings was expected to slow after record 
contracting years, with our contracted backlog 
providing us with optionality in periods of pricing and 
policy uncertainty.
Against this backdrop, we secured full-year net 
bookings of 4.4 GW at a base average selling price 
(ASP) of 30.5 cents per watt, excluding adjusters, 
India domestic sales, and terminations. Accounting 
for full-year sales and net bookings in 2024, we 
ended the year with a contracted backlog of 68.5 
GW, amounting to an aggregate value of $20.5 
billion, or approximately 29.9 cents per watt.
Notably, a substantial portion of our backlog 
includes opportunities to increase the base ASP 
through the application of adjusters if we realize 
achievements within our current technology 
roadmap as of the expected timing for delivery 
of the product. By the end of 2024, we had 
approximately 37.1 GW of contracted volume with 
these adjusters, which we estimate could generate 
up to an additional $0.7 billion, or approximately 
2 cents per watt, the majority of which would be 
recognized between 2026 and 2028.
SALES & CONTRACTED BACKLOG 
14.1GW
2024 - Record  
High Module Sales
68.5GW
2024
Contracted Backlog

FIRST SOLAR | ANNUAL REPORT 2024
TECHNOLOGY & INNOVATION 
We believe that the age of electrification is upon us. Electricity is the lifeblood of the 
modern economy and our way of life. The future growth of industries, technologies, and 
nations worldwide is predicated on the availability of power. Meeting this unprecedented 
demand for electricity will require diverse sources of energy generation, and we believe 
that solar will be a key part of the mix, giving rise to opportunities to develop and 
commercialize the next generation of disruptive, transformative solar technologies.
Optimizing across efficiency, energy, and cost, we believe the future of solar will be largely 
driven by thin film technologies. As a result, we have embarked on a focused technology 
strategy concentrated on three core pillars, each underpinned by our 26 years of 
experience in developing, commercializing, and scaling thin film solar technology.
The first pillar centers around improvements to 
our core single-junction cadmium telluride (CdTe) 
semiconductor technology. In the fourth quarter 
of 2024, we commenced a limited commercial 
production run of modules employing our innovative 
CuRe technology, which we expect will be completed 
in the first quarter of 2025 and have deployed the 
first of these modules in the field for testing.
Upon successful field performance validation to 
confirm accelerated-life testing results, we intend 
to permanently convert the Ohio to produce 
CuRe modules. We now expect the Ohio lead line 
conversion to take place in the first quarter of 
2026, allowing us to address learnings from the 
initial production run and expanding the opportunity 
for field validation. We intend to begin a phased 
replication of CuRe technology across our fleet in 
early 2026.
The second pillar of our technology strategy relates 
to developing the next generation of thin-film 
semiconductors for deployment on a commercial 
scale. This effort is focused on perovskite 
technology and is being led by our California 
Technology Center with support from its European 
counterpart in Sweden, formed by our 2023 
acquisition of Evolar. 
To date, we have been able to achieve reliability 
results that we believe are comparable with best-
in-class R&D efforts, as we continue to advance 
our work on improving efficiency and stability in the 
race to develop a viable and commercially scalable 
perovskite product. Furthermore, we expect this 
initiative to benefit greatly from our new dedicated 
perovskite development line in Ohio, which is 
expected to be fully operational by the second 
quarter of 2025. 

FIRST SOLAR | ANNUAL REPORT 2024
Optimizing across efficiency, 
energy, and cost, we believe 
the future of solar will be 
largely driven by thin film 
technologies.
Our third pillar centers around a next-generation 
tandem photovoltaic (PV) solar device that combines 
two semiconductors, each optimized to a different 
range of the solar spectrum, to create very high 
efficiency modules. While tandem modules can 
utilize a range of available PV semiconductors, we 
believe that at least one of those semiconductors 
must be thin film. And we believe that the optimal 
solution will require both semiconductors to be thin 
film. In other words, in our view, there is no tandem 
without thin film technology.
While we previously explored the possibility of a 
crystalline silicon/CdTe tandem product, we now 
believe the energy and efficiency benefits of a fully 
thin-film approach provides a more likely path to 
developing a truly transformative device and we are 
prioritizing our research into this structure.
We believe this three-pillar framework enables us 
to compete with best-in-class crystalline silicon 
technology in the near term by advancing our  
CuRe technology platform. In the long term our 
thin film technology and manufacturing expertise 
position us well in the race to commercialize and 
scale a perovskite-based thin film semiconductor.

FIRST SOLAR | ANNUAL REPORT 2024
INTELLECTUAL PROPERTY 
While First Solar is the world leader in the 
development and commercialization of advanced 
thin film photovoltaics, our R&D and intellectual 
property portfolio spans several semiconductor 
platforms, including crystalline silicon, allowing 
us to pursue multiple pathways toward our goal of 
developing the next transformative, disruptive solar 
technology. 
In 2024, we announced our ownership of patents 
related to the manufacturing of Tunnel Oxide 
Passivated Contact (TOPCon) crystalline silicon PV 
solar cells. The US patent and related international 
counterparts were acquired through our 2013 
acquisition of TetraSun, Inc. Prior to our acquisition, 
the California-based startup had pioneered 
proprietary cell architecture and manufacturing 
processes for large-format crystalline silicon wafers.
Today, our TOPCon patent portfolio includes 
patents issued in the United States, Australia, 
Canada, China, the European Union, Hong Kong, 
Japan, Mexico, Malaysia, Singapore, South Korea, 
United Arab Emirates, and Vietnam, with validities 
extending to 2030 and beyond. The portfolio 
also includes pending patent applications in the 
European Union, Japan, Hong Kong, United Arab 
Emirates, and Vietnam.
In announcing our ownership of these patents, 
we revealed an investigation into several leading 
crystalline silicon solar manufacturers for potential 
infringement of our patents. We have been clear 
that we will actively defend our intellectual property 
rights in the US and internationally, challenging the 
ability of potential infringers to legally manufacture, 
assemble, and sell infringing TOPCon technology 
by pursuing enforcement, licensing, and/or other 
measures to safeguard our rights.
In February 2025, following numerous commercial 
engagement efforts, we filed a complaint with 
the United States District Court for the district 
of Delaware against various JinkoSolar entities, 
alleging infringement of one of our US TOPCon 
patents. 
Simultaneously, we continue to advance discussions 
with certain other companies that have expressed 
interest in resolving this issue commercially. For 
example, in February 2025 we also announced our 
first agreement for the licensing of our US TOPCon 
patents with TalonPV, a US manufacturer of solar 
cells.
We will continue to enforce our rights around our 
patent portfolio, issuing letters to address potential 
infringement, filing litigation where necessary, and 
negotiating and entering into licensing agreements 
where possible. We believe that the response to 
our actions validates our view that we possess 
fundamentally valid and enforceable patents in 
relation to TOPCon cell technology.
First Solar’s Jinko Solar lawsuit, as well as other 
legal actions against alleged TOPCon patent 
infringement across the industry, underscores the 
benefits of First Solar’s unique, highly differentiated 
CdTe semiconductor technology over highly 
commoditized crystalline silicon panels.

FIRST SOLAR | ANNUAL REPORT 2024
In the United States, President Donald Trump has 
defined an expansive economic mandate that 
could reshape the US economy over the next four 
years—particularly in terms of electricity production 
and consumption. His administration’s goals of 
accelerating economic growth, reducing inflation, 
establishing global energy dominance, bringing back 
American manufacturing jobs, and championing 
innovation, including artificial intelligence, require 
abundant, stable power generation.
Forecasts show that the US will need 128 GW of 
new capacity by 2029 to meet high summer peak 
demand. And while President Trump is expected to 
preside over the first meaningful growth in electricity 
demand of this century, it will not be without 
challenges—the most significant of which is the 
time it takes to expand power generation capacity 
and grid infrastructure. 
Consider that new natural gas capacity could take 
half a decade to come online and cost twice as 
much as it did five years ago, thanks primarily to 
supply chain constraints (including a shortage of 
turbines). Large-scale nuclear power plants take 
more than a decade to permit, construct, and 
commission. While renewing decommissioned 
nuclear plants is an option, there are reportedly only 
three of these assets that could be economically 
recommissioned by 2028. And while anticipated to 
be quicker to deploy, small modular reactors are 
not expected to operate commercially at a gigawatt 
scale before 2035.
Quite simply, in order to avoid potential inflation 
in energy prices, maintain its economic and 
innovative competitiveness, and secure its energy 
independence, the country cannot wait. Given its 
attributes of low cost and speed-to-deployment 
relative to other sources of energy generation, 
utility-scale solar should clearly be a significant part 
of the near-term “all-of-the-above” solution mix.
However, we also believe that the Trump 
administration and Congress must ensure that 
this unprecedented growth in power generation 
capacity does not deepen the country’s dependence 
on China, and that American manufacturers have 
access to a level playing field. The threat from China 
is existential and cannot be addressed through 
market factors, economics, and innovation alone. 
Given this backdrop, we continue to advocate for 
decisive action to address China’s dominance of 
global solar supply chains and weaponization of 
subsidy-fueled overcapacity to undermine American 
manufacturing, energy security, and enduring, 
middle-class jobs.
In the US, this includes Foreign Entities of Concern 
(FEOC) laws that exclude companies tied to the 
Chinese Communist Party from accessing US 
taxpayer-funded incentives. Considering the large 
number of Chinese manufacturers that have set 
up low-value-add US assembly shops importing 
high-value overseas components in order to secure 
billions in incentives, FEOC legislation not only 
prevents China from unfairly accessing US taxpayer-
funded incentives, but it also impactfully reduces 
the cost of programs such as the 45X advanced 
manufacturing tax credit. And, most importantly, 
it ensures that the value created by domestic 
manufacturing is retained in the US and not 
remitted to China.
Decisive action also must include enforcing and 
reinforcing trade tools such as tariffs and anti-
dumping and countervailing duties, which support 
American manufacturers by addressing anti-
competitive, market-distorting behavior. 
EVOLVING POLICY ENVIRONMENT

FIRST SOLAR | ANNUAL REPORT 2024
We enter 2025 with a firm belief in the long-term 
growth potential for energy generation. Given the 
unprecedented demand for low-cost power generation 
capacity that can be rapidly delivered, we believe 
that utility-scale solar is uniquely positioned to not 
just meet the moment but to become a permanent 
fixture of the energy mix in advanced economies as we 
progress into the next decade.
Against this backdrop, we continue to focus on 
differentiation, and are guided by an approach that 
balances growth, profitability, and liquidity, as we 
work toward enabling a new era that could see the 
universalization of electrification in the world’s most 
advanced economies.
This strategic framework informs our long-term 
decision-making and enables our ability to play the 
long game. It guided our strategy to exit the systems 
business at the end of the last decade, returning to 
our roots as a solar technology and manufacturing 
company, as well as our decision to double down 
on US manufacturing, supply chains, and R&D. We 
expect this long-term approach to our business model 
to serve us well as we continue to navigate periods 
of macro and industry uncertainty, even as we seize 
opportunities. 
We thank our shareholders for being part of this 
journey. Your belief and support reinforce our efforts 
to build a company that doesn’t simply competitively 
and reliably enable power generation needs with its 
advanced, uniquely American thin film PV technology 
but does so responsibly.
The Long Game.
We believe that utility-scale 
solar is uniquely positioned 
to not just meet the moment 
but to become a permanent 
fixture of the energy mix in 
advanced economies as we 
progress into the next decade.
MARK WIDMAR, 
Chief Executive Officer

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark one)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number: 001-33156
First Solar, Inc.
(Exact name of registrant as specified in its charter)
Delaware
20-4623678
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
350 West Washington Street, Suite 600
Tempe, Arizona 85288
(Address of principal executive offices, including zip code)
(602) 414-9300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value
FSLR
The NASDAQ Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☒   No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐   No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.  Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such 
files).  Yes ☒   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or 
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control 
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued 
its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received 
by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐   No ☒
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June 30, 2024, the last business day of the 
registrant’s most recently completed second fiscal quarter, was approximately $24.0 billion (based on the closing price of the registrant’s common stock on 
that date). As of February 21, 2025, 107,062,105 shares of the registrant’s common stock, $0.001 par value per share, were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
The information required by Part III of this Form 10-K, to the extent not set forth herein, is incorporated by reference from the registrant’s definitive proxy 
statement relating to the Annual Meeting of Shareholders to be held in 2025, which will be filed with the Securities and Exchange Commission within 
120 days after the end of the fiscal year to which this Form 10-K relates.

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FIRST SOLAR, INC.
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS
Page
PART I
Item 1.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Information about Our Executive Officers  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Item 1A.
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Item 1B.
Unresolved Staff Comments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Item 1C.
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
Item 3.
Legal Proceedings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
Item 4.
Mine Safety Disclosures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases 
of Equity Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Item 6.
Reserved  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations  . . .
47
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk  . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
Item 8.
Financial Statements and Supplementary Data  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  . . .
68
Item 9A.
Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Item 9B.
Other Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections  . . . . . . . . . . . . . . . . . . . .
69
PART III
Item 10.
Directors, Executive Officers, and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
Item 11.
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
Item 13.
Certain Relationships and Related Transactions, and Director Independence  . . . . . . . . . . . . . .
71
Item 14.
Principal Accountant Fees and Services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
PART IV
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
Throughout this Annual Report on Form 10-K, we refer to First Solar, Inc. and its consolidated subsidiaries as “First 
Solar,” “the Company,” “we,” “us,” and “our.” Units of electricity are typically stated in megawatts (“MW”) and 
gigawatts (“GW”).

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities 
Exchange Act of 1934, as amended (the “Exchange Act”), and the Securities Act of 1933, as amended (the 
“Securities Act”), which are subject to risks, uncertainties, and assumptions that are difficult to predict. All 
statements in this Annual Report on Form 10-K, other than statements of historical fact, are forward-looking 
statements. These forward-looking statements are made pursuant to safe harbor provisions of the Private Securities 
Litigation Reform Act of 1995. The forward-looking statements include statements, among other things, concerning: 
effects resulting from certain module manufacturing changes; our business strategy, including anticipated trends and 
developments in and management plans for our business and the markets in which we operate; future financial 
results, operating results, module volumes produced, module volumes sold, revenues, gross margin, operating 
expenses, products, projected costs (including estimated future module collection and recycling costs), warranties 
and anticipated claims thereunder, solar module technology and cost reduction roadmaps, product reliability, 
investments, and capital expenditures; our ability to successfully integrate an acquired business; our ability to 
continue to reduce the cost per watt of our solar modules; the impact of public policies; the potential impact of 
legislation intended to encourage renewable energy investments through tax credits; our ability to expand 
manufacturing capacity worldwide, including the construction of new manufacturing facilities in the United States 
and related increases in manufacturing capacity; the impact of supply chain disruptions, which may affect the 
procurement of raw materials used in our manufacturing process and the distribution of our modules; research and 
development programs and our ability to improve the wattage of our solar modules; sales and marketing initiatives; 
our ability to enforce our intellectual property rights; and competition. In some cases, you can identify these 
statements by forward-looking words, such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” 
“believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” 
“continue,” “contingent,” and the negative or plural of these words, and other comparable terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future 
events. All forward-looking statements included in this Annual Report on Form 10-K are based upon information 
available to us as of the filing date of this Annual Report on Form 10-K and therefore speak only as of the filing 
date. You should not place undue reliance on these forward-looking statements. We undertake no obligation to 
update any of these forward-looking statements for any reason, whether as a result of new information, future 
developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and 
other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially 
from those expressed or implied by these statements. These factors include, but are not limited to:
•
structural imbalances in global supply and demand for photovoltaic solar modules;
•
our competitive position and other key competitive factors;
•
the reduction, elimination, or expiration of government subsidies, policies, and incentive programs for solar 
energy projects and other renewable energy projects;
•
the impact of public policies, such as tariffs, export controls, or other trade remedies imposed on solar cells 
and modules;
•
the passage of legislation intended to encourage renewable energy investments through tax credits, such as 
the Inflation Reduction Act of 2022;
•
our ability to execute on our long-term strategic plans, including our ability to secure financing and realize 
the potential benefits of strategic acquisitions and investments;
•
our ability to execute on our solar module technology and cost reduction roadmaps;
•
our ability to incorporate technology improvements into our manufacturing process, including the 
implementation of our copper replacement program;
1

•
our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 modules 
manufacturing facilities;
•
our ability to improve the wattage of our solar modules;
•
interest rate fluctuations and our customers’ ability to secure financing;
•
the loss of any of our large customers, or the ability of our customers and counterparties to perform under 
their contracts with us;
•
the severity and duration of public health threats, including the potential impact on the Company’s 
business, financial condition, and results of operations;
•
our ability to attract new customers and to develop and maintain existing customer and supplier 
relationships;
•
our ability to construct new production facilities to support new product lines;
•
general economic and business conditions, including those influenced by U.S., international, and 
geopolitical events and conflicts;
•
environmental responsibility, including with respect to Cadmium Telluride and other semiconductor 
materials;
•
evolving corporate governance and public disclosure regulations and expectations, including with respect to 
environmental, social, and governance matters;
•
claims under our limited warranty obligations;
•
changes in, or the failure to comply with, government regulations and environmental, health, and safety 
requirements;
•
effects arising from and results of pending litigation;
•
future collection and recycling costs for solar modules covered by our module collection and recycling 
program, or otherwise as required by external laws and regulation;
•
supply chain disruptions;
•
our ability to protect our intellectual property;
•
our ability to prevent and/or minimize the impact of cybersecurity incidents or information or security 
breaches;
•
our continued investment in research and development;
•
the supply and price of components and raw materials, including Cadmium Telluride;
•
our ability to attract, train, retain, and successfully integrate key talent into our team; and
•
all other matters discussed in Item 1A. “Risk Factors” and elsewhere in this Annual Report on Form 10-K, 
our subsequently filed Quarterly Reports on Form 10-Q, and our other filings with the Securities and 
Exchange Commission (the “SEC”).
You should carefully consider the risks and uncertainties described in this section. The following discussion and 
analysis of our business, financial condition, and results of operations should be read in conjunction with our 
consolidated financial statements and the related notes thereto included in this Annual Report on Form 10-K.
2

PART I
Item 1. Business
Company Overview
We are America’s leading photovoltaic (“PV”) solar technology and manufacturing company. The only U.S.-
headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and 
reliably enabling power generation needs with our advanced, thin film PV technology. Developed at research and 
development (“R&D”) labs in California and Ohio, the Company’s technology represents the next generation of 
solar power generation, providing a competitive, high-performance, and responsibly produced alternative to 
conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, 
continuous process that does not rely on Chinese crystalline silicon supply chains.
We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in 
the Western Hemisphere. In addressing the overall global demand for electricity, PV solar modules provide energy 
at a lower levelized cost of electricity (“LCOE”), meaning the net present value of a system’s total life cycle costs 
divided by the quantity of energy that is expected to be produced over the system’s life, when compared to 
traditional forms of energy generation. With approximately $2 billion in cumulative R&D investments in the last 
20 years, we have a demonstrated history of innovation and continuous improvement. We believe our strategies and 
points of differentiation provide the foundation for our competitive position and enable us to remain one of the 
preferred providers of PV solar modules.
Business Strategy
Advanced Module Technology
Our current module semiconductor structure is a single-junction polycrystalline thin film that uses Cadmium 
Telluride (“CdTe”) as the absorption layer. CdTe has absorption properties that are well matched to the solar 
spectrum and can deliver competitive wattage 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. 
For example, our CdTe solar technology provides:
•
a superior temperature coefficient, which results in stronger system performance in typical high insolation 
climates as the majority of a system’s generation, on average, occurs when module temperatures are well 
above 25°C (standard test conditions);
•
a superior spectral response in humid environments where atmospheric moisture alters the solar spectrum 
relative to standard test conditions;
•
a better partial shading response than competing crystalline silicon technologies, which may experience 
significantly lower energy generation than CdTe solar technologies when partial shading occurs; and
•
an immunity to cell cracking and its resulting power output loss, a common failure often observed in 
crystalline silicon modules caused by poor manufacturing, handling, weather, or other conditions.
In addition to these technological advantages, we also warrant that our solar modules will produce at least 98% of 
their labeled power output rating during the first year, with the warranty coverage reducing by a degradation factor 
that is generally between 0.3% and 0.5%, depending on the module series, every year thereafter throughout the 
limited power output warranty period of up to 30 years. As a result of these and other factors, our solar modules can 
produce more annual energy in real-world operating conditions than conventional crystalline silicon modules with 
the same nameplate capacity.
3

Manufacturing Process and Distributed Manufacturing Presence
Our modules combine our leading-edge CdTe technology with the manufacturing excellence and quality control that 
comes from being the world’s most experienced producer of thin film PV solar modules. With more than 75 GW of 
modules sold worldwide, we have a demonstrated history of manufacturing success and innovation. Our global 
manufacturing footprint includes facilities in the United States, Malaysia, Vietnam, and India. During 2023, we 
commenced production of our Series 7TM (“Series 7”) modules at our third manufacturing facility in Ohio and our 
first manufacturing facility in India, which combine our thin film CdTe technology with a larger form factor and an 
innovative steel back rail mounting structure that reduces module installation time. During 2024, we commenced 
production of Series 7 modules at our first manufacturing facility in Alabama, bringing our total installed nameplate 
production capacity across all our facilities to approximately 21 GW. Additionally, we are in the process of 
expanding our manufacturing capacity by approximately 4 GW, including the construction of our fifth U.S. 
manufacturing facility, which is expected to commence operations in the second half of 2025.
Our modules are manufactured in a high-throughput, automated environment that integrates all manufacturing steps 
into a continuous flow process. This process eliminates the multiple supply chain operators and resource-intensive 
batch processing steps that are used to produce crystalline silicon modules, which typically occur over several days 
and across multiple factories. At the outset of our module production, a sheet of glass enters the production line and 
in a matter of hours is transformed into a completed module ready for shipment.
This proprietary production process includes the following three stages: (i) the deposition stage, (ii) the cell 
definition and treatment stage, and (iii) the assembly and test stage. In the deposition stage, panels of transparent 
oxide-coated glass are robotically loaded onto the production line where they are cleaned, laser-mark identified with 
a serial number, heated, and coated with thin layers of semiconductor material, including CdTe, using our vapor 
transport deposition technology, after which the semiconductor-coated plates are cooled rapidly to increase glass 
strength. In the cell definition and treatment stage, we use high-speed lasers to transform the large continuous 
semiconductor coating on the glass plate into a series of interconnected cells that deliver the desired current and 
voltage output. In this stage, we also treat the semiconductor film using certain chemistries and processes to improve 
the device’s performance and apply a back contact. In the assembly and test stage, we apply busbars, inter-layer 
material, and a rear glass cover sheet that is laminated to encapsulate the device. We then apply anti-reflective 
coating material to the substrate glass to further improve the module’s performance by increasing its ability to 
absorb sunlight. Finally, junction boxes, termination wires, and a frame are applied to complete the module 
assembly.
We maintain a robust quality and reliability assurance program that monitors critical process parameters and 
measures product performance to ensure that industry and more stringent internal standards are met. We also 
conduct acceptance testing for electrical leakage, visual quality, and power measurement on a solar simulator prior 
to preparing a module for shipment. Our quality and reliability tests complement production surveillance with an 
ongoing monitoring program, subjecting production modules to accelerated life stress testing to help ensure ongoing 
conformance to requirements of the International Electrotechnical Commission and Underwriters Laboratories Inc. 
These programs and tests help assure delivery of power and performance in the field with a high level of product 
quality and reliability.
Research and Development
Our R&D model differentiates us from much of our competition due to its vertical integration, from advanced 
research to product development, manufacturing, and applications. We continue to devote substantial resources to 
our R&D efforts, which generally focus on continually improving the wattage and energy yield of our solar 
modules. We also have R&D programs to improve module durability and manufacturing efficiencies, including 
throughput, volume ramp, and material cost reduction. We continue to invest significant financial resources in such 
initiatives, including the construction of a dedicated perovskite development line and a dedicated R&D innovation 
center in Ohio, which was formally commissioned during 2024. This R&D innovation center, which features a high-
4

volume manufacturing scale production pilot line, is expected to enable the production of full-sized prototypes of 
thin film and tandem PV modules, supporting the implementation of our technology roadmap. Based on publicly 
available information, we are one of the leaders in R&D investment among PV solar module manufacturers.
In the course of our R&D activities, we explore various technologies in our efforts to sustain competitive 
differentiation in our modules. 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. We believe our systematic approach to technology change management enables continuous improvements 
and ensures uniform adoption across our production lines. In addition, our production lines are replicas or near 
replicas of each other and, as a result, a process or production improvement on one line can be rapidly and reliably 
replicated across other production lines.
We regularly produce research cells in our laboratories, some of which are tested for performance and certified by 
independent labs, such as the National Renewable Energy Laboratory. Cell efficiency measures the proportion of 
light converted to electricity in a single solar cell under standard test conditions. Our research cells are produced 
using laboratory equipment and methods and are not intended to be representative of our manufacturing capability. 
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%. We continue to evaluate opportunities to 
develop and leverage other solar cell technologies in multi-junction applications consisting of CdTe, or other 
materials, including thin film technologies. For example, during 2023, we acquired Evolar AB (“Evolar”), a 
European developer of perovskite technology. This acquisition is expected to accelerate the development of high 
efficiency multi-junction devices by integrating Evolar’s expertise with First Solar’s existing R&D capabilities. We 
believe such multi-junction applications have the potential to significantly increase the efficiency of PV modules 
beyond the limits of traditional single-junction devices.
Responsible Solar
We are committed to enhancing the social and economic benefits of our products and reducing our carbon footprint. 
Our thin film modules are manufactured through an integrated process that uses less energy, water, and 
semiconductor material than conventional crystalline silicon modules. Our thin film module technology has the 
fastest energy payback time, smallest carbon footprint, and lowest water use of any commercially available PV solar 
technology, measured on a lifecycle basis that accounts for the energy, raw materials, water usage, and 
transportation across the supply chain, manufacturing process, and end-of-life module recycling.
Our Series 7 module is our most eco-efficient product to date, with a carbon and water footprint that is 
approximately four times lower than conventional crystalline silicon modules manufactured in China and an energy 
payback time that is approximately five times faster. In just two months under high irradiation conditions, our Series 
7 modules produce more energy than was required to create them. This corresponds to a 180-fold energy return on 
investment over a 30-year project lifetime, providing an abundant net energy gain to the electricity grid. 
First Solar modules are designed for high-value recycling to maximize material recovery and contribute to a circular 
economy. Our recycling process recovers more than 90% of module materials for reuse, providing high quality 
secondary resources for new solar modules and other glass, rubber, and aluminum products. First Solar has a unique 
and long-standing leadership position in PV recycling, having established the industry’s first global recycling 
program in 2005 and recycled approximately 400,000 metric tons of PV modules to date.
Financial Stability
In addition to our responsible solar commitments, we are also committed to creating long-term shareholder value 
through a decision-making framework that delivers a balance of growth, profitability, and liquidity. This framework 
has enabled us to fund our module manufacturing and capacity expansion initiatives primarily using cash flows 
generated by our operations and by maintaining appropriate debt levels based on cash flow expectations. Our 
5

financial stability provides strategic optionality as we evaluate how to invest in our business and generate returns for 
our shareholders. Our financial stability also enables us to offer meaningful warranties, which provide us with a 
competitive advantage relative to many of our peers in the solar industry. Furthermore, we expect our financial 
discipline and ability to manage operating costs to enhance our profitability as we continue to scale our business.
Market Overview
Solar energy is one of the fastest growing forms of renewable energy with numerous benefits, including economic 
and speed of deployment, that make it an attractive complement to or substitute for traditional forms of energy 
generation. In recent years, the cost of producing electricity from PV solar power systems has decreased to levels 
that are competitive with or below the wholesale price of electricity in many markets. Other technological 
developments in the renewable energy industry, such as the advancement of energy storage capabilities, have further 
enhanced the prospects of solar energy as an alternative to traditional forms of energy generation. As a result of 
these and other factors, worldwide solar markets continue to develop and expand.
Government incentive programs, such as the Inflation Reduction Act of 2022 (the “IRA”), have contributed to this 
momentum by providing solar module manufacturers, project developers, and project owners with various 
incentives to accelerate the deployment of solar power generation. Among other things, the IRA (i) reinstates the 
30% investment tax credit for qualifying solar projects that meet certain wage and apprenticeship requirements, 
(ii) extends the production tax credit (“PTC”) to include energy generated from solar projects, (iii) provides 
incremental investment and production tax credits for solar projects that meet certain domestic content and location 
requirements, and (iv) offers tax credits for solar modules and solar module components manufactured in the United 
States and sold to third parties. In light of such regulatory developments, we have recently commenced or completed 
certain manufacturing expansion activities in the United States and India and continue to evaluate opportunities for 
future expansion worldwide, as described below under “Global Markets.” For more information about certain risks 
associated with the IRA, see Item 1A. “Risk Factors – We have received and expect to continue to receive certain 
financial benefits as a result of tax incentives provided by the Inflation Reduction Act of 2022. If these financial 
benefits vary significantly from our assumptions, our business, financial condition, and results of operations could 
be adversely affected.”
Internationally, given the combination of (i) a European Union market captured by Chinese solar modules, which 
pricing is at levels near or below manufacturing costs, (ii) an India market effectively closed to Southeast Asian 
finished goods, (iii) the uncertain U.S. policy environment following the 2024 U.S. elections, and (iv) a supply and 
demand imbalance for Southeast Asian product, we have decided to reduce production output of our Series 6 
modules at our manufacturing facilities in Malaysia and Vietnam by a combined total of 1 GW in 2025. Although 
module average selling prices in many global markets continue to decline, recent module pricing in the United 
States, our primary market, has been relatively stable due, in part, to the demand for domestically manufactured 
modules as a result of the IRA. In light of such market realities, we continue to advocate for industrial and trade 
policies that provide a level playing field for domestic manufacturers of solar cells and modules. We also continue to 
focus on our strategies and points of differentiation, which include our advanced module technology, our 
manufacturing process and distributed manufacturing presence, our R&D capabilities, our commitment to 
responsible solar, and our financial stability.
Global Markets
Energy markets are, by their nature, localized, with different factors impacting electricity generation and demand in 
a particular region or for a particular application. Further, overall electric load growth, especially as a result of 
artificial intelligence (“AI”)-driven data center demand, continues to increase. Accordingly, our business is evolving 
worldwide and is shaped by the varying ways in which our modules can provide compelling and economically 
viable solutions to energy needs in various markets. We are currently focusing on markets, including those listed 
below, in which our CdTe solar modules provide certain advantages over conventional crystalline silicon solar 
modules, including (i) high insolation climates in which our modules provide a superior temperature coefficient, 
6

(ii) humid environments in which our modules provide a superior spectral response, (iii) markets that value 
responsible sourcing through transparent supply chain reporting and ethical business practices, and (iv) markets that 
promote renewable energy investments through supportive policy environments. To the extent our production 
capacity expands in future periods, and policy environments are supportive, we have the potential to extend our 
focus to additional geographic markets.
United States. Multiple markets within the United States, which accounted for 93% of our 2024 net sales, exemplify 
favorable characteristics for a solar market, including (i) sizeable and growing electricity needs, driven largely by 
data center demand; (ii) strong demand for renewable energy generation; (iii) abundant solar resources; and 
(iv) demand for domestically manufactured modules. In those areas and applications in which these factors are more 
pronounced, our PV solar modules compete favorably on an economic basis with traditional forms of energy 
generation. The market penetration of PV solar is also impacted by certain federal and state incentive programs 
described below under “Incentive Programs.” The U.S. currently has an installed solar generation capacity of 
approximately 220 GW, and, in 2024 alone, the U.S. installed an estimated 32 GW of utility-scale solar capacity. 
Following the 2024 U.S. elections, the new U.S. Presidential administration has committed to an economic mandate 
focused on growth, reducing inflation, reshoring manufacturing and jobs, and championing innovation, including AI. 
The U.S. is expected to need approximately 128 GW of new power generation capacity by 2029 to meet high 
summer peak demand, the majority of which is expected to be driven by data center growth. As a result of such 
market opportunities, we are in the process of expanding our U.S. manufacturing capacity, including the 
construction of our fifth U.S. manufacturing facility, which is expected to commence operations in the second half 
of 2025.
India. India continues to represent one of the largest and fastest growing markets for PV solar energy with an 
installed solar generation capacity of approximately 98 GW. In addition, the government has established aggressive 
renewable energy targets, which include increasing the country’s overall renewable energy capacity to 500 GW by 
2030, becoming energy independent by 2047, and establishing a net-zero carbon emissions target by 2070. Based on 
these targets, it is projected that the installed solar energy generation capacity will be approximately 280 GW by 
2030. The government has also announced a series of policy and regulatory measures to incentivize domestic 
manufacturing of PV solar modules, as described below under “Incentive Programs.” These targets, policies, and 
regulatory measures are expected to help create significant and sustained demand for PV solar energy. In addition to 
these factors, our CdTe solar technology is well suited for the India market given its hot and humid climate 
conditions. As a result of such market opportunities and renewable targets, 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.
Incentive Programs
Although we compete in markets that do not require solar-specific government incentive programs, our net sales and 
profits remain subject to variability based on the scope of tax and production incentives, renewable portfolio 
standards, tendering systems, and other support programs intended to stimulate economies, achieve decarbonization 
initiatives, and/or establish greater energy independence. Such programs continue to influence the demand for PV 
solar energy around the world.
United States. In the United States, incentive programs exist at both the federal and state levels and may take the 
form of investment and production tax credits, sales and property tax exemptions and abatements, and/or renewable 
energy targets. However, the potential policies of the new U.S. presidential administration and Congress have raised 
some uncertainty as to such incentive programs. For more information about certain risks associated with such 
incentives, see Item 1A. “Risk Factors – We have received and expect to continue to receive certain financial 
benefits as a result of tax incentives provided by the Inflation Reduction Act of 2022. If these financial benefits vary 
significantly from our assumptions, our business, financial condition, and results of operations could be adversely 
affected.” and “Risk Factors – Existing regulations and policies, changes thereto, and new regulations and policies 
may present technical, regulatory, and economic barriers to the purchase and use of PV solar products, which may 
7

significantly reduce demand for our modules.” For more information about pending and ongoing developments 
related to the IRA, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of 
Operations – Certain Trends and Uncertainties.” Government incentives include the following:
•
Advanced Manufacturing Production Credit. In August 2022, the previous U.S. President signed the IRA 
into law, which was intended to accelerate the country’s ongoing energy transition. The provisions of the 
IRA are generally effective for tax years beginning after 2022. As discussed above, the IRA offers various 
tax credits, including the advanced manufacturing production credit, pursuant to Section 45X of the Internal 
Revenue Code (the “IRC”), for solar modules and certain solar module components manufactured in the 
United States and sold to third parties. Such credit may be refundable by the Internal Revenue Service 
(“IRS”) or transferable to a third party and is available from 2023 through 2032, subject to phase down 
beginning in 2030. For eligible components, the credit is equal to (i) $12 per square meter for a PV wafer, 
(ii) 4 cents multiplied by the capacity of a PV cell in watts, and (iii) 7 cents multiplied by the capacity of a 
PV module in watts. Such financial incentives are expected to increase both the demand for, and the 
domestic manufacturing of, solar modules and solar module components in the United States. For more 
information about certain risks associated with the benefits available to us under the IRA, see Item 1A. 
“Risk Factors – We have received and expect to continue to receive certain financial benefits as a result of 
tax incentives provided by the Inflation Reduction Act of 2022. If these financial benefits vary significantly 
from our assumptions, our business, financial condition, and results of operations could be adversely 
affected.” For more information about pending and ongoing developments related to the IRA, see Item 7. 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Certain 
Trends and Uncertainties.”
•
Investment and Production Tax Credits. At the federal level, investment and production tax credits for 
business and residential solar systems have gone through cycles of enactment and expiration over several 
decades. The current federal energy investment tax credit (“ITC”) for solar energy property requires 
projects to meet certain wage and apprenticeship requirements and to have commenced construction by a 
certain date, which may be achieved by certain qualifying procurement activities. In 2022, the U.S. 
Congress reinstated the 30% ITC as part of the IRA discussed above. Similarly, the IRA extended the 
renewable electricity PTC, which provides a tax credit for electricity generated by solar and other 
qualifying technologies for the first 10 years of a system’s operations. Both the ITC and PTC are available 
until a four-year phase down is triggered, which occurs at the later of 2032 or the year in which power-
sector emissions are 25% of 2022 levels. The ITC and PTC have been important economic drivers of solar 
installations and qualifying procurement activities in the United States. The positive impact of the ITC and 
PTC depends, in large part, on the availability of tax equity for project financing or the ability to transfer 
such credits to other taxpayers.
•
R&D Grants. The U.S. Department of Energy, though its Solar Energy Technologies Office (“SETO”), 
funds various solar energy R&D projects, including PV, system integration, and manufacturing initiatives, 
among others. In September 2023, SETO announced the Advancing U.S. Thin-Film Solar Photovoltaics 
Funding Opportunity, which provides incentives for qualifying solar R&D projects related to CdTe 
development and the manufacturing of perovskite tandem PV products. In May 2024, SETO announced the 
award recipients for this funding opportunity, which included First Solar. These grants are intended to 
accelerate and expand domestic solar R&D to strengthen U.S. solar manufacturing and contribute to 
renewable energy targets.
India. In India, incentives at both the federal and state levels have contributed to growth in domestic PV solar 
module manufacturing and solar energy installations. Such incentives include the following:
•
Production Linked Incentive. In March 2023, the government of India allocated financial incentives under 
the Production Linked Incentive (“PLI”) scheme to certain PV module manufacturers, including First Solar. 
The PLI scheme is expected to provide aggregate funding of INR 185 billion ($2.2 billion), which is 
8

intended to promote the manufacturing of high efficiency solar modules in India and to reduce India’s 
dependency on foreign imports of solar modules. For more information about pending and ongoing 
developments related to the PLI, see Item 7. “Management’s Discussion and Analysis of Financial 
Condition and Results of Operations – Certain Trends and Uncertainties.”
Various proposed and contemplated environmental and tax policies may create regulatory uncertainty in the 
renewable energy sector, including the solar energy sector, and may lead to a reduction or removal of various clean 
energy programs and initiatives designed to curtail climate change. For more information about the risks associated 
with these potential government actions, see Item 1A. “Risk Factors – The modification, reduction, elimination, or 
expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support 
for on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies 
imposed on solar cells and modules or related raw materials or equipment, could negatively impact demand and/or 
price levels for our solar modules and limit our growth or lead to a reduction in our net sales or increase our costs, 
thereby adversely impacting our operating results.”
Modules Business
Our primary segment is our modules business, which involves the design, manufacture, and sale of CdTe solar 
modules, which convert sunlight into electricity. Since the inception of First Solar, our modules have used our 
advanced thin film semiconductor technology. 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 2024, our Series 6 Plus and Series 7 modules had an average power 
output of 459 watts and 531 watts, respectively.
Raw Materials
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, 
organics such as adhesives, heat-strengthened back glass, frames, packaging components such as interlayer, cord 
plate/cord plate cap, lead wire, and solar connectors. Before we use these materials and components in our 
manufacturing process, a supplier must undergo rigorous qualification procedures, and we continually evaluate new 
suppliers as part of our cost reduction roadmap and expansion activities. When possible, we attempt to use suppliers 
that can provide a raw material supply source that is near our manufacturing locations, reducing the cost and lead 
times for such materials. For more information about the risks associated with our supply chain, see Item 1A. “Risk 
Factors – Several of our key raw materials and components are either single-sourced or sourced from a limited 
number of suppliers, and their failure to perform could cause manufacturing delays and impair our ability to deliver 
solar modules to customers in the required quality and quantities and at a price that is profitable to us.”
Customers
Our customers include system developers, independent power producers, utilities, commercial and industrial 
companies, and other system owners and operators. During 2024, our third-party module sales represented 
approximately 100% of our total net sales, and we sold the majority of our solar modules to customers with projects 
in the United States. During 2024, no customer accounted for more than 10% of our modules business net sales. For 
more information about risks related to our customers, see Item 1A. “Risk Factors – The loss of any of our large 
customers, or the inability of our customers and counterparties to perform under their contracts with us, could 
significantly reduce our net sales and negatively impact our results of operations.”
We continue to focus on certain key geographic markets, particularly in areas with abundant solar resources and 
sizable electricity demand, and additional customer relationships to diversify our customer base. The wholesale 
commercial and industrial market continues to represent a promising opportunity for the widespread adoption of PV 
solar technology as corporations undertake certain sustainability commitments. The demand for corporate 
9

renewables continues to accelerate, with corporations worldwide committing to the RE100 campaign. We believe 
we also have a competitive advantage in the commercial and industrial market due to many customers’ sensitivity to 
the sustainability, experience, and financial stability of their suppliers and geographically diverse operating 
locations. With our financial strength, global footprint, and commitment to responsible solar, we are well positioned 
to meet these needs.
Additionally, the increase of utility-owned generation and overall electric load growth, especially as a result of AI-
driven data center demand, have expanded the number of potential buyers of our modules as such utility and data 
center customers benefit from a potentially low cost of capital available through rate-based utility investments. 
Given their long-term ownership profiles, these customers typically seek to partner with stable companies that can 
provide low-cost alternatives to, or replacements for, aging fossil fuel-based generation resources, including reliable 
PV solar technology, thereby mitigating their long-term ownership risks.
Competition
The solar energy and renewable energy sectors are highly competitive and continually evolving as participants in 
these sectors strive to distinguish themselves within their markets and compete within the larger electric power 
industry. Among PV solar module manufacturers, the principal method of competition is sales price per watt, which 
may be influenced by several module value attributes, including wattage (through a larger form factor or an 
improved conversion efficiency), energy yield, degradation, sustainability, and reliability. Sales price per watt may 
also be influenced by warranty terms, customer payment terms, and/or module content attributes. We face intense 
competition for sales of solar modules, which may result in reduced selling prices and loss of market share. Our 
primary source of competition is crystalline silicon module manufacturers, the majority of which are linked to 
China. Allegations of forced labor in the Chinese solar supply chain have emerged in recent years, which means we 
also compete on our approach to responsible sourcing and supply chain due diligence. Our differentiated technology, 
integrated manufacturing process, and tightly controlled supply chain help limit the risks associated with 
outsourcing and the multiple supply tiers of conventional crystalline silicon module manufacturing.
We also expect to compete with future entrants into the PV solar industry and existing market participants that offer 
new or differentiated technological solutions. For additional information, see Item 1A. “Risk Factors – Our failure to 
further refine our technology and develop and introduce improved PV products, including as a result of delays in 
implementing planned advancements, could render our solar modules uncompetitive and reduce our net sales, 
profitability, and/or market share.”
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. Our results of 
operations could be adversely affected if competitors reduce module pricing to levels below their costs, bid 
aggressively low prices for module sale agreements, or are able to operate at minimal or negative operating margins 
for sustained periods of time. We believe the solar industry may experience periods of structural imbalance between 
supply and demand, which could lead to periods of low pricing and demand volatility. For additional information, 
see Item 1A. “Risk Factors – Competition in solar markets globally and across the solar value chain is intense and 
could remain that way for an extended period of time. The solar industry may experience periods of structural 
imbalance between global PV module supply and demand that result in periods of pricing volatility, which could 
have a material adverse effect on our business, financial condition, and results of operations.”
Limited Solar Module Warranties
We provide a limited PV solar module warranty covering defects in materials and workmanship under normal use 
and service conditions for up to 12.5 years. We also typically warrant that modules installed in accordance with 
agreed-upon specifications will produce at least 98% of their labeled power output rating during the first year, with 
the warranty coverage reducing by a degradation factor every year thereafter throughout the limited power output 
10

warranty period of up to 30 years. Among other things, our solar module warranty also covers the resulting power 
output loss from cell cracking. For additional information on our solar module warranty programs, refer to 
Item 1A. “Risk Factors – Problems with product quality or performance may cause us to incur significant and/or 
unexpected contractual damages and/or warranty and related expenses, damage our market reputation, and prevent 
us from maintaining or increasing our market share.”
Solar Module Collection and Recycling
We are committed to mitigating the environmental impact of our products over their entire life cycle. As part of such 
efforts, we offer recycling services to help module owners meet their end-of-life (“EOL”) obligations. In 2005, we 
voluntarily established the industry’s first global and comprehensive module collection and recycling program, and 
in 2013 we implemented a “pay-as-you-go” recycling service. We continue to invest in module recycling technology 
improvements to increase recycling efficiency and reduce recycling prices for our customers. Our module recycling 
process is designed to maximize the recovery of materials, including the glass and encapsulated semiconductor 
material, for use in new modules or other products and enhances the sustainability profile of our modules. 
Approximately 90% of each collected First Solar module can be recycled into materials for reuse. We currently 
operate recycling facilities at our manufacturing sites in the United States, India, Malaysia, and Vietnam and at our 
former manufacturing facility in Germany.
For certain legacy customer sales contracts that were covered under the 2005 module collection and recycling 
program, which has since been discontinued, we agreed to pay the costs for the collection and recycling of 
qualifying solar modules, and the end users agreed to notify us, disassemble their solar power systems, package the 
solar modules for shipment, and revert ownership rights over the modules back to us at the end of the modules’ 
service lives.
For modules covered under our program that were previously sold into and installed in the EU, we continue to 
maintain a commitment to cover the estimated collection and recycling costs consistent with our historical program. 
The EU’s Waste Electrical and Electronic Equipment (“WEEE”) Directive places the obligation of recycling 
(including collection, treatment, and environmentally sound disposal) of electrical and electronic equipment 
products upon producers and is applicable to all PV solar modules in EU member states. As a result of the 
transposition of the WEEE Directive by the EU member states, we have adjusted our recycling offerings, as 
required, to ensure compliance with specific EU member state WEEE regulations.
Intellectual Property
Our success depends, in part, on our ability to maintain and protect our proprietary technology and to conduct our 
business without infringing on the proprietary rights of others. We rely primarily on a combination of patents, 
trademarks, and trade secrets, as well as associate and third-party confidentiality agreements, to safeguard our 
intellectual property. We regularly file patent applications to protect inventions arising from our R&D activities in 
the United States and other countries. Our patent applications and any future patent applications may not result in a 
patent being issued with the scope of the claims we seek, or at all, and any patents we may receive may be 
challenged, invalidated, or declared unenforceable. In addition, we have registered and/or have applied to register 
trademarks and service marks in the United States and a number of foreign countries for “First Solar.”
With respect to proprietary know-how that is not patentable and processes for which patents are difficult to enforce, 
we rely on, among other things, trade secret protection and confidentiality agreements to safeguard our interests. We 
believe that many elements of our PV solar module manufacturing processes, including our unique materials 
sourcing, involve proprietary know-how, technology, or data that are not covered by patents or patent applications, 
including technical processes, equipment designs, algorithms, and procedures. We have taken security measures to 
protect these elements. Our R&D personnel have entered into confidentiality and proprietary information 
agreements with us. These agreements address intellectual property protection issues and require our associates, to 
11

the extent permitted by law, to assign to us all of the inventions, designs, and technologies they develop during the 
course of their employment with us that are directed towards our actual or anticipated business.
Regulatory, Environmental, Health, and Safety Matters
We are subject to various federal, state, local, and international laws and regulations, and are often subject to 
oversight and regulation in accordance with national and local ordinances relating to building codes, safety, and 
other matters. The impact of these laws and requirements may increase our overall costs and may delay, prevent, or 
increase the cost of manufacturing PV modules. As we operate in the U.S. and internationally, we are also subject to 
the application of U.S. trade laws and trade laws of other countries. Such trade laws and policies, or any other U.S. 
or global trade remedies or other trade barriers that apply to us given our global operations, may directly or 
indirectly affect our business, financial condition, and results of operations. See Item 1A. “Risk Factors – Existing 
regulations and policies, changes thereto, and new regulations and policies may present technical, regulatory, and 
economic barriers to the purchase and use of PV solar products, which may significantly reduce demand for our 
modules.”
We are also subject to the application of various anti-bribery laws, some of which prohibit improper payments to 
government and non-government persons and entities, and others (e.g., the U.S. Foreign Corrupt Practices Act (the 
“FCPA”) and the U.K. Bribery Act) that extend their application to activities outside their country of origin. We 
may compete for contracts in and/or source materials from countries that require substantial government contact and 
where norms can differ from U.S. standards, and not all competitors are subject to compliance with the same anti-
bribery laws. See Item 1A. Risk Factors – “We could be adversely affected by any violations of the FCPA, the U.K. 
Bribery Act, and other foreign anti-bribery laws.”
We are also subject to various federal, state, local, and international laws and regulations relating to the protection of 
the environment, including those governing the discharge of pollutants into the air and water; the use, management, 
and disposal of hazardous materials and wastes; occupational health and safety; and the cleanup of contaminated 
sites. Our operations include the use, handling, storage, transportation, generation, and disposal of hazardous 
materials and wastes. Therefore, we could incur substantial costs, including cleanup costs, fines, and civil or 
criminal sanctions and costs arising from third-party property damage or personal injury claims as a result of 
violations of, or liabilities under, environmental and occupational health and safety laws and regulations or non-
compliance with environmental permits required for our operations. We believe we are currently in substantial 
compliance with applicable environmental and occupational health and safety requirements and do not expect to 
incur material expenditures for environmental and occupational health and safety controls in the foreseeable future. 
However, future developments such as the implementation of new, more stringent laws and regulations, more 
aggressive enforcement policies, or the discovery of unknown environmental conditions may require expenditures 
that could have a material adverse effect on our business, financial condition, or results of operations. See Item 1A. 
“Risk Factors – Environmental obligations and liabilities could have a substantial negative impact on our business, 
financial condition, and results of operations.”
From time to time, we may also be subject to government policies or laws intended to protect human rights. For 
example, in late 2021 the previous U.S. President signed the Uyghur Forced Labor Prevention Act, which bans the 
import of goods from China’s Xinjiang region into the United States due to concerns about forced labor practices in 
the region, which provides more than a third of the world’s polysilicon supply. 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, the implementation of similar restrictions or trade embargoes on the purchase of certain materials 
or equipment necessary to sustain our manufacturing operations may require expenditures and process changes to 
ensure our supply chain remains free of such materials, which could have a material adverse effect on our business, 
financial condition, or results of operations. We are committed to protecting human rights, enforcing fair labor 
practices, and addressing the potential risks of forced labor across our own operations and the operations of our 
suppliers.
12

