FSLR · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

First Solar

38 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

NextEra Energy

earns from · 10% or more of our modules business net salesnamed as a risk

During 2025, Silicon Ranch Corporation and NextEra Energy each accounted for 10% or more of our modules business net sales.Business (Item 1)

Also named by OGE

Silicon Ranch Corporation

earns from · 10% or more of our modules business net salesnamed as a risk

During 2025, Silicon Ranch Corporation and NextEra Energy each accounted for 10% or more of our modules business net sales.Business (Item 1)

BP Solar Holding LLC / Lightsource Renewable Energy Trading, LLC

earns from · $323.6 millionnamed as a risk

For example, in September 2025, First Solar filed a complaint in the Supreme Court of the State of New York asserting that BP Solar Holding LLC and its affiliate Lightsource Renewable Energy Trading, LLC (together, the “Defendants”) breached their contractual obligations with First Solar and demanding payment from the Defendants of $323.6 million, along with certain other receivables for solar modules previously delivered to the Defendants.Risk factors (Item 1A)

Other companies

Series 7 module manufacturing issues

$50 millionnamed as a risk

Within that range, we recorded a specific warranty liability of $50 million as of December 31, 2025, which represents our best estimate of expected future losses related to the identified manufacturing issues.Risk factors (Item 1A)

Data center electricity demand

earns from · up to 3.5% annually through 2040

The U.S. is expected to need significant new power generation capacity as domestic power demand is expected to increase up to 3.5% annually through 2040, a significant portion of which is expected to be driven by data center growth.Business (Item 1)

Competitors

Chinese crystalline silicon module manufacturers

competes with · approximately 105 GWnamed as a risk

For example, we estimate that in 2025 approximately 105 GW of capacity was added by solar module manufacturers, primarily in China.Risk factors (Item 1A)

JinkoSolar

competes withnamed as a risk

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.Risk factors (Item 1A)

Canadian Solar

competes withnamed as a risk

On May 9, 2025, we filed a lawsuit in the United States District Court for the District of Delaware against Canadian Solar and its related entities alleging infringement of certain of our U.S. TOPCon patents.Risk factors (Item 1A)

Places

United States

concentrated in · 96% of our 2025 net sales

Multiple markets within the United States, which accounted for 96% of our 2025 net sales, exemplify favorable characteristics for a solar market, including (i) sizeable and growing electricity needs, driven largely by data center demand and other demand growth across a large number of utility service territories; (ii) strong demand for renewable energy generation; (iii) abundant solar resources; and (iv) demand for domestically manufactured modules.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

India

operates in · 3.2 GW

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.Business (Item 1)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Vietnam

operates innamed as a risk

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.Market risk (Item 7A)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Malaysia

operates innamed as a risk

Also named by A, ANET, AVGO, CGNX, DELL, LITE, MSI, NXT and 6 more

Perrysburg, Ohio

operates in

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.Business (Item 1)

Hazards

Cadmium

named as a risk

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.Risk factors (Item 1A)

Commodities and inputs

Copper

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Aluminum

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Steel

exposed to its pricenamed as a risk

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Natural gas

exposed to its pricenamed as a risk

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Tellurium

depends onnamed as a risk

Several of our key raw materials and components, in particular CdTe, tellurium, products containing tellurium, substrate glass, and manufacturing equipment are either single-sourced or sourced from a limited number of suppliers.Risk factors (Item 1A)

Cadmium telluride (CdTe)

depends onnamed as a risk

A key raw material used in our module production process is a CdTe compound.Risk factors (Item 1A)

Substrate glass

depends onnamed as a risk

Regulators

U.S. Department of Commerce

subject tonamed as a risk

Such AD/CVDs can 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.Risk factors (Item 1A)

Also named by AIR, ALAB, AMKR, AXON, DELL, DLTR, ENTG, INTC and 9 more

China tellurium export controls (Chinese Ministry of Commerce)

subject tonamed as a risk

Exporters of tellurium and related products are generally 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.Risk factors (Item 1A)

