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FSLR First Solar

FY2025 10-K
Filed: Feb 24, 2026
Information Technology
Semiconductors & Related DevicesSEC EDGAR
First Solar Overview

First Solar (FSLR) filed its fiscal year 2025 10-K annual report with the SEC on Feb 24, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

Business Overview

  • • US-focused thin film CdTe solar module manufacturer; US accounted for 96% of 2025 net sales
  • • Production commenced at new Alabama and Louisiana Series 7 facilities in 2024-2025; sixth US plant expected H2 2026
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Management Discussion & Analysis

  • • Revenue $5.2B in 2025, up 24% YoY (+$1.0B) vs $4.2B in 2024, driven by 24% volume increase in modules sold
  • • Gross margin 40.6% vs 44.2% in 2024 (-3.6pp); operating margin 30.6% vs 33.2%; net margin 29.3% vs 30.7%
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Risk Factors

  • • Section 45X credit (~$0.17/watt for U.S. modules) at risk from "One Big Beautiful Bill" signed July 4, 2025, curtailing energy tax credits
  • • China tightened tellurium export controls Feb 2025; tellurium is sole key input for CdTe modules, with China as major global producer
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Financial Summary
XBRL

Revenue

$5.2B

Net Income

$1.5B

Gross Margin

40.6%

Operating Margin

30.6%

Net Margin

29.3%

ROE

16.0%

Total Assets

$13.3B

EPS (Diluted)

$14.21

Operating Cash Flow

$2.1B

Source: XBRL data from First Solar FY2025 10-K filing on SEC EDGAR. All figures in USD.

Other First Solar Annual Reports

FY2024 10-K

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