Human Capital
As of December 31, 2024, we had approximately 8,100 associates (our term for full and part-time employees), the 
majority of which work in the United States, Malaysia, Vietnam, and India.
Our success depends, to a significant extent, on our ability to attract, train, and retain management, operations, sales, 
and technical talent, including associates in foreign jurisdictions. We strive to attract and retain qualified individuals 
globally to further our mission of providing cost-advantaged solar technology through rigorous safety practices, 
innovation, customer engagement, industry leadership, and operational excellence. We prohibit discrimination based 
on race, color, religion, sex, age, national origin, veteran status, disability, sexual orientation, or gender identity. As 
part of our global talent management process, we engage in succession planning by prioritizing the development and 
retention of associates in critical roles.
We follow a pay-for-performance model in which associates are compensated for achieving goals and associated 
metrics and demonstrating First Solar values. We review associate compensation on a regular basis to ensure 
internal and external equity, including, among other things, minimum wage and living wage assessments across our 
global operations. We offer competitive compensation and benefits to our associates, including, for example, health 
care and other insurance benefits, retirement programs, paid time off, paid parental leave, flexible work schedules, 
and education assistance, depending on eligibility.
We are committed to developing and providing career growth opportunities for our associates. We believe a strong 
values-based and inclusive culture is essential to the success of our company. We gather and respond to associate 
feedback in a variety of ways, including through anonymous, periodic associate engagement surveys, pulse surveys, 
town halls, and one-on-one interactions. Additionally, we have integrated career advancement, mentorship, and 
leadership programs to ensure the professional growth and development of our talent worldwide.
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. As we continue to 
expand domestically and internationally, we may encounter regional laws that mandate union representation or 
associates who desire union representation or a collective bargaining agreement. We recognize that in the locations 
where we operate, employees have the right to freely associate or not associate with third-party labor organizations, 
along with the right to bargain or not to bargain collectively in accordance with local laws.
Available Information
We maintain a website at www.firstsolar.com. We make available free of charge on our website our annual reports 
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and any 
amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as 
reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information 
contained in or connected to our website is not incorporated by reference into this report. We use our website as one 
means of disclosing material non-public information and for complying with our disclosure obligations under the 
SEC’s Regulation FD. Such disclosures are typically included within the Investor Relations section of our website at 
investor.firstsolar.com. Accordingly, investors should monitor such portions of our website in addition to following 
our press releases, SEC filings, and public conference calls and webcasts. The SEC also maintains a website at 
www.sec.gov that contains reports and other information regarding issuers, such as First Solar, that file 
electronically with the SEC.
13

Information about Our Executive Officers
Our executive officers and their ages and positions as of February 25, 2025 were as follows:
Name
Age
Position
Mark R. Widmar  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
Chief Executive Officer
Alexander R. Bradley  . . . . . . . . . . . . . . . . . . . . . . . . .
43
Chief Financial Officer
Georges Antoun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
Chief Commercial Officer 
Michael Koralewski  . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Chief Supply Chain Officer
Kuntal Kumar Verma  . . . . . . . . . . . . . . . . . . . . . . . . .
52
Chief Manufacturing Officer
Patrick Buehler  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Chief Product Officer
Markus Gloeckler  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Chief Technology Officer
Caroline Stockdale  . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
Chief People and Communications Officer
Jason Dymbort . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
General Counsel and Secretary
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. 
From March 2015 to June 2016, Mr. Widmar served as the Chief Financial Officer and through June 2018, served as 
a director on the board of the general partner of 8point3 Energy Partners LP (“8point3”), the joint yieldco formed by 
First Solar and SunPower Corporation in 2015 to own and operate a portfolio of selected solar generation 
assets. 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. Prior 
to joining GrafTech, Mr. Widmar served as Corporate Controller of NCR Inc. from 2005 to 2006, and was a 
Business Unit Chief Financial Officer for NCR from November 2002 to his appointment as Controller. He also 
served as a Division Controller at Dell, Inc. from August 2000 to November 2002. Mr. Widmar also held various 
financial and managerial positions with Lucent Technologies Inc., Allied Signal, Inc., and Bristol Myers/Squibb, 
Inc. He began his career in 1987 as an accountant with Ernst & Young. He holds a Bachelor of Science in business 
accounting and a Master of Business Administration from Indiana University.
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, leading or supporting the structuring, 
sale, and financing of over $10 billion and approximately 2.7 GW of the Company’s worldwide development assets, 
including several of the largest PV power plant projects in North America. From June 2016 to June 2018, 
Mr. Bradley also served as an officer and board member of the general partner of 8point3. Prior to joining First 
Solar, Mr. Bradley worked at HSBC in investment banking and leveraged finance, in London and New York, 
covering the energy and utilities sector. He received his Master of Arts from the University of Edinburgh, Scotland.
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. Mr. Antoun has over 30 years of 
operational and technical experience, including leadership positions at several global technology companies. Prior to 
joining First Solar, Mr. Antoun served as Venture Partner at Technology Crossover Ventures (“TCV”), a private 
equity and venture firm that he joined in July 2011. Before joining TCV, Mr. Antoun was the Head of Product Area 
IP & Broadband Networks for Ericsson, based in San Jose, California. 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, where he served as Vice President of Worldwide Systems Engineering and Field Marketing, Vice 
President of Worldwide Optical Operations, and Vice President of Carrier Sales. Prior to Cisco Systems, he was the 
Director of Systems Engineering at Newbridge Networks, a data and voice networking company. Mr. Antoun started 
his career at Nynex (now Verizon Communications), where he was part of its Science and Technology Division. 
Mr. Antoun serves as a member of the board of directors of Marathon Digital Holdings. He is also the Chairman of 
the University of Louisiana’s College of Engineering Dean’s Advisory Council board. He earned a Bachelor of 
14

Science degree in engineering from the University of Louisiana at Lafayette and a Master of Science in information 
systems engineering from NYU Poly.
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. He previously served as First Solar’s 
Chief Manufacturing Operations Officer and provides over 25 years of global operational experience to the 
executive leadership team. Mr. Koralewski joined First Solar in 2006, serving in several senior roles in operations 
and quality management, including Senior Vice President, Global Manufacturing since 2015; Vice President, Global 
Site Operations and Plant Manager since 2011; and Vice President, Global Quality since 2009. In all of these roles 
Mr. Koralewski has been significantly involved since the beginning of First Solar’s manufacturing scaling and 
expansion from site selection through sustaining operations and supply chain development. Prior to joining 
First Solar, Mr. Koralewski worked at Dana Incorporated where he held several positions with global responsibility 
in operations and quality management. He earned a Bachelor of Science in chemical engineering from Case Western 
Reserve University and a Master of Business Administration from Bowling Green State University.
Kuntal Kumar Verma was appointed Chief Manufacturing Officer in November 2022 and previously served as 
First Solar’s Chief Manufacturing Engineering Officer. He is responsible for First Solar’s global manufacturing 
operations and engineering, including its performance and improvement roadmap, global technology scaling, new 
plant start-ups, and strategic initiatives. Mr. Verma joined First Solar in 2002, serving in progressively more senior 
roles in engineering and manufacturing, including Vice President, Global Manufacturing Engineering since 2012. 
Prior to joining First Solar, Mr. Verma held several engineering and operations positions at Reliance Industries 
Limited, India. He is a Master Black Belt in Six Sigma/Lean Manufacturing with an expert certification in Taguchi 
Methods (Robust Engineering) and a Certification in Production and Inventory Management from American 
Production and Inventory Control Society. He earned a Bachelor of Science in mechanical engineering from the 
National Institute of Technology in India, a Master of Science in industrial engineering from the University of 
Toledo, and a Master of Business Administration from Bowling Green State University.
Patrick Buehler was appointed Chief Product Officer in December 2022, having previously served as Chief Quality 
and Reliability Officer. Mr. Buehler has over 20 years of operational and technical experience. In his role, 
Mr. Buehler is responsible for all aspects of product lifecycle management, including understanding market 
demands, technology trends, and competition to facilitate implementation of new or enhanced products. Mr. Buehler 
maintains global leadership responsibility for quality and reliability, environmental, health, safety, and security, 
recycling technology process development and operations, customer service, program management, and strategic 
initiatives. Mr. Buehler joined First Solar in 2006, serving in progressively more senior technical and operations 
roles, including Vice President, Quality and Reliability since 2019. Prior to joining First Solar, Mr. Buehler held 
several roles in manufacturing, engineering, maintenance, and product development at DuPont de Nemours, Inc. and 
Cummins, Inc. He earned a Bachelor of Science in mechanical engineering from the University of Cincinnati and a 
Master of Science in mechanical engineering from Purdue University.
Markus Gloeckler was appointed Chief Technology Officer in November 2020 after being appointed Co-Chief 
Technology Officer in July 2020. He is focused on driving First Solar’s thin film PV module technology. 
Mr. Gloeckler has extensive experience guiding strategic research and development activities and served First Solar 
as Vice President and Chief Scientist before being promoted to Senior Vice President, Module Research and 
Development. He was instrumental in enabling First Solar’s achievement of various world records relating to 
conversion efficiency for CdTe solar cells. 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. Mr. Gloeckler holds an undergraduate degree in microsystems engineering from the 
Regensburg University of Applied Sciences in Germany, and a Doctor of Philosophy in physics from Colorado State 
University.
15

Caroline Stockdale joined First Solar in October 2019 and serves as Chief People and Communications Officer. 
Prior to joining First Solar, she served as the Chief Executive Officer for First Perform, a provider of human 
resources services for a variety of customers, from Fortune 100 companies to start-ups. Previously, she served as 
Chief People Officer for Medtronic from 2010 to 2013 and EVP of Global Human Resources and Business 
Operations for Warner Music Group from 2005 to 2009. Before joining Warner Music Group, she served as the 
senior human resources leader in global divisions of American Express from 2002 to 2005 and General Electric 
from 1997 to 2002. Ms. Stockdale is a member of the Forbes Human Resources Council. Ms. Stockdale holds a 
Bachelor of Arts in political theories and institutions, and philosophy, from the University of Sheffield, England.
Jason Dymbort joined First Solar in March 2008 and was appointed General Counsel and Secretary in July 2020. He 
oversees First Solar’s legal department worldwide, including its transactional, trade, intellectual property, 
compliance, and corporate governance functions. In addition to his duties as General Counsel and Secretary, 
Mr. Dymbort directs the Company’s advocacy strategies, defining its responses to challenges and opportunities in 
areas such as trade and industrial policy. With nearly 17 years at First Solar, Mr. Dymbort’s experience covers every 
aspect of the solar value chain, from developing and constructing solar projects to marketing and selling utility-scale 
solar assets to manufacturing and supply chains. Between 2015 and 2018, Mr. Dymbort served as General Counsel 
and Secretary for the general partner of 8point3 Energy Partners, then a publicly-traded yieldco and affiliate of 
First Solar. Before joining First Solar, Mr. Dymbort was a corporate attorney at Cravath, Swaine & Moore LLP. He 
holds a Juris Doctor degree from the University of Pennsylvania Law School, where he was a member of the Penn 
Law Review, and a bachelor’s degree from Brandeis University.
16

Item 1A. Risk Factors
An investment in our stock involves a high degree of risk. You should carefully consider the following information, 
together with the other information in this Annual Report on Form 10-K, before buying shares of our stock. If any of 
the following risks or uncertainties occur, our business, financial condition, and results of operations could be 
materially and adversely affected and the trading price of our stock could decline.
Summary of Risk Factors
The following is a summary of the principal risks and uncertainties that could materially adversely affect our 
business, financial condition, and results of operations and make an investment in our stock speculative or risky. 
You should read this summary together with the more detailed description of each risk factor contained below.
Risks Related to Our Markets and Customers
•
Competition in solar markets globally and across the solar value chain is intense and could remain that way 
for an extended period of time. The solar industry may experience periods of structural imbalance between 
global PV module supply and demand that result in periods of pricing volatility. If our competitors reduce 
module pricing to levels near or below their manufacturing costs, or are able to operate at minimal or 
negative operating margins for sustained periods of time, or if global demand for PV modules decreases 
relative to installed production capacity, our business, financial condition, and results of operations could 
be adversely affected.
•
The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax 
incentives, renewable energy targets, and other support for on-grid solar electricity applications, or other 
public policies could negatively impact demand and/or price levels for our solar modules. The imposition 
of tariffs on our products or their related raw materials and components could materially increase our costs 
to perform under our contracts with customers, which could adversely affect our results of operations.
•
The loss of any of our large customers, or the inability of our customers and counterparties to perform 
under their contracts with us, could significantly reduce our net sales and negatively impact our results of 
operations.
Risks Related to Our Operations, Manufacturing, and Technology
•
We face intense competition from manufacturers of crystalline silicon solar modules; if global supply 
exceeds global demand, it could lead to a further reduction in the average selling price for PV solar 
modules, which could reduce our net sales and adversely affect our results of operations.
•
Problems with product quality or performance may cause us to incur significant and/or unexpected 
contractual damages and/or warranty and related expenses, damage our market reputation, and prevent us 
from maintaining or increasing our market share.
•
Our failure to further refine our technology and develop and introduce improved PV products, including as 
a result of delays in implementing planned advancements, could render our solar modules uncompetitive 
and reduce our net sales, profitability, and/or market share.
•
Several of our key raw materials and components, in particular CdTe, tellurium, products containing 
tellurium, and substrate glass, and manufacturing equipment are either single-sourced or sourced from a 
limited number of suppliers, and their failure to perform could cause manufacturing delays, especially as 
we expand or seek to expand our business, and/or impair our ability to deliver solar modules to customers 
in the required quality and quantities and at a price that is profitable to us.
17

•
Our failure to effectively manage module manufacturing production and selling costs, including costs 
related to raw materials and logistics services, could render our solar modules uncompetitive and reduce 
our net sales, profitability, and/or market share.
•
Our future success depends on our ability to effectively balance manufacturing production with market 
demand, effectively manage our cost per watt, and, when necessary, continue to build new manufacturing 
plants over time in response to market demand, all of which are subject to risks and uncertainties.
 
•
We may be unable to generate sufficient cash flows or have access to the sources of external financing 
necessary to fund planned capital investments in manufacturing capacity and product development.
Risks Related to Regulations
•
We have received and expect to continue to receive certain financial benefits as a result of tax incentives 
provided by the Inflation Reduction Act of 2022. If these financial benefits vary significantly from our 
assumptions, our business, financial condition, and results of operations could be adversely affected.
•
Existing regulations and policies, changes thereto, and new regulations and policies may present technical, 
regulatory, and economic barriers to the purchase and use of PV solar products, which may significantly 
reduce demand for our modules.
Risks Related to Our Markets and Customers
Competition in solar markets globally and across the solar value chain is intense and could remain that way for 
an extended period of time. The solar industry may experience periods of structural imbalance between global PV 
module supply and demand that result in periods of pricing volatility, which could have a material adverse effect 
on our business, financial condition, and results of operations.
In the aggregate, we believe manufacturers of solar cells and modules have significant installed production capacity, 
relative to global demand, and the ability for additional capacity expansion. For example, we estimate that in 2024 
approximately 270 GW of capacity was added by solar module manufacturers, primarily in China. We believe the 
solar industry may from time to time experience periods of structural imbalance between supply and demand, and 
that excess capacity will continue to put pressure on pricing. Although module average selling prices in many global 
markets continue to decline, recent module pricing in the United States, our primary market, has been relatively 
stable due, in part, to the demand for domestically manufactured modules as a result of the IRA. There may be 
additional pressure on global demand and average selling prices in the future resulting from fluctuating demand in 
certain major solar markets, such as China. If our competitors reduce module pricing to levels near or below their 
manufacturing costs, or are able to operate at minimal or negative operating margins for sustained periods of time, or 
if global demand for PV modules decreases relative to installed production capacity, our business, financial 
condition, and results of operations could be adversely affected.
The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax 
incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of 
other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw 
materials or equipment, could negatively impact demand and/or price levels for our solar modules and limit our 
growth or lead to a reduction in our net sales or increase our costs, thereby adversely impacting our operating 
results.
Although we believe that solar energy will experience widespread adoption in those applications where it competes 
economically with traditional forms of energy without any incentive programs, in certain markets our net sales and 
profits remain subject to variability based on the availability and size of government subsidies and economic 
incentives. Federal, state, and local governmental bodies in many countries have provided subsidies in the form of 
18

feed-in-tariff structures, rebates, tax incentives, and other incentives to end users, distributors, system integrators, 
and manufacturers of PV solar products. Many of these incentive programs expire, phase down over time, require 
renewal by the applicable authority, or may be amended. A summary of certain recent developments in the major 
government incentive programs that may impact our business appears under Item 1. “Business – Incentive 
Programs.” To the extent these incentive programs are reduced earlier than previously expected, are changed 
retroactively, or are not renewed, such changes could negatively impact demand and/or price levels for our solar 
modules, lead to a reduction in our net sales, and adversely impact our operating results.
Current regulatory policies, or any future changes or threatened changes to such policies, including those changes as 
a result of the new presidential administration and control of the U.S. Congress, may subject us to significant risks, 
including the following:
•
a reduction or removal of clean energy programs and initiatives and the incentives they provide may 
diminish the market for future solar energy off-take agreements, slow the retirement of aging fossil fuel 
plants, including the retirements of coal generation plants, and reduce the ability for solar project 
developers to compete for off-take agreements, which may reduce PV solar module sales;
•
any limitations on the value or availability to manufacturers or potential investors of tax incentives that 
benefit solar energy production, sales, or projects, such as the Section 45X advanced manufacturing 
production credit, ITC, and PTC, could result in reducing such manufacturers’ or investors’ economic 
returns and could cause a reduction in the availability of financing, thereby reducing demand for PV solar 
modules;
•
any incentives contingent upon domestic production of modules, such as tax incentives set forth under the 
IRA, could limit our ability to sell modules manufactured in certain foreign jurisdictions, which may 
adversely impact our module average selling prices and could require us to record significant charges to 
earnings should we determine that the manufacturing equipment in such foreign jurisdictions is impaired; 
and
•
any effort to overturn federal and state laws, regulations, or policies that are supportive of solar energy 
generation or that remove costs or other limitations on other types of electricity generation that compete 
with solar energy projects could negatively impact our ability to compete with traditional forms of 
electricity generation and materially and adversely affect our business.
Application of trade laws may also impact, either directly or indirectly, our operating results. In some instances, the 
application of trade laws is currently beneficial to the Company, and changes in their application could have an 
adverse impact. Recent developments include the following:
•
United States — Tariffs on Certain Imported Crystalline Silicon PV Cells and Modules. The United States 
currently imposes different types of tariffs and/or other trade remedies on certain imported crystalline 
silicon PV cells and modules from various countries. In February 2022, the previous U.S. President 
proclaimed a four-year extension of a global safeguard measure imposed pursuant to Section 201 of the 
Trade Act of 1974 that provides for tariffs on imported crystalline silicon solar modules and a tariff-rate 
quota on imported crystalline silicon solar cells. Thin film solar cell products, such as our CdTe 
technology, are specifically excluded from the tariffs. The extension measure’s tariff rate was originally set 
at 14.75%, with annual reductions of 0.25 percentage points over the remainder of its four-year term. The 
current rate is 14.25%. The extension measure also provides an annual tariff-rate quota, whereby tariffs 
apply to imported crystalline silicon solar cells above the first 5.0 GW of imports.
•
United States — Antidumping and Countervailing Duties on Certain Imported Crystalline Silicon PV Cells 
and Modules. The United States currently imposes antidumping and countervailing duties (“AD/CVDs”) on 
certain imported crystalline silicon PV cells and modules from China and Taiwan. Such AD/CVDs can 
19

change over time pursuant to annual administrative reviews conducted by the U.S. Department of 
Commerce (“USDOC”), and a decline in duty rates or USDOC failure to fully enforce U.S. AD/CVD laws 
could have an adverse impact on our operating results. In August 2023, the USDOC issued final affirmative 
circumvention rulings, finding that solar modules completed in Cambodia, Malaysia, Thailand, and 
Vietnam using parts and components produced in China circumvent the pre-existing AD/CVD orders on 
China. Such duties apply to circumventing imports on or after June 6, 2024, as well as any circumventing 
imports prior to that date that were not used or installed on or before December 3, 2024. Our operating 
results could be adversely impacted if the USDOC and other U.S. government agencies do not enforce the 
affirmative circumvention rulings as expected or if pending litigation challenges result in a modification of 
the rulings. Conversely, effective enforcement could positively impact our operating results.
•
United States — Antidumping and Countervailing Duties on Certain Imported Aluminum Extrusions. In 
October 2023, a coalition of U.S. aluminum extruders and a labor union filed AD/CVD petitions with the 
USDOC and the U.S. International Trade Commission (“USITC”) related to aluminum extrusions from 
15 countries. We import certain items that are within the scope of the investigations. The USDOC issued 
preliminary and final antidumping determinations in May and September 2024, respectively, both of which 
found that our Malaysian supplier of aluminum extrusions was not dumping. The USITC issued a negative 
preliminary determination on the Dominican Republic in November 2023 and negative final determinations 
on the remaining 14 countries in October 2024, terminating the investigations with no application of AD/
CVD. The Petitioners appealed the USITC’s negative determinations. Our operating results could be 
adversely impacted if pending litigation challenges result in a modification of the rulings.
•
United States — Antidumping and Countervailing Duties on Certain Traded Solar Products. 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. The investigations could potentially lead to the 
imposition of AD/CVD orders on such solar products. In June 2024, the USITC issued affirmative 
preliminary determinations. In October 2024, the USDOC announced preliminary affirmative 
determinations in the CVD investigations, finding that silicon solar cells and panels from Cambodia, 
Malaysia, Thailand, and Vietnam are unfairly subsidized at rates ranging from de minimis to nearly 300%, 
depending on the particular foreign producer. The USDOC has imposed provisional CVDs accordingly. In 
November 2024, the USDOC announced preliminary affirmative determinations in the AD investigations, 
providing for certain preliminary dumping rates applicable to solar cells from Cambodia, Malaysia, 
Thailand, and Vietnam ranging from de minimis to approximately 270%, depending on the particular 
foreign producer. The USDOC is expected to announce final determinations in June 2025.
•
United States — Additional Tariffs on Certain Chinese Imports. The United States currently imposes tariffs 
on various articles imported from China, including tariffs of 50% on crystalline silicon solar cells and 
tariffs of 25% on modules, based on an investigation under Section 301 of the Trade Act of 1974. In 
February 2025, the U.S. President announced an additional 10% tariff on all imports from China, which is 
related to the national security threat posed by China’s trade in fentanyl and other illegal narcotics. This 
10% tariff applies in addition to the 25% tariffs under Section 301 and ordinary customs duties and AD/
CVDs. Our operating results could be adversely impacted if these tariffs were to be terminated or reduced.
•
United States — Tariffs on Certain Foreign-imported Aluminum and Steel. The United States currently 
imposes tariffs of 25% on imported aluminum and steel articles under Section 232 of the Trade Expansion 
Act of 1962. Such tariffs and policies, or any other U.S. or global trade remedies or other trade barriers, 
may directly or indirectly affect U.S. or global markets for solar energy and our business, financial 
condition, and results of operations.
20

•
India — Domestic and Foreign Imports. The Approved List of Models and Manufacturers (“ALMM”) was 
introduced in 2021 as a non-tariff barrier to incentivize domestic manufacturing of PV modules by 
approving the list of models and manufacturers who can participate in certain solar development projects. 
The ALMM is approved by the MNRE, and any modifications to the ALMM and its application may affect 
future investments in solar module manufacturing in India. In April 2024, the government of India 
reimposed the ALMM, thereby requiring solar project developers to procure qualifying modules from 
companies on the list, which includes our Indian manufacturing facility. Also in April 2024, the ALMM 
was amended to include specific minimum conversion efficiency thresholds for CdTe solar technologies 
starting at 18% for solar lighting, 18.5% for rooftop applications, and 19% for utility-scale applications. 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. Our operating results could be adversely impacted if the ALMM 
requirements are significantly relaxed to allow modules, solar cells, or certain other key module 
components to be imported from other countries.
•
India — Import Duty Tariffs. In April 2022, the Indian government began imposing import duty tariffs of 
40% on solar modules and 25% on solar cells. In connection with such April 2022 tariffs, the Indian 
government also implemented a regulation mandating that any solar project with federal utility, state utility, 
or commercial and industrial off-takers that interconnects through government owned transmission lines 
only use solar modules from manufacturers included in the ALMM, and a requirement that all federal 
procurement of solar modules be only from cells and modules produced domestically. However, in 
February 2025, the Indian government began imposing import duty tariffs of 20% each on solar modules 
and cells and levied additional tax on certain commercial agricultural production, which tax included of 
20% on solar modules and 7.5% on solar cells. Therefore, the aggregate impact on the import of solar 
modules and cells is 40% and 27.5%, respectively. 
These examples show that established markets for PV solar development face uncertainties arising from policy, 
regulatory, and governmental actions. While the expected potential of the markets we are targeting is significant, 
policy promulgation and market development are especially vulnerable to governmental inertia, political instability, 
the imposition or lowering of trade remedies and other trade barriers, geopolitical risk, fossil fuel subsidization, 
potentially stringent localization requirements, and limited available infrastructure.
The loss of any of our large customers, or the inability of our customers and counterparties to perform under 
their contracts with us, could significantly reduce our net sales and negatively impact our results of operations.
Our customers include developers and operators of systems, utilities, independent power producers, commercial and 
industrial companies, and other system owners, who may experience intense competition at the system level, thereby 
constraining the ability for such customers to sustain meaningful and consistent profitability. The loss of any of our 
large customers, their inability to perform under their contracts, or their default in payment could significantly 
reduce our net sales and/or adversely impact our operating results. While our contracts with customers typically 
have certain firm purchase commitments and may include provisions for the payment of amounts to us in certain 
events of contract termination, these contracts may be subject to amendments made by us or requested by our 
customers. These contract terminations or amendments may reduce the volume of modules to be sold under the 
contract, adjust delivery schedules, and/or otherwise decrease the expected revenue under these contracts and could 
significantly reduce our net sales and negatively impact our results of operations. Additionally, although we require 
some form of payment security from our customers, such as cash deposits, parent guarantees, bank guarantees, 
surety bonds, or commercial letters of credit, in the event the providers of such payment security fail to perform their 
obligations, our operating results could be adversely impacted.
21

An increase in interest rates or tightening of the supply of capital in the global financial markets (including a 
reduction in total tax equity availability) could make it difficult for customers to finance the cost of a PV solar 
power system and could reduce the demand for our modules and/or lead to a reduction in the average selling 
price for our modules.
Many of our customers depend on debt and/or equity financing to fund the initial capital expenditure required to 
develop, build, and/or purchase a PV solar power system. As a result, an increase in interest rates, or a reduction in 
the supply of project debt financing or tax equity investments, could reduce the number of solar projects that receive 
financing or otherwise make it difficult for our customers to secure the financing necessary to develop, build, 
purchase, or install a PV solar power system on favorable terms, or at all, and thus lower demand for our solar 
modules, which could limit our growth or reduce our net sales. For additional information, see the Risk Factor 
entitled, “The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax 
incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of 
other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw 
materials or equipment, could negatively impact demand and/or price levels for our solar modules and limit our 
growth or lead to a reduction in our net sales or increase our costs, thereby adversely impacting our operating 
results.” In addition, we believe that a significant percentage of our customers install systems as an investment, 
funding the initial capital expenditure through a combination of equity and debt. An increase in interest rates could 
lower an investor’s return on investment in a system, increase equity return requirements, or make alternative 
investments more attractive relative to PV solar power systems and, in each case, could cause these customers to 
seek alternative investments.
We may be unable to execute our long-term strategic plans, which could have a material adverse effect on our 
business, financial condition, or results of operations.
We face numerous difficulties in executing on our long-term strategic plans, particularly in new foreign 
jurisdictions, including the following:
•
difficulty in competing against companies who may have greater financial resources and/or a more 
effective or established localized business presence and/or an ability to operate with minimal or negative 
operating margins for sustained periods of time;
•
difficulty in competing successfully with other technologies, such as crystalline silicon, hybrid perovskites, 
tandem solar cells, or other thin films;
•
difficulty in accurately prioritizing geographic markets that we can most effectively and profitably serve 
with our solar module offerings, including miscalculations in overestimating or underestimating 
addressable market demand;
•
adverse public policies in countries we operate in and/or are pursuing, including local content requirements, 
the imposition of trade remedies, the removal of trade barriers, the imposition of tariffs, or capital 
investment requirements;
•
business climates, such as that in China, that may have the effect of putting foreign companies at a 
disadvantage relative to domestic companies;
•
unstable or adverse economic, social, and/or operating environments, including social unrest, currency, 
inflation, and interest rate uncertainties;
•
the possibility of applying an ineffective commercial approach to targeted markets, including product 
offerings that may not meet market needs;
22

•
difficulty in generating sufficient sales volumes at economically sustainable profitability levels;
•
difficulty in timely identifying, attracting, training, and retaining qualified sales, technical, and other talent;
•
difficulty in realizing the potential benefits of strategic acquisitions and investments;
•
difficulty in maintaining proper controls and procedures as we expand our business operations in terms of 
geographical reach, including transitioning certain business functions to low-cost geographies, with any 
material control failure potentially leading to reputational damage and loss of confidence in our financial 
reporting;
•
difficulty in competing successfully for market share in overall solar markets as a result of the success of 
companies participating in other solar segments in which we do not have significant historical experience, 
such as residential;
•
difficulty in establishing and implementing a commercial and operational approach adequate to address the 
specific needs of the markets we are pursuing;
•
difficulty in identifying effective local partners and developing any necessary partnerships with local 
businesses on commercially acceptable terms; and
•
difficulty in balancing market demand and manufacturing production in an efficient and timely manner, 
potentially causing our manufacturing capacity to be constrained in some future periods or over-supplied in 
others.
Refer also to the Risk Factors entitled, “Our substantial international operations subject us to a number of risks, 
including unfavorable political, regulatory, labor, and tax conditions in the United States and/or foreign countries,” 
“The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax 
incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of 
other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw 
materials or equipment, could negatively impact demand and/or price levels for our solar modules and limit our 
growth or lead to a reduction in our net sales or increase our costs, thereby adversely impacting our operating 
results,” and “We may be unable to generate sufficient cash flows or have access to the sources of external financing 
necessary to fund planned capital investments in manufacturing capacity and product development.”
Risks Related to Our Operations, Manufacturing, and Technology
We face intense competition from manufacturers of crystalline silicon solar modules; if global supply exceeds 
global demand, it could lead to a further reduction in the average selling price for PV solar modules, which could 
reduce our net sales and adversely affect our results of operations.
The solar and renewable energy industries are highly competitive and are continually evolving as participants strive 
to distinguish themselves within their markets and compete with the larger electric power industry. Within the global 
PV solar industry, we face intense competition from crystalline silicon module manufacturers. Existing or future 
module manufacturers might be acquired by larger companies with significant capital resources, thereby further 
intensifying competition with us. In addition, the introduction of a low-cost disruptive technology could adversely 
affect our ability to compete, which could reduce our net sales and adversely affect our results of operations.
We expect to compete with future entrants into the PV solar industry and existing market participants that offer new 
or differentiated technological solutions. For example, while conventional solar modules are monofacial, meaning 
their ability to produce energy is a function of direct and diffuse irradiance on their front side, most module 
manufacturers offer bifacial modules that also capture diffuse irradiance on the back side of a module. Such 
23

technology can improve the overall energy production of a module relative to nameplate efficiency when applied in 
certain applications, which could potentially lower the overall LCOE of a system when compared to systems using 
conventional solar modules, including the modules we currently produce. Additionally, certain module 
manufacturers have introduced n-type mono-crystalline modules, such as tunnel oxide passivated contact 
(“TOPCon”) modules, which are expected to provide certain improvements to module efficiency, temperature 
coefficient, and bifacial performance, and claim to provide certain degradation advantages compared to other mono-
crystalline modules. Finally, many of our competitors are promoting modules with larger overall area based on the 
use of larger silicon wafers. While the transition to such larger wafers would increase nameplate wattage, we believe 
the associated production cost would not improve significantly.
Even if demand for solar modules continues to grow, the rapid manufacturing capacity expansion undertaken by 
many module manufacturers in China and certain parts of Southeast Asia, particularly manufacturers of crystalline 
silicon wafers, cells, and modules, has created and may continue to cause periods of structural imbalances between 
supply and demand. For additional information, see the Risk Factor entitled, “Competition in solar markets globally 
and across the solar value chain is intense and could remain that way for an extended period of time. The solar 
industry may experience periods of structural imbalance between global PV module supply and demand that result 
in periods of pricing volatility, which could have a material adverse effect on our business, financial condition, and 
results of operations.” In addition, we believe any significant decrease in the cost of silicon feedstock or polysilicon 
would reduce the manufacturing cost of crystalline silicon modules and lead to further pricing pressure for solar 
modules and potentially an oversupply of solar modules.
Our competitors could decide to reduce their sales prices in response to competition, even below their manufacturing 
costs, in order to generate sales, and may do so for a sustained period. Certain competitors, including many in China, 
may have direct or indirect access to sovereign capital or other forms of state support, which could enable such 
competitors to operate at minimal or negative operating margins for sustained periods of time. As a result, we may 
be unable to sell our solar modules at attractive prices, or for a profit, during any period of excess supply of solar 
modules, which would reduce our net sales and adversely affect our results of operations. Additionally, we may 
decide to lower our average selling prices to customers in certain markets in response to competition, which could 
also reduce our net sales and adversely affect our results of operations.
Problems with product quality or performance may cause us to incur significant and/or unexpected contractual 
damages and/or warranty and related expenses, damage our market reputation, and prevent us from maintaining 
or increasing our market share.
We perform a variety of module quality and life tests under different environmental conditions upon which we base 
our assessments of future module performance over the duration of the warranty. However, if our thin film solar 
modules perform below expectations, we could experience significant warranty and related expenses, damage to our 
market reputation, and erosion of our market share. With respect to our modules, we provide a limited warranty 
covering defects in materials and workmanship under normal use and service conditions for up to 12.5 years. We 
also typically warrant that modules installed in accordance with agreed-upon specifications will produce at least 
98% of their labeled power output rating during the first year, with the warranty coverage reducing by a degradation 
factor every year thereafter throughout the limited power output warranty period of up to 30 years. Among other 
things, our solar module warranty also covers the resulting power output loss from cell cracking.
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. We currently believe the 
primary causes of the issues have been identified and we have taken actions to address such issues. The ultimate loss 
we will incur for these manufacturing issues will depend on the extent of the premature power loss that is 
experienced in relation to the obligations under our limited product warranties, as well as any additional 
commitments we may make to remediate the affected modules. Based on currently available information and certain 
assumptions and estimates, we believe a reasonable estimate of the aggregate losses related to these manufacturing 
issues will range from approximately $56 million to $100 million. At this time, no individual amount within that 
24

range is a better estimate than any other amount. Accordingly, we increased our product warranty liability by the 
low end of the range. The estimated range set forth above was based on our evaluation of the currently available 
information, including select samples of module performance data from several locations, the estimated number of 
affected modules, and projections of probable costs to remediate the issues. If any of our estimates or assumptions 
related to the above referenced manufacturing issues are not accurate, we may be required to accrue additional 
expenses, which could adversely impact our reputation, financial position, operating results, and cash flows.
If any of the other assumptions used in estimating our module warranties prove incorrect, we may also be required to 
accrue additional expenses, which could adversely impact our financial position, operating results, and cash flows. 
Although we have taken significant precautions to avoid future manufacturing issues from occurring, any 
manufacturing issues, including any additional commitments made by us to take remediation actions in respect of 
affected modules beyond the stated remedies in our warranties, could also adversely impact our reputation, financial 
position, operating results, and cash flows.
Although our module performance warranties extend for up to 30 years, our oldest solar modules manufactured 
during the qualification of our pilot production line have only been in use since 2001. Accordingly, our warranties 
are based on a variety of quality and life tests that enable predictions of durability and future performance. These 
predictions, however, could prove to be materially different from the actual performance during the warranty period, 
causing us to incur substantial expense to repair or replace defective solar modules or provide financial remuneration 
in the future. For example, our solar modules could suffer various failures, including breakage, delamination, 
corrosion, or performance degradation in excess of expectations, and our manufacturing operations or supply chain 
could be subject to material or process variations that could cause affected modules to fail or underperform 
compared to our expectations. These risks could be amplified as we implement design and process changes in 
connection with our efforts to improve our products and module wattage as part of our long-term strategic plans. In 
addition, if we increase the number of installations in extreme climates, we may experience increased failure rates 
due to deployment into such field conditions. Any widespread product failures may damage our market reputation, 
cause our net sales to decline, require us to repair or replace the defective modules or provide financial 
remuneration, and result in us taking voluntary remedial measures beyond those required by our standard warranty 
terms to enhance customer satisfaction, which could have a material adverse effect on our reputation, financial 
position, operating results, and cash flows.
In resolving claims under both the limited defect and power output warranties, we typically have the option of either 
repairing or replacing the covered modules or, under the limited power output warranty, providing additional 
modules to remedy the power shortfall or making certain cash payments; however, historical versions of our module 
warranty did not provide a refund remedy. Consequently, we may be obligated to repair or replace the covered 
modules under such historical programs. As our manufacturing process may change from time-to-time in accordance 
with our technology roadmap, we may elect to stop production of older versions of our modules that would 
constitute compatible replacement modules. In some jurisdictions, our inability to provide compatible replacement 
modules could potentially expose us to liabilities beyond the limitations of our module warranties, which could 
adversely impact our reputation, financial position, operating results, and cash flows.
In addition to our limited solar module warranties described above, for PV solar power systems we have constructed 
for customers in prior periods, we have provided limited warranties for defects in engineering design, installation, 
and balance of systems (“BoS”) part workmanship for a period of one to two years following the substantial 
completion of a system or a block within the system. BoS parts represent mounting, electrical, and other parts used 
in PV solar power systems. In resolving claims under such BoS warranties, we have the option of remedying the 
defect through repair or replacement. As with our modules, these warranties are based on a variety of quality and life 
tests that enable predictions of durability and future performance. Any underperformance or failures in BoS 
equipment beyond our expectations may also adversely impact our reputation, financial position, operating results, 
and cash flows.
25