India Ministry of New and Renewable Energy

subject tonamed as a risk

The ALMM is approved by the Ministry of New and Renewable Energy (“MNRE”), and any modifications to the ALMM and its application may affect future investments in solar module manufacturing in India.Risk factors (Item 1A)

Laws and programs

IEEPA tariffs

subject to · Vietnam (20%), India (25%), and Malaysia (19%)named as a risk

As it pertains to the countries where we manufacture solar modules, IEEPA tariffs applied to Vietnam (20%), India (25%), and Malaysia (19%).Risk factors (Item 1A)

Also named by CAH, FCNCA, MCHP, RL, SOLV, TGT, VFC

Section 45X Advanced Manufacturing Production Credit

subject to · approximately 17 cents per wattnamed as a risk

Based on the current form factor of our modules, we believe we qualify for a credit of approximately 17 cents per watt for each module produced in the United States and sold to a third party.Risk factors (Item 1A)

Also named by AA, NXT

Section 122 of the Trade Act of 1974 tariffs

subject to · up to 15%named as a risk

President Trump responded immediately by revoking the IEEPA tariff actions and imposing new global tariffs pursuant to Section 122 of the Trade Act of 1974 (“Section 122”), which provides for tariffs up to 15% for a period of no more than 150 days.Risk factors (Item 1A)

Also named by CAH, TPR

Section 301 tariffs on Chinese solar cells and modules

subject to · 50% on crystalline silicon solar cells and tariffs of 25% on modulesnamed as a risk

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.Risk factors (Item 1A)

U.S. Section 232 tariffs on aluminum, steel, copper

subject to · from 25% to 50%named as a risk

Effective June 4, 2025, the U.S. President increased tariffs on imported aluminum and steel articles under Section 232 of the Trade Expansion Act of 1962 (“Section 232”) from 25% to 50%.Risk factors (Item 1A)

U.S. AD/CVD on solar products from Cambodia, Malaysia, Thailand, Vietnam

subject to · de minimis to over 3,400%named as a risk

Final AD/CVD rates ranged from de minimis to over 3,400%, depending on the particular foreign producer.Risk factors (Item 1A)

India solar import duties

subject to · 40% and 27.5%named as a risk

Therefore, the aggregate impact on the import of solar modules and cells is 40% and 27.5%, respectively.Risk factors (Item 1A)

Inflation Reduction Act of 2022

subject tonamed as a risk

We have received and expect to continue to receive certain financial benefits as a result of tax incentives enacted by the Inflation Reduction Act of 2022 and amended by the One Big Beautiful Bill Act of 2025.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

One Big Beautiful Bill Act of 2025

subject tonamed as a risk

Further, on July 4, 2025, the U.S. President signed H.R.1 into law, commonly referred to as the “One Big Beautiful Bill,” which significantly curtails the availability of certain energy tax credits.Risk factors (Item 1A)

Also named by COO, MRVL, NXT, PVLA, TT, WDC

EU RoHS Directive

subject tonamed as a risk

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.Risk factors (Item 1A)

Also named by FTNT, IDXX, SANM, SWKS, TER

Section 48E ITC and Section 45Y PTC

subject tonamed as a risk

Under the OBBBA and related U.S. Treasury and IRS guidance, utility‑scale solar projects generally must begin construction by early July 2026 to remain eligible for the 45Y or 48E credits, with projects that satisfy applicable beginning‑of‑construction and continuity requirements potentially eligible to be placed in service through 2030.Business (Item 1)

India Approved List of Models and Manufacturers (ALMM)

subject tonamed as a risk

In November 2025, the MNRE released a draft proposal that would increase the minimum efficiency of PV modules for manufacturers to be included in the ALMM beginning in 2027.Risk factors (Item 1A)

Uyghur Forced Labor Prevention Act

subject to

As part of our commitment to responsible sourcing and zero tolerance for forced labor, First Solar ensures that no module components are sourced from Xinjiang, China, and that no suppliers are connected to entities on the Uyghur Forced Labor Prevention Act entity list.Business (Item 1)

Also named by AMRC, ANET, ASO, CROX, DDS, FND, LULU, MPWR and 7 more

EU WEEE Directive

subject to

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.Business (Item 1)

Also named by TER