Short answer
First Solar (FSLR) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $4.2B (+26.7% year over year) and net income of $1.3B.
- Top risk flagged: Supply chain risk from long-term substrate glass agreements with termination penalties up to $475.1 million as of December 31, 2024
FY2024 key financial metrics · XBRL
- Revenue
- $4.2B
- +26.7% YoY
- Net income
- $1.3B
- +55.5% YoY
- Operating margin
- 33.2%
- +7.3 pp YoY
- Gross margin
- 44.2%
- +5.0 pp YoY
- EPS (diluted)
- $12.02
- +55.3% YoY
- ROE
- 16.2%
- +3.8 pp YoY
- Operating cash flow
- $1.2B
- +102.2% YoY
Source: XBRL data from the First Solar (FSLR) FY2024 10-K on SEC EDGAR. USD.
First Solar FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Advanced thin film photovoltaic (PV) solar module manufacturing using fully integrated U.S.-based process independent of Chinese crystalline silicon supply chains
- Emphasis on scaling highest-performance thin film PV tech as largest Western Hemisphere solar module manufacturer, maintaining U.S. headquarters leadership
- Strategic focus on reducing reliance on foreign supply chains and promoting responsible production distinguishing competitive positioning
- Net sales growth to $4.2B in 2024 from $3.3B in 2023, with net income rising to $1.29B from $831M, driven by modules segment performance
- Noteworthy: Recognition of revenue at point of module delivery with detailed audit focus due to complexity and materiality in current year filing
Management Discussion & Analysis
- Revenue $4.2B in 2024, up 27% from $3.3B in 2023, driven by higher module sales and contract termination payments
- Gross profit margin 44.2% in 2024 vs 39.2% in 2023, up 5.0 percentage points due to advanced manufacturing credits and sales mix
- Best segment: third-party module sales growth; manufacturing issues with Series 7 modules negatively affected revenue
- Sold $857.2M Section 45X tax credits to Visa, received $616.0M cash and expect remaining $202.6M in Q1 2025
- Production capacity ~21 GW in 2024; expect 18-19 GW production and 18-20 GW sales in 2025; expanding US manufacturing facilities
Risk Factors
- Supply chain risk from long-term substrate glass agreements with termination penalties up to $475.1 million as of December 31, 2024
- Geopolitical exposure with expanding U.S. and Indian facilities requiring increased property, plant, and equipment investments
- Manufacturing defect in Series 7 modules from 2023-2024 may cause premature power loss, impacting approximately 0.7 GW of modules
- Competitive risk includes potential underperformance of Series 7 modules with warranty liability increased by $56-100 million range
- Financial risk from product warranty liability sensitive to 100 basis point return rate increase, raising liability by $183.5 million
Generated from the filing text; verify against the original. How to read a 10-K
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