In addition, our contracts with customers may include provisions with particular product specifications, minimum 
wattage requirements, and specified delivery schedules. These contracts may be terminated, or we may incur 
significant liquidated damages or other damages, if we fail to perform our contractual obligations. In addition, our 
costs to perform under these contracts may exceed our estimates, which could adversely impact our profitability. 
Any failures to comply with our contracts for the sale of our modules could adversely impact our reputation, 
financial position, operating results, and cash flows.
Our failure to further refine our technology and develop and introduce improved PV products, including as a 
result of delays in implementing planned advancements, could render our solar modules uncompetitive and 
reduce our net sales, profitability, and/or market share.
We need to continue to invest significant financial resources in R&D to further improve the energy yield of our 
modules and otherwise keep pace with technological advances in the solar industry. However, R&D activities are 
inherently uncertain, and we could encounter difficulties in commercializing our research results. We seek to 
continuously improve our products and processes, including, for example, certain planned improvements to our 
CdTe module technology and manufacturing capabilities, and the resulting changes carry potential risks in the form 
of delays, performance, additional costs, or other unintended contingencies. For example, we commenced a limited 
commercial production run of modules employing our copper replacement (“CuRe”) technology in late 2024 and 
intend to begin a phased replication of the technology across our fleet in the first quarter of 2026. 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 by improving its bifaciality characteristics, improving its 
temperature coefficient, and improving its warranted degradation. These technology attributes must be proven to be 
effective in real-world operating conditions. We may encounter unanticipated challenges as we implement design 
and process changes in connection with the CuRe program and other technology improvements.
We may expand our portfolio of offerings to include solutions that build upon our core competencies but for which 
we have not had significant historical experience, including variations in our traditional product offerings or other 
offerings related to certain markets. There can be no guarantee that our significant R&D expenditures will produce 
corresponding benefits. Other companies are developing a variety of competing PV technologies, including 
advanced p-type and n-type crystalline silicon cells, and new emerging technologies such as hybrid perovskites, 
tandem solar cells, or other thin films, which could result in solar modules that prove to be more cost-effective or 
have better performance than our solar modules. If we are unable to achieve the necessary technology improvements 
to remain competitive, our overall growth and financial performance may be limited relative to our competitors and 
our operating results could be adversely impacted.
We often forward price our products in anticipation of future technology improvements. Furthermore, certain of our 
contracts with customers may include transaction price adjustments associated with future module technology 
improvements, including enhancements to certain energy related attributes. Accordingly, our operating results could 
be adversely affected by (i) an inability to further refine our technology and execute our module technology 
roadmap, (ii) changes to the expected timing of such improvements being incorporated into our manufacturing 
process, and/or (iii) changes to expected and/or actual manufacturing timelines, especially as a result of key raw 
material sourcing.
Some of our manufacturing equipment is customized and sole sourced. If our manufacturing equipment fails or 
if our equipment suppliers fail to perform under their contracts, we could experience production disruptions and 
be unable to satisfy our contractual requirements.
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. As a result, the equipment is not readily available from multiple vendors and would be difficult to repair 
or replace if it were to become delayed, damaged, or stop working. If any piece of equipment fails, production along 
the entire production line could be interrupted. In addition, the failure of our equipment manufacturers to supply 
26

equipment in a timely manner or on commercially reasonable terms could delay our expansion or conversion plans, 
otherwise disrupt our production schedule, and/or increase our manufacturing costs, all of which would adversely 
impact our operating results.
Several of our key raw materials and components are either single-sourced or sourced from a limited number of 
suppliers, and their failure to perform could cause manufacturing delays and impair our ability to deliver solar 
modules to customers in the required quality and quantities and at a price that is profitable to us.
Our failure to obtain raw materials and components that meet our quality, quantity, and cost requirements in a timely 
manner could interrupt or impair our ability to manufacture our solar modules, or increase our manufacturing costs. 
Several of our key raw materials and components, in particular CdTe and substrate glass, are either single-sourced or 
sourced from a limited number of suppliers. As a result, the failure of any of our suppliers to perform could disrupt 
our supply chain and adversely impact our operations. In addition, some of our suppliers are smaller companies that 
may be unable to supply our increasing demand for raw materials and components as we expand or seek to expand 
our business. We may be unable to identify new suppliers or qualify their products for use on our production lines in 
a timely manner and on commercially reasonable terms. A constraint on our production may result in our inability to 
meet our capacity plans and/or our obligations under our customer contracts, which would have an adverse impact 
on our business. Additionally, reductions in our production volume may put pressure on suppliers, resulting in 
increased material and component costs.
A disruption in our supply chain for CdTe, tellurium, products containing tellurium, or other key raw materials, 
or equipment could interrupt or impair our ability to manufacture solar modules and could adversely impact our 
profitability and long-term growth prospects.
A key raw material used in our module production process is a CdTe compound. 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. If our competitors begin to use or increase their demand for tellurium, our 
requirements for tellurium increase, new applications for tellurium emerge, or adverse trade laws or policies restrict 
our ability to obtain tellurium from foreign vendors or make doing so cost prohibitive, the supply of tellurium, 
products containing tellurium, and related CdTe compounds could be reduced and prices could increase. For 
example, in early February 2025, China announced that it would tighten export controls for five key minerals, 
including products containing tellurium. As mentioned above, tellurium is one of the main components of our CdTe 
module production process. Although tellurium and products containing tellurium are sourced globally, China is a 
major global producer of tellurium and products containing tellurium. Exporters of tellurium and related products 
may be required to obtain a license from the Chinese Ministry of Commerce, which may be difficult, costly, and 
time-consuming, and our suppliers may not be successful in obtaining necessary export licenses in a timely manner 
or at all. Challenges in obtaining required export licenses may disrupt certain aspects of our supply chain for 
tellurium and products containing tellurium, which could result in raw material cost increases and/or disrupted 
production timelines. A constraint on our production may result in our inability to (i) meet our capacity plans, 
(ii) meet obligations under our customer contracts, and/or (iii) realize transaction price adjustments associated with 
future module technology improvements, which could adversely impact our profitability and long-term growth 
objectives. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – 
Certain Trends and Uncertainties” for additional information regarding China’s export controls.
Furthermore, our supply chain could be limited if any of our current or future suppliers fail to perform or are unable 
to acquire an adequate supply in a timely manner or at commercially reasonable prices. If our current or future 
suppliers cannot obtain sufficient raw materials or key equipment, they could substantially increase prices or be 
unable to perform under their contracts. Additionally, we may also be unable to effectively manage fluctuations in 
the availability and cost of logistics services associated with the procurement of raw materials or equipment used in 
our manufacturing process. If we are unable to pass such cost increases to our customers, a substantial increase in 
prices or any limitations or disruptions in our supply chain could adversely impact our profitability and long-term 
growth objectives.
27

Our failure to effectively manage module manufacturing production and selling costs, including costs related to 
raw materials and logistics services, could render our solar modules uncompetitive and reduce our net sales, 
profitability, and/or market share.
Certain of our key raw material purchase contracts include variable pricing terms, which are driven by underlying 
indices for certain commodities, including aluminum, steel, and natural gas, among others. Fluctuations in such 
underlying commodity indices may increase our raw material costs. For example, in February 2025, the U.S. 
President announced an additional 10% tariff on all imports from China, which is related to the national security 
threat posed by China’s trade in fentanyl and other illegal narcotics. For additional information about global tariffs 
and trade developments, see the Risk Factor entitled, “The modification, reduction, elimination, or expiration of 
government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid 
solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed 
on solar cells and modules or related raw materials or equipment, could negatively impact demand and/or price 
levels for our solar modules and limit our growth or lead to a reduction in our net sales or increase our costs, thereby 
adversely impacting our operating results.”
Additionally, an increase in price levels generally, such as inflation related to the cost of raw materials, key 
manufacturing equipment, labor, and logistics services, could adversely impact our profitability. From time to time, 
we may utilize derivative hedging instruments to mitigate price changes related to our raw materials or key 
manufacturing equipment. Our profitability could be adversely impacted if we are unable to effectively hedge such 
prices or pass these cost increases through to our customers. We often forward price our products in anticipation of 
future cost reductions, and thus, an inability to execute our cost reduction roadmap could adversely affect our 
operating results.
Our future success depends on our ability to effectively balance manufacturing production with market demand, 
effectively manage our cost per watt, and, when necessary, continue to build new manufacturing plants over time 
in response to market demand, all of which are subject to risks and uncertainties.
Our future success depends on our ability to effectively balance manufacturing production with market demand, 
effectively manage our cost per watt, and increase our manufacturing capacity in a cost-effective and efficient 
manner. If we cannot do so, we may incur damages under our contracts with our customers or be unable to decrease 
our cost per watt, maintain our competitive position, sustain profitability, expand our business, or create long-term 
shareholder value. Our ability to effectively manage our cost per watt or successfully expand production capacity is 
subject to significant risks and uncertainties, including the following:
•
failure to reduce manufacturing material, labor, or overhead costs;
•
an inability to increase production throughput or the average power output per module, or minimize 
manufacturing yield losses;
•
failure to effectively manage the availability and cost of logistics services associated with the procurement 
of raw materials or equipment used in our manufacturing process and the shipping, handling, storage, and 
distribution of our modules;
•
delays and cost overruns as a result of a number of factors, many of which may be beyond our control, such 
as our inability to secure economical contracts with equipment vendors;
•
our custom-built equipment taking longer and costing more to manufacture than expected and not operating 
as designed;
•
delays or denial of required approvals by relevant government authorities;
28

•
an inability to hire qualified staff;
•
capital expenditures exceeding our initial estimates with respect to expanding and building our 
manufacturing and R&D facilities;
•
difficulty in balancing market demand and manufacturing production in an efficient and timely manner, 
potentially causing our manufacturing capacity to be constrained in some future periods or over-supplied in 
others; and
•
incurring manufacturing asset write-downs, write-offs, and other charges and costs, which may be 
significant, during those periods in which we idle, slow down, shut down, or otherwise adjust our 
manufacturing capacity.
If there is a delay or disruption in the construction or expansion of our manufacturing facilities, we may incur costs 
due to the postponed production generated by these facilities.
We may be unable to generate sufficient cash flows or have access to the sources of external financing necessary 
to fund planned capital investments in manufacturing capacity and product development.
Our business and our future plans for expansion are capital-intensive, and we anticipate that our operating and 
capital expenditure requirements may increase. To develop new products, support future growth, and maintain 
product quality, we may need to make significant capital investments in manufacturing technology, facilities and 
capital equipment, and R&D. Consequently, we may seek to raise additional funds through the issuance of equity, 
equity-related, or debt securities, through obtaining credit from financial institutions to fund, together with our 
traditional sources of liquidity, the costs of developing and manufacturing our current or future products, or through 
the sale of tax credits. We cannot be certain that we will be able to generate sufficient cash flows, or that additional 
funds will be available to us on favorable terms when required, or at all. If we cannot fund the required investments 
from our operating cash flows or raise additional funds when we need them, we may be unable to fully execute our 
business plan and our financial condition, results of operations, and business prospects could be materially and 
adversely affected.
If our estimates regarding the future costs of collecting and recycling CdTe solar modules covered by our solar 
module collection and recycling program are incorrect, we could be required to accrue additional expenses and 
face a significant unplanned cash burden.
As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual 
basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our 
restricted marketable securities, and an estimated solar module life of 25 years less amounts already funded in prior 
years. We estimate the cost of our collection and recycling obligations based on the present value of the expected 
future cost of collecting and recycling the solar modules, which includes estimates for the cost of packaging 
materials; the cost of freight from the solar module installation sites to a recycling center; material, labor, and capital 
costs; by-product credits for certain materials recovered during the recycling process; the estimated useful lives of 
modules covered by the program; and the number of modules expected to be recycled. We base these estimates on 
our experience collecting and recycling solar modules and certain assumptions regarding costs at the time the solar 
modules will be collected and recycled. If our estimates prove incorrect, we could be required to accrue additional 
expenses and could also face a significant unplanned cash burden at the time we realize our estimates are incorrect 
or end users return their modules, which could adversely affect our operating results. Participating end users can 
return their modules covered under the collection and recycling program at any time. As a result, we could be 
required to collect and recycle covered CdTe solar modules earlier than we expect.
29

Our failure to protect or successfully commercialize our intellectual property rights may undermine our 
competitive position, and litigation to protect our intellectual property rights or defend against third-party 
allegations of infringement may be costly.
Protection of our proprietary processes, methods, and other technology is critical to our business. Failure to protect 
and monitor the use of our existing intellectual property rights or to successfully commercialize future intellectual 
property rights could result in the loss of valuable technologies. We rely primarily on patents, trademarks, trade 
secrets, copyrights, and contractual restrictions to protect our intellectual property. We regularly file patent 
applications to protect certain inventions arising from our R&D and are currently pursuing such patent applications 
in various countries in accordance with our strategy for intellectual property in that jurisdiction. Our existing patents 
and future patents could be challenged, invalidated, circumvented, or rendered unenforceable. Our pending patent 
applications may not result in issued patents, or if patents are issued to us, such patents may not be sufficient to 
provide meaningful protection against competitors or against competitive technologies.
We also rely on unpatented proprietary manufacturing expertise, continuing technological innovation, and other 
trade secrets to develop and maintain our competitive position. Although we generally enter into confidentiality 
agreements with our associates and third parties to protect our intellectual property, such confidentiality agreements 
are limited in duration and could be breached and may not provide meaningful protection for our trade secrets or 
proprietary manufacturing expertise. Adequate remedies may not be available in the event of unauthorized use or 
disclosure of our trade secrets and manufacturing expertise. In addition, others may obtain knowledge of our trade 
secrets through independent development or legal means. The failure of our patents or confidentiality agreements to 
protect our processes, equipment, technology, trade secrets, and proprietary manufacturing expertise, methods, and 
compounds could have a material adverse effect on our business. In addition, effective patent, trademark, copyright, 
and trade secret protection may be unavailable or limited in some foreign countries, especially any developing 
countries into which we may expand our operations. In some countries, we have not applied for patent, trademark, or 
copyright protection.
Third parties may infringe or misappropriate our proprietary technologies or other intellectual property rights, which 
could have a material adverse effect on our business, financial condition, and operating results. Policing 
unauthorized use of proprietary technology can be difficult and expensive. Additionally, litigation may be necessary 
to enforce our intellectual property rights, protect our trade secrets, or determine the validity and scope of the 
proprietary rights of others. For example, on February 25, 2025, we filed a lawsuit in the United States District 
Court for the District of Delaware against JinkoSolar and its related entities alleging infringement of certain of our 
U.S. TOPCon patents. We cannot ensure that the outcome of such potential litigation will be in our favor, and such 
litigation may be costly and may divert management attention and other resources away from our business. An 
adverse determination in any such litigation may impair our intellectual property rights and may harm our business, 
prospects, and reputation. In addition, we have no insurance coverage against such litigation costs and would have to 
bear all costs arising from such litigation to the extent we are unable to recover them from other parties.
If any future production lines are not built in line with committed schedules, it may adversely affect our future 
growth plans. If any future production lines do not achieve operating metrics similar to our existing production 
lines, our solar modules could perform below expectations and cause us to lose customers.
If we are unable to systematically replicate our production lines over time and achieve operating metrics similar to 
our existing production lines, our manufacturing capacity could be substantially constrained, our manufacturing 
costs per watt could increase, our growth could be limited, and we may be in breach of our contracts with customers 
for failure to deliver modules. Such factors may result in lower net sales, and/or lower net income than we 
anticipate. Future production lines could produce solar modules that have lower conversion efficiencies, higher 
failure rates, and/or higher rates of degradation than solar modules from our existing production lines, and we could 
be unable to determine the cause of the lower operating metrics or develop and implement solutions to improve 
performance.
30

We are in the process of expanding our manufacturing capacity by approximately 4 GW including the construction 
of our fifth U.S. manufacturing facility, which is expected to commence operations in the second half of 2025. If we 
cannot successfully execute on our current capacity expansion plans, we may incur significant costs in excess of our 
expected investment for these new facilities. If we are not able to effectively manage current or future expansion 
activities or realize their anticipated benefits, it may adversely impact our results of operations.
Our substantial international operations subject us to a number of risks, including unfavorable political, 
regulatory, labor, and tax conditions in the United States and/or foreign countries.
We have significant manufacturing, sales, and marketing operations both within and outside the United States and 
expect to continue to expand our operations worldwide. Our global business requires us to respond to rapid changes 
in market conditions worldwide. Our overall success depends, in part, on our ability to succeed in differing legal, 
regulatory, economic, social, and political conditions. For example, in response to market conditions and an 
unfavorable policy environment in Europe, we have decided to scale down our footprint in Europe and to focus our 
business development efforts in the United States and India. We may not be able to timely develop and implement 
policies and strategies that will be effective in each location where we do business. Risks inherent to international 
operations include, but are not limited to, the following:
•
difficulty in enforcing agreements in foreign legal systems;
•
varying degrees of protection afforded to foreign investments in the countries in which we operate and 
irregular interpretations and enforcement of laws and regulations in such jurisdictions;
•
foreign countries may impose additional income and withholding taxes or otherwise tax our foreign 
operations, impose tariffs, or adopt other controls or restrictions on foreign trade and investment, including 
currency exchange controls;
•
fluctuations in exchange rates may affect demand for our products and services and may adversely affect 
our profitability and cash flows in U.S. dollars to the extent that our net sales or our costs are denominated 
in a foreign currency and the cost associated with hedging the U.S. dollar equivalent of such exposures is 
prohibitive; the longer the duration of such foreign currency exposure, the greater the risk;
•
anti-corruption compliance issues, including the costs related to the mitigation of such risk;
•
risk of nationalization or other expropriation of private enterprises;
•
changes in general economic and political conditions in the countries in which we operate, including 
changes in government incentive provisions and government program funding;
•
unexpected adverse changes in U.S. or foreign laws or regulatory requirements, including those with 
respect to environmental protection, import or export duties, tariffs, and quotas;
•
opaque approval processes in which the lack of transparency may cause delays and increase the uncertainty 
of project approvals;
•
difficulty in staffing and managing widespread operations;
•
difficulty in repatriating earnings;
•
difficulty in negotiating a successful collective bargaining agreement in applicable foreign jurisdictions;
31

•
trade barriers such as export requirements, tariffs, taxes, local content requirements, anti-dumping 
regulations and requirements, and other restrictions and expenses, which could increase the effective price 
of our solar modules and make us less competitive in some countries or increase the costs to perform under 
our existing contracts; and
•
difficulty of, and costs relating to, compliance with the different commercial and legal requirements of the 
overseas countries in which we offer and sell our solar modules.
Although we have implemented policies and procedures designed to ensure compliance with the laws, regulations, 
and policies in each jurisdiction in which we operate, there can be no assurance that all of our employees, 
contractors, service providers, business partners, and agents will comply with these laws, regulations, and policies.
Risks Related to Regulations
We have received and expect to continue to receive certain financial benefits as a result of tax incentives provided 
by the Inflation Reduction Act of 2022. If these financial benefits vary significantly from our assumptions, our 
business, financial condition, and results of operations could be adversely affected.
In August 2022, the previous U.S. President signed the IRA into law, which was intended to accelerate the country’s 
ongoing energy transition. The provisions of the IRA are generally effective for tax years beginning after 2022. We 
continue to evaluate the extent of benefits available to us, which we expect will favorably impact our results of 
operations in future periods. For example, we currently expect to qualify for the advanced manufacturing production 
credit under Section 45X of the IRC, which provides certain specified benefits for solar modules and certain solar 
module components manufactured in the United States and sold to third parties. For eligible components, the credit 
is equal to (i) $12 per square meter for a PV wafer, (ii) 4 cents multiplied by the capacity of a PV cell in watts, and 
(iii) 7 cents multiplied by the capacity of a PV module in watts. 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.
Such credit may be refundable by the IRS or transferable to a third party and is available from 2023 to 2032, subject 
to phase down beginning in 2030. For example, in December 2024 and December 2023, we entered into various 
agreements for the sales of Section 45X tax credits we generated in 2024 and 2023, respectively. For further 
information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations 
– Liquidity and Capital Resources.” However, there is no assurance that future sales of tax credits will be available 
to us on similar or alternative terms or at all. Furthermore, the potential policies of the new U.S. presidential 
administration and Congress have raised some uncertainty as to the continued availability of financial benefits 
available to us and others as a result of tax incentives provided by the IRA. For example, on January 20, 2025, the 
U.S. President issued an executive order entitled, “Unleashing American Energy,” which, among other things, 
indicated a lack of support for federal funding of certain solar and solar-related projects.
Certain developments to technical guidance and regulations include the following:
•
In March 2024, the U.S. Treasury Department and the IRS issued final regulations on the direct payment 
election under Section 6417 of the IRC. The final regulations apply to tax years ending on or after 
March 11, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending 
before March 11, 2024, provided the final regulations are applied in their entirety and in a consistent 
manner. The final regulations mostly adopted and confirmed the proposed regulations previously issued in 
June 2023.
32

•
In April 2024, the U.S. Treasury Department and the IRS issued final regulations on the elective transfer 
provisions under Section 6418 of the IRC. The final regulations apply to taxable years ending on or after 
April 30, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending 
before April 30, 2024, provided the final regulations are applied in their entirety and in a consistent manner. 
The final regulations mostly adopted and confirmed the proposed regulations previously issued in 
June 2023.
•
In October 2024, the U.S. Treasury Department and the IRS issued final regulations on the Section 45X 
credit confirming key aspects of the credit, including (i) that a vertically-integrated solar module 
manufacturer is entitled to the sum of the credit amounts for each eligible component that is integrated into 
the solar module, (ii) the determination of the credit amounts based on standard test conditions, and (iii) the 
definition of a Section 45X manufacturing facility.
Any modifications to the law or its effects arising, for example, through (i) technical guidance and regulations from 
the IRS and U.S. Treasury Department, including the certain aspects disclosed above, (ii) subsequent amendments to 
or interpretations of the law by the IRS, the U.S. Treasury Department, or the courts, (iii) future laws or regulations 
rendering certain provisions of the IRA less effective or ineffective, in whole or in part, and/or (iv) changes to U.S. 
government priorities, policies, and/or initiatives as a result of the new presidential administration and control of the 
U.S. Congress, could result in changes to the expected and/or actual benefits in the future, which could have a 
material adverse effect on demand and/or price levels for our solar modules, our net sales, and future expansion 
plans within the United States, and/or otherwise adversely impact our business, financial condition, and results of 
operations.
Existing regulations and policies, changes thereto, and new regulations and policies may present technical, 
regulatory, and economic barriers to the purchase and use of PV solar products, which may significantly reduce 
demand for our modules.
The market for electricity generation products is heavily influenced by federal, state, local, and foreign government 
regulations and policies concerning the electric utility industry, as well as policies promulgated by electric utilities. 
These regulations and policies often relate to electricity pricing and interconnection of customer-owned electricity 
generation. In the United States and certain other countries, these regulations and policies have been modified in the 
past and may be modified again in the future, which could deter end-user purchases of PV solar products. For 
example, without a mandated regulatory exception for PV solar power systems, system owners are often charged 
interconnection or standby fees for putting distributed power generation on the electric utility grid. To the extent 
these interconnection standby fees are applicable to PV solar power systems, it is likely that they would increase the 
cost of such systems, which could make the systems less desirable, thereby adversely affecting our business, 
financial condition, and results of operations. Another example is the effect of governmental land-use planning 
policies and environmental policies on utility-scale PV solar development. The adoption of restrictive land-use 
designations or environmental regulations that proscribe or restrict the siting of utility-scale solar facilities could 
adversely affect the marginal cost of such development.
Our modules are often subject to oversight and regulation in accordance with national and local ordinances relating 
to building codes, safety, environmental protection, and other matters, and tracking the requirements of individual 
jurisdictions is complex. Any new government regulations or utility policies pertaining to our modules may result in 
significant additional expenses to us or our customers and, as a result, could cause a significant reduction in demand 
for our products. In addition, any regulatory compliance failure could result in significant management distraction, 
unplanned costs, and/or reputational damage.
33

We could be adversely affected by any violations of the FCPA, the U.K. Bribery Act, and other foreign anti-
bribery laws.
The FCPA generally prohibits companies and their intermediaries from making improper payments to non-U.S. 
government officials for the purpose of obtaining or retaining business. Other countries in which we operate also 
have anti-bribery laws, some of which prohibit improper payments to government and non-government persons and 
entities, and others (e.g., the FCPA and the U.K. Bribery Act) extend their application to activities outside their 
country of origin. Our policies mandate compliance with all applicable anti-bribery laws. We currently operate in, 
and may further expand into, key parts of the world that have experienced governmental corruption to some degree 
and, in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. 
In addition, due to the level of regulation in our industry, our operations in certain jurisdictions where norms can 
differ from U.S. standards may require substantial government contact, either directly by us or through 
intermediaries over whom we have less direct control, such as subcontractors, agents, and partners (such as joint 
venture partners). Although we have implemented policies, procedures, and, in certain cases, contractual 
arrangements designed to facilitate compliance with these anti-bribery laws, our officers, directors, associates, 
subcontractors, agents, and partners may take actions in violation of our policies, procedures, contractual 
arrangements, and anti-bribery laws. Any such violation, even if prohibited by our policies, could subject us and 
such persons to criminal and/or civil penalties or other sanctions potentially by government prosecutors from more 
than one country, which could have a material adverse effect on our business, financial condition, cash flows, and 
reputation.
Environmental obligations and liabilities could have a substantial negative impact on our business, financial 
condition, and results of operations.
Our operations involve the use, handling, generation, processing, storage, transportation, and disposal of hazardous 
materials and are subject to extensive environmental laws and regulations at the national, state, local, and 
international levels. These environmental laws and regulations include those governing the discharge of pollutants 
into the air and water, the use, management, and disposal of hazardous materials and wastes, the cleanup of 
contaminated sites, and occupational health and safety. As we expand our business into foreign jurisdictions 
worldwide, our environmental compliance burden may continue to increase both in terms of magnitude and 
complexity. We have incurred and may continue to incur significant costs in complying with these laws and 
regulations. In addition, violations of, or liabilities under, environmental laws or permits may result in restrictions 
being imposed on our operating activities or in our being subject to substantial fines, penalties, criminal proceedings, 
third-party property damage or personal injury claims, cleanup costs, or other costs. While we believe we are 
currently in substantial compliance with applicable environmental requirements, future developments such as more 
aggressive enforcement policies, the implementation of new, more stringent laws and regulations, or the discovery 
of presently unknown environmental conditions may require expenditures that could have a material adverse effect 
on our business, financial condition, and results of operations.
Our solar modules contain CdTe and other semiconductor materials. Elemental cadmium and certain of its 
compounds are regulated as hazardous materials due to the adverse health effects that may arise from human 
exposure. Based on existing research, the risks of exposure to CdTe are not believed to be as serious as those 
relating to exposure to elemental cadmium due to CdTe’s limited bioavailability. In our manufacturing operations, 
we maintain engineering controls to minimize our associates’ exposure to cadmium compounds and require our 
associates who handle cadmium compounds to follow certain safety procedures, including the use of personal 
protective equipment such as respirators, chemical goggles, and protective clothing. Relevant studies and third-party 
peer reviews of our technology have concluded that the risk of exposure to cadmium or cadmium compounds from 
our end-products is negligible. In addition, the risk of exposure is further minimized by the encapsulated nature of 
these materials in our products, the physical properties of cadmium compounds used in our products, and the 
recycling or responsible disposal of our modules. While we believe that these factors and procedures are sufficient to 
protect our associates, end users, and the general public from adverse health effects that may arise from cadmium 
exposure, we cannot ensure that human or environmental exposure to cadmium or cadmium compounds used in our 
34

products will not occur. Any such exposure could result in future third-party claims against us, damage to our 
reputation, and heightened regulatory scrutiny, which could limit or impair our ability to sell and distribute our 
products. The occurrence of future events such as these could have a material adverse effect on our business, 
financial condition, and results of operations.
The use of cadmium or cadmium compounds in various products is also coming under increasingly stringent 
governmental regulation. Future regulation in this area could impact the design, manufacturing, sale, collection, and 
recycling of solar modules and could require us to make unforeseen environmental expenditures or limit our ability 
to sell and distribute our products. For example, European Union Directive 2011/65/EU on the Restriction of the 
Use of Hazardous Substances (“RoHS”) in electrical and electronic equipment (the “RoHS Directive”) restricts the 
use of certain hazardous substances, including cadmium and its compounds, in all electronic equipment sold into the 
European market, unless excluded from the law. Currently, PV solar modules are explicitly excluded from the scope 
of RoHS (Article 2), as adopted in June 2011. Other jurisdictions have adopted similar legislation or are considering 
doing so. The next revision of the RoHS Directive is expected in 2025. If PV modules were to be included in the 
scope of future RoHS revisions without an exemption or under similar regulations in other jurisdictions, we would 
be required to redesign our solar modules to reduce cadmium and other affected hazardous substances to the 
maximum allowable concentration thresholds in the RoHS Directive or other similar regulation in order to continue 
to offer them for sale within the EU or such other jurisdiction. As such actions would be impractical, this type of 
regulatory development would effectively close the affected market to us, which could have a material adverse effect 
on our business, financial condition, and results of operations.
Our business is subject to evolving corporate governance and public disclosure regulations and expectations, 
including with respect to environmental, social, and governance matters, that could expose us to numerous risks.
Companies across many industries are facing increasing scrutiny related to their environmental, social and 
governance (“ESG”) practices. Investor advocacy groups, certain institutional investors, investment funds and other 
influential investors are also increasingly focused on ESG practices and in recent years have placed increasing 
importance on the non-financial impacts of their investments. While our vision is to lead the world’s sustainable 
energy future through solar technology that is eco-efficient and socially responsible, if our ESG practices do not 
meet investor or other industry stakeholder expectations, which continue to evolve, we may incur additional costs 
and our brand, business, and ability to attract and retain qualified employees may be harmed.
Furthermore, customer, investor, regulatory, and employee expectations in areas such as ESG have been rapidly 
evolving and increasing. Specifically, regulatory bodies around the globe continue to develop ESG reporting 
requirements, many of which will be subject to independent audits. For example, certain government agencies and 
regulators are considering rules requiring the disclosure of certain ESG matters, and California enacted new 
environmental disclosure laws in October 2023 that will generally require additional disclosure and reporting by 
2026. The new California laws, the Climate Corporate Data Accountability Act, and the Climate-Related Financial 
Risk Act each impose additional climate-related reporting requirements on large companies conducting business in 
the state of California. We expect we will be subject to these new laws, which impose extensive reporting 
obligations about greenhouse gas emissions and climate-related financial risks. We also expect certain of our 
subsidiaries may be subject to the EU Corporate Sustainability Reporting Directive, which requires companies 
meeting certain criteria to disclose information about various ESG matters. Our ability to compete and to meet 
investor or other industry stakeholder expectations also depends on effectively executing on our approach to 
responsible sourcing and supply chain due diligence. The enhanced stakeholder focus on ESG issues relating to 
First Solar requires the continuous monitoring of various and evolving standards and the associated reporting 
requirements. A failure to adequately meet regulatory requirements and stakeholder expectations or achieve our 
ESG-related goals may result in the loss of business, diluted market valuation, an inability to attract customers, or an 
inability to attract and retain top talent.
35

As of the date of this filing, we have made several public commitments regarding our intended reduction of 
greenhouse gas emissions and operating a responsible supply chain with zero tolerance for forced labor. Although 
we intend to meet these commitments and deliver on our greenhouse gas emissions reduction and renewable energy 
targets, we may be required to expend significant resources to do so, which could increase our operational costs. Our 
ESG initiatives could be unsuccessful for various reasons, including due to our growing manufacturing footprint, the 
lack of offsite renewable energy options in certain jurisdictions, and violations by our suppliers of applicable laws, 
regulations, and our Supplier Code of Conduct. Given the dynamic nature of ESG standards, expectations, and 
regulations, which may change over time, we may from time to time need to update or otherwise revise our current 
targets, practices, and initiatives, including in response to legislative or legal developments. Any actual or perceived 
inability to meet these commitments and/or deliver on our targets could result in adverse publicity and reactions 
from investors, activist groups, and other stakeholders, which could adversely impact the perception of First Solar 
and our products and services by current and potential customers, as well as investors, which could in turn adversely 
impact our results of operations.
General Risk Factors
Cybersecurity incidents or information or security breaches, or those of third parties with which we do business, 
could have a material adverse effect on our business, financial condition, and results of operations.
Our operations rely on our information systems, including hardware, software, and networks, as well as on the 
information systems of third parties with which we do business (including their upstream and/or downstream service 
providers, as applicable), to securely process, store, and transmit proprietary, confidential, and other information, 
including intellectual property and personally identifiable information. We also rely heavily on these information 
systems to operate our manufacturing lines. These information systems may be compromised by cybersecurity 
incidents, including those caused by computer viruses, malware, ransomware and other cyber-attacks, as well as 
other events, including information and security breaches, that could be materially disruptive to our business 
operations and could put the security of our information, and that of the third parties with which we do business, at 
risk of misappropriation or destruction. In recent years, such cybersecurity incidents and events have become 
increasingly frequent and sophisticated, targeting or otherwise affecting a wide range of companies.
Recent developments in the threat landscape include the use of AI and machine learning, as well as an increased 
number of cyber extortion attacks, with higher financial ransom demand amounts and increasing sophistication and 
variety of ransomware techniques and methodology. While we have instituted security measures and procured 
insurance to mitigate the likelihood and impact of a cybersecurity incident and other events, including information 
and security breaches, there is no assurance that these measures, or those of the third parties with which we do 
business, will be adequate in the future. If these measures are not adequate, among other impacts, valuable 
information may be lost; our operations may be disrupted; we may be unable to fulfill our customer obligations; and 
our reputation may suffer. Additionally, any cybersecurity incident affecting our automated manufacturing lines 
could adversely affect our ability to produce solar modules or otherwise affect the quality and performance of the 
modules produced.
We may also be subject to litigation, regulatory sanctions, enforcement actions, government fines, remedial 
expenses, and financial losses beyond the scope or limits of our insurance coverage. These consequences of a failure 
of security measures could, individually or in the aggregate, have a material adverse effect on our business, financial 
condition, and results of operations. While we and the third parties with which we do business have experienced and 
may continue to experience cybersecurity incidents and other events, including information and security breaches, 
we have not experienced any material adverse effect on our business, financial condition, or results of operations, or 
any other material consequences, relating to or as a result of a cybersecurity incident or other such event, whether 
directed at us or our third parties.
36

Uncertainty in the development, deployment and use of AI in our products and services, as well as our business 
more broadly, could adversely affect our business and reputation.
We use systems and tools that incorporate AI-based technologies, including generative AI, for customers and our 
workforce. As with many new and emerging technologies, AI presents numerous risks and challenges that could 
adversely affect our business. The development, adoption, integration, and use of generative AI technology remains 
in early stages, and ineffective or inadequate AI governance, development, use, or deployment practices by us or 
third parties could result in unintended consequences. For example, AI algorithms that we use may be flawed or may 
be (or may be perceived to be) based on datasets that are biased or insufficient. In addition, any latency, disruption, 
or failure in our AI systems or infrastructure could result in delays or errors in our offerings. Inadequate governance, 
testing, or quality assurance processes could result in flawed deployments, producing erroneous or harmful outputs, 
which could damage our reputation and lead to legal liabilities. Thoroughly testing generative AI models is 
challenging due to their complexity and the unpredictability of their outputs. Developing, testing, and deploying 
resource-intensive AI systems may require additional investment and increase our costs. There also may be real or 
perceived social harm, unfairness, or other outcomes that undermine public confidence in the deployment and use of 
AI. Furthermore, third parties may deploy AI technologies in a manner that reduces customer demand for our 
products and services. Any of the foregoing may result in decreased demand for our products and services or harm 
to our business, financial condition, results of operations, or reputation.
The legal and regulatory landscape surrounding AI technologies is rapidly evolving and uncertain, including in 
relation to the areas of intellectual property, cybersecurity, and privacy and data protection. For example, there is 
uncertainty around the validity and enforceability of intellectual property rights related to our development, 
deployment, and use of AI. Additionally, third parties that license AI technologies to us may impose unfavorable 
licensing terms or terminate the licenses altogether which would require us to seek licenses from alternative sources 
to avoid disruptions in feature delivery. Compliance with new or changing laws, regulations, or industry standards 
relating to AI may impose significant operational costs and may limit our ability to develop, deploy, or use AI 
technologies. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory 
action, or brand and reputational harm.
Climate-related physical risks, including weather events and natural disasters, may affect our manufacturing 
operations, supply chains, and customers, which could have a material adverse effect on our business, financial 
condition, or results of operations.
Climate-related physical impacts of weather events and natural disasters are highly uncertain, unpredictable, and 
varied by geographic location, including, but not limited to, flooding, hurricanes, wildfires, and tornadoes. Although 
we carry business interruption insurance coverage and typically have provisions in our contracts that protect us in 
certain events, our coverage may not be adequate to compensate us for all losses that may occur as a direct or 
indirect result of weather events or natural disasters.
We have manufacturing operations in regions that have experienced extreme weather such as flooding, hurricanes, 
wildfires, and tornadoes. In case of these or other weather events or natural disasters, (i) our manufacturing and 
R&D equipment, on-site IT facilities, and inventory, among other things, may be damaged or destroyed, which may 
result in significant write-offs or significant expenses to repair or replace certain operations; (ii) the production and 
shipment of our solar modules may be disrupted as a result of (a) the damage or destruction of our facilities and 
infrastructure, (b) power outages, (c) delayed or cancelled deliveries of equipment and raw materials, and/or (d) the 
lack of clear and safe physical access to and from our manufacturing facilities, among other things; and (iii) we may 
be unable to execute our technology roadmap in a timely manner. We also consider the risks associated with weather 
events and natural disasters as part of our manufacturing site selection, design, and construction process.
Our suppliers may be adversely affected by weather events and natural disasters, which could disrupt their ability to 
deliver certain manufacturing equipment, materials, and/or services for extended periods of time. Our suppliers may 
also incur additional costs to repair or replace their own operations, which may cause them to require higher prices 
37

as part of current and future contracts and/or otherwise be unable to perform under their existing contract 
commitments. For additional information regarding the risks related to the sourcing of our manufacturing equipment 
and raw materials, respectively, see the Risk Factors entitled, “Some of our manufacturing equipment is customized 
and sole sourced. If our manufacturing equipment fails or if our equipment suppliers fail to perform under their 
contracts, we could experience production disruptions and be unable to satisfy our contractual requirements.” and 
“Several of our key raw materials and components are either single-sourced or sourced from a limited number of 
suppliers, and their failure to perform could cause manufacturing delays and impair our ability to deliver solar 
modules to customers in the required quality and quantities and at a price that is profitable to us.” For additional 
information regarding the risks related to supply chain disruptions, see the Risk Factor entitled, “A disruption in our 
supply chain for CdTe, tellurium, products containing tellurium, or other key raw materials, or equipment could 
interrupt or impair our ability to manufacture solar modules and could adversely impact our profitability and long-
term growth prospects.”
Our customers may be adversely affected by weather events and natural disasters, which could result in significant 
site damages, including damages to our solar modules installed at those sites. Damages may adversely impact our 
customers financially, and related business disruptions may delay or accelerate certain project timelines, which 
could result in an inability to perform under their contracts or otherwise deliver timely payment to us, if at all. 
Further, as a result of our own potential operational delays mentioned above, our ability to fulfill customer orders 
may be impaired or delayed, and we could incur significant losses. For additional information regarding the risks 
related to our customers, see the Risk Factor entitled, “The loss of any of our large customers, or the inability of our 
customers and counterparties to perform under their contracts with us, could significantly reduce our net sales and 
negatively impact our results of operations.”
The severity and duration of public health threats could materially impact our business, financial condition, and 
results of operations.
The extent to which public health threats (including pandemics such as COVID-19 or similarly infectious diseases) 
could impact us in the future is highly uncertain and unpredictable, and will depend largely on subsequent 
developments, including but not limited to (i) the severity and duration of any public health threat, (ii) measures 
taken to contain the spread of any public health threat, such as restrictions on travel and gatherings of people and 
temporary closures of or limitations on businesses and other commercial activities, (iii) the timing and nature of 
policies implemented by governmental authorities, and (iv) any future variants of the public health threat, which 
may surge over time. As a result of any public health threat and any related containment measures, we, our 
suppliers, or customers may be subject to significant risks, including to supply chain and business operations, which 
have the potential to materially and adversely impact our business, financial condition, and results of operations.
If we are unable to attract, train, retain, and successfully integrate key talent into our team, our business may be 
materially and adversely affected.
Our future success depends, to a significant extent, on our ability to attract, train, and retain management, 
operations, sales, and technical talent, including associates in foreign jurisdictions. Recruiting and retaining capable 
individuals, particularly those with expertise in the PV solar and related industries across a variety of technologies, 
are vital to our success. We are also dependent on the services of our executive officers and other members of our 
senior management team. The loss of one or more of these key associates could have a material adverse effect on 
our business. We have a comprehensive succession planning process in place, which contemplates talent at all levels 
of the organization. However, we may not be able to retain or replace these key associates in a timely manner. 
Although several of our current key associates, including our executive officers, are subject to employment 
conditions or arrangements that contain post-employment non-competition provisions, these arrangements permit 
the associates to terminate their employment with us upon little or no notice. In addition, on April 23, 2024, the U.S. 
Federal Trade Commission (“U.S. FTC”) issued a final rule that, if enforceable, would ban any non-competition 
provisions, including provisions in existing employment agreements, which could make it more difficult for us to 
retain qualified associates. On August 20, 2024, a U.S. district court issued an order stopping the U.S. FTC from 
38

enforcing the rule effective September 4, 2024 onward, and the U.S. FTC has appealed this order. However, this 
order does not prevent the U.S. FTC from addressing non-competition provisions on a case-by-case basis. It is 
uncertain if the rule will be enforceable or whether the language of the final rule could be further modified.
There is substantial competition for qualified technical and manufacturing personnel, and while we continue to 
benchmark our organization against a broad spectrum of businesses in our market space to remain economically 
competitive, there can be no assurances that we will be able to attract and retain technical personnel. As we continue 
to expand domestically and internationally, we may encounter regional laws that mandate union representation or 
associates who desire union representation or a collective bargaining agreement. If we are unable to attract and 
retain qualified associates, or otherwise experience unexpected labor disruptions within our business, we may be 
materially and adversely affected.
We may be exposed to intellectual property violation claims by third parties, which, if determined adversely to us, 
could cause us to pay significant damage awards or limit or prohibit the manufacture, use, distribution, export, 
import, or sale of our solar modules or other technology or know-how.
Our success depends largely on our ability to exploit our technology and know-how without violating the intellectual 
property rights of third parties. The validity and scope of claims relating to PV solar technology patents involve 
complex scientific, legal, and factual considerations and analysis and, therefore, may be highly uncertain. We may 
be subject to legal proceedings involving intellectual property violation claims by third parties. For example, during 
2022, we received various indemnification demands from certain customers, for whom we provided engineering, 
procurement, and construction (“EPC”) services, regarding claims that such customers’ PV tracker systems infringe, 
in part, on patents owned by Rovshan Sade (“Sade”), the owner of a company called Trabant Solar, Inc. See 
Note 14. “Commitments and Contingencies – Legal Proceedings” to our consolidated financial statements for more 
information on our legal proceedings. The defense and prosecution of intellectual property suits, patent opposition 
proceedings, and other legal and administrative proceedings can be both costly and time consuming and may 
significantly divert the efforts and resources of our technical and management personnel. An adverse determination 
in any such legal proceedings to which we may become a party could subject us to significant liability to third 
parties, require us to seek licenses from third parties, which may not be available on reasonable terms, or at all, or 
pay ongoing royalties or other payments, require us to redesign our solar modules or other technology, or subject us 
to injunctions limiting or prohibiting the manufacture, use, distribution, export, import, or sale of our solar modules 
or other technology or know-how. Legal proceedings could also result in our customers or potential customers 
deferring or limiting their purchase or use of our solar modules or other technology or know-how until the resolution 
of such legal proceedings.
Currency translation and transaction risk may negatively affect our results of operations.
Although our reporting currency is the U.S. dollar, we conduct certain business and incur costs in the local currency 
of most countries in which we operate. As a result, we are subject to currency translation and transaction risk. For 
example, certain business arrangements outside the United States have involved and may involve significant 
investments denominated in local currencies. Changes in exchange rates between foreign currencies and the 
U.S. dollar could affect our results of operations and result in exchange gains or losses. We cannot accurately predict 
the impact of future exchange rate fluctuations on our results of operations.
We could also expand our business into emerging markets, many of which have an uncertain regulatory environment 
relating to currency policy. Conducting business in such emerging markets could cause our exposure to changes in 
exchange rates to increase, due to the relatively high volatility associated with emerging market currencies and 
potentially longer payment terms for our proceeds.
39

Our ability to hedge foreign currency exposure is dependent on our credit profile with the banks that are willing and 
able to do business with us. Deterioration in our credit position or a significant tightening of the credit market 
conditions could limit our ability to hedge our foreign currency exposures; and therefore, result in exchange gains or 
losses.
Unanticipated changes in our tax position, the enactment of new tax legislation, or exposure to additional income 
tax liabilities could affect our profitability.
We are subject to income taxes in the various jurisdictions in which we operate. Accordingly, we are subject to a 
variety of tax laws and interpretations of such laws by local tax authorities. Longstanding international tax laws that 
determine each country’s jurisdictional tax rights in cross-border international trade continue to evolve as a result of 
the base erosion and profit shifting reporting requirements and the introduction of the global minimum tax 
recommended by the Organisation for Economic Co-operation and Development (“OECD”). For example, the 
OECD Pillar Two framework introduces a global minimum corporate tax rate of 15% for companies with global 
revenues above certain thresholds. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, 
certain jurisdictions in which we operate have adopted, and other jurisdictions are in the process of introducing, 
legislation to implement Pillar Two. As these legislative changes develop and expand, our effective tax rate and tax 
liabilities may be materially affected. Given the complexities of Pillar Two, we expect to continue to monitor the 
changes and evaluate their potential impact to our results of operations.
Additionally, in August 2022, the previous U.S. President signed into law the IRA, which revised U.S. tax law by, 
among other things, including a new corporate alternative minimum tax (the “CAMT”) of 15% on certain large 
corporations, imposing a 1% excise tax on stock buybacks, and providing various incentives to address climate 
change, including the introduction of the advanced manufacturing production credit under Section 45X of the IRC. 
The provisions of the IRA are generally effective for tax years beginning after 2022. Given the complexities of the 
IRA, we will continue to monitor these developments and evaluate the potential future impact to our results of 
operations. For further information, see the Risk Factor entitled, “We have received and expect to continue to 
receive certain financial benefits as a result of tax incentives provided by the Inflation Reduction Act of 2022. If 
these financial benefits vary significantly from our assumptions, our business, financial condition, and results of 
operations could be adversely affected.” Changes to these and other tax laws and regulations could have a material 
adverse impact on our business, financial condition, and results of operations.
We are subject to potential tax examinations in various jurisdictions, and taxing authorities may disagree with our 
interpretations of U.S. and foreign tax laws and may assess additional taxes. We regularly assess the likely outcomes 
of these examinations in order to determine the appropriateness of our tax provision; however, the outcome of tax 
examinations cannot be predicted with certainty. Therefore, the amounts ultimately paid upon resolution of such 
examinations could be materially different from the amounts previously included in our income tax provision, which 
could have a material adverse impact on our business, financial condition, and results of operations.
In addition, our future effective tax rate could be adversely affected by changes to our operating structure, losses of 
tax holidays, changes in the jurisdictional mix of earnings among countries with tax holidays or differing statutory 
tax rates, changes in the valuation of deferred tax assets and liabilities, changes in tax laws, and the discovery of new 
information in the course of our tax return preparation process. Any changes in our effective tax rate may have a 
material adverse impact on our business, financial conditions, and results of operations.
40

We have been and may be subject to or involved in litigation or threatened litigation, the outcome of which may 
be difficult to predict, and which may be costly to defend, divert management attention, require us to pay 
damages, or restrict the operation of our business.
From time to time, we have been and may be subject to disputes and litigation, with and without merit, that may be 
costly and which may divert the attention of our management and our resources in general, whether or not any 
dispute actually proceeds to litigation. The results of complex legal proceedings are difficult to predict. Moreover, 
complaints filed against us may not specify the amount of damages that plaintiffs seek, and we therefore may be 
unable to estimate the possible range of damages that might be incurred should these lawsuits be resolved against us. 
Even if we are able to estimate losses related to these actions, the ultimate amount of loss may be materially higher 
than our estimates. Any resolution of litigation, or threatened litigation, could involve the payment of damages or 
expenses by us, which may be significant or involve an agreement with terms that restrict the operation of our 
business. Even if any future lawsuits are not resolved against us, the costs of defending such lawsuits may be 
significant. These costs may exceed the dollar limits of our insurance policies or may not be covered at all by our 
insurance policies. Because the price of our common stock has been, and may continue to be, volatile, we can 
provide no assurance that additional securities or other litigation will not be filed against us in the future. See 
Note 14. “Commitments and Contingencies – Legal Proceedings” to our consolidated financial statements for more 
information on our legal proceedings.
Changes in, or any failure to comply with, privacy laws, regulations, and standards may adversely affect our 
business.
Personal privacy and data security have become significant issues in the jurisdictions in which we operate. The 
regulatory framework for privacy and security issues worldwide is rapidly evolving and is likely to remain uncertain 
for the foreseeable future. Furthermore, federal, state, or foreign government bodies or agencies have in the past 
adopted, and may in the future adopt, laws and regulations affecting data privacy, all of which may be subject to 
invalidation by relevant foreign judicial bodies. Industry organizations also regularly adopt and advocate for new 
standards in this area.
In the United States, these include rules and regulations promulgated or pending under the authority of federal 
agencies, state attorneys general, legislatures, and consumer protection agencies. Internationally, many jurisdictions 
in which we operate have established their own data security and privacy legal framework with which we, relevant 
suppliers, and customers must comply. In many jurisdictions, enforcement actions and consequences for 
noncompliance are also rising. In addition to government regulation, privacy advocates and industry groups may 
propose new and different self-regulatory standards that either legally or contractually apply to us. Although we 
have implemented policies, procedures, and, in certain cases, contractual arrangements designed to facilitate 
compliance with applicable privacy and data security laws and standards, any inability or perceived inability to 
adequately address privacy and security concerns, even if unfounded, or comply with applicable privacy and data 
security laws, regulations, and policies, could result in additional fines, costs, and liabilities to us, damage our 
reputation, inhibit sales, and adversely affect our business.
41

Our Amended and Restated Bylaws designate a state or federal court located within the State of Delaware as the 
exclusive forum for substantially all disputes between us and our stockholders, and the federal district courts of 
the United States as the exclusive forum for the resolution of any complaint asserting a cause of action under the 
Securities Act of 1933, which could limit our stockholders’ ability to choose the judicial forum for disputes with 
us or our directors, officers, employees, agents or stockholders.
Our Amended and Restated Bylaws (“Bylaws”) provide that, unless we consent in writing to the selection of an 
alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of 
Delaware lacks subject matter jurisdiction, the federal district court for the District of Delaware) is the sole and 
exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action or proceeding 
asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, other employees, agents or 
stockholders to us or our stockholders, (iii) any action or proceeding against us or any of our directors, officers, 
other employees, agents or stockholders arising pursuant to any provision of the Delaware General Corporation Law 
(“DGCL”), our Amended and Restated Certificate of Incorporation or our Bylaws, (iv) any action or proceeding 
against us or any of our directors, officers or other employees asserting a claim that is governed by the internal 
affairs doctrine, or (v) any action or proceeding asserting an “internal corporate claim,” as defined in the DGCL. Our 
Bylaws also provide that, unless we consent in writing to the selection of an alternative forum, the federal district 
courts of the United States are the exclusive forum for resolving any complaint asserting a cause of action under the 
Securities Act. Nothing in our Bylaws precludes stockholders that assert claims under the Exchange Act from 
bringing such claims in any court, subject to applicable law.
Any person or entity holding, owning or otherwise acquiring any interest in any of our securities shall be deemed to 
have notice of and consented to these provisions. These exclusive forum provisions may limit a stockholder’s ability 
to bring a claim in a judicial forum of its choosing for disputes with us or our directors, officers, other employees, 
agents or stockholders, which may discourage lawsuits against us and our directors, officers, other employees, 
agents or stockholders. The enforceability of similar choice of forum provisions in other companies’ governing 
documents has been challenged in legal proceedings, and it is possible that a court could find these types of 
provisions to be inapplicable or unenforceable. For example, in December 2018, the Court of Chancery of the State 
of Delaware determined that a provision stating that federal district courts of the United States are the exclusive 
forum for resolving any complaint asserting a cause of action arising under the Securities Act is not enforceable. 
Although this decision was reversed by the Delaware Supreme Court in March 2020, courts in other states may still 
find these provisions to be inapplicable or unenforceable. If a court were to find the exclusive forum provisions in 
our Bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving 
the dispute in other jurisdictions, which could adversely affect our results of operations.
42

Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
First Solar maintains a cyber risk management program designed to identify, assess, and manage cybersecurity risks. 
The underlying controls of the cyber risk management program incorporate recognized best practices and standards 
for cybersecurity, including guidance from the National Institute of Standards and Technology (“NIST”) 
cybersecurity framework. Our cyber risk management program includes various risk assessments that are completed 
on a regular basis, including (i) information security controls assessments with internal and external audit partners, 
(ii) architectural and technical assessments with third-party experts, (iii) internal and external penetration testing 
with third-party service providers, (iv) continuous cyber risk register reviews, and (v) risk prioritization with our 
executive officers. The identification of cybersecurity risks is aided by a technical toolset as well as threat hunting 
and counterintelligence services provided by third-party service providers. These risk assessments and the technical 
toolset inform our information security roadmap, which allocates resources toward strategic initiatives to mitigate, 
transfer, and/or reduce cybersecurity risks. Our associates receive cybersecurity awareness communications, engage 
in annual cybersecurity training, and are exposed to periodic phishing simulation exercises with targeted training. 
Additionally, confidential information protection training is regularly provided to associates who have access to 
personally identifiable information, reside in certain jurisdictions, or have privileged access.
Third-party risk management at First Solar includes screening processes to evaluate the information security 
programs and capabilities of our vendors, including periodic reviews of vendor control assessments, such as System 
and Organization Controls (“SOC”) 2 Type 2 reports, which are supplemented by end-user controls performed by 
First Solar associates. These processes enable us to oversee and identify potentially material risks from cybersecurity 
threats associated with our use of third-party service providers.
The Head of Information Security oversees the Information Security team, which assesses and manages 
cybersecurity risks at First Solar as part of our information security program. The Head of Information Security and 
our Information Security team members collectively hold certifications in cyber-risk oversight from the National 
Association of Corporate Directors, Certified Systems Security Officer and Certified Information Systems Manager 
credentials, and Certified Information Systems Security Professional and Systems Security Certified Practitioner 
credentials. The Head of Information Security, who has over 20 years of information technology experience, 
including over 10 years in leadership roles at First Solar, reports to the Chief Information Officer and regularly 
briefs the Chief Financial Officer and, at least quarterly, briefs the audit committee of the board of directors on 
cybersecurity matters. Effective March 16, 2025, our Head of Information Security will be departing the Company 
and, as a result, our Chief Information Officer will act as our interim Head of Information Security while we conduct 
a search for a permanent replacement. Our Chief Information Officer has 25 years of information technology 
experience, including 18 years in leadership roles at First Solar.
The cybersecurity risks identified as part of our information security program are integrated into our enterprise risk 
management program. The audit committee reviews the integration of our cybersecurity controls and procedures 
with our overall risk management systems and processes, and reviews and discusses with management First Solar’s 
major information security risks (including cybersecurity) and the steps management has taken to monitor, control, 
and limit such exposures and risks. An Information Security Steering Committee, which is comprised of senior 
management from various departments, serves in an advisory capacity regarding the implementation, support, and 
management of the information security program and compliance with applicable state and federal laws and 
regulations. This committee aligns business initiatives, material digital risks, risk tolerance levels, and security 
requirements with the information security roadmap.
43

The Information Security team actively manages cybersecurity threats and incidents through comprehensive 
technical tooling, reporting, partnerships, and processes. Intrusion prevention, detection, and response systems, 
access management systems, and incident and vulnerability management systems are all examples of technical tools 
employed by First Solar’s Information Security team to protect our information technology environment. Our 
incident response plan includes specific criteria for determining the potential impact of an identified cybersecurity 
incident and defined escalation protocols to determine which internal and external stakeholders should be involved 
and the appropriate communication channels, including considerations of any reporting based on regulatory 
requirements. Further, at least annually, certain key members from our Information Security team engage in 
cybersecurity tabletop exercises alongside certain members of both our executive team and board of directors, which 
are designed to simulate a cybersecurity threat or incident to test First Solar’s incident response plan. Cybersecurity 
incidents are evaluated on a case-by-case basis and are categorized as low, moderate, or high impact incidents 
depending on qualitative and quantitative factors, including, but not limited to, their operational impact, degree of 
compromise, legal or regulatory impacts, and data disclosure impacts. The audit committee of the board of directors 
is notified if a potentially material incident is identified and reviews our response to material cybersecurity incidents, 
including disclosure considerations and the engagement of forensic and other technology experts to ascertain the 
extent of the incident, remediation actions, and responsive measures to prevent or mitigate future incidents.
As a result of ongoing monitoring, we have not identified any risks from cybersecurity threats, including as a result 
of previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the 
Company, including its business strategy, financial condition, or results of operations during the period covered by 
this filing. Notwithstanding the cybersecurity processes and procedures described above, we may not be successful 
in preventing or mitigating a cybersecurity incident that could have a material adverse effect on our business, 
financial condition, or results of operations. While we maintain cybersecurity insurance, the costs related to 
cybersecurity incidents, including information and security breaches, or other disruptions may not be fully insured. 
For further information regarding the risks to us associated with cybersecurity incidents and other events, including 
information and security breaches, and how such risks may affect the Company, see the Risk Factor entitled, 
“Cybersecurity incidents or information or security breaches, or those of third parties with which we do business, 
could have a material adverse effect on our business, financial condition, and results of operations.”
44

Item 2. Properties
As of December 31, 2024, our principal properties, which pertain to our modules business, consisted of the 
following:
Nature
Location
Held
Corporate headquarters  . . . . . . . . . . . . .
Tempe, 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 (1)  . . . . . . . . . . . . .
Iberia Parish, Louisiana, United States
Lease land, own buildings
——————————
(1)
Manufacturing plant currently under construction; operations are expected to commence in the second half of 2025.
Item 3. Legal Proceedings
See Note 14. “Commitments and Contingencies – Legal Proceedings” to our consolidated financial statements for 
information regarding legal proceedings and related matters.
Item 4. Mine Safety Disclosures
None.
45

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity 
Securities
Market Information
Our common stock is listed on The Nasdaq Stock Market LLC under the symbol FSLR.
Holders
As of February 21, 2025, there were 41 record holders of our common stock, which does not reflect beneficial 
owners of our shares.
Dividend Policy
We have never paid and do not expect to pay dividends on our common stock for the foreseeable future. The 
declaration and payment of dividends is subject to the discretion of our board of directors and depends on various 
factors, including our net income, financial condition, cash requirements, future prospects, and other factors 
considered relevant by our board of directors. We expect to prioritize our working capital requirements, capacity 
expansion and other capital expenditure needs, R&D and technology investments, and merger and acquisition 
opportunities prior to returning capital to our shareholders.
Stock Price Performance Graph
The following graph compares the five-year cumulative total return on our common stock relative to the cumulative 
total returns of the S&P 500 Index and the Invesco Solar ETF, which represents a peer group of solar companies. 
For purposes of the graph, an investment of $100 (with reinvestment of all dividends) is assumed to have been made 
in our common stock, the S&P 500 Index, and the Invesco Solar ETF on December 31, 2019, and its relative 
performance is tracked through December 31, 2024. This graph is not “soliciting material,” is not deemed filed with 
the SEC, and is not to be incorporated by reference in any filing by us under the Securities Act or the Exchange Act, 
whether made before or after the date hereof, and irrespective of any general incorporation language in any such 
filing. The stock price performance shown in the graph represents past performance and is not necessarily indicative 
of future stock price performance.
46

Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer and Affiliate Purchases
None.
Item 6. Reserved
None.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in 
conjunction with our consolidated financial statements and the related notes thereto included in this Annual Report 
on Form 10-K. In addition to historical financial information, the following discussion and analysis contains 
forward-looking statements that involve risks, uncertainties, and assumptions as described under the “Note 
Regarding Forward-Looking Statements” that appears earlier in this Annual Report on Form 10-K. Our actual 
results could differ materially from those anticipated by these forward-looking statements as a result of many 
factors, including those discussed under Item 1A. “Risk Factors,” and elsewhere in this Annual Report on Form    
10-K. This discussion and analysis does not address certain items in respect of the year ended December 31, 2022. 
See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 
Annual Report on Form 10-K for the year ended December 31, 2023 for comparative discussions of our results of 
operations and liquidity and capital resources for the years ended December 31, 2023 and 2022.
Executive Overview
We are America’s leading PV solar technology and manufacturing company. The only U.S.-headquartered company 
among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power 
generation needs with our advanced, thin film PV technology. Developed at R&D labs in California and Ohio, the 
Company’s technology represents the next generation of solar power generation, providing a competitive, high-
performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV 
solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline 
silicon supply chains.
We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in 
the Western Hemisphere. We recently commenced operations at our fourth manufacturing facility in the United 
States and are in the process of expanding our manufacturing capacity, including the construction of our fifth 
manufacturing facility in the United States, which is expected to commence operations in the second half of 2025. 
With a global footprint that spans the United States, India, Malaysia, and Vietnam, we expect to have an annual 
manufacturing capacity of over 25 GW by 2026.
Certain of our financial results and other key operational developments for the year ended December 31, 2024 
include the following:
•
Net sales for 2024 increased by 27% to $4.2 billion compared to $3.3 billion in 2023. The increase in net 
sales was primarily driven by an increase in the volume of modules sold to third parties and an increase in 
termination payments associated with certain customer contract terminations in the U.S., India, and Europe, 
partially offset by a reduction in revenue related to manufacturing issues affecting certain Series 7 modules 
manufactured in 2023 and 2024. We currently believe the primary causes of the issues have been identified 
and we have taken actions to address such issues.
47

•
Gross profit as a percentage of net sales increased 5.0 percentage points to 44.2% in 2024 from 39.2% in 
2023. The increase was primarily driven by a higher sales mix of modules qualifying for the advanced 
manufacturing production credit under Section 45X of the IRC, termination payments associated with 
certain customer contract terminations in the U.S., India, and Europe, and an increase in the volume of 
modules sold to third parties, partially offset by higher module storage costs and a reduction in revenue 
related to manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024.
•
During 2024, we commenced production of Series 7 modules at our first manufacturing facility in 
Alabama, bringing our total installed nameplate production capacity across all our facilities to 
approximately 21 GW. During 2024, we produced 15.5 GW and sold 14.1 GW of solar modules. During 
2025, we expect to produce between 18 GW and 19 GW and sell between 18 GW and 20 GW.
•
In May 2024, we achieved a new world record CdTe research cell conversion efficiency of 23.1%, which 
was certified by the U.S. Department of Energy’s National Renewable Energy Laboratory.
•
In July 2024, our dedicated R&D innovation center in Ohio was formally commissioned. This R&D facility 
features a high-volume manufacturing scale production pilot line, which is expected to enable the 
production of full-sized prototypes of thin film and tandem PV modules, supporting the implementation of 
our technology roadmap.
•
In December 2024, we entered into two agreements with Visa Inc. (“Visa”) for the sale of $857.2 million of 
Section 45X tax credits we generated during 2024 for aggregate cash proceeds of $818.6 million and 
received initial cash proceeds of $616.0 million. We expect to receive the remaining cash proceeds during 
the first quarter of 2025.
Market Overview
Solar energy is one of the fastest growing forms of renewable energy with numerous benefits, including economic 
and speed of deployment, that make it an attractive complement to or substitute for traditional forms of energy 
generation. In recent years, the cost of producing electricity from PV solar power systems has decreased to levels 
that are competitive with or below the wholesale price of electricity in many markets. Other technological 
developments in the renewable energy industry, such as the advancement of energy storage capabilities, have further 
enhanced the prospects of solar energy as an alternative to traditional forms of energy generation. As a result of 
these and other factors, worldwide solar markets continue to develop and expand. Government incentive programs, 
such as the IRA discussed previously, have contributed to this momentum by providing solar module manufacturers, 
project developers, and project owners with various incentives to accelerate the deployment of solar power 
generation. For more information about these incentive programs, see Item 1. “Business – Incentive Programs.”
Supply and Demand. As a result of the market opportunities described above, we recently commenced production of 
Series 7 modules at our first manufacturing facility in Alabama and are in the process of expanding our 
manufacturing capacity, including the construction of our fifth U.S. manufacturing facility, which is expected to 
commence operations in the second half of 2025. We continue to evaluate opportunities for future expansion 
worldwide. We believe manufacturers of solar cells and modules, particularly those in China, have significant 
installed production capacity, relative to global demand, and the ability for additional capacity expansion. 
Accordingly, we believe the solar industry may experience periods of structural imbalance between supply and 
demand, which could lead to periods of pricing volatility. Further, demand for solar energy in key markets, such as 
the United States and India, may be affected by the nature and extent of commitments to the renewable energy 
transition at the local and global levels. For example, certain large oil and gas and energy companies have 
experienced investor pressure to pursue returns commensurate with those currently associated with fossil fuel 
projects, where returns have become easier as fossil fuel prices have rebounded since the COVID-19 pandemic. 
Notwithstanding these considerations, utility and corporate demand for clean energy, and overall electric load 
growth, especially as a result of AI-driven data center demand, continue to increase. Internationally, given the 
48

combination of (i) a European Union market captured by Chinese solar modules, which pricing is at levels near or 
below manufacturing costs, (ii) an India market effectively closed to Southeast Asian finished goods, (iii) the 
uncertain U.S. policy environment following the 2024 U.S. elections, and (iv) a supply and demand imbalance for 
Southeast Asian product, we have decided to reduce production output of our Series 6 modules at our manufacturing 
facilities in Malaysia and Vietnam by a combined total of 1 GW in 2025. In light of such market realities, we 
continue to advocate for industrial and trade policies that provide a level playing field for domestic manufacturers of 
solar cells and modules. We also continue to focus on our strategies and points of differentiation, which include our 
advanced module technology, our manufacturing process and distributed manufacturing presence, our R&D 
capabilities, our commitment to responsible solar, and our financial stability.
Pricing Competition. The solar industry has been characterized by intense pricing competition, both at the module 
and system levels. This competition may result in an environment in which pricing falls rapidly, which could 
potentially increase demand for solar energy solutions but constrain the ability for module manufacturers and project 
developers to sustain meaningful and consistent profitability. Our results of operations could be adversely affected if 
competitors reduce pricing below their costs, bid aggressively low prices for module sale agreements, or are able to 
operate at minimal or negative operating margins for sustained periods of time. For certain of our competitors, 
including many in China, these practices may be enabled by their direct or indirect access to sovereign capital or 
other forms of state support. Although module average selling prices in many global markets continue to decline, 
recent module pricing in the United States, our primary market, has been relatively stable due, in part, to the demand 
for domestically manufactured modules as a result of the IRA. 
Diverse Offerings. We face intense competition from manufacturers of crystalline silicon solar modules and other 
emerging technologies. Solar module manufacturers compete with one another on sales price per watt, which may be 
influenced by several module value attributes, including energy yield, wattage (through a larger form factor or an 
improved conversion efficiency), degradation, sustainability, and reliability. Sales price per watt may also be 
influenced by warranty terms, customer payment terms, and/or module content attributes. We believe that utility-
scale solar will continue to be a compelling offering and will continue to represent an increasing portion of the 
overall electricity generation mix. However, this focus on utility-scale module offerings exists within a current 
market environment that includes rooftop and distributed generation solar, which may influence our future offerings.
We continue to devote significant resources to support the implementation of our technology roadmap and improve 
the energy output of our modules. In the course of our R&D activities, we explore various technologies in our efforts 
to sustain competitive differentiation of our modules. Such technologies include the development of bifacial 
modules, the implementation of our CuRe program, and ongoing research and development of multi-junction solar 
modules.
•
Bifacial. While conventional solar modules are monofacial, meaning their ability to produce energy is a 
function of direct and diffuse irradiance on their front side, most module manufacturers offer bifacial 
modules that also capture diffuse irradiance on the back side of a module. Bifaciality compromises 
nameplate efficiency, but by converting both front and rear side irradiance, such technology may improve 
the overall energy production of a module relative to nameplate efficiency when applied in certain 
applications, which could lower the overall LCOE of a system when compared to systems using monofacial 
solar modules. We recently began commercial production of bifacial solar modules at certain of our 
manufacturing facilities and delivered our first bifacial modules to customers. Our bifacial module features 
an innovative transparent back contact which, in addition to converting both front and rear side irradiance, 
allows infrared light to pass through rather than be absorbed as heat. This design lowers the operational 
temperature of the module, resulting in a higher energy yield.
•
CuRe. 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 by improving its bifaciality 
characteristics, improving its temperature coefficient, and improving its warranted degradation. As a result 
of these performance improvements, our PV solar modules are expected to produce more energy in real-
49

world operating conditions over their estimated useful lives than crystalline silicon modules with the same 
nameplate capacity. In May 2024, we achieved a new world record CdTe research cell conversion 
efficiency of 23.1%, which was based on our CuRe program and certified by the U.S. Department of 
Energy’s National Renewable Energy Laboratory. We commenced a limited commercial production run of 
modules employing our CuRe technology in late 2024 and intend to begin a phased replication of the 
technology across our fleet in the first quarter of 2026.
•
Multi-junction. We continue to evaluate opportunities to develop and leverage other solar cell technologies 
in multi-junction applications that combine our thin film PV technology with another high efficiency PV 
semiconductor, with each layer optimized for a different range of the solar spectrum. We believe such 
applications, which are expected to utilize at least one thin-film semiconductor, have the potential to 
significantly increase the efficiency of PV modules beyond the limits of traditional single-junction devices. 
Our acquisition of Evolar is expected to accelerate the development of high efficiency multi-junction 
devices by integrating Evolar’s expertise with First Solar’s existing R&D capabilities.
Product Efficiencies. The efficiencies gained from the vertical integration of our manufacturing model and our cost 
management initiatives allow us to compete favorably in markets where pricing for modules and systems is highly 
competitive. Our cost competitiveness is based in large part on our advanced thin film semiconductor technology, 
module wattage, proprietary manufacturing process (which enables us to produce a CdTe module in a matter of 
hours using a continuous and highly automated industrial manufacturing process, as opposed to a batch process), and 
focus on operational excellence. In addition, our CdTe modules use approximately 2% to 3% of the amount of 
semiconductor material that is used to manufacture conventional crystalline silicon solar modules. The cost of 
polysilicon is a significant driver of the manufacturing cost of crystalline silicon solar modules, and the timing and 
rate of change in the cost of silicon feedstock and polysilicon could lead to changes in solar module pricing levels.
Energy Performance. In many climates our solar modules provide certain energy production advantages relative to 
competing crystalline silicon solar modules. As a result, our solar modules can produce more annual energy in real-
world operating conditions than conventional crystalline silicon modules with the same nameplate capacity. For 
more information about these advantages, see Item 1. “Business – Business Strategy.” Additionally, we warrant that 
our solar modules will produce at least 98% of their labeled power output rating during the first year, with the 
warranty coverage reducing by a degradation factor that is generally between 0.3% and 0.5%, depending on the 
module series, every year thereafter throughout the limited power output warranty period of up to 30 years.
While our modules are generally competitive in cost, reliability, and performance attributes, there can be no 
guarantee such competitiveness will continue to exist in the future to the same extent or at all. Any declines in the 
competitiveness of our products could result in further declines in the average selling prices of our modules and 
additional margin compression. Accordingly, we continue to focus on enhancing the competitiveness of our solar 
modules through our module technology and cost reduction roadmaps.
Certain Trends and Uncertainties
We believe that our business, financial condition, and results of operations may be favorably or unfavorably 
impacted by the following trends and uncertainties. See Item 1A. “Risk Factors” and elsewhere in this Annual 
Report on Form 10-K for discussions of other risks that may affect us.
Our business is evolving worldwide and is shaped by the varying ways in which our offerings can be compelling and 
economically viable solutions to energy needs in various markets. In addressing electricity demands, we are focused 
on providing utility-scale module offerings in key geographic markets that we believe have a significant need for 
mass-scale PV solar electricity, including markets throughout the United States and India. We closely evaluate and 
monitor the appropriate level of resources required to support such markets and their associated sales opportunities. 
When deployed in utility-scale applications, our modules provide energy at a lower LCOE compared to traditional 
forms of energy generation, making them an attractive alternative to or replacement for aging fossil fuel-based 
50

generation resources. Accordingly, future retirements of aging energy generation resources represent a significant 
increase in the potential market for solar energy.
Demand for our PV solar module offerings depends, in part, on market factors outside our control. For example, 
many governments have proposed or enacted policies or incentive programs intended to encourage renewable 
energy investments to achieve decarbonization objectives and/or establish greater energy independence. While we 
compete in markets that do not require solar-specific government subsidies or incentive programs, our net sales and 
profits remain subject to variability based on the availability and size of government subsidies and economic 
incentives. Adverse changes in these factors could increase the cost of utility-scale systems, which could reduce 
demand for our solar modules. Recent developments to government incentive programs include the following:
•
United States. In August 2022, the previous U.S. President signed the IRA into law, which was intended to 
accelerate the country’s energy transition. Among other things, the financial incentives provided by the 
IRA have significantly increased demand for modules manufactured in the United States. Accordingly, the 
demand for these solar modules is expected to increase domestic manufacturing in the near term, which 
may result in localized supply chain constraints and periods of inflationary pricing for certain of our key 
raw materials. The financial incentives provided by the IRA have also increased demand for solar modules 
in general due to the incremental tax credit available for the qualified production of clean hydrogen that is 
powered by renewable resources. Given the complexities of the IRA, we continue to evaluate the extent of 
benefits available to us, which we expect will favorably impact our results of operations in future periods. 
For example, we currently expect to qualify for the advanced manufacturing production credit under 
Section 45X of the IRC, which provides certain specified benefits for solar modules and solar module 
components manufactured in the United States and sold to third parties. See Note 9. “Government Grants” 
and Note 18. “Income Taxes” to our consolidated financial statements for discussion of our expectation of 
the financial benefits available to us under the IRA and developments to technical guidance and 
regulations, respectively. Also, the new presidential administration and control of the U.S. Congress present 
uncertainty as to the continued availability of such benefits. For example, on January 20, 2025, the U.S. 
President issued the executive order entitled, “Unleashing American Energy,” which, among other things, 
indicated a lack of support for federal funding of certain solar and solar-related projects. For more 
information about certain risks associated with the benefits available to us under the IRA, see Item 1A. 
“Risk Factors – We have received and expect to continue to receive certain financial benefits as a result of 
tax incentives provided by the Inflation Reduction Act of 2022. If these financial benefits vary significantly 
from our assumptions, our business, financial condition, and results of operations could be adversely 
affected.”
•
India. In March 2023, the government of India allocated financial incentives under the PLI scheme to 
certain PV module manufacturers, including First Solar. The PLI scheme is expected to provide aggregate 
funding of INR 185 billion ($2.2 billion), of which INR 11.8 billion ($138 million) was allocated to 
First Solar, to promote the manufacturing of high efficiency solar modules in India and to reduce India’s 
dependency on foreign imports of solar modules. Under the PLI scheme, manufacturers were selected 
through a competitive bid process and may be entitled to receive certain cash incentives over a five-year 
period following the commissioning of their manufacturing facilities. Among other things, such incentives 
are subject to attaining certain minimum thresholds for module efficiency and temperature coefficient and 
require that a certain proportion of raw materials be sourced from the domestic market. Such conditions 
will be evaluated on a quarterly basis from 2026 through 2031. At this time, it is uncertain to what extent 
we may qualify for such incentives.
51

Demand for our solar energy solutions also depends on domestic or international trade policies and government 
regulations, which may be proposed, revised, and/or enacted across short- and long-term time horizons with varying 
degrees of impact to our net sales, profit, and manufacturing operations. Changes in these policies and regulations 
could adversely impact the competitive landscape of solar markets, which could reduce demand for our solar 
modules. Recent revisions or proposed changes to trade policy and government regulations include the following:
•
China. In early February 2025, China announced that it would tighten export controls for five key minerals, 
including products containing tellurium; tellurium is one of the main components of our CdTe module 
production process. Although tellurium and products containing tellurium are sourced globally, China is a 
major global producer of tellurium and products containing tellurium. Exporters of tellurium and related 
products may be required to obtain a license from the Chinese Ministry of Commerce. Since these export 
controls came into effect, we have assembled a cross-functional team to interpret the export controls, 
analyze how they may impact First Solar’s module production process. We have and intend to continue 
applying for export licenses where appropriate, as well as continuing to implement other strategic 
alternatives such as leveraging our alternative suppliers to mitigate potential adverse impacts from these 
export controls. For more information about this development, see Item 1A. “Risk Factors – A disruption in 
our supply chain for CdTe, tellurium, products containing tellurium, or other key raw materials, or 
equipment could interrupt or impair our ability to manufacture solar modules and could adversely impact 
our profitability and long-term growth prospects.”
•
United States. 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. For more 
information about this development, see Item 1A. “Risk Factors – The modification, reduction, elimination, 
or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and 
other support for on-grid solar electricity applications, or the impact of other public policies, such as tariffs 
or other trade remedies imposed on solar cells and modules or related raw materials or equipment, could 
negatively impact demand and/or price levels for our solar modules and limit our growth or lead to a 
reduction in our net sales or increase our costs, thereby adversely impacting our operating results.”
•
United States. In October 2023, a coalition of U.S. aluminum extruders and a labor union filed AD/CVD 
petitions with the USDOC and the USITC related to aluminum extrusions from 15 countries. We import 
certain items that are within the scope of the investigations. The USDOC issued preliminary and final 
antidumping determinations in May and September 2024, respectively, both of which found that our 
Malaysian supplier of aluminum extrusions was not dumping. For more information about this 
development, see Item 1A. “Risk Factors – The modification, reduction, elimination, or expiration of 
government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for 
on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade 
remedies imposed on solar cells and modules or related raw materials or equipment, could negatively 
impact demand and/or price levels for our solar modules and limit our growth or lead to a reduction in our 
net sales or increase our costs, thereby adversely impacting our operating results.”
•
India. The ALMM was introduced in 2021 as a non-tariff barrier to incentivize domestic manufacturing of 
PV modules by approving the list of models and manufacturers who can participate in certain solar 
development projects. The ALMM is approved by the MNRE, and any modifications to the ALMM and its 
application may affect future investments in solar module manufacturing in India. For example, 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. For more information about the ALMM, see Item 1A. “Risk 
Factors – The modification, reduction, elimination, or expiration of government subsidies, economic 
incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity 
applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar 
52

cells and modules or related raw materials or equipment, could negatively impact demand and/or price 
levels for our solar modules and limit our growth or lead to a reduction in our net sales or increase our 
costs, thereby adversely impacting our operating results.”
Our ability to provide solar modules on economically attractive terms is also affected by the availability and cost of 
logistics services associated with the procurement of raw materials or equipment used in our manufacturing process 
and the shipping, handling, storage, and distribution of our modules. To mitigate certain logistics costs, we employ 
commercial contract structures that provide additional consideration to us if the cost of logistics services, excluding 
demurrage and detention, exceeds defined thresholds. We may also adjust our shipping plans to include additional 
lead times for module deliveries and/or utilize our network of U.S. distribution centers to mitigate logistics costs. 
Additionally, our manufacturing capacity expansions are expected to bring production activities closer to customer 
demand, further mitigating our exposure to the cost of ocean freight.
We generally price and sell our solar modules on a per watt basis. As of December 31, 2024, we had entered into 
contracts with customers for the future sale of 68.5 GW of solar modules for an aggregate transaction price of 
$20.5 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 37.1 GW of solar modules with anticipated price 
adjustments for future module technology improvements, including enhancements to certain energy related 
attributes. Based on these potential improvements, the contracted module volume as of December 31, 2024, the 
expected timing of such improvements being incorporated into our manufacturing process, and the expected timing 
of module deliveries, such adjustments, if realized, could result in additional revenue of up to $0.7 billion, the 
majority of which would be recognized between 2026 and 2028. In addition to these price adjustments, certain of 
our contracts with customers may include favorable price adjustments associated with sales freight in excess of 
defined thresholds and/or favorable or unfavorable price adjustments associated with changes to (i) certain 
commodity prices, (ii) the module wattage committed for delivery, and (iii) the volume of modules sold that meet 
certain U.S. domestic content requirements. As a result, the revenue recognized from such contracts may increase or 
decrease in future periods relative to the original transaction price.
We monitor our modules’ expected performance through quality and reliability testing, as well as actual 
performance in certain field installation sites. Any declines in the expected performance attributes of our modules 
could adversely impact our financial results due to declines in the average selling prices of our modules and 
additional margin compression. For example, the recently identified manufacturing issues affecting certain Series 7 
modules may adversely impact the average selling prices of our modules or the carrying value of our inventories. 
These manufacturing issues may also increase product warranty claims by our customers to resolve the premature 
power loss in affected modules. The remediation of any identified issues in our manufacturing process may result in 
increased costs as we resolve the identified issues. Any future manufacturing issues, including any additional 
commitment made by us to remediate the affected modules beyond our limited warranty, could also adversely 
impact our reputation, financial position, operating results, and cash flows. We may also be subject to certain other 
risks and uncertainties surrounding module performance as described in Item 1A. “Risk Factors – Problems with 
product quality or performance may cause us to incur significant and/or unexpected contractual damages and/or 
warranty and related expenses, damage our market reputation, and prevent us from maintaining or increasing our 
market share.”
We continue to increase the nameplate production capacity of our existing manufacturing facilities by improving our 
production throughput, increasing module wattage, and reducing manufacturing yield losses. Additionally, we are in 
the process of expanding our manufacturing capacity by approximately 4 GW, including the construction of our fifth 
manufacturing facility in the United States, as well as capacity expansion at our existing facilities. This additional 
capacity, and any other potential investments to add to or otherwise modify our existing manufacturing capacity in 
response to market demand and competition, may require significant internal and possibly external sources of 
capital, and may be subject to certain risks and uncertainties described in Item 1A. “Risk Factors,” including those 
described under the headings “Our future success depends on our ability to effectively balance manufacturing 
53

production with market demand, effectively manage our cost per watt, and, when necessary, continue to build new 
manufacturing plants over time in response to market demand, all of which are subject to risks and uncertainties” 
and “If any future production lines are not built in line with committed schedules, it may adversely affect our future 
growth plans. If any future production lines do not achieve operating metrics similar to our existing production lines, 
our solar modules could perform below expectations and cause us to lose customers.”
Results of Operations
The following table sets forth our consolidated statements of operations as a percentage of net sales for the years 
ended December 31, 2024, 2023, and 2022:
Years Ended December 31,
2024
2023
2022
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 100.0 %
 100.0 %
 100.0 %
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 55.8 %
 60.8 %
 97.3 %
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 44.2 %
 39.2 %
 2.7 %
Selling, general and administrative  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 4.5 %
 6.0 %
 6.3 %
Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 4.5 %
 4.6 %
 4.3 %
Production start-up  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 2.0 %
 2.0 %
 2.8 %
Litigation loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 — %
 1.1 %
 — %
Gain on sales of businesses, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 — %
 0.2 %
 9.7 %
Operating income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 33.2 %
 25.8 %
 (1.0) %
Foreign currency loss, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (0.6) %
 (0.6) %
 (0.6) %
Interest income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 2.1 %
 2.9 %
 1.3 %
Interest expense, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (0.9) %
 (0.4) %
 (0.5) %
Other (expense) income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (0.3) %
 (0.9) %
 1.2 %
Income tax expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (2.7) %
 (1.8) %
 (2.0) %
Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 30.7 %
 25.0 %
 (1.7) %
Segment Overview
Our primary segment is our modules business, which involves the design, manufacture, and sale of CdTe solar 
modules, which convert sunlight into electricity. Third-party customers of our modules segment include system 
developers, independent power producers, utilities, commercial and industrial companies, and other system owners 
and operators. Our residual business operations include certain project development activities, operations and 
maintenance (“O&M”) services, the results of operations from PV solar power systems we owned and operated in 
certain international regions, and the sale of such systems to third-party customers.
Net sales
We generally price and sell our solar modules on a per watt basis. During 2024, no customer accounted for 10% or 
more of our modules business net sales, and the majority of our solar modules were sold to developers and operators 
of systems in the United States. Substantially all of our modules business net sales during 2024 were denominated in 
U.S. dollars. We recognize revenue for module sales at a point in time following the transfer of control of the 
modules to the customer, which typically occurs upon delivery of the modules to the location specified in the terms 
of the underlying contract. The revenue recognition policies for module sales are further described in Note 2. 
“Summary of Significant Accounting Policies” to our consolidated financial statements. Net sales from our residual 
business operations primarily consist of revenue recognized for sales of development projects or completed systems, 
including any modules installed in such systems and any revenue from energy generated by such systems. In certain 
prior periods, our residual business operations also included O&M services we provided to third parties.
54

The following table shows net sales by reportable segment for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Modules . . . . . . . . . . . . . . . . . . .
$ 
4,202,733 
$ 
3,296,809 
$ 
2,428,278 
$ 
905,924 
 27 %
$ 
868,531 
 36 %
Other  . . . . . . . . . . . . . . . . . . . . .
 
3,556 
 
21,793 
 
191,041 
 
(18,237) 
 (84) %
 
(169,248) 
 (89) %
Net sales  . . . . . . . . . . . . . . . . . .
$ 
4,206,289 
$ 
3,318,602 
$ 
2,619,319 
$ 
887,687 
 27 %
$ 
699,283 
 27 %
Net sales from our modules segment increased by $905.9 million in 2024 primarily due to a 24% increase in the 
volume of modules sold to third parties and an increase in termination payments of $115.0 million associated with 
certain customer contract terminations in the U.S., India, and Europe, partially offset by a reduction in revenue of 
$56.0 million related to manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024. 
Net sales from our residual business operations decreased by $18.2 million in 2024 as our residual business 
operations continue to wind down.
Cost of sales
Our modules business cost of sales includes the cost of raw materials and components for manufacturing solar 
modules, such as glass, transparent conductive coatings, CdTe and other thin film semiconductors, laminate 
materials, connector assemblies, edge seal materials, and frames or back rails. In addition, our cost of sales includes 
direct labor for the manufacturing of solar modules and manufacturing overhead, such as engineering, equipment 
maintenance, quality and production control, and information technology. Our cost of sales also includes 
depreciation of manufacturing plant and equipment, facility-related expenses, environmental health and safety costs, 
and costs associated with shipping, warranties, and solar module collection and recycling (excluding accretion). Cost 
of sales for our residual business operations includes project-related costs, such as development costs (legal, 
consulting, transmission upgrade, interconnection, permitting, and other similar costs), EPC costs (consisting 
primarily of solar modules, inverters, electrical and mounting hardware, project management and engineering, and 
construction labor), and site-specific costs.
The following table shows cost of sales by reportable segment for the years ended December 31, 2024, 2023, and 
2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Modules . . . . . . . . . . . . . . . . . . .
$ 2,342,045 
$ 2,019,388 
$ 2,312,881 
$ 
322,657 
 16 %
$ 
(293,493) 
 (13) %
Other  . . . . . . . . . . . . . . . . . . . . .
 
6,380 
 
(1,465) 
 
236,580 
 
7,845 
N/A
 
(238,045) 
N/A
Cost of sales  . . . . . . . . . . . . . . .
$ 2,348,425 
$ 2,017,923 
$ 2,549,461 
$ 
330,502 
 16 %
$ 
(531,538) 
 (21) %
% of net sales . . . . . . . . . . . . . . .
 55.8 %
 60.8 %
 97.3 %
Cost of sales increased $330.5 million, or 16%, and decreased 5.0 percentage points as a percent of net sales when 
comparing 2024 with 2023. The increase in cost of sales was driven by a $322.7 million increase in our modules 
segment cost of sales primarily as a result of (i) higher costs of $532.2 million from an increase in the volume of 
modules sold, (ii) higher module storage costs of $102.6 million, and (iii) higher sales freight charges of 
$43.1 million, partially offset by (iv) a higher sales mix of modules qualifying for the advanced manufacturing 
production credit under Section 45X of the IRC, which decreased cost of sales by $346.4 million.
The increase in cost of sales was also driven by a $7.8 million increase in our residual business operations cost of 
sales primarily due to a favorable prior period settlement with a former supplier, which resulted in an $8.4 million 
benefit to cost of sales. 
55

Gross profit
Gross profit may be affected by numerous factors, including the selling prices of our modules and the selling prices 
of projects and services included in our residual business operations, our manufacturing costs, the capacity 
utilization of our manufacturing facilities, and foreign exchange rates. Gross profit may also be affected by the mix 
of net sales from our modules business and residual business operations.
The following table shows gross profit for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Gross profit . . . . . . . . . . . . . . . .
$ 1,857,864 
$ 1,300,679 
$ 
69,858 
$ 
557,185 
 43 %
$ 1,230,821 
>500%
% of net sales . . . . . . . . . . . . . . .
 44.2 %
 39.2 %
 2.7 %
Gross profit increased 5.0 percentage points to 44.2% in 2024 from 39.2% in 2023 primarily due to (i) the advanced 
manufacturing credit previously discussed, (ii) the contract termination payments described above, and (iii) an 
increase in the volume of modules sold. These increases were partially offset by (iv) higher module storage costs 
and (v) a reduction in revenue related to manufacturing issues affecting Series 7 modules described above.
Selling, general and administrative
Selling, general and administrative expense consists primarily of salaries and other personnel-related costs, 
professional fees, insurance costs, and other business development and selling expenses.
The following table shows selling, general and administrative expense for the years ended December 31, 2024, 
2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Selling, general and 
administrative  . . . . . . . . . . .
$ 
188,262 
$ 
197,622 
$ 
164,724 
$ 
(9,360) 
 (5) %
$ 
32,898 
 20 %
% of net sales . . . . . . . . . . . . . . .
 4.5 %
 6.0 %
 6.3 %
Selling, general and administrative expense in 2024 decreased compared to 2023 primarily due to (i) lower 
employee bonus expense and lower share-based compensation expense, and (ii) lower costs associated with the 
implementation of a new global enterprise resource planning system as compared to the prior year, partially offset 
by (iii) higher employee compensation expense due to an increase in headcount, (iv) higher costs for certain legal 
matters, and (v) higher consulting fees.
Research and development
Research and development expense consists primarily of salaries and other personnel-related costs; the cost of 
products, materials, and outside services used in our R&D activities; and depreciation and amortization expense 
associated with R&D specific facilities and equipment. We maintain a number of programs and activities to improve 
our technology and processes in order to enhance the performance and reduce the costs of our solar modules.
The following table shows research and development expense for the years ended December 31, 2024, 2023, and 
2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Research and development . . . .
$ 
191,375 
$ 
152,307 
$ 
112,804 
$ 
39,068 
 26 %
$ 
39,503 
 35 %
% of net sales . . . . . . . . . . . . . . .
 4.5 %
 4.6 %
 4.3 %
56

Research and development expense in 2024 increased compared to 2023 primarily due to higher depreciation and 
maintenance costs resulting from our significant investments in R&D facilities and equipment and higher employee 
compensation expense resulting from an increase in headcount.
Production start-up
Production start-up expense consists of costs associated with operating a production line before it is qualified for 
commercial production, including the cost of raw materials for solar modules run through the production line during 
the qualification phase, employee compensation for individuals supporting production start-up activities, and 
applicable facility related costs. Production start-up expense also includes costs related to the selection of a new site 
and implementation costs for manufacturing process improvements to the extent we cannot capitalize these 
expenditures.
The following table shows production start-up expense for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Production start-up  . . . . . . . . . .
$ 
84,492 
$ 
64,777 
$ 
73,077 
$ 
19,715 
 30 %
$ 
(8,300) 
 (11) %
% of net sales . . . . . . . . . . . . . . .
 2.0 %
 2.0 %
 2.8 %
During 2024, we incurred production start-up expense primarily for our fourth and fifth manufacturing facilities in 
the U.S. and also for a limited commercial production run of modules employing our CuRe technology. During 
2023, we incurred production start-up expense primarily for our first manufacturing facility in India, our third and 
fourth manufacturing facilities in the U.S., and certain manufacturing upgrades at our Malaysian facilities.
Litigation loss
The following table shows litigation loss for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Litigation loss  . . . . . . . . . . . . . .
 
430 
 
35,590 
 
— 
$ 
(35,160) 
 (99) %
$ 
35,590 
N/A
% of net sales . . . . . . . . . . . . . . .
 — %
 1.1 %
 — %
In July 2021, Southern Power Company filed an arbitration demand with the American Arbitration Association 
against two of the Company’s subsidiaries alleging breach of the EPC agreements for five projects in the United 
States for which such subsidiaries served as the EPC contractor. On July 19, 2023, the arbitration panel issued an 
interim award letter adopting certain of Southern’s proposed individual award claims in the amount of $35.6 million. 
See Note 14. “Commitments and Contingencies” to our condensed consolidated financial statements for further 
information about this matter.
Gain on sales of businesses, net
The following table shows gain on sales of businesses, net for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Gain on sales of businesses, net
$ 
1,115 
$ 
6,883 
$ 
253,511 
$ 
(5,768) 
 (84) %
$ 
(246,628) 
 (97) %
% of net sales . . . . . . . . . . . . . . .
 — %
 0.2 %
 9.7 %
57

During 2022, we completed the sales of our Japan project development business and our Japan O&M operations to 
PAG Real Assets (“PAG”) and the sales of certain other international O&M operations to a subsidiary of Clairvest 
Group, Inc. (“Clairvest”). In 2023, we recognized certain post-closing adjustments and earnouts associated with the 
prior sale of our Japan project development business. In 2024, there was no significant activity related to gains on 
sales of businesses. See Note 4. “Sales of Businesses” to our consolidated financial statements for further 
information related to these transactions.
Foreign currency loss, net
Foreign currency loss, net consists of the net effect of gains and losses resulting from holding assets and liabilities 
and conducting transactions denominated in currencies other than our subsidiaries’ functional currencies.
The following table shows foreign currency loss, net for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Foreign currency loss, net  . . . . .
$ 
(24,976) $ 
(21,533) $ 
(16,414) $ 
(3,443) 
 16 %
$ 
(5,119) 
 31 %
Foreign currency loss for the year ended December 31, 2024 was consistent with the prior year.
Interest income
Interest income is earned on our cash, cash equivalents, marketable securities, restricted cash, restricted cash 
equivalents, and restricted marketable securities. Interest income also includes interest earned from late customer 
payments.
The following table shows interest income for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Interest income  . . . . . . . . . . . . .
$ 
89,090 
$ 
97,667 
$ 
33,284 
$ 
(8,577) 
 (9) %
$ 
64,383 
 193 %
Interest income during 2024 decreased compared to 2023 primarily due to lower interest rates on cash and cash 
equivalents and lower average balances of time deposits, partially offset by increased interest earned on trade 
receivables.
Interest expense, net
Interest expense, net is primarily comprised of interest incurred on debt. We may capitalize interest expense to our 
property, plant and equipment when such costs qualify for interest capitalization, which reduces the amount of net 
interest expense reported in any given period.
The following table shows interest expense, net for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Interest expense, net  . . . . . . . . .
$ 
(38,870) $ 
(12,965) $ 
(12,225) $ 
(25,905) 
 200 %
$ 
(740) 
 6 %
Interest expense, net during 2024 increased compared to 2023 primarily due to additional borrowing under various 
arrangements in India and higher capitalized interest balances in the prior year related to the construction of our 
manufacturing plant in India.
58

Other (expense) income, net
Other (expense) income, net is primarily comprised of miscellaneous items and realized gains and losses on the sale 
of marketable securities and restricted marketable securities.
The following table shows other (expense) income, net for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Other (expense) income, net . . .
$ 
(13,326) $ 
(29,145) $ 
31,189 
$ 
15,819 
 (54) %
$ 
(60,334) 
N/A
Other expense, net decreased in 2024 compared to 2023 primarily due to the impairment of a strategic investment in 
2023.
Income tax expense
Income tax expense or benefit, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect 
our best estimates of current and future taxes to be paid. We are subject to income taxes in both the United States 
and numerous foreign jurisdictions in which we operate, principally Singapore, Malaysia, Vietnam, and India. 
Significant judgments and estimates are required to determine our consolidated income tax expense. The statutory 
federal corporate income tax rate in the United States is 21%, and the tax rates in Singapore, Malaysia, Vietnam, and 
India are 17%, 24%, 20%, and 17%, respectively. 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 annual tax rates, conditional upon our continued compliance with 
certain revenue and R&D spending thresholds.
The following table shows income tax expense for the years ended December 31, 2024, 2023, and 2022:
Years Ended
Change
(Dollars in thousands)
2024
2023
2022
2024 over 2023
2023 over 2022
Income tax expense  . . . . . . . . .
$ (114,294) 
$ 
(60,513) 
$ 
(52,764) 
$ 
(53,781) 
 89 %
$ 
(7,749) 
 15 %
Effective tax rate  . . . . . . . . . . . .
 8.1 %
 6.8 %
 613.7 %
Our tax rate is affected by the advanced manufacturing production credit under Section 45X and recurring items 
such as tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions. The rate 
is also affected by discrete items that may occur in any given period but are not consistent from period to period. 
Income tax expense increased by $53.8 million during 2024 compared to 2023 primarily due to higher pretax 
income in the current year and the impact of taxes due on U.S. inclusions in taxable income related to global 
intangible low-taxed income (“GILTI”), partially offset by the beneficial effects of tax law associated with the IRA 
and the long-term tax holiday in Malaysia.
Liquidity and Capital Resources
As of December 31, 2024, we believe that our cash, cash equivalents, marketable securities, cash flows from 
operating activities, and contracts with customers for the future sale of solar modules will be sufficient to meet our 
working capital and capital expenditure needs for at least the next 12 months. In addition, we have availability under 
our Revolving Credit Facility, which remains unused as of December 31, 2024. To the extent we offer extended 
payment terms to customers, fail to collect trade receivables in a timely manner, or face other challenges in 
managing our working capital, we may be required to use our Revolving Capital Facility or other temporary sources 
of funding. For example, we have entered into factoring agreements with certain financial institutions and have sold 
certain trade receivables under those factoring facilities. However, we do not use factoring arrangements as an 
59

integral part of our financing for working capital. As necessary, we also believe we will have adequate access to the 
capital markets. We monitor our working capital to ensure we have adequate liquidity, both domestically and 
internationally. We intend to maintain appropriate debt levels based upon cash flow expectations, our overall cost of 
capital, and expected cash requirements for operations, including near-term construction activities and purchases of 
manufacturing equipment for our newest manufacturing facilities in the United States. However, our ability to raise 
capital on terms commercially acceptable to us could be constrained if there is insufficient lender or investor interest 
due to company-specific, industry-wide, or broader market concerns. Any incremental debt financing could result in 
increased debt service expenses and/or restrictive covenants, which could limit our ability to pursue our strategic 
plans. 
As of December 31, 2024, we had $1.8 billion in cash, cash equivalents, and marketable securities compared to 
$2.1 billion as of December 31, 2023. This decrease was primarily driven by purchases of property, plant and 
equipment for our U.S. and Indian facilities and various operating expenditures, partially offset by proceeds from the 
sale of Section 45X tax credits, net cash receipts from module sales, and receipts from factoring of receivables. As 
of December 31, 2024 and 2023, $0.7 billion and $1.2 billion of our cash, cash equivalents, and marketable 
securities, respectively, were held by our foreign subsidiaries and were primarily based in U.S. dollar and Indian 
Rupee denominated holdings. Our investment policy seeks to preserve our investment principal and maintain 
adequate liquidity to meet our cash flow requirements, while at the same time optimizing the return on our 
investments. Such policy applies to all invested funds, whether managed internally or externally. Pursuant to such 
policy, we place our investments with a diversified group of high-quality financial institutions and limit the 
concentration of such investments with any one counterparty. We place significant emphasis on the creditworthiness 
of financial institutions and assess the credit ratings and financial health of our counterparty financial institutions 
when making investment decisions.
We utilize a variety of tax planning and financing strategies in an effort to ensure that our worldwide cash is 
available in the locations in which it is needed. If certain international funds were needed for our operations in the 
United States, we may be required to accrue and pay certain U.S. and foreign taxes to repatriate such funds. We 
maintain the intent and ability to permanently reinvest our accumulated earnings outside the United States, with the 
exception of certain subsidiaries for which applicable income taxes have been recorded as of December 31, 2024. 
During the year ended December 31, 2024, we reversed our position to indefinitely reinvest the accumulated 
earnings of a foreign subsidiary, allowing us to repatriate $1.0 billion of offshore funds to support our strategic 
investments in the United States. Our worldwide cash may also be affected by changes to foreign government 
banking regulations that restrict our ability to move funds among various jurisdictions under certain circumstances, 
which could negatively impact our access to capital, resulting in an adverse effect on our liquidity and capital 
resources.
Although we compete in markets that do not require solar-specific government subsidies or incentive programs, such 
incentives continue to influence the demand for PV solar energy around the world. For example, the financial 
incentives provided by the IRA are expected to increase both the demand for, and the domestic manufacturing of, 
solar modules in the United States. We continue to evaluate the extent of benefits available to us by the IRA, which 
are expected to favorably impact our liquidity and capital resources in future periods. For example, we currently 
expect to qualify for the advanced manufacturing production credit under Section 45X of the IRC, which provides 
certain specified benefits for solar modules and solar module components manufactured in the United States and 
sold to third parties. Such credit may be refundable by the IRS or transferable to a third party and is available from 
2023 to 2032, subject to phase down beginning in 2030. 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. Accordingly, we expect the advanced manufacturing production credit will provide us with a significant 
source of funding throughout its 10-year period. In December 2024, we entered into two agreements with Visa for 
the sale of $857.2 million of Section 45X tax credits we generated during 2024 for aggregate cash proceeds of 
$818.6 million. We received initial cash proceeds of $616.0 million in December 2024 and expect to receive the 
remaining cash proceeds during the first quarter of 2025. In December 2023, we entered into two agreements with 
Fiserv for the sale of $687.2 million of Section 45X tax credits we generated during 2023, for aggregate cash 
60

proceeds of $659.7 million. We received the full cash proceeds during 2024. For more information about certain 
risks associated with the benefits available to us under the IRA, see Item 1A. “Risk Factors – “We have received and 
expect to continue to receive certain financial benefits as a result of tax incentives provided by the Inflation 
Reduction Act of 2022. If these financial benefits vary significantly from our assumptions, our business, financial 
condition, and results of operations could be adversely affected.” See Note 9. “Government Grants” to our 
consolidated financial statements for further information about government grants.
As a result of various market opportunities and increased demand for our products, we commenced production of 
Series 7 modules at our third manufacturing facility in Ohio and our first manufacturing facility in India during 2023 
and at our first manufacturing facility in Alabama during 2024. We also completed the expansion of our 
manufacturing footprint at our existing facilities in Ohio and India during 2024. We are in the process of further 
expanding our manufacturing capacity, including the construction of our fifth U.S. manufacturing facility, which is 
expected to commence operations in the second half of 2025. We anticipate our remaining investment in this U.S. 
facility to be approximately $0.7 billion, which is expected to be incurred throughout 2025. The capital expenditures 
necessary to expand our capacity may be financed, in part, by cash on hand, advance payments from customers for 
module sales in future periods, the advanced manufacturing production credit described above, and/or near-term 
bridge financing instruments.
In addition to the expansion described above, we continue to increase the nameplate production capacity of our 
existing manufacturing facilities by improving our production throughput, increasing module wattage, and reducing 
manufacturing yield losses. We have a demonstrated history of innovation, continuous improvement, and 
manufacturing success driven by our significant investments in various R&D initiatives. We continue to invest 
significant financial resources in such initiatives, including the completion of a dedicated R&D innovation center in 
Ohio to support the implementation of our technology roadmap. This facility features a high-volume manufacturing 
scale production pilot line, which is expected to enable the production of full-sized prototypes of thin film and 
tandem PV modules. Such R&D facility was commissioned in July 2024. During 2025, we expect to spend between 
$1.3 billion and $1.5 billion for capital expenditures, including the new facilities mentioned above, and upgrades to 
machinery and equipment that we believe will further increase our module wattage and expand capacity and 
throughput at our facilities. These capital investments, and any other potential investments to implement our 
technology roadmap, may require significant internal and possibly external sources of capital and may be subject to 
certain risks and uncertainties described in Item 1A. “Risk Factors,” including those described under the headings 
“Our future success depends on our ability to effectively balance manufacturing production with market demand, 
effectively manage our cost per watt, and, when necessary, continue to build new manufacturing plants over time in 
response to market demand, all of which are subject to risks and uncertainties” and “If any future production lines 
are not built in line with committed schedules, it may adversely affect our future growth plans. If any future 
production lines do not achieve operating metrics similar to our existing production lines, our solar modules could 
perform below expectations and cause us to lose customers.”
We have also committed and expect to continue to commit significant working capital to purchase various raw 
materials used in our module manufacturing process. Our failure to obtain raw materials and components that meet 
our quality, quantity, and cost requirements in a timely manner could increase our manufacturing costs or interrupt 
or impair our ability to manufacture our solar modules. Accordingly, we may enter into long-term supply 
agreements to mitigate potential risks related to the procurement of key raw materials and components, and such 
agreements may be noncancelable or cancelable with a significant penalty. For example, we have entered into long-
term supply agreements for the purchase of certain specified minimum volumes of substrate glass for our PV solar 
modules. We have the right to terminate certain of these agreements upon payment of specified termination penalties 
(which, in aggregate, are up to $475.1 million as of December 31, 2024 and decline over the remaining supply 
periods). Additionally, for certain strategic suppliers, we have made, and may in the future be required to make, 
certain advance payments to secure the raw materials necessary for our module manufacturing.
61

We have also committed certain financial resources to fulfill our solar module collection and recycling obligations 
and have established a trust under which these funds are put into custodial accounts with an established and 
reputable bank. As of December 31, 2024, such funds were comprised of restricted marketable securities of 
$199.1 million and associated restricted cash and cash equivalents balances of $5.0 million. As of 
December 31, 2024, our module collection and recycling liability was $134.4 million. Trust funds may be disbursed 
for qualified module collection and recycling costs (including capital and facility related recycling costs), payments 
to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. 
Investments in the trust must meet certain investment quality criteria comparable to highly rated government or 
agency bonds. As necessary, we adjust the funded amounts for our estimated collection and recycling obligations 
based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted 
marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years.
As of December 31, 2024, we had no off-balance sheet debt or similar obligations, other than financial assurance 
related instruments, which are not classified as debt. We do not guarantee any third-party debt. See Note 14. 
“Commitments and Contingencies” to our consolidated financial statements for further information about our 
financial assurance related instruments.
Cash Flows
The following table summarizes key cash flow activity for the years ended December 31, 2024, 2023, and 2022 (in 
thousands):
2024
2023
2022
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,217,999 
$ 
602,260 
$ 
873,369 
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,563,307)  
(472,791)  
(1,192,574) 
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
24,849 
 
336,853 
 
309,392 
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and 
restricted cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(6,387)  
5,285 
 
47,438 
Net (decrease) increase in cash, cash equivalents, restricted cash, and 
restricted cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
(326,846) $ 
471,607 
$ 
37,625 
Operating Activities
The increase in net cash provided by operating activities during 2024 was primarily driven by proceeds from the sale 
of Section 45X tax credits and receipts from factoring of receivables, partially offset by an increase in payments 
made to suppliers compared to the prior year, and lower cash receipts from module sales in the current year.
Investing Activities
The increase in net cash used in investing activities during 2024 was primarily due to lower proceeds from the sales 
and maturities of marketable securities in the current year and higher purchases of property, plant and equipment 
compared to the prior year for our U.S. and Indian facilities, partially offset by lower purchases of marketable 
securities in the current year.
Financing Activities
The decrease in net cash provided by financing activities during 2024 was primarily due to repayment of debt in the 
current year.
62

Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 
(“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires greater 
disaggregation of an entity’s income tax disclosures. Among other things, ASU 2023-09 requires entities to disclose 
(i) specific categories in the effective tax rate reconciliation, (ii) pretax income or loss from continuing operations, 
separated between domestic and foreign jurisdictions, (iii) income tax expense or benefit from continuing 
operations, separated by federal, state, and foreign jurisdictions, and (iv) income taxes paid to federal, state, and 
foreign jurisdictions. ASU 2023-09 is effective for public companies for annual periods beginning after 
December 15, 2024, and early adoption is permitted. We are currently evaluating the impact ASU 2023-09 will have 
on our consolidated financial statements and associated disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - 
Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which 
requires additional disclosure of specific types of expenses included in the expense captions presented on the face of 
the income statement. ASU 2024-03 is effective for public companies for annual reporting periods beginning after 
December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. 
The disclosure requirements will be applied on a prospective basis, with the option to apply retrospectively. We are 
currently evaluating the impact ASU 2024-03 will have on our associated disclosures.
Critical Accounting Estimates
In preparing our consolidated financial statements in conformity with generally accepted accounting principles in the 
United States (“U.S. GAAP”), we make estimates and assumptions that affect the amounts of reported assets, 
liabilities, revenues, and expenses, as well as the disclosure of contingent liabilities. Some of our accounting policies 
require the application of significant judgment in the selection of the appropriate assumptions for making these 
estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. We base our judgments 
and estimates on our historical experience, our forecasts, and other available information as appropriate. The actual 
results experienced by us may differ materially and adversely from our estimates. To the extent there are material 
differences between our estimates and the actual results, our future results of operations will be affected. Our 
significant accounting policies are described in Note 2. “Summary of Significant Accounting Policies” to our 
consolidated financial statements. The accounting policies that require the most significant judgment and estimates 
include the following:
Accrued Solar Module Collection and Recycling Liability. We previously established a module collection and 
recycling program, which has since been discontinued, to collect and recycle modules sold and covered under such 
program once the modules reach the end of their service lives. For legacy customer sales contracts that are covered 
under this program, we recognized expense at the time of sale based on the estimated cost to collect and recycle the 
covered solar modules. We estimate the cost of our obligations based on the present value of the expected future cost 
of collecting and recycling the solar modules, which includes estimates for the cost of packaging materials; the cost 
of freight from the solar module installation sites to a recycling center; material, labor, and capital costs; and by-
product credits for certain materials recovered during the recycling process. We base these estimates on our 
experience collecting and recycling solar modules and on certain assumptions regarding costs at the time the solar 
modules will be collected and recycled. In the periods between the time of sale and the related settlement of the 
collection and recycling obligation, we accrete the carrying amount of the associated liability and classify the 
corresponding expense within “Selling, general and administrative” expense on our consolidated statements of 
operations. 
63

We periodically review our estimates of expected future recycling costs and may adjust our liability accordingly. 
Such adjustments are presented within “Cost of Sales” on our consolidated statements of operations. During the year 
ended December 31, 2024, we completed our annual cost study of obligations under our module collection and 
recycling program and determined that no adjustment to the associated liability was necessary. As of 
December 31, 2024, a 10% increase in the expected future recycling costs per module would increase the liability by 
$14.0 million.
Product Warranties. We provide a limited PV solar module warranty covering defects in materials and 
workmanship under normal use and service conditions for up to 12.5 years. We also typically warrant that modules 
installed in accordance with agreed-upon specifications will produce at least 98% of their labeled power output 
rating during the first year, with the warranty coverage reducing by a degradation factor every year thereafter 
throughout the limited power output warranty period of up to 30 years. Among other things, our solar module 
warranty also covers the resulting power output loss from cell cracking.
When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our 
limited warranty obligations. We make and revise these estimates based primarily on the number of solar modules 
under warranty installed at customer locations, our historical experience with and projections of warranty claims, 
and our estimated per-module replacement costs. We also monitor our expected future module performance through 
certain quality and reliability testing and actual performance in certain field installation sites. 
In general, we expect the return rates for our Series 6 and Series 7 modules to be lower than our older series. 
Accordingly, we estimate that the return rate for such newer series of module technology will be less than 1%. As of 
December 31, 2024, a 100 basis point increase in the return rates across all series of module technology would 
increase our product warranty liability by $183.5 million.
During the year ended December 31, 2024, we 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. As part of our monitoring of module performance through certain field installation sites, we tested over 
100 Series 7 modules, which provided a preliminary view of potential levels of underperformance related to our 
initial production of Series 7 modules. We then estimated what subset of the entire population of Series 7 modules 
sold was affected by the manufacturing issues as not all Series 7 modules exhibited the variability in the production 
process that may lead to the identified underperformance. Accordingly, in arriving at the range of reasonably 
possible losses, we estimated that approximately two-thirds of Series 7 modules sold as of December 31, 2024 may 
have been impacted, based on the Series 7 production schedule and the dates of when the underlying manufacturing 
issues were addressed at each affected facility. 
Based on currently available information and certain assumptions and estimates, we believe a reasonable estimate of 
the aggregate losses related to these manufacturing issues will range from approximately $56 million to 
$100 million. The low end of the range of reasonably possible losses reflects performance data from select samples 
of Series 7 modules compared to warranted levels of performance, along with expectations of favorable Series 7 
module energy performance attributes, such as a superior temperature coefficient and spectral response, that may 
partially offset underperformance from the identified issues. Such estimate of potential net underperformance was 
multiplied by the average selling price per watt of Series 7 modules to determine the low end of the expected costs 
to commercially settle warranty claims. The high end of the range of reasonably possible losses excludes any such 
favorable energy performance expectations from our advanced module technology and includes an estimate of 
incremental module underperformance beyond that exhibited in our samples of module performance data.
64

Given the inherent limitations of sampling combined with the variability of module performance at different field 
installation sites, no individual amount within the range represented a better estimate than any other amount. 
Accordingly, as of December 31, 2024, we increased our product warranty liability by the low end of the range, 
which we recorded as a reduction to revenue. The ultimate loss we will incur for these manufacturing issues will 
depend on the extent of the premature power loss that is experienced in relation to the obligations under our limited 
product warranties, as well as any potential additional commitments we may make to remediate the affected 
modules. A 100 basis point decrease in the module performance data relative to nameplate capacity across our 
estimate of the impacted Series 7 modules would result in an additional $14 million increase in our product warranty 
liability. 
As of December 31, 2024, we held approximately 0.7 GW of Series 7 modules that may potentially be impacted by 
the identified manufacturing issues. As we sell these modules, our product warranty liability may increase to the 
extent the modules exhibit the identified underperformance. Over the next 12 months, we expect to obtain additional 
information related to the issues affecting certain previously manufactured Series 7 modules and related to the 
actions we may take in response to the associated warranty claims. As such information becomes available to us, our 
estimate of the aggregate losses related to these manufacturing issues may change, and any change in estimate may 
also result in a change to our product warranty liability.
Government Grants. We continue to evaluate the extent of benefits available to us pursuant to the IRA, which we 
expect will favorably impact our results of operations in future periods. For example, we currently expect to qualify 
for the advanced manufacturing production credit under Section 45X of the IRC, which provides certain specified 
benefits for solar modules and solar module components manufactured in the United States and sold to third parties. 
For eligible components, the credit is equal to (i) $12 per square meter for a PV wafer, (ii) 4 cents multiplied by the 
capacity of a PV cell in watts, and (iii) 7 cents multiplied by the capacity of a PV module in watts. 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, 2024, we 
recognized $997.6 million of Section 45X credits as a reduction to “Cost of sales.”
For further information about certain key aspects of the IRA, see Item 1A. “Risk Factors – We have received and 
expect to continue to receive certain financial benefits as a result of tax incentives provided by the Inflation 
Reduction Act of 2022. If these financial benefits vary significantly from our assumptions, our business, financial 
condition, and results of operations could be adversely affected.” Any modifications to the law or its effects arising, 
for example, through (i) technical guidance and regulations from the IRS and U.S. Treasury Department, 
(ii) subsequent amendments to or interpretations of the law, and/or (iii) future laws or regulations rendering certain 
provisions of the IRA less effective or ineffective, in whole or in part, could result in material adverse changes to the 
benefits we have recognized and expect to recognize.
We recognize grants expected to be received directly from a government entity at their stated value. When we expect 
to transfer grants to a third party, we recognize the grants at, or adjust their carrying value to, the amount expected to 
be received from the transaction. Accordingly, changes in the expected realization of the grants could affect our 
results of operations. Additionally, the amount expected to be received from transfers to third parties may fluctuate 
based on market conditions or other factors that impact whether, and for how much, buyers are willing to purchase 
such credits.
65

Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Foreign Currency Exchange Risk
Cash Flow Exposure. We expect certain of our subsidiaries to have future cash flows that will be denominated in 
currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional 
currencies of our subsidiaries and the other currencies in which they transact will cause fluctuations in the cash 
flows we expect to receive or pay when these cash flows are realized or settled. Accordingly, from time to time we 
may enter into foreign exchange forward contracts to hedge a portion of these forecasted cash flows. These foreign 
exchange forward contracts qualify for accounting as cash flow hedges in accordance with Accounting Standards 
Codification (“ASC”) 815 and we designate them as such. We report unrealized gains or losses on such contracts in 
“Accumulated other comprehensive loss” and subsequently reclassify applicable amounts into earnings when the 
hedged transaction occurs and impacts earnings. For additional details on our derivative hedging instruments and 
activities, see Note 10. “Derivative Financial Instruments” to our consolidated financial statements.
Certain of our international operations, such as our manufacturing facilities in Malaysia and Vietnam, pay a portion 
of their operating expenses, including associate wages and utilities, in local currencies, which exposes us to foreign 
currency exchange risk for such expenses. Our manufacturing facilities are also exposed to foreign currency 
exchange risk for purchases of certain equipment and raw materials from international vendors. To the extent we 
expand into new markets, particularly emerging markets, our total foreign currency exchange risk, in terms of both 
size and exchange rate volatility, and the number of foreign currencies we are exposed to could increase 
significantly.
Transaction Exposure. Many of our subsidiaries have assets and liabilities (primarily cash, receivables, deferred 
taxes, payables, accrued expenses, lease liabilities, debt, and solar module collection and recycling liabilities) that 
are denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates 
between the functional currencies of our subsidiaries and the other currencies in which these assets and liabilities are 
denominated will create fluctuations in our reported consolidated statements of operations. We may enter into 
foreign exchange forward contracts or other financial instruments to economically hedge assets and liabilities 
against the effects of currency exchange rate fluctuations. The gains and losses on such foreign exchange forward 
contracts will economically offset all or part of the transaction gains and losses that we recognize in earnings on the 
related foreign currency denominated assets and liabilities. For additional details on our economic hedging 
instruments and activities, see Note 10. “Derivative Financial Instruments” to our consolidated financial statements.
As of December 31, 2024, a 10% change in the U.S. dollar relative to our primary foreign currency exposures would 
have resulted in an $8.8 million change to our net foreign currency income or loss, including the effect of our 
hedging activities.
Interest Rate Risk
Variable Rate Debt Exposure. We are exposed to interest rate risk as certain of our debt arrangements have variable 
interest rates, exposing us to variability in interest expense and cash flows. See Note 13. “Debt” to our consolidated 
financial statements for additional information on our debt borrowing rates. An increase in relevant interest rates 
would increase the cost of borrowing under certain of our debt arrangements. For the year ended 
December 31, 2024, a 100 basis point change in such variable interest rates would not have had a significant impact 
to our interest expense.
Customer Financing Exposure. We are also indirectly exposed to interest rate risk because many of our customers 
depend on debt financings to purchase modules. An increase in interest rates could make it challenging for our 
customers to obtain the capital necessary to make such purchases on favorable terms, or at all. Such factors could 
reduce demand or lower the price we can charge for our modules, thereby reducing our net sales and gross profit.
66

Marketable Securities and Restricted Marketable Securities Exposure. We invest in various debt securities, which 
exposes us to interest rate risk. The primary objectives of our investment activities are to preserve principal and 
provide liquidity, while at the same time maximizing the return on our investments. Many of the securities in which 
we invest may be subject to market risk. Accordingly, a change in prevailing interest rates may cause the market 
value of such investments to fluctuate. For example, if we hold a security that was issued with an interest rate fixed 
at the then-prevailing rate and the prevailing interest rate subsequently rises, the market value of our investment may 
decline.
For the year ended December 31, 2024, our marketable securities earned a return of 5%, including the impact of 
fluctuations in the price of the underlying securities, and had a weighted-average maturity of 1 month as of the end 
of the period. Based on our investment positions as of December 31, 2024, a hypothetical 100 basis point change in 
interest rates would not have had a significant impact on the market value of our marketable securities investment 
portfolio. For the year ended December 31, 2024, our restricted marketable securities incurred a loss of less than 1%, 
including the impact of fluctuations in the price of the underlying securities, and had a weighted-average maturity of 
approximately 10 years as of the end of the period. Based on our restricted marketable securities positions as of 
December 31, 2024, a hypothetical 100 basis point change in interest rates would have resulted in a $15.4 million 
change in the market value of our restricted marketable securities portfolio.
Commodity and Component Risk
Some of our raw materials and components are sourced from a limited number of suppliers or a single supplier. 
Although we may enter into long-term supply contracts for certain raw materials and components, we may be 
exposed to price changes for certain raw materials and components used to manufacture our solar modules for which 
we are unable to secure long-term supply contracts or for which our demand exceeds our committed supply. From 
time to time, we may utilize derivative hedging instruments to mitigate such raw material price changes. In addition, 
the failure of a key supplier could disrupt our supply chain, which could result in higher prices and/or a disruption in 
our manufacturing process. As a result, we may be in default of our delivery obligations if we experience a 
manufacturing disruption. In addition to price changes in the raw materials and components used in our 
manufacturing process, we are also exposed to price changes associated with the shipping, handling, storage, and 
distribution of our modules. To mitigate such price changes, we have used, and expect to continue using, module 
contract structures that provide additional consideration to us if the cost of certain raw materials or logistics services 
exceeds a defined threshold. However, we may be unable to pass along the full amount of cost increases we 
experience for such raw materials, components, and logistics services to our customers.
Credit Risk
We have certain financial instruments that subject us to credit risk. These consist primarily of cash, cash equivalents, 
marketable securities, accounts receivable, restricted cash, restricted cash equivalents, restricted marketable 
securities, foreign exchange forward contracts, and commodity swap contracts. We are exposed to credit losses in 
the event of nonperformance by the counterparties to our financial instruments. We place these instruments with 
various high-quality financial institutions and limit the amount of credit risk from any one counterparty. We monitor 
the credit standing of our counterparty financial institutions. Our net sales are primarily concentrated among a 
limited number of customers. We monitor the financial condition of our customers and perform credit evaluations 
whenever considered necessary. We typically require some form of payment security from our customers, including, 
but not limited to, advance payments, parent guarantees, letters of credit, bank guarantees, or surety bonds.
67

Item 8. Financial Statements and Supplementary Data
Consolidated Financial Statements
Our consolidated financial statements as required by this item are included in Item 15. “Exhibits and Financial 
Statement Schedules.” See Item 15(a) for a list of our consolidated financial statements.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of management, including our Chief 
Executive Officer and Chief Financial Officer, of the effectiveness of our “disclosure controls and procedures” as 
defined in Exchange Act Rule 13a-15(e) and 15d-15(e). Based on that evaluation, our Chief Executive Officer and 
Chief Financial Officer concluded that as of December 31, 2024 our disclosure controls and procedures were 
effective to ensure that information required to be disclosed by us in reports that we file or submit under the 
Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and 
forms, and that such information is accumulated and communicated to our management, including our Chief 
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required 
disclosure.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” 
as defined in Exchange Act Rule 13a-15(f) and 15d-15(f). We also carried out an evaluation, under the supervision 
and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the 
effectiveness of our internal control over financial reporting as of December 31, 2024 based on the criteria 
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (“COSO”). Our internal control over financial reporting is a process 
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of 
financial statements for external purposes in accordance with U.S. GAAP. Based on such evaluation, our 
management concluded that our internal control over financial reporting was effective as of December 31, 2024. The 
effectiveness of our internal control over financial reporting as of December 31, 2024 has also been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report, which 
appears herein.
Changes in Internal Control over Financial Reporting
We also carried out an evaluation, under the supervision and with the participation of management, including our 
Chief Executive Officer and Chief Financial Officer, of our “internal control over financial reporting” to determine 
whether any changes in our internal control over financial reporting occurred during the quarter ended 
December 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over 
financial reporting. Based on that evaluation, there were no such changes in our internal control over financial 
reporting that occurred during the quarter ended December 31, 2024.
68

Limitations on the Effectiveness of Controls
Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance 
that the control systems’ objectives are being met. Further, the design of any system of controls must reflect the fact 
that there are resource constraints, and the benefits of all controls must be considered relative to their costs. Because 
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all 
control issues and instances of fraud, if any, within our company have been detected. These inherent limitations 
include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of error 
or mistake. Control systems can also be circumvented by the individual acts of some persons, by collusion of two or 
more people, or by management override of the controls. The design of any system of controls is also based in part 
upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will 
succeed in achieving its stated goals under all potential future conditions. Over time, controls may become 
inadequate because of changes in conditions or deterioration in the degree of compliance with policies or 
procedures.
Item 9B. Other Information
Insider Trading Arrangements
From time to time, our directors and officers may adopt plans for the purchase or sale of our securities. Such plans 
may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may 
constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the three 
months ended December 31, 2024, none of our officers or directors terminated Rule 10b5-1 trading arrangements or 
adopted or terminated non-Rule 10b5-1 trading arrangements. However, certain of our officers adopted Rule 10b5-1 
trading plans for the sale of our securities. The following table provides certain terms of such plans:
Name 
Position
Action
Adoption Date
Expiration Date
Aggregate Number of 
Securities to be Sold (1)
Alexander R. Bradley
Chief Financial 
Officer
Adoption
November 13, 2024
September 30, 2025
15,129
Kuntal Kumar Verma
Chief Manufacturing 
Officer
Adoption
November 14, 2024
March 31, 2025
7,710
——————————
(1)
Represents the gross number of shares subject to the Rule 10b5-1(c) plan, excluding the potential effect of shares 
withheld for taxes. Amounts related to performance units are presented at their target amounts. The actual number of 
performance units that vest following the end of the applicable performance period, if any, will depend on the relative 
attainment of the performance metrics.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
69

PART III
Item 10. Directors, Executive Officers, and Corporate Governance
For information with respect to our executive officers, see Item 1. “Business – Information about Our Executive 
Officers.” Information concerning our board of directors and audit committee of our board of directors will appear in 
our 2025 Proxy Statement, under the sections “Directors” and “Corporate Governance,” and information concerning 
Section 16(a) beneficial ownership reporting compliance will appear in our 2025 Proxy Statement under the section 
“Delinquent Section 16(a) Reports.” We have adopted an Insider Trading Compliance Policy governing the 
purchase, sale, and other dispositions of our securities by directors, officers, and employees, or First Solar itself, that 
is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable 
listing standards. The foregoing summary of our Insider Trading Compliance Policy does not purport to be complete 
and is qualified by reference to the full text of such policy, a copy of which is filed with this Annual Report on 
Form 10-K as Exhibit 19.1.
We have adopted a code of business conduct and ethics that applies to all directors, officers, and associates of 
First Solar. Information concerning this code will appear in our 2025 Proxy Statement under the section “Corporate 
Governance.” The information in such sections of the Proxy Statement is incorporated by reference into this Annual 
Report on Form 10-K.
Item 11. Executive Compensation
Information concerning executive compensation and related information will appear in our 2025 Proxy Statement 
under the section “Executive Compensation,” and information concerning the compensation committee of our board 
of directors (the “compensation committee”) will appear under the sections “Corporate Governance” and 
“Compensation Committee Report.” The information in such sections of the 2025 Proxy Statement is incorporated 
by reference into this Annual Report on Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information concerning the security ownership of certain beneficial owners and management and related stockholder 
matters, including certain information regarding our equity compensation plans, will appear in our 2025 Proxy 
Statement under the section “Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters.” The information in such section of the Proxy Statement is incorporated by reference into this 
Annual Report on Form 10-K.
70

Equity Compensation Plans
The following table sets forth certain information as of December 31, 2024 concerning securities authorized for 
issuance under our equity compensation plans:
Plan Category
Number of 
Securities to be 
Issued Upon 
Exercise of 
Outstanding 
Options and Rights
(a)(1)
Weighted-Average 
Exercise Price of 
Outstanding 
Options and Rights
(b)(2)
Number of 
Securities 
Remaining 
Available for Future 
Issuance Under 
Equity 
Compensation Plans 
(Excluding 
Securities Reflected 
in Column (a))
(c)
Equity compensation plans approved by stockholders  . . . . . .
 
814,338 
$ 
— 
6,408,178
Equity compensation plans not approved by stockholders  . . .
 
— 
 
— 
 
— 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
814,338 
$ 
— 
6,408,178
——————————
(1)
Includes 814,338 shares issuable upon vesting of restricted stock units granted under our 2020 Omnibus Incentive 
Compensation Plan (“2020 Omnibus Plan”). These restricted stock units include the maximum amount of performance 
units available for issuance under our long-term incentive program for key executive officers and associates.
(2)
The weighted-average exercise price does not take into account the shares issuable upon vesting of outstanding 
restricted stock units, which have no exercise price.
See Note 17. “Share-Based Compensation” to our consolidated financial statements for further discussion on our 
equity compensation plans.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Information concerning certain relationships and related party transactions will appear in our 2025 Proxy Statement 
under the section “Certain Relationships and Related Party Transactions,” and information concerning director 
independence will appear in our 2025 Proxy Statement under the section “Corporate Governance.” The information 
in such sections of the Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.
Item 14. Principal Accountant Fees and Services
Information concerning principal accounting fees and services and the audit committee of our board of directors’ 
pre-approval policies and procedures for these items will appear in our 2025 Proxy Statement under the section 
“Principal Accountant Fees and Services.” The information in such section of the Proxy Statement is incorporated 
by reference into this Annual Report on Form 10-K.
71

PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) Documents. The following documents are filed as part of this Annual Report on Form 10-K:
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 238)
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income
Consolidated Statements of Stockholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
(b) Exhibits. Unless otherwise noted, the exhibits listed on the accompanying Index to Exhibits are filed with or 
incorporated by reference into this Annual Report on Form 10-K.
(c) Financial Statement Schedules. All financial statement schedules have been omitted as the required information 
is not applicable or is not material to require presentation of the schedule, or because the information required is 
included in the consolidated financial statements and notes thereto of this Annual Report on Form 10-K.
72

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of First Solar, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of First Solar, Inc. and its subsidiaries (the 
“Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, of 
comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended 
December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). 
We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on 
criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash 
flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles 
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material 
respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in 
Internal Control – Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective 
internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial 
reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. 
Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s 
internal control over financial reporting based on our audits. We are a public accounting firm registered with the 
Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with 
respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations 
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of 
material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting 
was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material 
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that 
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and 
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles 
used and significant estimates made by management, as well as evaluating the overall presentation of the 
consolidated financial statements. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our 
audits also included performing such other procedures as we considered necessary in the circumstances. We believe 
that our audits provide a reasonable basis for our opinions.
73

Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s 
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated 
financial statements that was communicated or required to be communicated to the audit committee and that 
(i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our 
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter 
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by 
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.
Revenue Recognition - Modules Segment
As described in Note 21 to the consolidated financial statements, the Company's modules segment net sales were 
$4.2 billion for the year ended December 31, 2024. As described in Note 15 to the consolidated financial statements, 
the Company recognizes revenue for module sales at a point in time following the transfer of control of the modules 
to the customer, which typically occurs upon delivery of the modules to the location specified in the terms of the 
underlying contract. 
The principal consideration for our determination that performing procedures relating to revenue recognition for the 
modules segment is a critical audit matter is a high degree of auditor effort in performing procedures related to the 
Company’s revenue recognition.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming 
our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of 
controls relating to the revenue recognition process, including controls over the recording of revenue for the 
modules segment at the transaction price once control transfers to the customer. These procedures also included, 
among others (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source 
documents, such as contracts, purchase orders, invoices, and proof of transfer of control; (ii) confirming a sample of 
outstanding customer invoices balances as of December 31, 2024 and, for confirmations not returned, obtaining and 
inspecting source documents, such as invoices, proof of transfer of control, and subsequent cash receipts; and 
(iii) testing the timing of revenue recognition for a sample of revenue transactions that occurred near 
December 31, 2024 (before and after) by obtaining and inspecting source documents, such as contracts, invoices, 
and proof of transfer of control.
74

/s/ PricewaterhouseCoopers LLP
Phoenix, Arizona
February 25, 2025
We have served as the Company’s or its predecessor’s auditor since 2000, which includes periods before the 
Company became subject to SEC reporting requirements.
75

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,621,376 
$ 1,946,994 
Marketable securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
171,583 
 
155,495 
Accounts receivable trade, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,261,049 
 
660,776 
Government grants receivable, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
403,759 
 
659,745 
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
1,084,384 
 
819,899 
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
546,882 
 
391,900 
Total current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
5,089,033 
 
4,634,809 
Property, plant and equipment, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
5,413,683 
 
4,397,285 
Deferred tax assets, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
208,808 
 
142,819 
Restricted marketable securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
199,136 
 
198,310 
Government grants receivable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
157,570 
 
152,208 
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
28,335 
 
29,687 
Intangible assets, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
54,654 
 
64,511 
Inventories  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
275,372 
 
266,899 
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
697,770 
 
478,604 
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 12,124,361 
$ 10,365,132 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
482,190 
$ 
207,178 
Income taxes payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
77,363 
 
22,134 
Accrued expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
508,581 
 
524,829 
Current portion of debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
236,424 
 
96,238 
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
712,000 
 
413,579 
Other current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
60,884 
 
42,200 
Total current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,077,442 
 
1,306,158 
Accrued solar module collection and recycling liability  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
134,394 
 
135,123 
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
373,354 
 
464,068 
Deferred revenue  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,327,825 
 
1,591,604 
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
233,769 
 
180,710 
Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,146,784 
 
3,677,663 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,060,281 
and 106,847,475 shares issued and outstanding at December 31, 2024 and 2023, 
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
107 
 
107 
Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,898,418 
 
2,890,427 
Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5,263,110 
 
3,971,066 
Accumulated other comprehensive loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(184,058)  
(174,131) 
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
7,977,577 
 
6,687,469 
Total liabilities and stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 12,124,361 
$ 10,365,132 
See accompanying notes to these consolidated financial statements.
76

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Years Ended December 31,
2024
2023
2022
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,206,289 
$ 3,318,602 
$ 2,619,319 
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,348,425 
 
2,017,923 
 
2,549,461 
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,857,864 
 
1,300,679 
 
69,858 
Operating expenses:
Selling, general and administrative  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
188,262 
 
197,622 
 
164,724 
Research and development  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
191,375 
 
152,307 
 
112,804 
Production start-up  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
84,492 
 
64,777 
 
73,077 
Litigation loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
430 
 
35,590 
 
— 
Total operating expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
464,559 
 
450,296 
 
350,605 
Gain on sales of businesses, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,115 
 
6,883 
 
253,511 
Operating income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,394,420 
 
857,266 
 
(27,236) 
Foreign currency loss, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(24,976)  
(21,533)  
(16,414) 
Interest income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
89,090 
 
97,667 
 
33,284 
Interest expense, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(38,870)  
(12,965)  
(12,225) 
Other (expense) income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(13,326)  
(29,145)  
31,189 
Income before taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,406,338 
 
891,290 
 
8,598 
Income tax expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(114,294)  
(60,513)  
(52,764) 
Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,292,044 
$ 
830,777 
$ 
(44,166) 
Net income (loss) per share:
Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
12.07 
$ 
7.78 
$ 
(0.41) 
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
12.02 
$ 
7.74 
$ 
(0.41) 
Weighted-average number of shares used in per share calculations:
Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
107,015 
 
106,795 
 
106,551 
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
107,525 
 
107,372 
 
106,551 
See accompanying notes to these consolidated financial statements.
77

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
Years Ended December 31,
2024
2023
2022
Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,292,044 
$ 
830,777 
$ 
(44,166) 
Other comprehensive (loss) income:
Foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(8,930)  
3,107 
 
(32,021) 
Unrealized (loss) gain on marketable securities and restricted marketable 
securities, net of tax of $113, $(578), and $2,639 . . . . . . . . . . . . . . . . . .
 
(1,873)  
10,170 
 
(56,744) 
Unrealized gain (loss) on derivative instruments, net of tax of $(251), 
$(1,340), and $1,678 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
876 
 
4,409 
 
(6,690) 
Other comprehensive (loss) income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(9,927)  
17,686 
 
(95,455) 
Comprehensive income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,282,117 
$ 
848,463 
$ 
(139,621) 
See accompanying notes to these consolidated financial statements.
78

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
Common Stock
Additional
Paid-In
Capital
Accumulated 
Earnings
Accumulated
Other
Comprehensive 
Loss
Total
Stockholders’ 
Equity 
Shares
Amount
Balance at December 31, 2021  . . . . .
 106,332 
$ 
106 
$ 2,871,352 
$ 3,184,455 
$ 
(96,362) $ 5,959,551 
Net loss . . . . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
— 
 
(44,166)  
— 
 
(44,166) 
Other comprehensive loss  . . . . . .
 
— 
 
— 
 
— 
 
— 
 
(95,455)  
(95,455) 
Common stock issued for share-
based compensation . . . . . . . .
 
444 
 
1 
 
— 
 
— 
 
— 
 
1 
Tax withholding related to 
vesting of restricted stock  . . .
 
(167)  
— 
 
(12,092)  
— 
 
— 
 
(12,092) 
Share-based compensation 
expense  . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
28,216 
 
— 
 
— 
 
28,216 
Balance at December 31, 2022  . . . . .
 106,609 
 
107 
 
2,887,476 
 
3,140,289 
 
(191,817)  
5,836,055 
Net income . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
— 
 
830,777 
 
— 
 
830,777 
Other comprehensive income  . . .
 
— 
 
— 
 
— 
 
— 
 
17,686 
 
17,686 
Common stock issued for share-
based compensation . . . . . . . .
 
392 
 
— 
 
— 
 
— 
 
— 
 
— 
Tax withholding related to 
vesting of restricted stock  . . .
 
(154)  
— 
 
(31,130)  
— 
 
— 
 
(31,130) 
Share-based compensation 
expense  . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
34,081 
 
— 
 
— 
 
34,081 
Balance at December 31, 2023  . . . . .
 106,847 
 
107 
 
2,890,427 
 
3,971,066 
 
(174,131)  
6,687,469 
Net income . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
— 
 
1,292,044 
 
— 
 
1,292,044 
Other comprehensive loss  . . . . . .
 
— 
 
— 
 
— 
 
— 
 
(9,927)  
(9,927) 
Common stock issued for share-
based compensation . . . . . . . .
 
341 
 
— 
 
— 
 
— 
 
— 
 
— 
Tax withholding related to 
vesting of restricted stock  . . .
 
(128)  
— 
 
(20,178)  
— 
 
— 
 
(20,178) 
Share-based compensation 
expense  . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
28,169 
 
— 
 
— 
 
28,169 
Balance at December 31, 2024  . . . . .
 107,060 
$ 
107 
$ 2,898,418 
$ 5,263,110 
$ 
(184,058) $ 7,977,577 
See accompanying notes to these consolidated financial statements.
79

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended December 31,
2024
2023
2022
Cash flows from operating activities:
Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,292,044 
$ 
830,777 
$ 
(44,166) 
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, amortization and accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
423,498 
 
307,994 
 
269,724 
Impairments and net losses on disposal of long-lived assets  . . . . . . . . . . . . . . . . . . . .
 
1,360 
 
1,568 
 
63,338 
Share-based compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
28,104 
 
34,219 
 
28,656 
Deferred income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(54,754)  
(60,813)  
(12,799) 
Gain on sales of businesses, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,115)  
(6,883)  
(253,511) 
Liabilities assumed by customers for the sale of systems  . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
(145,281) 
Gain on debt forgiveness  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
(30,201) 
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
11,982 
 
22,062 
 
(1,029) 
Changes in operating assets and liabilities:
Accounts receivable, trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(505,336)  
(304,183)  
118,724 
Inventories  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(276,807)  
(205,106)  
16,693 
Government grants receivable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
270,300 
 
(659,745)  
— 
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(311,363)  
(215,707)  
(86,938) 
Income tax receivable and payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
47,421 
 
8,656 
 
43,592 
Accounts payable and accrued expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
268,731 
 
79,328 
 
5,569 
Deferred revenue  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
698 
 
783,207 
 
912,946 
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
23,236 
 
(13,114)  
(11,948) 
Net cash provided by operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,217,999 
 
602,260 
 
873,369 
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,526,076)  
(1,386,775)  
(903,605) 
Purchases of marketable securities and restricted marketable securities  . . . . . . . . . . .
 
(2,516,097)  
(3,612,801)  
(3,375,008) 
Proceeds from sales and maturities of marketable securities  . . . . . . . . . . . . . . . . . . . .
 
2,491,857 
 
4,563,890 
 
2,646,787 
Proceeds from sales of businesses, net of cash and restricted cash sold  . . . . . . . . . . .
 
— 
 
7,680 
 
442,302 
Acquisitions, net of cash acquired  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
(35,739)  
— 
Other investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(12,991)  
(9,046)  
(3,050) 
Net cash used in investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,563,307)  
(472,791)  
(1,192,574) 
Cash flows from financing activities:
Proceeds from borrowings under debt arrangements, net of issuance costs  . . . . . . . . .
 
258,461 
 
367,983 
 
397,380 
Repayment of debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(205,821)  
— 
 
(75,896) 
Payments of tax withholdings for restricted shares  . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(20,178)  
(31,130)  
(12,092) 
Contingent consideration payment and other financing activities  . . . . . . . . . . . . . . . .
 
(7,613)  
— 
 
— 
Net cash provided by financing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
24,849 
 
336,853 
 
309,392 
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted 
cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(6,387)  
5,285 
 
47,438 
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash 
equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(326,846)  
471,607 
 
37,625 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the 
period  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,965,069 
 
1,493,462 
 
1,455,837 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period
$ 
1,638,223 
$ 
1,965,069 
$ 
1,493,462 
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment acquisitions funded by liabilities . . . . . . . . . . . . . . . . .
$ 
185,618 
$ 
249,455 
$ 
315,961 
Proceeds to be received from asset-based government grants  . . . . . . . . . . . . . . . . . . .
$ 
171,920 
$ 
152,208 
$ 
— 
Acquisitions funded by contingent consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
6,500 
$ 
18,500 
$ 
— 
See accompanying notes to these consolidated financial statements.
80

FIRST SOLAR, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. First Solar and Its Business
We are America’s leading PV solar technology and manufacturing company. The only U.S.-headquartered company 
among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power 
generation needs with our advanced, thin film PV technology. Developed at R&D labs in California and Ohio, the 
Company’s technology represents the next generation of solar power generation, providing a competitive, high-
performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV 
solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline 
silicon supply chains. We are the world’s largest thin film PV solar module manufacturer and the largest PV solar 
module manufacturer in the Western Hemisphere.
2. Summary of Significant Accounting Policies
Basis of Presentation. These consolidated financial statements include the accounts of First Solar, Inc. and its 
subsidiaries and are prepared in accordance with U.S. GAAP. We eliminated all intercompany transactions and 
balances during consolidation. Certain prior year balances were reclassified to conform to the current year 
presentation.
Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to 
make estimates and assumptions that affect the amounts reported in our consolidated financial statements and the 
accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to accrued solar 
module collection and recycling liabilities, product warranties, and government grants. Despite our intention to 
establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates 
and assumptions.
Fair Value Measurements. We measure certain assets and liabilities at fair value, which is defined as the price that 
would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date 
in an orderly transaction between market participants in the principal or most advantageous market for the asset or 
liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the 
extent to which the inputs are observable in the market.
•
Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active 
markets for assets or liabilities that are identical to the assets or liabilities being measured.
•
Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for 
assets or liabilities that are similar to the assets or liabilities being measured and/or or quoted prices for 
assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that 
are not active. 
•
Level 3 – Valuation techniques in which one or more significant inputs are unobservable. Such inputs 
reflect our estimate of assumptions that market participants would use to price an asset or liability.
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less 
at the time of purchase to be cash equivalents with the exception of time deposits and U.S. Treasury securities, 
which are presented as marketable securities.
81

Restricted Cash and Restricted Cash Equivalents. Restricted cash and restricted cash equivalents consist of deposits 
held by various banks to secure certain of our letters of credit, as well as deposits held in custodial accounts to fund 
the estimated future costs of our solar module collection and recycling obligations. Restricted cash is classified as 
current or noncurrent based on the nature of the restriction.
Marketable Securities and Restricted Marketable Securities. We determine the classification of our marketable 
securities and restricted marketable securities at the time of purchase and reevaluate such designation at each 
balance sheet date. As of December 31, 2024 and 2023, all of our marketable securities and restricted marketable 
securities were classified as available-for-sale. Accordingly, we record them at fair value and account for the net 
unrealized gains and losses as part of “Accumulated other comprehensive loss” until realized. We record realized 
gains and losses on the sale of our marketable securities and restricted marketable securities in “Other (expense) 
income, net” computed using the specific identification method.
We may sell marketable securities prior to their stated maturities after consideration of our liquidity requirements. 
Accordingly, we view unrestricted securities with maturities beyond 12 months as available to support our current 
operations and classify such securities as current assets under “Marketable securities” in our consolidated balance 
sheets. Restricted marketable securities consist of long-term duration marketable securities that we hold in custodial 
accounts to fund the estimated future costs of our solar module collection and recycling obligations. Accordingly, 
we classify restricted marketable securities as noncurrent assets under “Restricted marketable securities” in our 
consolidated balance sheets.
Accounts Receivable Trade. We record trade accounts receivable for our unconditional rights to consideration 
arising from our performance under contracts with customers. The carrying value of such receivables, net of the 
allowance for credit losses, represents their estimated net realizable value. Our module sales generally include 
payment terms between 30 and 150 days following the transfer of control of the products to the customer. In 
addition, certain module sales agreements require a down payment for a portion of the transaction price upon, or 
shortly after, entering into the agreement or related purchase order. As a practical expedient, we do not adjust the 
promised amount of consideration for the effects of a significant financing component when we expect, at contract 
inception, that the period between our transfer of a promised product to a customer and when the customer pays for 
that product will be one year or less.
Allowance for Credit Losses. The allowance for credit losses is a valuation account that is deducted from a financial 
asset’s amortized cost to present the net amount we expect to collect from such asset. We monitor the estimated 
credit losses associated with our trade accounts receivable based primarily on our collection history, which we 
review annually, and the delinquency status of amounts owed to us, which we determine based on the aging of such 
receivables. We estimate credit losses associated with our marketable securities and restricted marketable securities 
based on the external credit ratings for such investments and the historical loss rates associated with such credit 
ratings, which we obtain from third parties. Such methods and estimates are adjusted, as appropriate, for relevant 
past events, current conditions, and reasonable and supportable forecasts. We recognize writeoffs within the 
allowance for credit losses when cash receipts associated with our financial assets are deemed uncollectible.
Government Grants. We account for government assistance that is not subject to the scope of ASC 740 using a grant 
accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and 
Disclosure of Government Assistance, and recognize such grants when we have reasonable assurance that we will 
comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition 
is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are 
recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not 
related to long-lived assets are considered income-based grants and are recognized as a reduction to the related cost 
of activities that generated the benefit. We recognize grants expected to be received directly from a government 
entity at their stated value. When we expect to transfer grants to a third party, we recognize the grants at, or adjust 
their carrying value to, the amount expected to be received from the transaction. Proceeds received from asset-based 
82

grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas 
proceeds received from income-based grants are presented as cash inflows from operating activities.
Inventories – Current and Noncurrent. We report our inventories at the lower of cost or net realizable value. We 
determine cost on a first-in, first-out basis and include both the costs of acquisition and manufacturing in our 
inventory costs. These costs include direct materials, direct labor, and indirect manufacturing costs, including 
depreciation and amortization. Our capitalization of indirect costs is based on the normal utilization of our plants. If 
our plant utilization is abnormally low, the portion of our indirect manufacturing costs related to the abnormal 
utilization level is expensed as incurred. Other abnormal manufacturing costs, such as wasted materials or excess 
yield losses, are also expensed as incurred.
As needed, we may purchase critical raw materials that are used in our core production process in quantities that 
exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw 
materials that we do not expect to consume within our normal operating cycle as noncurrent.
We regularly review the cost of inventories, including noncurrent inventories, against their estimated net realizable 
value and record write-downs if any inventories have costs in excess of their net realizable values. We also regularly 
evaluate the quantities and values of our inventories, including noncurrent inventories, in light of current market 
conditions and trends, among other factors, and record write-downs for any quantities in excess of demand or for 
any obsolescence. This evaluation considers the use of modules in our product warranties, module selling prices, 
product obsolescence, strategic raw material requirements, and other factors.
Property, Plant and Equipment. We report our property, plant and equipment at cost, less accumulated depreciation. 
Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during 
the construction period, and any expenditures that substantially add to the value of or substantially extend the useful 
life of the assets. We capitalize costs related to computer software obtained or developed for internal use, which 
generally includes enterprise-level business and finance software that we may customize to meet our specific 
operational requirements. We expense repair and maintenance costs at the time we incur them.
We begin depreciation for our property, plant and equipment when the assets are placed in service. We consider 
such assets to be placed in service when they are both in the location and condition for their intended use. We 
compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented 
in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the 
remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and 
circumstances indicate a change in the asset’s estimated useful life has occurred.
Useful Lives
in Years
Buildings and building improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 – 40
Manufacturing machinery and equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 – 15
Furniture, fixtures, computer hardware, and computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 – 7
Leasehold improvements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
up to 15
Asset Impairments. We assess long-lived assets classified as “held and used,” including our property, plant and 
equipment; lease assets; and intangible assets, for impairment whenever events or changes in circumstances arise, 
including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may 
not be recoverable. These events and changes in circumstances may include a significant decrease in the market 
price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being 
used, or in its physical condition; a significant adverse change in the business climate that could affect the value of a 
long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the 
acquisition or construction of a long-lived asset; a current-period operating or cash flow loss combined with a 
history of such losses or a projection of future losses associated with the use of a long-lived asset; or a current 
83

expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before 
the end of its previously estimated useful life. For purposes of recognition and measurement of an impairment loss, 
long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are 
largely independent of the cash flows of other assets and liabilities.
When impairment indicators are present, we compare undiscounted future cash flows, including the eventual 
disposition of the asset group at market value, to the asset group’s carrying value to determine if the asset group is 
recoverable. If the carrying value of the asset group exceeds the undiscounted future cash flows, we measure any 
impairment by comparing the fair value of the asset group to its carrying value. Fair value is generally determined 
by considering (i) internally developed discounted cash flows for the asset group, (ii) third-party valuations, and/or 
(iii) information available regarding the current market value for such assets. If the fair value of an asset group is 
determined to be less than its carrying value, an impairment in the amount of the difference is recorded in the period 
that the impairment indicator occurs. Estimating future cash flows requires significant judgment, and such 
projections may vary from the cash flows eventually realized.
We consider a long-lived asset to be abandoned after we have ceased use of the asset and we have no intent to use or 
repurpose it in the future. Abandoned long-lived assets are recorded at their salvage value, if any.
We classify long-lived assets or asset groups we plan to sell as “held for sale” on our consolidated balance sheets 
only after certain criteria have been met, including: (i) management has the authority and commits to a plan to sell 
the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a 
buyer and the plan to sell the asset have been initiated, (iv) the sale of the asset is probable within 12 months, (v) the 
asset is being actively marketed at a reasonable sales price relative to its current fair value, and (vi) it is unlikely that 
the plan to sell will be withdrawn or that significant changes to the plan will be made. We record assets or asset 
groups held for sale at the lower of their carrying value or fair value less costs to sell. If, due to unanticipated 
circumstances, such assets or asset groups are not sold in the 12 months after being classified as held for sale, then 
classification as held for sale would continue as long as the above criteria are still met.
Goodwill. Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value 
assigned to the individual assets acquired and liabilities assumed. We do not amortize goodwill, but instead test 
goodwill for impairment at least annually. We perform impairment tests between the scheduled annual test in the 
fourth quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit 
that has goodwill is less than its carrying value.
We may first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is 
less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. 
Such qualitative impairment test considers various factors, including macroeconomic conditions, industry and 
market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant 
events affecting our company or a reporting unit. If we determine through the qualitative assessment that a reporting 
unit’s fair value is more likely than not greater than its carrying value, the quantitative impairment test is not 
required; otherwise, we perform a quantitative impairment test. We may also decide to proceed directly to the 
quantitative impairment test without considering qualitative factors.
The quantitative impairment test is the comparison of the fair value of a reporting unit with its carrying amount, 
including goodwill. We define the fair value of a reporting unit as the price that would be received to sell the unit as 
a whole in an orderly transaction between market participants at the measurement date. Our modules business 
represents our only reporting unit, and we primarily use an income approach to estimate its fair value. Significant 
judgment is required when estimating the fair value of a reporting unit, including the forecasting of future operating 
results and the selection of discount and expected future growth rates used to determine projected cash flows. If the 
estimated fair value of a reporting unit exceeds its carrying value, goodwill is not impaired, and no further analysis 
is required. Conversely, if the carrying value of a reporting unit exceeds its estimated fair value, we record an 
impairment loss equal to the excess, not to exceed the total amount of goodwill allocated to the reporting unit.
84

Intangible Assets. Intangible assets primarily include acquired technologies, in-process research and development 
(“IPR&D”) from prior business acquisitions, and our internally-generated intangible assets, substantially all of 
which are patents on technologies related to our products and production processes. We record an asset for patents 
after the patent has been issued based on the legal, filing, and other costs incurred to secure it. IPR&D is initially 
capitalized at fair value as an intangible asset with an indefinite life and periodically assessed for impairment. When 
the IPR&D project is complete, it is reclassified as a finite-lived intangible asset. We amortize finite-lived intangible 
assets on a straight-line basis over their estimated useful lives, which generally range from 5 to 20 years.
Leases. Upon commencement of a lease, we recognize a lease liability for the present value of the lease payments 
not yet paid, discounted using an interest rate that represents our ability to borrow on a collateralized basis over a 
period that approximates the lease term. We also recognize a lease asset, which represents our right to control the 
use of the underlying property, plant or equipment, at an amount equal to the lease liability, adjusted for 
prepayments, initial direct costs, and any incentives received.
We subsequently recognize the cost of operating leases on a straight-line basis over the lease term. Finance lease 
assets are amortized over the shorter of the estimated useful life of the underlying assets or the lease term, and 
interest expense on a finance lease liability is recognized using the effective interest method over the lease term. Any 
variable lease costs, which represent amounts owed to the lessor that are not fixed per the terms of the contract, are 
recognized in the period in which they are incurred. Any costs included in our lease arrangements that are not 
directly related to the leased assets, such as maintenance charges, are included as part of the lease costs. Leases with 
an initial term of one year or less are considered short-term leases and are not recognized as lease assets and 
liabilities. We recognize the cost of such short-term leases on a straight-line basis over the term of the underlying 
agreement.
Many of our leases contain renewal or termination options that are exercisable at our discretion. At the 
commencement date of a lease, we include in the lease term any periods covered by a renewal option and exclude 
from the lease term any periods covered by a termination option, to the extent we are reasonably certain to exercise 
such options. In making this determination, the lease term applied would not exceed the expected economic life of 
the underlying asset.
Deferred Revenue. When we receive consideration, or such consideration is unconditionally due, from a customer 
prior to transferring goods to the customer under the terms of a sales contract, we record deferred revenue, which 
represents a contract liability. Deferred revenue is classified as current or noncurrent based on the expected date that 
module shipments commence for each sales contract. As a practical expedient, we do not adjust the consideration in 
a contract for the effects of a significant financing component when we expect, at contract inception, that the period 
between a customer’s advance payment and our transfer of a promised product or service to the customer will be one 
year or less. Additionally, we do not adjust the consideration in a contract for the effects of a significant financing 
component when the consideration is received as a form of performance security.
Product Warranties. We provide a limited PV solar module warranty covering defects in materials and 
workmanship under normal use and service conditions for up to 12.5 years. We also typically warrant that modules 
installed in accordance with agreed-upon specifications will produce at least 98% of their labeled power output 
rating during the first year, with the warranty coverage reducing by a degradation factor every year thereafter 
throughout the limited power output warranty period of up to 30 years. Among other potential issues, our solar 
module warranty also covers the resulting power output loss from cell cracking. 
When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our 
limited warranty obligations. We make and revise these estimates based primarily on the number of solar modules 
under warranty installed at customer locations, our historical experience with and projections of warranty claims, 
and our estimated per-module replacement costs. We also monitor our expected future module performance through 
certain quality and reliability testing and actual performance in certain field installation sites. 
85

The classification of our warranty costs depends on the anticipated mode of settlement, which is either through 
product replacement or cash. We record warranty expense for anticipated claims we expect to resolve through the 
repair or replacement of modules as an increase to cost of sales, and those we expect to settle by cash payment as a 
reduction to revenue.
Accrued Solar Module Collection and Recycling Liability. Historically, we recognized expense at the time of sale for 
the estimated cost of our future obligations for collecting and recycling solar modules covered by our solar module 
collection and recycling program. See Note 14. “Commitments and Contingencies” to our consolidated financial 
statements for further information.
Derivative Instruments. We recognize derivative instruments on our consolidated balance sheets at fair value. On the 
date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow 
hedge, a hedge of a net investment in a foreign operation, or a derivative instrument that will not be accounted for 
using hedge accounting methods.
We record changes in the fair value of a derivative instrument that is designated and qualifies as a cash flow hedge 
in “Accumulated other comprehensive loss” until our earnings are affected by the variability of the cash flows from 
the underlying hedged item. We record any amounts excluded from effectiveness testing in current period earnings 
in the same income statement line item in which the earnings effect of the hedged item is reported. We report 
changes in the fair value of derivative instruments that are not designated or do not qualify for hedge accounting in 
current period earnings. We classify cash flows from derivative instruments on the consolidated statements of cash 
flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument.
At the inception of a hedge, we formally document all relationships between hedging instruments and the underlying 
hedged items as well as our risk-management objective and strategy for undertaking the hedge transaction. We also 
formally assess (both at inception and on an ongoing basis) whether our derivative instruments are highly effective 
in offsetting changes in the fair value or cash flows of the underlying hedged items and whether those derivatives are 
expected to remain highly effective in future periods. When we determine that a derivative instrument is not highly 
effective as a hedge, we discontinue hedge accounting prospectively. When we discontinue hedge accounting and 
the derivative instrument remains outstanding, we carry the derivative instrument at its fair value on our 
consolidated balance sheets and recognize subsequent changes in its fair value in current period earnings.
Accumulated Other Comprehensive Income or Loss. Our accumulated other comprehensive income or loss includes 
foreign currency translation adjustments, unrealized gains and losses on available-for-sale debt securities, and 
unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges. We record 
these components of accumulated other comprehensive income or loss net of tax and release such tax effects when 
the underlying components affect earnings.
Revenue Recognition – Module Sales. We recognize revenue for module sales at a point in time following the 
transfer of control of the modules to the customer, which typically occurs upon delivery of the modules to the 
location specified in the terms of the underlying contract. Our customer contracts generally contain provisions that 
require us to pay the customer liquidated damages if we fail to deliver modules by scheduled dates or if we fail to 
deliver modules that meet certain U.S. domestic content requirements. We recognize these liquidated damages as a 
reduction of revenue in the period we transfer control of the modules to the customer. Our customer contracts also 
generally contain provisions that entitle us to a termination payment if the customer defaults on its contractual 
obligations and we terminate the contract. We account for such terminations as contract modifications in the period 
in which the contract is terminated. We recognize revenue for bill-and-hold arrangements at the point in time the 
customer obtains control of the modules when all of the following criteria have been met: (i) the arrangement is 
substantive, (ii) the modules are segregated and identified separately as belonging to the customer, (iii) the modules 
are ready for physical transfer to the customer, and (iv) we do not have the ability to use the modules or direct them 
to another customer.
86

Shipping and Handling Costs. We account for shipping and handling activities related to contracts with customers as 
costs to fulfill our promise to transfer the associated products. Accordingly, we record amounts billed for shipping 
and handling costs as a component of net sales and classify such costs as a component of cost of sales.
Taxes Collected from Customers and Remitted to Governmental Authorities. We exclude from our measurement of 
transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a 
specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not 
included as a component of net sales or cost of sales.
Research and Development. We incur research and development costs during the process of researching and 
developing new products and enhancing our existing products, technologies, and manufacturing processes. Our 
research and development costs consist primarily of employee compensation, materials, outside services, and 
depreciation. We expense these costs as incurred until the resulting product has been completed, tested, and made 
ready for commercial manufacturing.
Production Start-Up. Production start-up expense consists of costs associated with operating a production line 
before it is qualified for commercial production, including the cost of raw materials for solar modules run through 
the production line during the qualification phase, employee compensation for individuals supporting production 
start-up activities, and applicable facility related costs. Production start-up expense also includes costs related to the 
selection of a new site and implementation costs for manufacturing process improvements to the extent we cannot 
capitalize these expenditures.
Share-Based Compensation. We recognize share-based compensation expense for the estimated grant-date fair value 
of equity awards issued as compensation to employees over the requisite service period, which is generally four or 
five years. For awards with performance conditions, we recognize share-based compensation expense if it is 
probable that the performance conditions will be achieved. We account for forfeitures of share-based awards as such 
forfeitures occur. Accordingly, when an associate’s employment is terminated, all previously unvested awards 
granted to the associate are forfeited, which results in a benefit to share-based compensation expense in the period of 
such associate’s termination equal to the cumulative expense recorded through the termination date for the unvested 
awards. We recognize share-based compensation expense for awards with graded vesting schedules on a straight-
line basis over the requisite service periods for each separately vesting portion of the award as if each award was in 
substance multiple awards.
Foreign Currency Translation. The functional currencies of certain of our foreign subsidiaries are their local 
currencies. Accordingly, we apply period-end exchange rates to translate their assets and liabilities and daily 
transaction exchange rates to translate their revenues, expenses, gains, and losses into U.S. dollars. We include the 
associated translation adjustments as a separate component of “Accumulated other comprehensive loss” within 
stockholders’ equity. The functional currency of our subsidiaries in Malaysia, Singapore, and Vietnam is the 
U.S. dollar; therefore, we do not translate their financial statements. Gains and losses arising from the 
remeasurement of monetary assets and liabilities denominated in currencies other than a subsidiary’s functional 
currency are included in “Foreign currency loss, net” in the period in which they occur.
Income Taxes. We use the asset and liability method to account for income taxes whereby we calculate deferred tax 
assets or liabilities using the enacted tax rates and tax law applicable to when any temporary differences are 
expected to reverse. We establish valuation allowances, when necessary, to reduce deferred tax assets to the extent it 
is more likely than not that such deferred tax assets will not be realized. We do not provide deferred taxes related to 
the U.S. GAAP basis in excess of the outside tax basis in the investment in our foreign subsidiaries to the extent 
such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries.
87

Income tax expense includes (i) deferred tax expense, which generally represents the net change in deferred tax 
assets or liabilities during the year plus any change in valuation allowances, and (ii) current tax expense, which 
represents the amount of tax currently payable to or receivable from taxing authorities. We only recognize tax 
benefits related to uncertain tax positions that are more likely than not to be sustained upon examination. For those 
positions that satisfy such recognition criteria, the amount of tax benefit that we recognize is the largest amount of 
tax benefit that is more likely than not to be sustained when the uncertain tax position is ultimately settled.
Per Share Data. Basic net income or loss per share is computed by dividing net income or loss by the weighted-
average number of common shares outstanding for the period. Diluted net income per share is computed giving 
effect to all potentially dilutive common shares, including restricted stock and performance units, unless there is a 
net loss for the period. We use the treasury stock method to compute diluted net income per share.
3. Business Acquisitions
In May 2023, we acquired 100% of the shares of Evolar, a developer of perovskite technology, for cash payments of 
$35.5 million, net of cash acquired of $0.5 million, and a promise to pay additional consideration of up to 
$42.5 million contingent on the achievement of certain technical milestones. The fair value of such contingent 
consideration was determined to be $18.5 million at the acquisition date. In connection with applying the acquisition 
method of accounting, $47.0 million of the purchase price consideration was assigned to an IPR&D intangible asset 
to be amortized over its useful life upon successful completion of the underlying project, $15.0 million was assigned 
to goodwill, $9.2 million was assigned to a deferred tax liability, and $2.0 million was assigned to property, plant 
and equipment.
The acquired IPR&D includes technical information, know-how, and other proprietary information associated with 
certain production capabilities for perovskite technology. The acquisition is expected to accelerate the development 
of high efficiency multi-junction devices by integrating Evolar’s know-how with First Solar’s existing R&D 
capabilities, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV 
products. The goodwill is attributable to the acquired technical workforce of Evolar and the synergies the Company 
expects through integrating the acquired technology to accelerate the development of next-generation PV 
technology. The goodwill resulting from this transaction is not expected to be deductible for income tax purposes.
4. Sales of Businesses
Sale of Japan Project Development Business
In May 2022, we entered into various agreements with certain subsidiaries of PAG, a private investment firm, for 
the sale of our Japan project development business. The transaction included our approximately 293 MW utility-
scale solar project development platform, which comprised the business of developing, contracting for the 
construction of, and selling utility-scale PV solar power systems.
In June 2022, we completed the sale of our Japan project development business for an aggregate purchase price of 
¥66.4 billion ($490.8 million) and transferred cash and restricted cash of ¥8.4 billion ($61.9 million) to PAG. As a 
result of this transaction, we recognized a gain of $245.2 million, net of transaction costs, during the year ended 
December 31, 2022, which was included in “Gain on sales of businesses, net” in our consolidated statements of 
operations.
During the year ended December 31, 2023, we recognized certain post-closing adjustments and earnouts associated 
with the prior sale of our Japan project development business, which were included in “Gain on sales of businesses, 
net” in our consolidated statements of operations.
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Sales of North American and International O&M Operations
In January 2022, we completed the sale of our Chilean O&M operations to a subsidiary of Clairvest and received 
total consideration of $1.9 million. As a result of this transaction, we recognized a gain of $1.6 million, net of 
transaction costs and post-closing adjustments, during the year ended December 31, 2022, which was included in 
“Gain on sales of businesses, net” in our consolidated statements of operations.
In September 2022, we completed the sale of our Australian O&M operations to a separate subsidiary of Clairvest 
for consideration of $6.0 million. As a result of this transaction, we recognized a gain of $4.4 million, net of 
transaction costs and post-closing adjustments, during the year ended December 31, 2022, which was included in 
“Gain on sales of businesses, net” in our consolidated statements of operations.
In September 2022, we also completed the sale of our Japanese O&M operations to a subsidiary of PAG for 
consideration of ¥692.7 million ($4.8 million). As a result of this transaction, we recognized a gain of $1.4 million, 
net of transaction costs and post-closing adjustments, during the year ended December 31, 2022, which was included 
in “Gain on sales of businesses, net” in our consolidated statements of operations.
During the years ended December 31, 2023 and 2024, we recognized certain post-closing adjustments associated 
with the prior sale of our O&M operations in a foreign jurisdiction, which was included in “Gain on sales of 
businesses, net” in our consolidated statements of operations.
5. Goodwill and Intangible Assets
Goodwill
Goodwill for the modules business consisted of the following at December 31, 2024 and 2023 (in thousands):
December 31, 
2023
Acquisitions 
(Impairments)
Foreign 
Currency 
Translation 
Adjustments
December 31, 
2024
Gross amount  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
423,052 
$ 
— 
$ 
(1,352) $ 
421,700 
Accumulated impairment losses  . . . . . . . . . . . . . . . . . . . . . . .
 
(393,365)  
— 
 
— 
 
(393,365) 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
29,687 
$ 
— 
$ 
(1,352) $ 
28,335 
December 31, 
2022
Acquisitions 
(Impairments)
Foreign 
Currency 
Translation 
Adjustments
December 31, 
2023
Gross amount (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
407,827 
$ 
14,952 
$ 
273 
$ 
423,052 
Accumulated impairment losses  . . . . . . . . . . . . . . . . . . . . . . .
 
(393,365)  
— 
 
— 
 
(393,365) 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
14,462 
$ 
14,952 
$ 
273 
$ 
29,687 
——————————
(1)
See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business 
acquisitions.
We performed our annual impairment analysis in the fourth quarters of 2024 and 2023. ASC 350-20 allows 
companies to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value 
is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment 
test. Such qualitative assessment considers various factors, including macroeconomic conditions, industry and 
market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant 
events affecting our company or a reporting unit.
89

We performed a qualitative assessment for our modules business in each respective period and concluded that it was 
not more likely than not that the fair value of the modules business was less than its carrying amount. Accordingly, a 
quantitative goodwill impairment test for the modules business was not required in any period presented.
Intangible assets, net
The following tables summarize our intangible assets at December 31, 2024 and 2023 (in thousands):
December 31, 2024
Gross Amount
Accumulated 
Amortization
Net Amount
Developed technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
97,645 
$ 
(88,717) $ 
8,928 
In-process research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
43,159 
 
— 
 
43,159 
Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
10,068 
 
(7,501)  
2,567 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
150,872 
$ 
(96,218) $ 
54,654 
December 31, 2023
Gross Amount
Accumulated 
Amortization
Net Amount
Developed technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
97,645 
$ 
(78,659) $ 
18,986 
In-process research and development (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
43,159 
 
— 
 
43,159 
Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
9,438 
 
(7,072)  
2,366 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
150,242 
$ 
(85,731) $ 
64,511 
——————————
(1)
See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business 
acquisitions.
Amortization of intangible assets was $10.5 million, $10.5 million, and $10.9 million for the years ended 
December 31, 2024, 2023, and 2022, respectively.
Estimated future amortization expense for our definite-lived intangible assets was as follows at December 31, 2024 
(in thousands):
Amortization 
Expense
2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
4,079 
2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,696 
2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,596 
2028  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
876 
2029  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
493 
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
755 
Total amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
11,495 
90

6. Cash, Cash Equivalents, and Marketable Securities
Cash, cash equivalents, and marketable securities consisted of the following at December 31, 2024 and 2023 (in 
thousands):
2024
2023
Cash and cash equivalents:
Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,094,796 
$ 
841,310 
Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
526,580 
 
1,105,684 
Total cash and cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,621,376 
 
1,946,994 
Marketable securities:
Time deposits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
162,836 
 
76,511 
U.S. debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
8,747 
 
44,089 
Foreign debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
34,895 
Total marketable securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
171,583 
 
155,495 
Total cash, cash equivalents, and marketable securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,792,959 
$ 2,102,489 
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash 
equivalents reported within our consolidated balance sheets as of December 31, 2024 and 2023 to the total of such 
amounts as presented in the consolidated statements of cash flows (in thousands): 
Balance Sheet Line Item
2024
2023
Cash and cash equivalents  . . . . . . . . . . . . . . . . . .
Cash and cash equivalents
$ 1,621,376 
$ 1,946,994 
Restricted cash – current  . . . . . . . . . . . . . . . . . . .
Other current assets
 
8,262 
 
8,262 
Restricted cash – noncurrent  . . . . . . . . . . . . . . . .
Other assets
 
3,613 
 
3,621 
Restricted cash equivalents – noncurrent  . . . . . .
Other assets
 
4,972 
 
6,192 
Total cash, cash equivalents, restricted cash, and 
restricted cash equivalents . . . . . . . . . . . . . . .
$ 1,638,223 
$ 1,965,069 
During the year ended December 31, 2024, we sold marketable securities for proceeds of $67.5 million and realized 
a gain of less than $0.1 million on such sales. During the year ended December 31, 2023, we sold marketable 
securities for proceeds of $34.9 million and realized a loss of less than $0.1 million on such sales. See Note 12. “Fair 
Value Measurements” to our consolidated financial statements for information about the fair value of our marketable 
securities.
The following tables summarize the unrealized gains and losses related to our available-for-sale marketable 
securities, by major security type, as of December 31, 2024 and 2023 (in thousands):
As of December 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for 
Credit Losses
Fair
Value
Time deposits  . . . . . . . . . . . . . . . . . . . . . . . .
$ 
162,836 
$ 
— 
$ 
— 
$ 
— 
$ 
162,836 
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
10,000 
 
— 
 
1,253 
 
— 
 
8,747 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
172,836 
$ 
— 
$ 
1,253 
$ 
— 
$ 
171,583 
As of December 31, 2023
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for 
Credit Losses
Fair
Value
Time deposits  . . . . . . . . . . . . . . . . . . . . . . . .
$ 
76,533 
$ 
— 
$ 
— 
$ 
22 
$ 
76,511 
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
45,625 
 
88 
 
1,614 
 
10 
 
44,089 
Foreign debt . . . . . . . . . . . . . . . . . . . . . . . . . .
 
35,000 
 
— 
 
91 
 
14 
 
34,895 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
157,158 
$ 
88 
$ 
1,705 
$ 
46 
$ 
155,495 
91

The contractual maturities of our marketable securities as of December 31, 2024 were as follows (in thousands):
Fair
Value
Within one year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
162,836 
After one year through five years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,767 
After five years through ten years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
3,980 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
171,583 
7. Restricted Marketable Securities
Restricted marketable securities consisted of the following as of December 31, 2024 and 2023 (in thousands):
2024
2023
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
109,155 
$ 
113,326 
Foreign government obligations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
49,024 
 
51,229 
Supranational debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
22,809 
 
15,339 
U.S. government obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
18,148 
 
18,416 
Total restricted marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
199,136 
$ 
198,310 
Our restricted marketable securities represent long-term investments to fund the estimated future cost of collecting 
and recycling modules covered under our solar module collection and recycling program. We have established a 
trust under which funds are put into custodial accounts with an established and reputable bank, for which First Solar, 
Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. As of December 31, 2024 
and 2023, such custodial accounts also included noncurrent restricted cash and cash equivalents balances of 
$5.0 million and $6.2 million, respectively, which were reported within “Other assets.” Trust funds may be 
disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), 
payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded 
amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated 
government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and 
recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, 
estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less 
amounts already funded in prior years. During the year ended December 31, 2024, we purchased $7.9 million of 
restricted marketable securities as part of our ongoing management of the custodial accounts.
See Note 12. “Fair Value Measurements” to our consolidated financial statements for information about the fair 
value of our restricted marketable securities. 
92

The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by 
major security type, as of December 31, 2024 and 2023 (in thousands):
As of December 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for 
Credit Losses
Fair
Value
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
144,652 
$ 
— 
$ 
35,497 
$ 
— 
$ 
109,155 
Foreign government obligations  . . . . . . . . . .
 
62,595 
 
— 
 
13,571 
 
— 
 
49,024 
Supranational debt . . . . . . . . . . . . . . . . . . . . .
 
25,351 
 
— 
 
2,542 
 
— 
 
22,809 
U.S. government obligations . . . . . . . . . . . . .
 
24,368 
 
— 
 
6,220 
 
— 
 
18,148 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
256,966 
$ 
— 
$ 
57,830 
$ 
— 
$ 
199,136 
As of December 31, 2023
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for 
Credit Losses
Fair
Value
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
146,484 
$ 
— 
$ 
33,129 
$ 
29 
$ 
113,326 
Foreign government obligations  . . . . . . . . . .
 
65,202 
 
— 
 
13,963 
 
10 
 
51,229 
U.S. government obligations . . . . . . . . . . . . .
 
24,460 
 
— 
 
6,039 
 
5 
 
18,416 
Supranational debt . . . . . . . . . . . . . . . . . . . . .
 
17,688 
 
— 
 
2,349 
 
— 
 
15,339 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
253,834 
$ 
— 
$ 
55,480 
$ 
44 
$ 
198,310 
As of December 31, 2024, the contractual maturities of these securities were between 6 years and 15 years, and 
restricted marketable securities with unrealized losses had generally been in a loss position for a period of time 
greater than 12 months. The unrealized losses were primarily due to increases in interest rates relative to rates at the 
time of purchase, and based on the underlying credit quality of the investments, we expect to hold such securities 
until we recover our cost basis.
8. Consolidated Balance Sheet Details
Accounts receivable trade, net
Accounts receivable trade, net consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Accounts receivable trade, gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,262,353 
$ 
662,390 
Allowance for credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,304)  
(1,614) 
Accounts receivable trade, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,261,049 
$ 
660,776 
During 2024, we entered into various revolving factoring arrangements to sell certain trade receivables to unrelated 
financial institutions. Transfers under these arrangements, which retain servicing but are without recourse, qualify as 
true sales under ASC 860, and we derecognize sold receivables when control transfers to the financial institution. 
Gross amounts factored under these programs for the year ended December 31, 2024 were $126.0 million. The 
proceeds from the sale of receivables are classified as operating activities in our consolidated statements of cash 
flows. Discounts on factored receivables were not significant and were recorded in “Selling, general and 
administrative” expense in the consolidated statements of operations.
93

Inventories
Inventories consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Raw materials  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
489,524 
$ 
478,138 
Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
115,696 
 
78,463 
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
754,536 
 
530,197 
Inventories  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,359,756 
$ 1,086,798 
Inventories – current  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,084,384 
$ 
819,899 
Inventories – noncurrent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
275,372 
$ 
266,899 
Other current assets
Other current assets consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Spare maintenance materials and parts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
214,189 
$ 
148,218 
Indirect tax receivables  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
122,131 
 
65,301 
Prepaid expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
75,250 
 
62,480 
Operating supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
49,906 
 
43,995 
Insurance receivable for accrued litigation (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
21,800 
 
21,800 
Derivative instruments (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,452 
 
1,778 
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
8,262 
 
8,262 
Prepaid income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
6,408 
 
7,064 
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
35,484 
 
33,002 
Other current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
546,882 
$ 
391,900 
——————————
(1)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal 
proceedings.
(2)
See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our 
derivative instruments.
Property, plant and equipment, net
Property, plant and equipment, net consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
38,879 
$ 
35,364 
Buildings and improvements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,584,981 
 
1,037,421 
Machinery and equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,800,545 
 
3,593,347 
Office equipment and furniture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
181,647 
 
161,187 
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
40,300 
 
40,084 
Construction in progress  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
858,538 
 
1,223,998 
Property, plant and equipment, gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
7,504,890 
 
6,091,401 
Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(2,091,207)  
(1,694,116) 
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,413,683 
$ 4,397,285 
Depreciation of property, plant and equipment was $407.4 million, $310.0 million, and $244.9 million for the years 
ended December 31, 2024, 2023, and 2022, respectively.
94

Other assets
Other assets consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Advance payments for raw materials  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
249,218 
$ 
204,370 
Lease assets (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
143,545 
 
101,468 
Accounts receivable, trade  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
94,373 
 
— 
Income tax receivables  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
87,025 
 
68,591 
Prepaid expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
34,250 
 
23,954 
Project assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
25,455 
 
28,430 
Restricted cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,972 
 
6,192 
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
3,613 
 
3,621 
Other (2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
55,319 
 
41,978 
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
697,770 
$ 
478,604 
——————————
(1)
See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements.
(2)
In November 2023, we entered into a power purchase agreement with Cleantech, a leading provider of renewable 
energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain PV solar and 
wind power-generating assets, which will supply electricity to our manufacturing facility in India. 
During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries 
own certain of the power-generating assets that are expected to supply our facility, and we account for our investments 
in these subsidiaries using the equity method. During the year ended December 31, 2024, we recognized revenue of 
$37.8 million for module sales of 150 MW to these subsidiaries.
Accrued expenses
Accrued expenses consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Accrued property, plant and equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
136,176 
$ 
210,233 
Accrued freight  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
95,940 
 
58,494 
Accrued inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
64,866 
 
101,161 
Product warranty liability (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
62,139 
 
5,920 
Accrued other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
41,178 
 
26,781 
Accrued compensation and benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
30,612 
 
55,960 
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
77,670 
 
66,280 
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
508,581 
$ 
524,829 
——————————
(1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product 
warranties.
95

Other current liabilities
Other current liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Accrued litigation (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
21,800 
$ 
21,800 
Derivative instruments (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
18,619 
 
1,744 
Lease liabilities (3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,281 
 
10,358 
Contingent consideration (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
7,500 
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
7,184 
 
798 
Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
60,884 
$ 
42,200 
——————————
(1)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal 
proceedings.
(2)
See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our 
derivative instruments.
(3)
See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements.
(4)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our 
contingent consideration arrangements.
Other liabilities
Other liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
2024
2023
Lease liabilities (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
95,743 
$ 
53,725 
Deferred tax liabilities, net (2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
54,696 
 
42,771 
Other taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
49,256 
 
39,431 
Product warranty liability (3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
14,296 
 
19,571 
Contingent consideration (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
6,500 
 
11,000 
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,278 
 
14,212 
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
233,769 
$ 
180,710 
——————————
(1)
See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements.
(2)
See Note 18. “Income Taxes” to our consolidated financial statements for discussion of our net deferred tax liabilities.
(3)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product 
warranties.
(4)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our 
contingent consideration arrangements.
96

9. Government Grants
Government grants represent benefits provided by federal, state, or local governments that are not subject to the 
scope of ASC 740. We recognize a grant when we have reasonable assurance that we will comply with the grant’s 
conditions and that the grant will be received. Government grants whose primary condition is the purchase, 
construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction 
to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived 
assets are considered income-based grants and are recognized as a reduction to the related cost of activities that 
generated the benefit.
The following table presents the benefits recognized from asset-based government grants in our consolidated 
balance sheets as of December 31, 2024 and 2023 (in thousands):
Balance Sheet Line Item
2024
2023
Property, plant and equipment, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
166,211 
$ 
146,348 
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
5,708 
 
5,860 
In February 2021, the state government of Tamil Nadu, India granted First Solar certain incentives associated with 
the construction of our first manufacturing facility in the country. Among other things, such incentives provide a 
24% subsidy for eligible capital investments, contingent upon meeting certain minimum investment and 
employment commitments. The capital subsidy funding application process begins following the initial period of 
module production and is expected to be paid in six annual installments thereafter. The timing of cash receipts is 
subject to the completion of audit certifications, funding applications by First Solar, and review by state government 
authorities. Module production in India began during the year ended December 31, 2023. Such credit is reflected on 
our consolidated balance sheets within “Government grants receivable.”
The following table presents the benefits recognized from income-based government grants in our consolidated 
statements of operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Income Statement Line Item
2024
2023
2022
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,009,451 
$ 
659,745 
$ 
— 
Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,186 
 
— 
 
— 
Production start-up  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
484 
 
— 
 
— 
In August 2022, the previous U.S. President signed into law the IRA. Among other things, the IRA offers a tax 
credit, pursuant to Section 45X of the IRC, for solar modules and solar module components manufactured in the 
United States and sold to third parties. Such credit may be refundable by the IRS or transferable to a third party and 
is available from 2023 to 2032, subject to phase down beginning in 2030. For eligible components, the credit is 
equal to (i) $12 per square meter for a PV wafer, (ii) 4 cents multiplied by the capacity of a PV cell in watts, and 
(iii) 7 cents multiplied by the capacity of a PV module in watts. 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. We recognize such credit as a reduction to “Cost of sales” in the period the modules are sold to 
customers. Such credit is also reflected on our consolidated balance sheets within “Government grants receivable.”
In December 2024, we entered into two agreements with Visa for the sale of $857.2 million of Section 45X tax 
credits we generated during 2024 for aggregate cash proceeds of $818.6 million. We received initial cash proceeds 
of $616.0 million in December 2024 and expect to receive the remaining cash proceeds during the first quarter of 
2025. In connection with this transaction, we recognized a loss of approximately $39 million during the year ended 
December 31, 2024, which was reflected in “Cost of sales” in our consolidated statements of operations.
97

In December 2023, we entered into two agreements with Fiserv for the sale of $687.2 million of Section 45X tax 
credits we generated during 2023 for aggregate cash proceeds of $659.7 million. In connection with this transaction, 
we recognized a loss of $27.5 million during the year ended December 31, 2023, which was reflected in “Cost of 
sales” in our consolidated statements of operations. We received the full cash proceeds during the year ended 
December 31, 2024.
10. Derivative Financial Instruments 
As a global company, we are exposed in the normal course of business to various risks, including foreign currency 
and commodity price risks, that could affect our financial position, results of operations, and cash flows. We may 
use derivative instruments to hedge against these risks and only hold such instruments for hedging purposes, not for 
speculative or trading purposes.
Depending on the terms of the specific derivative instruments and market conditions, some of our derivative 
instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative 
instruments at fair value and account for changes in the fair value of derivative instruments within “Accumulated 
other comprehensive loss” if the derivative instruments qualify for hedge accounting. For those derivative 
instruments that do not qualify for hedge accounting (i.e., “economic hedges”), we record the changes in fair value 
directly to earnings. See Note 12. “Fair Value Measurements” to our consolidated financial statements for 
information about the techniques we use to measure the fair value of our derivative instruments.
The following tables present the fair values of derivative instruments included in our consolidated balance sheets as 
of December 31, 2024 and 2023 (in thousands):
December 31, 2024
Other Current 
Assets
Other Current 
Liabilities
Derivatives designated as hedging instruments:
Commodity swap contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
35 
Total derivatives designated as hedging instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
35 
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
13,452 
$ 
18,584 
Total derivatives not designated as hedging instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
13,452 
$ 
18,584 
Total derivative instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
13,452 
$ 
18,619 
December 31, 2023
Other Current 
Assets
Other Current 
Liabilities
Derivatives designated as hedging instruments:
Commodity swap contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
344 
Total derivatives designated as hedging instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
344 
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,778 
$ 
1,400 
Total derivatives not designated as hedging instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,778 
$ 
1,400 
Total derivative instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,778 
$ 
1,744 
98

The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges 
affecting accumulated other comprehensive income (loss) and our consolidated statements of operations for the 
years ended December 31, 2024, 2023, and 2022 (in thousands):
Foreign 
Exchange 
Forward 
Contracts
Commodity 
Swap 
Contracts
Total
Balance as of December 31, 2021  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,126 
$ 
— 
$ 
1,126 
Amounts recognized in other comprehensive income (loss)  . . . . . . . . . . . . .
 
545 
 
(8,101)  
(7,556) 
Amount reclassified to cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,671)  
859 
 
(812) 
Balance as of December 31, 2022  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
(7,242)  
(7,242) 
Amounts recognized in other comprehensive income (loss)  . . . . . . . . . . . . .
 
— 
 
(977)  
(977) 
Amount reclassified to cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
6,726 
 
6,726 
Balance as of December 31, 2023  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
(1,493)  
(1,493) 
Amounts recognized in other comprehensive income (loss)  . . . . . . . . . . . . .
 
— 
 
(1,196)  
(1,196) 
Amount reclassified to cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
2,323 
 
2,323 
Balance as of December 31, 2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
(366) $ 
(366) 
During the year ended December 31, 2022, we recognized unrealized losses of less than $0.1 million within “Cost of 
sales” for amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as 
cash flow hedges.
The following table presents the effect of derivative instruments not designated as hedges on our consolidated 
statements of operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Amount of Gain (Loss) Recognized in 
Income Statement
Income Statement Line Item
2024
2023
2022
Foreign exchange forward contracts  .
Foreign currency loss, net
$ 
(6,645) $ 
(8,406) $ 
75,421 
Foreign exchange forward contracts  .
Cost of sales
 
— 
 
— 
 
583 
Foreign Currency Risk
Cash Flow Exposure
We expect certain of our subsidiaries to have future cash flows that will be denominated in currencies other than the 
subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies of our 
subsidiaries and the other currencies in which they transact will cause fluctuations in the cash flows we expect to 
receive or pay when these cash flows are realized or settled. Accordingly, from time to time we may enter into 
foreign exchange forward contracts to hedge a portion of these forecasted cash flows. When qualifying foreign 
exchange forward contracts are designated as cash flow hedges, we report unrealized gains or losses on such 
qualifying contracts in “Accumulated other comprehensive loss” and subsequently reclassify applicable amounts 
into earnings when the hedged transaction occurs and impacts earnings.
99

Transaction Exposure and Economic Hedging
Many of our subsidiaries have assets and liabilities (primarily cash, receivables, deferred taxes, payables, accrued 
expenses, lease liabilities, debt, and solar module collection and recycling liabilities) that are denominated in 
currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional 
currencies of our subsidiaries and the other currencies in which these assets and liabilities are denominated will 
create fluctuations in our reported consolidated statements of operations. We may enter into foreign exchange 
forward contracts or other financial instruments to economically hedge assets and liabilities against the effects of 
currency exchange rate fluctuations. The gains and losses on such foreign exchange forward contracts will 
economically offset all or part of the transaction gains and losses that we recognize in earnings on the related foreign 
currency denominated assets and liabilities.
We also enter into foreign exchange forward contracts to economically hedge balance sheet and other exposures 
related to transactions between certain of our subsidiaries and transactions with third parties. Such contracts are 
considered economic hedges and do not qualify for hedge accounting. Accordingly, we recognize gains or losses 
from the fluctuations in foreign exchange rates and the fair value of these derivative contracts in “Foreign currency 
loss, net” on our consolidated statements of operations.
As of December 31, 2024 and 2023, the notional values of our foreign exchange forward contracts that do not 
qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions):
December 31, 2024
Transaction
Currency
Notional Amount
USD Equivalent
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollar
CAD 4.2
$2.9
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro
€181.6
$189.4
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro
€55.1
$57.5
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Indian rupee
INR 1,485.0
$17.4
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indian rupee
INR 66,934.0
$783.9
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Japanese yen
¥3,442.2
$21.8
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japanese yen
¥3,761.5
$23.8
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Malaysian ringgit
MYR 217.1
$48.5
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Malaysian ringgit
MYR 29.5
$6.6
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexican peso
MXN 34.6
$1.7
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore dollar
SGD 14.1
$10.4
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore dollar
SGD 19.7
$14.5
December 31, 2023
Transaction
Currency
Notional Amount
USD Equivalent
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollar
CAD 4.2
$3.2
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chilean peso
CLP 1,372.6
$1.6
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro
€98.3
$108.7
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro
€14.1
$15.6
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indian rupee
INR 62,967.4
$756.9
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Japanese yen
¥1,053.6
$7.5
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japanese yen
¥705.2
$5.0
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Malaysian ringgit
MYR 160.7
$35.0
Sell  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexican peso
MXN 34.6
$2.0
Purchase . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore dollar
SGD 6.5
$4.9
100

Commodity Price Risk
From time to time, we use commodity swap contracts to mitigate our exposure to commodity price fluctuations for 
certain raw materials used in the production of our modules. During the year ended December 31, 2022, we entered 
into various commodity swap contracts to hedge a portion of our forecasted cash flows for purchases of aluminum 
frames between July 2022 and December 2023. Such swaps had an aggregate initial notional value based on metric 
tons of forecasted aluminum purchases, equivalent to $70.5 million, and entitled us to receive a three-month average 
London Metals Exchange price for aluminum while requiring us to pay certain fixed prices. The notional amount of 
the commodity swap contracts proportionately adjusted with forecasted purchases of aluminum frames.
During the year ended December 31, 2024, we entered into various commodity swap contracts to hedge a portion of 
our forecasted cash flows for purchases of steel between April 2024 and December 2024. Such swaps had an 
aggregate initial notional value based on short tons of forecasted steel purchases, equivalent to $7.6 million, and 
entitled us to receive the price based on the U.S. Midwest Hot-Rolled Coil Steel Index while requiring us to pay 
certain fixed prices. The notional amount of the commodity swap contracts proportionately adjusted with forecasted 
purchases of steel.
These commodity swap contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we 
designated them as such. We report unrealized gains or losses on such contracts in “Accumulated other 
comprehensive loss” and subsequently reclassify applicable amounts into earnings when the hedged transactions 
occur and impact earnings. We determined that these derivative financial instruments were highly effective as cash 
flow hedges as of December 31, 2024 and 2023. In the following 12 months, we expect to reclassify into earnings 
$0.4 million of net unrealized losses related to these commodity swap contracts that are included in “Accumulated 
other comprehensive loss” at December 31, 2024 as we realize the earnings effects of the related forecasted 
transactions.
101

11. Leases
Our lease arrangements include our corporate and administrative offices, warehouses, land for our manufacturing 
facilities, and certain of our manufacturing equipment. Such leases primarily relate to assets located in the United 
States, Malaysia, India, and Vietnam.
The following table presents certain quantitative information related to our lease arrangements for the years ended 
December 31, 2024, 2023, and 2022 and as of December 31, 2024 and 2023 (in thousands):
2024
2023
2022
Finance lease cost:
Amortization of right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
924 
$ 
14 
$ 
— 
Interest on lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,451 
 
51 
 
— 
Operating lease cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
14,403 
 
12,090 
 
14,634 
Variable lease cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,902 
 
3,421 
 
2,517 
Short-term lease cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
954 
 
472 
 
339 
Total lease cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
20,634 
$ 
16,048 
$ 
17,490 
Cash paid for amounts included in the measurement of:
Operating lease liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
13,774 
$ 
11,815 
$ 
15,359 
Finance lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
677 
 
— 
 
— 
Lease assets obtained in exchange for:
Operating lease liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
41,772 
$ 
7,163 
$ 
4,394 
Finance lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,406 
 
17,063 
 
— 
December 31, 2024
December 31, 2023
Operating 
Leases
Finance 
Leases
Operating 
Leases
Finance 
Leases
Lease assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
114,283 
$ 
29,262 
$ 
84,419 
$ 
17,049 
Lease liabilities – current . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
11,799 
 
1,482 
 
10,307 
 
51 
Lease liabilities – noncurrent . . . . . . . . . . . . . . . . . . . . . . . . . .
 
66,211 
 
29,532 
 
36,662 
 
17,063 
Weighted-average remaining lease term  . . . . . . . . . . . . . . . . .
9 years
28 years
5 years
40 years
Weighted-average discount rate . . . . . . . . . . . . . . . . . . . . . . . .
 5.5 %
 6.6 %
 5.2 %
 5.4 %
As of December 31, 2024, the future payments associated with our lease liabilities were as follows (in thousands):
Operating 
Leases
Finance 
Leases
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
15,322 $ 
1,919 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,789  
2,788 
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
11,292  
2,832 
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
11,035  
2,885 
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
9,377  
2,963 
Thereafter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
41,543  
55,265 
Total future payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
102,358  
68,652 
Less: interest  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(24,348)  
(37,638) 
Total lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
78,010 $ 
31,014 
102

12. Fair Value Measurements
The following is a description of the valuation techniques that we use to measure the fair value of assets and 
liabilities that we measure and report at fair value on a recurring basis:
•
Cash Equivalents and Restricted Cash Equivalents. At December 31, 2024 and 2023, our cash equivalents and 
restricted cash equivalents consisted of money market funds. We value our cash equivalents and restricted cash 
equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and 
classify the valuation techniques that use these inputs as Level 1.
•
Marketable Securities and Restricted Marketable Securities. At December 31, 2024 and 2023, our marketable 
securities consisted of foreign debt, U.S. debt, and time deposits, and our restricted marketable securities 
consisted of foreign and U.S. government obligations, supranational debt, and U.S. debt. We value our 
marketable securities and restricted marketable securities using observable inputs that reflect quoted prices for 
securities with identical characteristics or quoted prices for securities with similar characteristics and other 
observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we 
classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. 
We also consider the effect of our counterparties’ credit standing in these fair value measurements.
•
Derivative Assets and Liabilities. At December 31, 2024 and 2023, our derivative assets and liabilities consisted 
of foreign exchange forward contracts involving major currencies and commodity swap contracts involving 
major commodity prices. Since our derivative assets and liabilities are not traded on an exchange, we value 
them using standard industry valuation models. As applicable, these models project future cash flows and 
discount the amounts to a present value using market-based observable inputs, including credit risk, foreign 
exchange rates, forward and spot prices for currencies, and forward prices for commodities. These inputs are 
observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we 
classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our 
counterparties’ and our own credit standing in the fair value measurements of our derivative assets and 
liabilities, respectively.
•
Contingent Consideration. At December 31, 2024 and 2023, our contingent consideration consisted of balances 
associated with a prior business acquisition. See Note 3. “Business Acquisitions” to our consolidated financial 
statements for further discussion of this acquisition. We project future cash outflows associated with certain 
payout outcomes and discount the amounts to a present value using significant unobservable inputs, including 
various probabilities and assumptions regarding the timing, nature, and extent of technical milestones achieved. 
We classify the valuation technique that uses these inputs as Level 3.
103

At December 31, 2024 and 2023, the fair value measurements of our assets and liabilities measured on a recurring 
basis were as follows (in thousands):
Fair Value Measurements at Reporting
Date Using
December 31, 
2024
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
526,580 
$ 
526,580 
$ 
— 
$ 
— 
Restricted cash equivalents:
Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,972 
 
4,972 
 
— 
 
— 
Marketable securities:
Time deposits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
162,836 
 
162,836 
 
— 
 
— 
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
8,747 
 
— 
 
8,747 
 
— 
Restricted marketable securities  . . . . . . . . . . . . . . . . . . . . .
 
199,136 
 
— 
 
199,136 
 
— 
Derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
13,452 
 
— 
 
13,452 
 
— 
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
915,723 
$ 
694,388 
$ 
221,335 
$ 
— 
Liabilities:
Derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
18,619 
$ 
— 
$ 
18,619 
$ 
— 
Contingent consideration (1) . . . . . . . . . . . . . . . . . . . . . . . .
 
6,500 
 
— 
 
— 
 
6,500 
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
25,119 
$ 
— 
$ 
18,619 
$ 
6,500 
——————————
(1)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our 
contingent consideration arrangements.
Fair Value Measurements at Reporting
Date Using
December 31, 
2023
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,105,684 
$ 1,105,684 
$ 
— 
$ 
— 
Restricted cash equivalents:
Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
6,192 
 
6,192 
 
— 
 
— 
Marketable securities:
Time deposits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
76,511 
 
76,511 
 
— 
 
— 
U.S. debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
44,089 
 
— 
 
44,089 
 
— 
Foreign debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
34,895 
 
— 
 
34,895 
 
— 
Restricted marketable securities  . . . . . . . . . . . . . . . . . . . . .
 
198,310 
 
— 
 
198,310 
 
— 
Derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,778 
 
— 
 
1,778 
 
— 
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,467,459 
$ 1,188,387 
$ 
279,072 
$ 
— 
Liabilities:
Derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,744 
$ 
— 
$ 
1,744 
$ 
— 
Contingent consideration (1) . . . . . . . . . . . . . . . . . . . . . . . .
 
18,500 
 
— 
 
— 
 
18,500 
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
20,244 
$ 
— 
$ 
1,744 
$ 
18,500 
104

——————————
(1)
See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our 
contingent consideration arrangements.
Fair Value of Financial Instruments
At December 31, 2024 and 2023, the carrying values and fair values of our financial instruments not measured at 
fair value were as follows (in thousands):
December 31, 2024
December 31, 2023
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:
Government grants receivable - noncurrent  . . . . . . . . . . . .
$ 
157,570 
$ 
123,743 
$ 
152,208 
$ 
107,111 
Liabilities:
Long-term debt, including current maturities (1)  . . . . . . . .
$ 
464,550 
$ 
441,016 
$ 
500,000 
$ 
453,015 
——————————
(1)
Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
The carrying values in our consolidated balance sheets of our trade accounts receivable, restricted cash, current 
government grants receivable, accounts payable, accrued expenses, and debt arrangements with an original maturity 
of less than one year approximated their fair values due to their nature and relatively short maturities; therefore, we 
excluded them from the foregoing table. The fair value measurements for our noncurrent government grants 
receivable and long-term debt are considered Level 2 measurements under the fair value hierarchy.
Credit Risk
We have certain financial instruments that subject us to credit risk. These consist primarily of cash, cash equivalents, 
marketable securities, accounts receivable, restricted cash, restricted cash equivalents, restricted marketable 
securities, foreign exchange forward contracts, and commodity swap contracts. We are exposed to credit losses in 
the event of nonperformance by the counterparties to our financial instruments. We place these instruments with 
various high-quality financial institutions and limit the amount of credit risk from any one counterparty. We monitor 
the credit standing of our counterparty financial institutions. Our net sales are primarily concentrated among a 
limited number of customers. We monitor the financial condition of our customers and perform credit evaluations 
whenever considered necessary. We typically require some form of payment security from our customers, including, 
but not limited to, advance payments, parent guarantees, letters of credit, bank guarantees, or surety bonds.
105

13. Debt
Our debt arrangements consisted of the following at December 31, 2024 and 2023 (in thousands):
Balance (USD)
Loan Agreement
Currency
2024
2023
Revolving Credit Facility  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
USD
$ 
— 
$ 
— 
India Credit Facility  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
USD
 
464,550 
 
500,000 
India JPM Working Capital Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INR
 
28,490 
 
60,827 
India HSBC Working Capital Facility  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INR
 
69,097 
 
— 
India Citibank Working Capital Facility  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INR
 
48,017 
 
— 
India Credit Agricole Working Capital Facility . . . . . . . . . . . . . . . . . . . . . . . . .
INR
 
— 
 
— 
Total debt principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
610,154 
 
560,827 
Less: unamortized issuance costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(376)  
(521) 
Total debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
609,778 
 
560,306 
Less: current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(236,424)  
(96,238) 
Noncurrent portion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
373,354 
$ 
464,068 
Revolving Credit Facility
In June 2023, we entered into a credit agreement with several financial institutions as lenders and JPMorgan Chase 
Bank, N.A. as administrative agent, which provides us with a senior secured credit facility (the “Revolving Credit 
Facility”) with an aggregate borrowing capacity of $1.0 billion. Borrowing under the Revolving Credit Facility bears 
interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), 
plus a credit spread of 0.10%, plus a margin that ranges from 1.25% to 2.25% or (ii) an alternate base rate as defined 
in the credit agreement, plus a margin that ranges from 0.25% to 1.25%. The margins under the Revolving Credit 
Facility are based on the Company’s net leverage ratio or, if the Company elects to switch to a credit ratings-based 
system after the investment grade ratings trigger date occurs (as defined in the credit agreement), on the Company’s 
public debt rating.
In addition to paying interest on outstanding principal under the Revolving Credit Facility, we are required to pay an 
unused commitment fee that ranges from 0.125% to 0.375% per annum based on the same factors discussed above 
and the daily unused commitments under the facility. We are also required to pay (i) a letter of credit fee based on 
the applicable margin for Term SOFR loans on the face amount of each letter of credit, (ii) a letter of credit fronting 
fee as agreed by the Company and such issuing lender, and (iii) other customary letter of credit fees. Our Revolving 
Credit Facility matures in June 2028. Loans and letters of credit issued under the Revolving Credit Facility are 
secured by liens on substantially all of the Company’s tangible and intangible assets.
As of December 31, 2024 and 2023, we had no outstanding debt or letters of credit under our Revolving Credit 
Facility. 
India Credit Facility
In July 2022, FS India Solar Ventures Private Limited (“FSISV”), our indirect wholly-owned subsidiary, entered 
into a finance agreement (the “India Credit Facility”) with the U.S. International Development Finance Corporation 
for aggregate borrowing of up to $500.0 million for the development and construction of a solar module 
manufacturing facility in India. Principal on the India Credit Facility is payable in scheduled semi-annual 
installments beginning in August 2024 through the facility’s expected maturity in August 2029. The India Credit 
Facility is guaranteed by First Solar, Inc.
106

India JPM Working Capital Facility
In December 2022, FSISV entered into a working capital facility agreement (the “India JPM Working Capital 
Facility”) with JPMorgan Chase Bank, N.A. for the issuance of bank guarantees, bonds, and other similar forms of 
security. During 2023, the India JPM Working Capital Facility was amended to include certain working capital loans 
of up to INR 6.2 billion ($74.8 million). The outstanding balance matures in the first quarter of 2025. The India JPM 
Working Capital Facility is guaranteed by First Solar, Inc.
India HSBC Working Capital Facility
In February 2024, FSISV entered into a working capital facility agreement (the “India HSBC Working Capital 
Facility”) with the Hongkong and Shanghai Banking Corporation Limited, which provides certain working capital 
loans of up to INR 8.2 billion ($98.4 million). The outstanding balance matures in the first quarter of 2025. The 
India HSBC Working Capital Facility is guaranteed by First Solar, Inc.
India Citibank Working Capital Facility
In August 2024, FSISV entered into a working capital facility agreement (the “India Citibank Working Capital 
Facility”) with Citibank, N.A., which provides certain working capital loans of up to INR 4.5 billion ($53.8 million). 
The outstanding balance matures during the first half of 2025. The India Citibank Working Capital Facility is 
guaranteed by First Solar, Inc.
India Credit Agricole Working Capital Facility
In August 2022, FSISV entered into a working capital facility agreement (the “India Credit Agricole Working 
Capital Facility”) with Credit Agricole Corporate and Investment Bank, for the issuance of letters of credit, bank 
guarantees, and overdraft. During 2024, the India Credit Agricole Working Capital Facility was amended to include 
certain working capital loans of up to INR 4.0 billion ($46.8 million). The Credit Agricole Working Capital Facility 
is guaranteed by First Solar, Inc. As of December 31, 2024, there was no balance outstanding on the India Credit 
Agricole Working Capital Facility.
Interest Rates
As of December 31, 2024, the borrowing rates for our outstanding debt arrangements were as follows:
Loan Agreement
Interest Rate Description
Interest Rate
India Credit Facility  . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury Constant Maturity Yield plus 1.75%
5.57%
India JPM Working Capital Facility (1) . . . . . . . . . . . .
India Treasury bill rate plus 1.3%
7.81%
India HSBC Working Capital Facility (1)  . . . . . . . . . .
India Treasury bill rate plus 1.5%
7.96%
India Citibank Working Capital Facility (1)  . . . . . . . .
India Treasury bill rate plus 1.1%
7.53%
——————————
(1)
The weighted-average interest rate for our outstanding short-term debt arrangements was 7.79% as of 
December 31, 2024.
During the years ended December 31, 2024, 2023, and 2022, we paid $36.2 million, $15.0 million, and 
$11.6 million, respectively, of interest related to our debt arrangements.
107

Future Principal Payments
At December 31, 2024, the future principal payments on our long-term debt were due as follows (in thousands):
Total Debt
2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
90,899 
2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
90,899 
2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
90,950 
2028  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
91,000 
2029  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
100,802 
Total long-term debt future principal payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
464,550 
14. Commitments and Contingencies
Commercial Commitments
During the normal course of business, we enter into commercial commitments in the form of letters of credit and 
surety bonds to provide financial and performance assurance to third parties. As of December 31, 2024, the issued 
and outstanding amounts and available capacities under these commitments were as follows (in millions):
Issued and 
Outstanding
Available 
Capacity
Revolving Credit Facility (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
— 
$ 
250.0 
Bilateral facilities (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
167.8 
 
159.7 
Surety bonds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
28.6 
 
225.0 
——————————
(1)
Our Revolving Credit Facility provides us with a sub-limit of $250.0 million to issue letters of credit, at a fee based on 
the applicable margin for Term SOFR loans, a fronting fee, and other customary letter of credit fees.
(2)
Of the total letters of credit issued under the bilateral facilities, $9.1 million was secured with cash.
Product Warranties
When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our 
limited warranty obligations. We estimate our limited product warranty liability for power output and defects in 
materials and workmanship under normal use and service conditions based on return rates for each series of module 
technology and other factors. We make and revise these estimates based primarily on the number of solar modules 
under warranty installed at customer locations, our historical experience with and projections of warranty claims, 
and our estimated per-module replacement costs. We also monitor our expected future module performance through 
certain quality and reliability testing and actual performance in certain field installation sites. From time to time, we 
have taken remediation actions with respect to affected modules beyond our limited warranties and may elect to do 
so in the future, in which case we would incur additional expenses. Such potential voluntary future remediation 
actions beyond our limited warranty obligations may be material to our consolidated statements of operations if we 
commit to any such remediation actions.
108

Product warranty activities during the years ended December 31, 2024, 2023, and 2022 were as follows (in 
thousands):
2024
2023
2022
Product warranty liability, beginning of period  . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
25,491 
$ 
33,787 
$ 
52,553 
Accruals for new warranties issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
7,399 
 
5,416 
 
4,727 
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(13,183)  
(6,058)  
(12,690) 
Changes in estimate of product warranty liability . . . . . . . . . . . . . . . . . . . . .
 
56,728 
 
(7,654)  
(10,803) 
Product warranty liability, end of period  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
76,435 
$ 
25,491 
$ 
33,787 
Current portion of warranty liability  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
62,139 
$ 
5,920 
$ 
10,660 
Noncurrent portion of warranty liability  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
14,296 
$ 
19,571 
$ 
23,127 
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. The ultimate loss we will 
incur for these manufacturing issues will depend on the extent of the premature power loss that is experienced in 
relation to the obligations under our limited product warranties, as well as any potential additional commitments we 
may make to remediate the affected modules. Based on currently available information and certain assumptions and 
estimates, we believe a reasonable estimate of the aggregate losses related to these manufacturing issues will range 
from approximately $56 million to $100 million. At this time, no individual amount within that range is a better 
estimate than any other amount. Accordingly, as of December 31, 2024, we increased our product warranty liability 
by the low end of the range, which we recorded as a reduction to revenue. The estimated range set forth above was 
based on our evaluation of the currently available information, including select samples of module performance data 
from several locations, the estimated number of affected modules, and projections of probable costs to remediate the 
issues. As additional information becomes available to us, our estimate of the aggregate losses related to these 
manufacturing issues may change, and any change in estimate may also result in a change to our product warranty 
liability.
During the year ended December 31, 2023, we revised our warranty estimate based on updated information 
regarding our warranty claims, which reduced our module warranty liability by $5.4 million. This updated 
information reflected lower-than-expected warranty claims for our older series of module technology and revisions 
to projected settlements, resulting in reductions to our projected module return rate. During the year ended 
December 31, 2022, we revised the warranty estimate based on updated information regarding our warranty claims, 
which reduced our module warranty liability by $10.2 million. This updated information reflected lower-than-
expected warranty claims for our older series of module technology as well as the evolving claims profile of our 
newest series of module technology, resulting in reductions to our projected module return rates.
Indemnifications
In certain limited circumstances, we have provided indemnifications to customers or other parties under which we 
are contractually obligated to compensate such parties for losses they suffer resulting from a breach of a 
representation, warranty, or covenant; the resolution of specific matters associated with a solar project’s 
development or construction; guarantees of a third party’s payment or performance obligations; or any disallowance 
or lack of the right to claim all or any portion of certain tax credits. For contracts that have such indemnification 
provisions, we initially recognize a liability under ASC 460 for the estimated premium that would be required by a 
guarantor to issue the same indemnity in a standalone arm’s-length transaction with an unrelated party. We may base 
these estimates on the cost of insurance or other instruments that cover the underlying risks being indemnified and 
may purchase such instruments to mitigate our exposure to potential indemnification payments. We subsequently 
measure such liabilities at the greater of the initially estimated premium or the contingent liability required to be 
recognized under ASC 450. We recognize any indemnification liabilities as a reduction of earnings associated with 
the related transaction.
109

After an indemnification liability is recorded, we derecognize such amount pursuant to ASC 460 depending on the 
nature of the indemnity, which derecognition typically occurs upon expiration or settlement of the arrangement, and 
any contingent aspects of the indemnity are accounted for in accordance with ASC 450. As of December 31, 2024 
and 2023, we accrued $2.5 million and $3.3 million of current indemnification liabilities, respectively. As of 
December 31, 2024, the maximum potential amount of future payments under our indemnifications was $1.3 billion.
Contingent Consideration
As part of our acquisition of Evolar in May 2023, we agreed to pay additional consideration of up to $42.5 million to 
the selling shareholders contingent upon the successful achievement of certain technical milestones. See Note 3. 
“Business Acquisitions” to our consolidated financial statements for further discussion of this acquisition. As of 
December 31, 2023, we recorded $7.5 million of current liabilities and $11.0 million of long-term liabilities for such 
contingent obligations based on their estimated fair values. 
During the year ended December 31, 2024, we paid $7.5 million of contingent consideration to the selling 
shareholders based on the achievement of specific milestones. As of December 31, 2024, the remaining long-term 
contingent consideration liability was remeasured to a fair value of $6.5 million. The remeasurement resulted from 
adjustments in the probability and timing of achieving the remaining milestones. The changes in the fair value of the 
contingent consideration arrangement are classified within “Research and development” expense in our consolidated 
statements of operations.
Solar Module Collection and Recycling Liability
We previously established a module collection and recycling program, which has since been discontinued, to collect 
and recycle modules sold and covered under such program once the modules reach the end of their service lives. For 
legacy customer sales contracts that are covered under this program, we agreed to pay the costs for the collection 
and recycling of qualifying solar modules, and the end-users agreed to notify us, disassemble their solar power 
systems, package the solar modules for shipment, and revert ownership rights over the modules back to us at the end 
of the modules’ service lives. Accordingly, we recorded any collection and recycling obligations within “Cost of 
sales” at the time of sale based on the estimated cost to collect and recycle the covered solar modules.
We estimate the cost of our collection and recycling obligations based on the present value of the expected future 
cost of collecting and recycling the solar modules, which includes estimates for the cost of packaging materials; the 
cost of freight from the solar module installation sites to a recycling center; material, labor, and capital costs; and by-
product credits for certain materials recovered during the recycling process. We base these estimates on our 
experience collecting and recycling solar modules and certain assumptions regarding costs at the time the solar 
modules will be collected and recycled. In the periods between the time of sale and the related settlement of the 
collection and recycling obligation, we accrete the carrying amount of the associated liability and classify the 
corresponding expense within “Selling, general and administrative” expense on our consolidated statements of 
operations.
We periodically review our estimates of expected future recycling costs and may adjust our liability accordingly. 
Such adjustments are presented within “Cost of sales” on our consolidated statements of operations. During the 
years ended December 31, 2024 and 2023, we completed our annual cost study of obligations under our module 
collection and recycling program and determined that no adjustment to the associated liability was necessary. During 
the year ended December 31, 2022, we completed our annual cost study of obligations under our module collection 
and recycling program and reduced the associated liability by $7.5 million primarily due to lower estimated capital 
and chemical costs resulting from improvements to our module recycling technology.
110

Our module collection and recycling liability was $134.4 million and $135.1 million as of December 31, 2024 and 
2023, respectively. During the years ended December 31, 2024, 2023, and 2022, we recognized accretion expense of 
$5.8 million, $5.5 million, and $5.5 million, respectively, associated with this liability. See Note 7. “Restricted 
Marketable Securities” to our consolidated financial statements for more information about our arrangements for 
funding this liability.
Legal Proceedings
Class Action
In January 2022, a putative class action lawsuit titled City of Pontiac General Employees’ Retirement System v. 
First Solar, Inc., et al., Case No. 2:22-cv-00036-MTL, was filed in the United States District Court for the District of 
Arizona (hereafter “Arizona District Court”) against the Company and certain of our current officers (collectively, 
“Putative Class Action Defendants”). The complaint was filed on behalf of a purported class consisting of all 
purchasers of First Solar common stock between February 22, 2019 and February 20, 2020, inclusive. The complaint 
asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 based on 
allegedly false and misleading statements related to the Company’s Series 6 solar modules and its project 
development business. It seeks unspecified damages and an award of costs and expenses. On April 25, 2022, the 
Arizona District Court issued an order appointing the Palm Harbor Special Fire Control & Rescue District 
Firefighters’ Pension Plan and the Greater Pennsylvania Carpenters’ Pension Fund as Lead Plaintiffs. On 
June 23, 2022, Lead Plaintiffs filed an Amended Complaint that brought the same claims and sought the same relief 
as the original complaint. On January 10, 2023, the Court granted the Putative Class Action Defendants’ motion to 
dismiss in full, with leave to amend by February 10, 2023. On February 10, 2023, Lead Plaintiffs filed a Second 
Amended Complaint. Putative Class Action Defendants filed a motion to dismiss the Second Amended Complaint 
on February 24, 2023. Lead Plaintiffs filed their opposition to the motion to dismiss on March 10, 2023, and 
Putative Class Action Defendants filed a reply in support of their motion to dismiss on March 17, 2023. 
On June 23, 2023, the Court granted the Putative Class Action Defendants’ motion to dismiss with prejudice. On 
July 14, 2023, the Clerk of Court entered judgment in favor of the Putative Class Action Defendants. Lead Plaintiffs 
did not file an appeal, and the judgment in favor of the Putative Class Action Defendants is now final.
Derivative Action
In September 2022, a derivative action titled Federman v. Widmar, et al., Case No. 2:22-cv-01541-JAT, was filed by 
a putative stockholder purportedly on behalf of the Company in the Arizona District Court against our current 
directors and certain officers of the Company (collectively, “Derivative Action Defendants”), alleging violations of 
Section 14(a) of the Securities Exchange Act of 1934, breach of fiduciary duties, contribution and indemnification, 
aiding and abetting, and gross mismanagement. The complaint generally alleges that the Derivative Action 
Defendants caused or allowed false and misleading statements to be made concerning the Company’s Series 6 
modules and project development business. The action includes claims for, among other things, damages in favor of 
the Company and an award of costs and expenses to the putative plaintiff stockholder, including attorneys’ fees. The 
Company believes that the plaintiff in the derivative action lacks standing to pursue litigation on behalf of 
First Solar. On February 17, 2023, the case was transferred to Judge Liburdi, who is also presiding over the related 
putative class action. On March 10, 2023, the plaintiff filed an Amended Complaint. On April 10, 2023, the 
Derivative Action Defendants filed a motion to dismiss the Amended Complaint. The plaintiff filed its opposition to 
the motion to dismiss on May 17, 2023, and the Derivative Action Defendants filed a reply in support of their 
motion to dismiss on June 17, 2023. Given the Court’s dismissal of the putative class action, the parties agreed that 
the claims in the Derivative Action should be dismissed with prejudice and filed a joint stipulation to that effect on 
September 7, 2023. On September 8, 2023, the Court ordered the Clerk of Court to dismiss the action with prejudice.
111

Other Matters and Claims
In July 2021, Southern Power Company and certain of its affiliates (“Southern”) filed an arbitration demand with the 
American Arbitration Association against two subsidiaries of the Company, alleging breach of the EPC agreements 
for five projects in the United States, for which the Company’s subsidiaries served as the EPC contractor. The 
arbitration demand asserts breach of obligations to design and engineer the projects in accordance with the EPC 
agreements, particularly as such obligations relate to the procurement of tracker systems and inverters. The 
Company and its subsidiaries denied the claims, and defended the claims in arbitration hearings, which concluded in 
February 2023. In May 2023, the parties submitted their final proposals of individual award claims to the arbitration 
panel. In July 2023, the arbitration panel entered an interim award to Southern for $35.6 million, which was paid 
during the year ended December 31, 2023. As a result, we recognized a loss for such interim award in our results of 
operations for the year ended December 31, 2023. The final arbitration award, which did not change the results of 
the interim award, was signed on November 6, 2023. On February 2, 2024, First Solar commenced an action in the 
New York County Supreme Court seeking to vacate certain aspects of the final award. On May 6, 2024, such action 
was denied. First Solar has elected not to appeal, and considers this matter closed.
During the year ended December 31, 2022, we received several indemnification demands from certain customers, 
for whom we provided EPC services, regarding claims that such customers’ PV tracker systems infringe, in part, on 
patents owned by Rovshan Sade (“Plaintiff”), the owner of a company called Trabant Solar, Inc. In January 2023, 
we were notified by two of our customers that Plaintiff served them with patent infringement complaints, and we 
have assumed the defense of these claims. We have conducted due diligence on the patents and claims and believe 
that we will prevail in the actions. In April 2023, we commenced an Inter Partes Review (“IPR”) before the United 
States Patent and Trademark Office seeking to invalidate such claims. In November 2023, the United States Patent 
Trial and Appeal Board declined to hear the First Solar IPR. In July 2024, Plaintiff’s counsel filed a motion seeking 
to withdraw as counsel. The court granted the motion and issued a 45-day stay of all proceedings while Plaintiff 
seeks new representation. In September and December 2024, Plaintiff filed motions seeking a stay of all 
proceedings, claiming health issues. The court initially granted the motions and issued additional stays of all 
proceedings until March 2025 and subsequently ordered both parties to mediate the case, which is expected to take 
place during the week of March 17, 2025. At this time, we are not in a position to assess the likelihood of any 
potential loss or adverse effect on our financial condition or to estimate the amount or range of possible loss, if any, 
from these actions.
In April 2019, a subcontractor of First Solar sustained certain injuries while performing work at a former project site 
and, in May 2019, commenced legal action against a subsidiary of the Company. In June 2023, a jury awarded 
damages of approximately $51.3 million to the plaintiff. On September 21, 2023, the Superior Court of California 
for Monterey County ruled, in response to a motion for remittitur filed by the Company, that the damages awarded 
to the plaintiff were excessive and reduced the award from $51.3 million to $21.8 million. The plaintiff and 
defendant have appealed and cross appealed varying aspects of the verdict and the remittitur. Accordingly, due to 
the uncertainty surrounding the multiple decisions and appeals, as of December 31, 2024, we recorded a 
$21.8 million accrued litigation payable included in “Other current liabilities” in our consolidated balance sheet. We 
believe the full amount of awarded damages will be covered by our various insurance policies. Accordingly, we also 
recorded a $21.8 million receivable included in “Other current assets” in our consolidated balance sheet as of 
December 31, 2024. The plaintiff did not accept the reduced award by the court ordered deadline of 
October 10, 2023, and, as a result, the $21.8 million award has been vacated, and a new trial will be scheduled. We, 
in conjunction with our insurance carriers, are challenging the initial verdict in an appellate court, and the plaintiff is 
cross appealing from the decision to reduce the award, among other issues, stemming from the trial. We filed our 
initial briefs with the court on December 20, 2024. The plaintiff’s briefs are due by March 24, 2025.
112

On September 29, 2023 and June 5, 2024, the Company received subpoenas from the Division of Enforcement of 
the SEC seeking documents and information relating to the Company’s operations in India, the Company's entry into 
a PV module supply agreement with an India-based customer, and certain aspects of the Company's technology 
roadmap, among other things. The Company is cooperating with the SEC and cannot predict the ultimate timing, 
scope, or outcome of this matter.
We are party to other legal matters and claims in the normal course of our operations. While we believe the ultimate 
outcome of these matters and claims will not have a material adverse effect on our financial position, results of 
operations, or cash flows, the outcome of such matters and claims is not determinable with certainty, and negative 
outcomes may adversely affect us.
15. Revenue from Contracts with Customers
We recognize revenue for module sales at a point in time following the transfer of control of the modules to the 
customer, which typically occurs upon delivery of the modules to the location specified in the terms of the 
underlying contract. Our customer contracts generally contain provisions that (i) require us to pay the customer 
liquidated damages if we fail to deliver modules by scheduled dates or if we fail to deliver modules that meet certain 
U.S. domestic content requirements and (ii) entitle us to a termination payment if the customer defaults on its 
contractual obligations and we terminate the contract. Our accounting policy associated with revenue recognition 
from module sales is further described in Note 2. “Summary of Significant Accounting Policies.”
The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the 
year ended December 31, 2024 (in thousands): 
2024
2023
Change
Deferred revenue  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,039,825 
$ 2,005,183 
$ 
34,642 
 2 %
During the year ended December 31, 2024, our contract liabilities increased by $34.6 million primarily due to 
advance payments received or accrued in the current year for future sales of solar modules, partially offset by the 
recognition of revenue for sales of solar modules for which payment was received in prior years. During the years 
ended December 31, 2024 and 2023, we recognized revenue of $433.6 million and $432.7 million, respectively, that 
was included in the corresponding contract liability balance at the beginning of the periods.
As of December 31, 2024, we had entered into contracts with customers for the future sale of 68.5 GW of solar 
modules for an aggregate transaction price of $20.5 billion, which we expect to recognize as revenue through 2030 
as we transfer control of the modules to the customers. This volume and transaction price exclude contracts with 
customers in India for which payment has not been fully secured. This transaction price also excludes estimates of 
variable consideration associated with (i) future module technology improvements, including enhancements to 
certain energy related attributes, (ii) sales freight in excess of defined thresholds, (iii) changes to certain commodity 
prices, and (iv) the module wattage committed for delivery, among other things. As a result, the revenue recognized 
from such contracts may increase or decrease in future periods relative to the original transaction price. These 
contracts may also be subject to amendments as agreed to by the parties to the contract. These amendments may 
increase or decrease the volume of modules to be sold under the contract, change delivery schedules, or otherwise 
adjust the expected revenue under these contracts.
See Note 21. “Segment and Geographical Information” for the disaggregation of revenue by reportable segment.
113

16. Stockholders’ Equity 
Preferred Stock
As of December 31, 2024 and 2023, we had authorized 30,000,000 shares of undesignated preferred stock, 
$0.001 par value, none of which was issued and outstanding. Our board of directors is authorized to determine the 
rights, preferences, and restrictions on any series of preferred stock that we may issue.
Common Stock
As of December 31, 2024 and 2023, we had authorized 500,000,000 shares of common stock, $0.001 par value, of 
which 107,060,281 and 106,847,475 shares, respectively, were issued and outstanding. Each share of common stock 
is entitled to a single vote. We have not declared or paid any dividends through December 31, 2024.
17. Share-Based Compensation 
The following table presents share-based compensation expense recognized in our consolidated statements of 
operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
3,923 
$ 
4,798 
$ 
3,174 
Selling, general and administrative  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
20,696 
 
25,217 
 
22,367 
Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
3,502 
 
4,133 
 
3,080 
Production start-up  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(17)  
71 
 
35 
Total share-based compensation expense  . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
28,104 
$ 
34,219 
$ 
28,656 
As of December 31, 2024, we had $26.6 million of unrecognized share-based compensation expense related to 
unvested restricted stock and performance units, which we expect to recognize over a weighted-average period of 
approximately 1.3 years. During the years ended December 31, 2024, 2023, and 2022, we recognized an income tax 
benefit in our consolidated statements of operations of $12.2 million, $19.3 million, and $7.3 million, respectively, 
related to share-based compensation expense, including excess tax benefits. We authorize our transfer agent to issue 
new shares, net of shares withheld for taxes as appropriate, for the vesting of restricted stock and performance units 
or grants of unrestricted stock.
Share-Based Compensation Plans
During the year ended December 31, 2020, we adopted our 2020 Omnibus Plan, under which directors, officers, 
employees, and consultants of First Solar, Inc. (including any of its affiliates) are eligible to participate in various 
forms of share-based compensation. The 2020 Omnibus Plan is administered by the compensation committee (or 
any other committee designated by our board of directors), which is authorized to, among other things, determine the 
recipients of grants, the exercise price, and the vesting schedule of any awards made under the 2020 Omnibus Plan. 
Our board of directors may amend, modify, or terminate the 2020 Omnibus Plan without the approval of our 
stockholders, except for amendments that would increase the maximum number of shares of our common stock 
available for awards under the 2020 Omnibus Plan, increase the maximum number of shares of our common stock 
that may be delivered by incentive stock options, or modify the requirements for participation in the 2020 Omnibus 
Plan.
114

The 2020 Omnibus Plan provides for the grant of incentive stock options, non-qualified stock options, stock 
appreciation rights, restricted shares, restricted stock units, performance units, cash incentive awards, performance 
compensation awards, and other equity-based and equity-related awards. The shares underlying any forfeited, 
expired, terminated, or canceled awards become available for new award grants. We may not grant awards under the 
2020 Omnibus Plan after 2030, which is the tenth anniversary of the 2020 Omnibus Plan’s approval by our 
stockholders. As of December 31, 2024, we had 6,408,178 shares available for future issuance under the 2020 
Omnibus Plan.
Restricted Stock and Performance Units
We issue shares to the holders of restricted stock units on the date the restricted units vest. The majority of shares 
issued are net of applicable withholding taxes, which we pay on behalf of our associates. As a result, the actual 
number of shares issued will generally be less than the number of restricted stock units granted. Prior to vesting, 
restricted stock units do not have dividend equivalent rights or voting rights, and the shares underlying the restricted 
stock units are not considered issued and outstanding.
In July 2019, March 2020, and May 2021, the compensation committee of our board of directors approved grants of 
performance units for key executive officers to be earned over multi-year performance periods, which ended in 
December 2021, December 2022, and December 2023, respectively. Vesting of the 2019, 2020, and 2021 grants of 
performance units was contingent upon the specific attainment targets of each grant, which targets included metrics 
such as contracted revenue, module wattage, return on capital, cost per watt, gross profit, incremental average selling 
price, and operating income metrics. In March 2022, the compensation committee certified the achievement of the 
vesting conditions applicable to the 2019 grants, which approximated the maximum level of performance. In 
March 2023, the compensation committee certified the achievement of the vesting conditions applicable to the 2020 
grants, which approximated the target level of performance. In February 2024, the compensation committee certified 
the achievement of the vesting conditions applicable to the 2021 grants, which approximated the maximum level of 
performance. Accordingly, each participant received one share of common stock for each vested performance unit 
granted, net of any tax withholdings. 
In March 2022, the compensation committee approved additional grants of performance units for key executive 
officers to be earned over a multi-year performance period, which ended in December 2024. Vesting of the 2022 
grants of performance units is contingent upon the relative attainment of target contracted revenue, cost per watt, 
and return on capital metrics, to be certified by the compensation committee in 2025.
In March 2023 and March 2024, the compensation committee approved additional grants of performance units for 
key executive officers; such grants are expected to be earned over a multi-year performance period ending in 
December 2025 and December 2026, respectively. Vesting of the 2023 and 2024 grants of performance units is 
contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted 
revenue, production, incremental average selling price, and operating margin metrics.
Vesting of performance units is also contingent upon the employment of program participants through the applicable 
vesting dates, with limited exceptions in case of death, disability, a qualifying retirement, or a change-in-control of 
First Solar. Outstanding performance units are included in the computation of diluted net income per share based on 
the number of shares that would be issuable if the end of the reporting period were the end of the contingency 
period.
In February 2022, we adopted a Clawback Policy (“the Policy”) that applies to the Company’s current and former 
Section 16 officers. The Policy applies to all incentive compensation, including any performance-based annual 
incentive awards and performance-based equity compensation. The Policy was adopted to ensure that incentive 
compensation is paid or awarded based on accurate financial results and the correct calculation of performance 
against incentive targets.
115

The following is a summary of our restricted stock unit activity, including performance unit activity, for the year 
ended December 31, 2024:
Number of 
Shares
Weighted-
Average
Grant-Date
Fair Value
Unvested restricted stock units at December 31, 2023  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
960,448
$ 
106.25 
Restricted stock units granted (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215,849
 
158.63 
Restricted stock units vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(331,153)
 
75.44 
Restricted stock units forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30,806)
 
123.81 
Unvested restricted stock units at December 31, 2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
814,338
$ 
132.00 
——————————
(1)
Restricted stock units granted include the maximum amount of performance units available for issuance under our 
long-term incentive program for key executive officers and associates. The actual number of shares to be issued will 
depend on the relative attainment of the performance metrics described above.
We estimate the fair value of our restricted stock unit awards based on our stock price on the grant date. For the 
years ended December 31, 2023 and 2022, the weighted-average grant-date fair value for restricted stock units 
granted in such years was $210.45 and $89.21, respectively. The total fair value of restricted stock units vested 
during 2024, 2023, and 2022 was $25.0 million, $20.0 million, and $26.4 million, respectively.
Unrestricted Stock
During the years ended December 31, 2024, 2023, and 2022, we awarded 9,645; 11,246; and 19,868, respectively, of 
fully vested, unrestricted shares of our common stock, excluding amounts withheld for taxes, to the chair and 
independent members of our board of directors. Accordingly, we recognized $1.9 million, $2.1 million, and 
$1.9 million of share-based compensation expense for these awards during the years ended December 31, 2024, 
2023, and 2022, respectively.
116

18. Income Taxes
The Inflation Reduction Act. In August 2022, the previous U.S. President signed into law the IRA, which revised 
U.S. tax law by, among other things, including a new CAMT of 15% on certain large corporations, imposing a 1% 
excise tax on stock buybacks, and providing various incentives to address climate change, including the introduction 
of the advanced manufacturing production credit under Section 45X of the IRC. The provisions of the IRA are 
generally effective for tax years beginning after 2022. Certain developments to regulations include the following:
•
In March 2024, the U.S. Treasury Department and the IRS issued final regulations on the direct payment 
election under Section 6417 of the IRC. The final regulations apply to tax years ending on or after 
March 11, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending 
before March 11, 2024, provided the final regulations are applied in their entirety and in a consistent 
manner.
•
In April 2024, the U.S. Treasury Department and the IRS issued final regulations on the elective transfer 
provisions under Section 6418 of the IRC. The final regulations apply to taxable years ending on or after 
April 30, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending 
before April 30, 2024, provided the final regulations are applied in their entirety and in a consistent manner. 
•
In October 2024, the U.S. Treasury Department and the IRS issued final regulations for the advanced 
manufacturing production credit under Section 45X of the IRC. These final regulations apply to eligible 
components for which production is completed and sales occur after December 31, 2022, and during 
taxable years ending on or after October 28, 2024.
Foreign Tax Credit Regulations. In November 2022, the U.S. Treasury Department released proposed foreign tax 
credit (“FTC”) regulations addressing various aspects of the U.S. FTC regime. Among other items, these proposed 
regulations provide certain exceptions for determining creditable foreign withholding taxes. Taxpayers may rely on 
these proposed regulations, which apply to tax years beginning on or after December 28, 2021. As a result of these 
proposed regulations, foreign withholding taxes will continue to be creditable. In July 2023, the U.S. Treasury 
Department issued Notice 2023-55, which provides temporary relief for taxpayers in determining whether a foreign 
tax is eligible for a foreign tax credit for taxable years beginning on or after December 28, 2021 and ending before 
December 31, 2023. In December 2023, the U.S. Treasury Department issued Notice 2023-80, which extends this 
relief period until future guidance is issued.
Pillar Two. In December 2021, the OECD released model rules for a new global minimum tax framework (“Pillar 
Two”). Certain governments in countries in which we operate have enacted local Pillar Two legislation, with 
effective dates between January 1, 2024 and April 1, 2024; such local legislation may also include qualified 
domestic minimum top-up tax. As these legislative changes develop and expand, we expect to continue to monitor 
the changes and evaluate their potential impact to our results of operations.
Global Intangible Low-Taxed Income. In December 2017, the United States enacted the Tax Cuts and Jobs Act, 
changing how foreign earnings are subject to tax in the U.S. and enacting a tax on GILTI earned by foreign 
corporate subsidiaries. We record taxes due on U.S. inclusions in taxable income related to GILTI as a current-
period expense when incurred.
During the year ended December 31, 2024, we reversed our position to indefinitely reinvest the accumulated 
earnings of a foreign subsidiary and recorded tax expense of $6.2 million. There were no other changes to our 
indefinite reinvestment assertions during the period.
117

The U.S. and non-U.S. components of our income or loss before income taxes for the years ended 
December 31, 2024, 2023, and 2022 were as follows (in thousands):
2024
2023
2022
U.S. income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,217,274 
$ 
787,598 
$ 
(17,652) 
Non-U.S. income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
189,064 
 
103,692 
 
26,250 
Income before taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,406,338 
$ 
891,290 
$ 
8,598 
The components of our income tax expense or benefit for the years ended December 31, 2024, 2023, and 2022 were 
as follows (in thousands):
2024
2023
2022
Current expense:
Federal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
64,108 
$ 
44,693 
$ 
8,434 
State  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
48,255 
 
8,285 
 
399 
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
21,834 
 
20,767 
 
49,984 
Total current expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
134,197 
 
73,745 
 
58,817 
Deferred (benefit) expense:
Federal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(16,840)  
(23,390)  
(13,928) 
State  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(17,505)  
(1,413)  
(700) 
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
14,442 
 
11,571 
 
8,575 
Total deferred benefit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(19,903)  
(13,232)  
(6,053) 
Total income tax expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
114,294 
$ 
60,513 
$ 
52,764 
Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which 
generally provides for a full exemption from Malaysian income tax, is conditional upon our continued compliance 
with certain employment and investment thresholds, which we are currently in compliance with and expect to 
continue to comply with through the expiration of the tax holiday in 2027.
Our Vietnamese subsidiary has been granted a long-term tax incentive that generally provides a full exemption from 
Vietnamese income tax through 2023, followed by reduced annual tax rates of 5% through 2032 and 10% through 
2036. Such long-term tax incentive is conditional upon our continued compliance with certain revenue and R&D 
spending thresholds, which we are currently in compliance with and expect to continue to comply with through the 
expiration of the tax holiday.
118

Our income tax results differed from the amount computed by applying the relevant U.S. statutory federal corporate 
income tax rate to our income or loss before income taxes for the following reasons for the years ended 
December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Tax
Percent
Tax
Percent
Tax
Percent
Statutory income tax expense  . . . . . . . . . . . . . .
$ 295,331 
 21.0 % $ 187,171 
 21.0 % $ 
1,806 
 21.0 %
Changes in valuation allowance . . . . . . . . . . . . .
 
22,680 
 1.6 %  
10,873 
 1.2 %  
22,239 
 258.6 %
GILTI inclusion  . . . . . . . . . . . . . . . . . . . . . . . . .
 
16,174 
 1.2 %  
— 
 — %  
— 
 — %
State tax, net of federal benefit  . . . . . . . . . . . . .
 
14,850 
 1.1 %  
5,468 
 0.6 %  
700 
 8.1 %
Change in tax contingency . . . . . . . . . . . . . . . . .
 
12,110 
 0.9 %  
9 
 — %  
4,326 
 50.3 %
Non-deductible expenses (1)  . . . . . . . . . . . . . . .
 
8,373 
 0.6 %  
20,283 
 2.3 %  
10,776 
 125.3 %
OECD Pillar Two global minimum tax  . . . . . . .
 
8,319 
 0.6 %  
— 
 — %  
— 
 — %
Foreign dividend income  . . . . . . . . . . . . . . . . . .
 
4,774 
 0.3 %  
9,115 
 1.0 %  
2,857 
 33.2 %
Foreign tax rate differential  . . . . . . . . . . . . . . . .
 
4,141 
 0.3 %  
1,018 
 0.1 %  
(4,227) 
 (49.1) %
Share-based compensation . . . . . . . . . . . . . . . . .
 
(5,760) 
 (0.4) %  
(11,955) 
 (1.4) %  
(1,017) 
 (11.8) %
Return to provision adjustments  . . . . . . . . . . . .
 
(6,804) 
 (0.5) %  
(3,972) 
 (0.4) %  
(1,767) 
 (20.5) %
Tax credits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(21,909) 
 (1.6) %  
(9,337) 
 (1.0) %  
(12,654) 
 (147.2) %
Effect of tax holiday . . . . . . . . . . . . . . . . . . . . . .
 
(29,180) 
 (2.1) %  
(11,501) 
 (1.3) %  
27,424 
 318.9 %
Section 45X production credit  . . . . . . . . . . . . . .
 
(209,510) 
 (14.9) %  
(138,546) 
 (15.5) %  
— 
 — %
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
705 
 — %  
1,887 
 0.2 %  
2,301 
 26.9 %
Reported income tax expense  . . . . . . . . . . . . . .
$ 114,294 
 8.1 % $ 
60,513 
 6.8 % $ 
52,764 
 613.7 %
——————————
(1)
Includes, among other things, excess compensation for executive officers that is not deductible for tax purposes 
pursuant to Section 162(m) of the IRC.
During the years ended December 31, 2024 and 2023, we made net tax payments of $94.2 million and $90.9 million, 
respectively. During the year ended December 31, 2022, we received net tax refunds of $3.9 million.
119

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets 
and liabilities calculated under U.S. GAAP and the amounts calculated for preparing our income tax returns. The 
items that gave rise to our deferred taxes as of December 31, 2024 and 2023 were as follows (in thousands):
2024
2023
Deferred tax assets:
Long-term contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
351,260 
$ 
211,974 
Net operating losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
163,408 
 
119,822 
Capitalized research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
110,262 
 
53,146 
Inventory  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
50,283 
 
30,787 
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
38,161 
 
29,503 
Tax credits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
22,783 
 
14,800 
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
12,006 
 
16,451 
Equity in earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,052 
 
4,464 
Deferred expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,544 
 
1,590 
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
31,650 
 
28,908 
Deferred tax assets, gross  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
785,409 
 
511,445 
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(167,866)  
(149,424) 
Deferred tax assets, net of valuation allowance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
617,543 
 
362,021 
Deferred tax liabilities:
Property, plant and equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(439,545)  
(234,394) 
Investment in foreign subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(9,799)  
(6,034) 
Acquisition accounting / basis difference  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(4,170)  
(3,964) 
Restricted marketable securities and derivatives  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,983)  
(2,087) 
Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(1,357)  
(1,294) 
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(6,577)  
(14,200) 
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
(463,431) $ 
(261,973) 
Net deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
154,112 
$ 
100,048 
We use the deferral method of accounting for investment tax credits under which the credits are recognized as 
reductions in the carrying value of the related assets. The use of the deferral method also results in a basis difference 
from the recognition of a deferred tax asset and an immediate income tax benefit for the future tax depreciation of 
the related assets. Such basis differences are accounted for pursuant to the income statement method.
The following table shows changes in the valuation allowance against our deferred tax assets during the years ended 
December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Valuation allowance, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
149,424 
$ 
135,763 
$ 
123,917 
Additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
24,445 
 
15,109 
 
58,922 
Reversals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(6,003)  
(1,448)  
(47,076) 
Valuation allowance, end of year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
167,866 
$ 
149,424 
$ 
135,763 
We maintained a valuation allowance of $167.9 million and $149.4 million as of December 31, 2024 and 2023, 
respectively, against certain of our deferred tax assets, as it is more likely than not that such amounts will not be 
fully realized. During the year ended December 31, 2024, the valuation allowance increased by $18.4 million 
primarily due to current year operating losses in certain jurisdictions, partially offset by the partial release of the 
valuation allowance in jurisdictions with current year operating income.
As of December 31, 2024, we had federal and aggregate state net operating loss carryforwards of $6.2 million and 
$143.0 million, respectively. As of December 31, 2023, we had federal and aggregate state net operating loss 
120

carryforwards of $7.6 million and $74.1 million, respectively. If not used, the federal net operating loss 
carryforwards incurred prior to 2018 will begin to expire in 2030, and the state net operating loss carryforwards will 
begin to expire in 2029. Federal net operating losses arising in tax years beginning in 2018 may be carried forward 
indefinitely, and the associated deduction is limited to 80% of taxable income. The utilization of our net operating 
loss carryforwards is also subject to an annual limitation under Section 382 of the IRC due to changes in ownership. 
Based on our analysis, we do not believe such limitation will impact our realization of the net operating loss 
carryforwards as we anticipate utilizing them prior to expiration. As of December 31, 2024, we also had U.S. foreign 
tax credit carryforwards of $22.8 million. If not used, these credits will begin to expire in 2034.
The following table shows a reconciliation of the beginning and ending amount of liabilities associated with 
uncertain tax positions for the years ended December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Unrecognized tax benefits, beginning of year  . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
16,723 
$ 
14,493 
$ 
7,811 
Increases related to prior year tax positions  . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,007 
 
2,516 
 
4,569 
Decreases related to prior year tax positions . . . . . . . . . . . . . . . . . . . . . . . . .
 
(651)  
(437)  
— 
Decreases from lapse in statute of limitations . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
— 
 
(361) 
Decreases relating to settlements with authorities . . . . . . . . . . . . . . . . . . . . .
 
(4,237)  
(2,122)  
— 
Increases related to current tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
11,030 
 
2,273 
 
2,474 
Unrecognized tax benefits, end of year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
23,872 
$ 
16,723 
$ 
14,493 
If recognized, $22.3 million of unrecognized tax benefits, excluding interest and penalties, would reduce our annual 
effective tax rate. Due to the uncertain and complex application of tax laws and regulations, it is possible that the 
ultimate resolution of uncertain tax positions may result in liabilities that could be materially different from these 
estimates. In such an event, we will record additional tax expense or benefit in the period in which such resolution 
occurs. Our policy is to recognize any interest and penalties that we may incur related to our tax positions as a 
component of income tax expense or benefit. During the years ended December 31, 2024, 2023, and 2022, we 
recognized interest and penalties of $0.3 million, $0.4 million, and $0.3 million, respectively, related to 
unrecognized tax benefits.
We are subject to audit by federal, state, local, and foreign tax authorities. We are currently under examination in 
India, Chile, the United States, and the States of Georgia and Tennessee. We believe that adequate provisions have 
been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations 
cannot be predicted with certainty. If any issues addressed by our tax examinations are not resolved in a manner 
consistent with our expectations, we could be required to adjust our provision for income taxes in the period such 
resolution occurs.
The following table summarizes the tax years that are either currently under audit or remain open and subject to 
examination by the tax authorities in the most significant jurisdictions in which we operate:
Tax Years
Vietnam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014 - 2023
United States  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 - 2018; 2020 - 2023
India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 - 2023
Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 - 2023
Malaysia  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 - 2023
In certain of the jurisdictions noted above, we operate through more than one legal entity, each of which has 
different open years subject to examination. The table above presents the open years subject to examination for the 
most material of the legal entities in each jurisdiction. Additionally, tax years are not closed until the statute of 
limitations in each jurisdiction expires. In the jurisdictions noted above, the statute of limitations can extend beyond 
the open years subject to examination.
121

19. Net Income (Loss) per Share
The calculation of basic and diluted net income (loss) per share for the years ended December 31, 2024, 2023, and 
2022 was as follows (in thousands, except per share amounts):
2024
2023
2022
Basic net income (loss) per share
Numerator:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,292,044 
$ 
830,777 
$ 
(44,166) 
Denominator:
Weighted-average common shares outstanding  . . . . . . . . . . . . . . . . . . . . . .
107,015
106,795
106,551
Diluted net income (loss) per share
Denominator:
Weighted-average common shares outstanding  . . . . . . . . . . . . . . . . . . . . . .
107,015
106,795
106,551
Effect of restricted stock and performance units . . . . . . . . . . . . . . . . . . . . . .
 
510 
 
577 
 
— 
Weighted-average shares used in computing diluted net income (loss) per 
share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107,525
107,372
106,551
Net income (loss) per share:
Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
12.07 
$ 
7.78 
$ 
(0.41) 
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
12.02 
$ 
7.74 
$ 
(0.41) 
The following table summarizes the potential shares of common stock that were excluded from the computation of 
diluted net income (loss) per share for the years ended December 31, 2024, 2023, and 2022 as such shares would 
have had an anti-dilutive effect (in thousands):
2024
2023
2022
Anti-dilutive shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
576
122

20. Accumulated Other Comprehensive Loss
The following table presents the changes in accumulated other comprehensive loss, net of tax, for the year ended 
December 31, 2024 (in thousands):
Foreign 
Currency 
Translation 
Adjustment
Unrealized 
Loss on 
Marketable 
Securities and 
Restricted 
Marketable 
Securities
Unrealized 
(Loss) Gain on 
Derivative 
Contracts
Total
Balance as of December 31, 2023 . . . . . . . . . . . . . . . . . . . . . .
$ 
(118,366) $ 
(54,610) $ 
(1,155) $ 
(174,131) 
Other comprehensive loss before reclassifications  . . . . . .
 
(13,594)  
(1,975)  
(1,196)  
(16,765) 
Amounts reclassified from accumulated other 
comprehensive loss  . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
4,664 
 
(11)  
2,323 
 
6,976 
Net tax effect  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
113 
 
(251)  
(138) 
Net other comprehensive (loss) income  . . . . . . . . . . . . . . . . .
 
(8,930)  
(1,873)  
876 
 
(9,927) 
Balance as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . .
$ 
(127,296) $ 
(56,483) $ 
(279) $ 
(184,058) 
The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our 
consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Comprehensive Income Components
Income Statement Line Item
2024
2023
2022
Foreign currency translation adjustment:
Foreign currency translation adjustment . .
Cost of sales
$ 
— 
$ 
146 
$ 
— 
Foreign currency translation adjustment . .
Gain on sales of businesses, 
net
 
— 
 
— 
 
3,756 
Foreign currency translation adjustment . .
Other (expense) income, net
 
(4,664)  
(1,766)  
959 
Total foreign currency translation adjustment
 
(4,664)  
(1,620)  
4,715 
Unrealized gain (loss) on marketable 
securities and restricted marketable 
securities  . . . . . . . . . . . . . . . . . . . . . . . . . .
Other (expense) income, net
 
11 
 
(9)  
— 
Unrealized (loss) gain on derivative contracts:
Commodity swap contracts . . . . . . . . . . . .
Cost of sales
 
(2,323)  
(6,726)  
(859) 
Foreign exchange forward contracts . . . . .
Cost of sales
 
— 
 
— 
 
1,671 
Total unrealized (loss) gain on derivative 
contracts  . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(2,323)  
(6,726)  
812 
Total (loss) gain reclassified  . . . . . . . . . . .
$ 
(6,976) $ 
(8,355) $ 
5,527 
123

21. Segment and Geographical Information
Our only reportable segment is our modules business, which involves the design, manufacture, and sale of CdTe 
solar modules, which convert sunlight into electricity. Third-party customers of our modules segment include system 
developers, independent power producers, utilities, commercial and industrial companies, and other system owners 
and operators. Our residual business operations include certain project development activities, O&M services, the 
results of operations from PV solar power systems we owned and operated in certain international regions, and the 
sale of such systems to third-party customers.
Our business is managed by our Chief Executive Officer, who is also considered our chief operating decision maker 
(“CODM”). Our CODM views sales of solar modules as the primary driver of our consolidated operating results. 
Our modules segment contributes to our operating results by providing the fundamental technologies and solar 
modules that drive our business and sales opportunities. Accordingly, our CODM generally makes decisions about 
allocating resources and assessing performance of the Company based on the gross profit of our modules segment. 
However, information about our modules segment assets is not reported to the CODM for purposes of making such 
decisions. Accordingly, we exclude such asset information from our reportable segment financial disclosures.
The following tables provide a reconciliation of certain financial information for our reportable segment to 
information presented in our consolidated financial statements for the years ended December 31, 2024, 2023, and 
2022 (in thousands):
Year Ended December 31, 2024
Modules
Other
Consolidated 
Total
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,202,733 
$ 
3,556 
$ 4,206,289 
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,342,045 
 
6,380 
 
2,348,425 
Gross profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,860,688 
 
(2,824)  
1,857,864 
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
28,335 
 
— 
 
28,335 
Year Ended December 31, 2023
Modules
Other
Consolidated 
Total
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,296,809 
$ 
21,793 
$ 3,318,602 
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,019,388 
 
(1,465)  
2,017,923 
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
1,277,421 
 
23,258 
 
1,300,679 
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
29,687 
 
— 
 
29,687 
Year Ended December 31, 2022
Modules
Other
Consolidated 
Total
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,428,278 
$ 
191,041 
$ 2,619,319 
Cost of sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
2,312,881 
 
236,580 
 
2,549,461 
Gross profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
115,397 
 
(45,539)  
69,858 
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
14,462 
 
— 
 
14,462 
124

The following table presents net sales for the years ended December 31, 2024, 2023, and 2022 by geographic region, 
based on the customer country of invoicing (in thousands):
2024
2023
2022
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,904,844 
$ 3,187,603 
$ 2,193,619 
India  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
201,714 
 
10,869 
 
37,215 
France  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
34,370 
 
68,302 
 
67,656 
Chile  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
— 
 
9 
 
173,279 
All other foreign countries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
65,361 
 
51,819 
 
147,550 
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,206,289 
$ 3,318,602 
$ 2,619,319 
The following table presents long-lived assets, which include property, plant and equipment, lease assets, and 
project assets as of December 31, 2024 and 2023 by geographic region, based on the physical location of the assets 
(in thousands):
2024
2023
United States  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,911,923 
$ 2,734,952 
Malaysia  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
646,111 
 
718,692 
Vietnam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
500,568 
 
544,380 
India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
471,736 
 
478,667 
All other foreign countries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
52,345 
 
50,492 
Long-lived assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,582,683 
$ 4,527,183 
22. Concentrations of Risks
Customer Concentration Risk. The following customers each comprised 10% or more of our total net sales for the 
years ended December 31, 2024, 2023, and 2022:
% of Net Sales
Segment
2024
2023
2022
Customer #1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Modules
*
 10 %
 10 %
Customer #2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Modules
*
*
 14 %
Customer #3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Modules
*
*
 10 %
——————————
*
Net sales for these customers were less than 10% of our total net sales for the period.
Supplier Concentration Risk. Several of our key raw materials and components, in particular CdTe and substrate 
glass, and manufacturing equipment are either single-sourced or sourced from a limited number of suppliers. Failure 
of any of our key suppliers to perform could disrupt our supply chain and adversely impact our operations by 
impairing our ability to deliver solar modules to customers in the required quality and quantities and at a price that is 
profitable to us.
Production Concentration Risk. Shortages of essential components and equipment could occur due to increases in 
demand or interruptions of supply, which may be exacerbated by the availability of logistics services, thereby 
adversely affecting our ability to meet customer demand for our products. Our solar modules are currently produced 
at our facilities in the United States, Malaysia, Vietnam, and India. Damage to or disruption of these facilities could 
interrupt our business and adversely affect our ability to generate net sales.
125

INDEX TO EXHIBITS
The following exhibits are filed with or incorporated by reference into this Annual Report on Form 10-K:
3.1
Amended and Restated Certificate of Incorporation of First 
Solar, Inc.
S-1/A
333-135574
10/25/06
3.1
3.2
Amended and Restated Bylaws of First Solar, Inc.
8-K
001-33156
5/9/24
3.1
4.1
Description of the Registrant’s Securities
10-K
001-33156
2/21/20
4.1
10.1+
Form of Change in Control Severance Agreement
S-1/A
333-135574
10/25/06
10.15
10.2
Form of Director and Officer Indemnification Agreement
10-K
001-33156
2/27/13
10.20
10.3+
Employment Agreement, dated March 15, 2011, and Change in 
Control Severance Agreement, dated April 4, 2011 between 
First Solar, Inc. and Mark Widmar
10-Q
001-33156
5/5/11
10.3
10.4+
Employment Agreement, effective July 1, 2012, and Change in 
Control Severance Agreement, effective July 1, 2012 between 
First Solar, Inc. and Georges Antoun
10-Q
001-33156
8/3/12
10.1
10.5+
Non-Competition and Non-Solicitation Agreement, effective as 
of March 15, 2011, between First Solar, Inc. and Mark Widmar
10-Q
001-33156
5/7/13
10.2
10.6+
Change in Control Severance Agreement, effective as of July 1, 
2012, between First Solar, Inc. and Georges Antoun
10-Q
001-33156
5/7/13
10.3
10.7+
Amendment to Change in Control Severance Agreement
10-Q
001-33156
8/7/13
10.1
10.8
Restricted Cash Assignment of Deposits
10-Q
001-33156
8/6/14
10.2
10.9+
First Solar, Inc. 2015 Omnibus Incentive Compensation Plan
DEF 
14A
001-33156
4/8/15
App. A
10.10+
Amendment to Employment Agreement, effective as of July 1, 
2016, between First Solar, Inc. and Mark Widmar, and 
Amendment 
to 
Non-Competition 
and 
Non-Solicitation 
Agreement, effective as of July 1, 2016, between First Solar, 
Inc. and Mark Widmar, and Second Amendment to Change-in-
Control Severance Agreement, effective as of July 1, 2016, 
between First Solar, Inc. and Mark Widmar
10-Q
001-33156
4/28/16
10.1
10.11+
Employment Agreement, effective as of October 24, 2016, and 
Change-in-Control Severance Agreement, effective as of 
October 24, 2016, between First Solar, Inc. and Alexander 
Bradley
10-Q
001-33156
11/3/16
10.1
10.12+
Employment Agreement, Change In Control Severance 
Agreement, 
Confidentiality 
and 
Intellectual 
Property 
Agreement, 
and 
Non-Competition 
and 
Non-Solicitation 
Agreement, effective as of October 7, 2019 between First Solar, 
Inc. and Caroline Stockdale
10-K
001-33156
2/21/20
10.34
10.13+
First Solar, Inc. 2020 Omnibus Incentive Compensation Plan
DEF 
14A
001-33156
4/1/20
App. A
10.14+
Employment Agreement, First Amendment to Employment 
Agreement, Change In Control Severance Agreement, 
Confidentiality and Intellectual Property Agreement, and Non-
Competition and Non-Solicitation Agreement, effective as of 
August 10, 2020 between First Solar, Inc. and Patrick Buehler
10-Q
001-33156
10/28/20
10.1
10.15+
Employment Agreement, Change In Control Severance 
Agreement, 
Confidentiality 
and 
Intellectual 
Property 
Agreement, 
and 
Non-Competition 
and 
Non-Solicitation 
Agreement, effective as of August 10, 2020 between First 
Solar, Inc. and Jason Dymbort
10-Q
001-33156
10/28/20
10.2
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
First Filing
Exhibit
Number
126

10.16+
Employment Agreement, Change In Control Severance 
Agreement, 
Confidentiality 
and 
Intellectual 
Property 
Agreement, 
and 
Non-Competition 
and 
Non-Solicitation 
Agreement, effective as of August 10, 2020 between First 
Solar, Inc. and Markus Gloeckler
10-Q
001-33156
10/28/20
10.3
10.17+
Employment Agreement, First Amendment to Employment 
Agreement, Change In Control Severance Agreement, 
Confidentiality and Intellectual Property Agreement, and Non-
Competition and Non-Solicitation Agreement, effective as of 
August 10, 2020 between First Solar, Inc. and Michael 
Koralewski
10-Q
001-33156
10/28/20
10.4
10.18+
First Amendment to Employment Agreement, effective as of 
October 8, 2020 between First Solar, Inc. and Caroline 
Stockdale
10-Q
001-33156
10/28/20
10.5
10.19+
Employment Agreement, First Amendment to Employment 
Agreement, Change In Control Severance Agreement, 
Confidentiality and Intellectual Property Agreement, and Non-
Competition and Non-Solicitation Agreement, effective as of 
August 10, 2020 between First Solar, Inc. and Kuntal Kumar 
Verma
10-Q
001-33156
10/28/20
10.6
10.20+
First Amendment to Employment Agreement, effective as of 
January 8, 2021 between First Solar, Inc. and Markus Gloeckler
10-K
001-33156
2/26/21
10.46
10.21+
Form of Performance Unit Award Agreement - Form Perf 
Unit-014
10-K
001-33156
4/28/22
10.1
10.22+
Form of Grant Notice for 2022-2024 Executive Performance 
Equity Plan
10-Q
001-33156
4/28/22
10.6
10.23‡§
Finance Agreement between FS India Solar Ventures Private 
Limited and United States International Development Finance 
Corporation dated July 27, 2022
10-Q
001-33156
7/28/22
10.7
10.24‡§
Guaranty Agreement, dated August 4, 2022, between First 
Solar, Inc. and United States International Development 
Finance Corporation
10-Q
001-33156
10/27/22
10.1
10.25+
Form of Performance Unit Award Agreement - Form Perf 
Unit-015
10-K
001-33156
2/28/23
10.37
10.26+
Form of Grant Notice for 2023-2025 Executive Performance 
Equity Plan
10-Q
001-33156
4/27/23
10.1
10.27+
Credit and Guaranty Agreement, dated as of June 30, 2023, 
among First Solar, Inc., the guarantors from time to time party 
thereto, the several banks and other financial institutions or 
entities from time to time parties thereto, and JPMorgan Chase 
Bank, N.A., as administrative agent
8-K
001-33156
7/6/23
10.1
10.28+
Tax Credit Transfer Agreement between First Solar, Inc. and 
Fiserv, Inc. dated December 22, 2023 (Fixed)
8-K
001-33156
12/27/23
10.1
10.29+
Tax Credit Transfer Agreement between First Solar, Inc. and 
Fiserv, Inc. dated December 22, 2023 (Variable)
8-K
001-33156
12/27/23
10.2
10.30+
Form of Performance Unit Award Agreement - Form Perf 
Unit-016
10-K
001-33156
2/27/24
10.30
10.31+
Form of Grant Notice for 2024-2026 Executive Performance 
Equity Plan
10-Q
001-33156
5/1/24
10.1
10.32+
Amendment No.1 to Guaranty Agreement dated June 21, 2024, 
between First Solar, Inc. and United States International 
Development Finance Corporation
10-Q
001-33156
7/30/24
10.1
10.33+
Tax Credit Transfer Agreement between First Solar, Inc. and 
Visa Inc. dated December 6, 2024 (Fixed)
8-K
001-33156
12/12/24
10.1
10.34+
Tax Credit Transfer Agreement between First Solar, Inc. and 
Visa Inc. dated December 6, 2024 (Variable)
8-K
001-33156
12/12/24
10.2
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
First Filing
Exhibit
Number
127

10.35+*
Form of Performance Unit Award Agreement - Form Perf 
Unit-017
—
—
—
—
10.36+*
Form of RSU Award Agreement
—
—
—
—
10.37+*
Form of Grant Notice for RSU Award Agreement
—
—
—
—
10.38+*
Form of Option Award Agreement
—
—
—
—
10.39+*
Form of Share Award Agreement
—
—
—
—
10.40+*
Form of Cash Incentive Award Agreement
—
—
—
—
10.41+*
Form of Performance Cash Incentive Award Agreement
—
—
—
—
19.1*
First Solar, Inc. Insider Trading Compliance Policy
—
—
—
—
21.1*
List of Subsidiaries of First Solar, Inc.
—
—
—
—
23.1*
Consent of Independent Registered Public Accounting Firm
—
—
—
—
31.1*
Certification of Chief Executive Officer pursuant to Rule 
13a-14(a) and 15d-14(a), as amended
—
—
—
—
31.2*
Certification of Chief Financial Officer pursuant to Rule 
13a-14(a) and 15d-14(a), as amended
—
—
—
—
32.1†
Certification of Chief Executive Officer and Chief Financial 
Officer pursuant to 18 U.S.C. Section 1350, as adopted 
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
—
—
—
—
97.1
First Solar, Inc. Clawback Policy
10-K
001-33156
2/27/24
97.1
101.INS*
XBRL Instance Document – the instance document does not 
appear in the Interactive Data file because its XBRL tags are 
embedded within the Inline XBRL document
—
—
—
—
101.SCH*
XBRL Taxonomy Extension Schema Document
—
—
—
—
101.CAL*
XBRL Taxonomy Extension Calculation Linkbase Document
—
—
—
—
101.DEF*
XBRL Taxonomy Extension Definition Linkbase Document
—
—
—
—
101.LAB*
XBRL Taxonomy Label Linkbase Document
—
—
—
—
101.PRE*
XBRL Taxonomy Extension Presentation Document
—
—
—
—
104*
Cover page formatted as Inline XBRL and contained in 
Exhibit 101
—
—
—
—
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
First Filing
Exhibit
Number
——————————
+ 
Management contract, compensatory plan, or arrangement.
‡ 
Portions of this exhibit have been redacted in compliance with Item 601(b)(10) of Regulation S-K.
§ 
Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
* 
Filed herewith.
† 
Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act 
of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any 
filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date 
hereof and irrespective of any general incorporation language in any filings.
Item 16. Form 10-K Summary
None.
128

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FIRST SOLAR, INC.
Date: February 25, 2025
By:
/s/ NATHAN THEURER
Name:
Nathan Theurer
Title:
Chief Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ MARK R. WIDMAR
Chief Executive Officer and Director
February 25, 2025
Mark R. Widmar
/s/ ALEXANDER R. BRADLEY
Chief Financial Officer
February 25, 2025
Alexander R. Bradley
/s/ MICHAEL J. AHEARN
Chair of the Board of Directors
February 25, 2025
Michael J. Ahearn
/s/ MOLLY E. JOSEPH
Director
February 25, 2025
Molly E. Joseph
/s/ LISA A. KRO
Director
February 25, 2025
Lisa A. Kro
/s/ WILLIAM J. POST
Director
February 25, 2025
William J. Post
/s/ VENKATA RENDUCHINTALA
Director
February 25, 2025
Venkata Renduchintala
/s/ PAUL H. STEBBINS
Director
February 25, 2025
Paul H. Stebbins
/s/ MICHAEL SWEENEY
Director
February 25, 2025
Michael Sweeney
/s/ NORMAN L. WRIGHT
Director
February 25, 2025
Norman L. Wright
Signature
Title
Date
129

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FIRST SOLAR | ANNUAL REPORT 2024
First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the US and other 
countries. Series 7, Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First Solar, Inc.
EXECUTIVE MANAGEMENT
Mark Widmar, Chief Executive Officer
Alex Bradley, Chief Financial Officer
Georges Antoun, Chief Commercial Officer
Michael Koralewski, Chief Supply Chain Officer
Kuntal Kumar Verma, Chief Manufacturing Officer
Pat Buehler, Chief Product Officer
Markus Gloeckler, Chief Technology Officer
Caroline Stockdale, Chief People and Communications Officer
Jason Dymbort, General Counsel & Secretary
TRANSFER AGENT
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, KY 40233-5002
Stockholder Services: 
+1 800 962 4284
 www.computershare.com
INDEPENDENT AUDITORS
 PricewaterhouseCoopers LLP
STOCK LISTING
 First Solar, Inc. common stock 
is traded on the Nasdaq Global 
Select Market, listed under FSLR.
INVESTOR RELATIONS 
350 West Washington Street
Suite 600
 Tempe, AZ 85288 
investor@firstsolar.com
CORPORATE HEADQUARTERS 
350 West Washington Street
Suite 600 
Tempe, AZ 85288 
Telephone +1 602 414 9300 
Facsimile +1 602 414 9400 
www.firstsolar.com
Corporate Information.
BOARD OF DIRECTORS 
Michael J. Ahearn | Chairman of the Board 
Chair and Managing Partner,  
True North Venture Partners, L.P.
Anita Marangoly George | Independent Director
Chief Executive Officer and Director,  
Prosperete
Molly E. Joseph | Independent Director
Managing Partner,  
Cypress Pass Ventures
Lisa A. Kro | Independent Director
Chief Financial & Administrative Officer,  
Ryan Companies
William J. Post | Lead Independent Director
Chair and Chief Executive Officer (Ret.),  
Pinnacle West Capital Corporation
Venkata Renduchintala | Independent Director
Chief Engineering Officer (Ret.),  
Intel Corporation
Paul H. Stebbins | Independent Director
Chair Emeritus and Director,  
World Kinect Corporation
Michael T. Sweeney | Independent Director
President and Chief Executive Officer (Ret.),  
Steinway Musical Instruments, Inc.
Mark R. Widmar | Director and Chief Executive Officer
Director and Chief Executive Officer, 
First Solar, Inc.
Norman L. Wright | Independent Director
Executive Vice President, Health Equity Strategy (Ret.), 
UnitedHealth Group

All financial numbers in this report are based on U.S. Generally 
Accepted Accounting Principles.
This letter contains statements other than statements of historical 
fact, which are subject to risks, uncertainties, and other factors as 
described in the company’s filings with the Securities and Exchange 
Commission. These forward-looking statements are qualified in their 
entirety by the cautionary statements and risk factors contained in 
the company’s Annual Report on Form 10-K for the fiscal year ended 
December 31, 2024.
Corporate Headquarters 
350 West Washington Street, Suite 600 
Tempe, AZ 85288 USA 
Telephone: +1 602 414 9300  
Facsimile: +1 602 414 9400 
www.firstsolar.com