FSLRFirst Solar

11 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Application of trade laws may also adversely impact, either directly or indirectly, our operating results; for example, by impacting our customers’ project costs, profitability, and their demand for our modules; or by impacting our own costs or disrupting our manufacturing or supply chains, and consequently negatively impacting demand and/or price levels for our solar modules, reducing our net sales, or affecting potential profitability of fulfilling customer contracts. We are therefore potentially subject to various risks, which include the following:

•any tariffs that reduce the profitability of contracts, whereby the cost of tariffs exceeds the amount able to be, or willing to be, absorbed by either us or the customer under the provisions of the contract and may lead to us or the customer cancelling such contract, potentially resulting in the reduction of future revenue, the loss of the contractual right to a termination payment from the customer, and potentially the required return of a previously received customer down payment;

•any reciprocal or other tariffs may place burdens on our customers’ supply chains exclusive of module import costs, including through increased costs of trackers, inverters, transformers, and other imported equipment, which are often heavily dependent on Chinese supply chains. These and other costs could result in an inability for certain projects to generate profitable returns, and may lead to the delay or abandonment of such projects, thereby reducing or removing demand for currently contracted PV module sales; and

•any reduction in our ability to profitably import modules from our international manufacturing locations as a result of tariffs or other trade laws could lead to us significantly reducing capacity utilization at certain international manufacturing facilities. Such underutilization may lead to potential impairment of certain international equipment and facilities and may also increase our selling costs and reduce our competitiveness in the market, thereby reducing demand for our modules.

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•United States — IEEPA Tariffs. In 2025, the U.S. President imposed a series of tariffs on nearly all U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). As it pertains to the countries where we manufacture solar modules, IEEPA tariffs applied to Vietnam (20%), India (25%), and Malaysia (19%). In August 2025, the U.S. President had imposed an additional 25% tariff

on India over its purchases of Russian oil, resulting in an overall rate of 50%. On February 20, 2026, the U.S. Supreme Court ruled the IEEPA tariffs unlawful. 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. The additional, higher tariffs on imports from these countries has increased the costs of our solar modules manufactured in these countries with respect to our U.S. market. Further, such circumstances have and may continue to impact our ability to sell certain modules into the United States and therefore have and may continue to also impact the operational status of certain of our international manufacturing facilities. As a result, our operating results have and may continue to be adversely impacted by these tariffs.

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•United States — Port Fees on Certain Chinese Vessel Operators and Chinese Vessel Owners. On April 17, 2025, the Office of the U.S. Trade Representative published a notice of final action based on an investigation under Section 301 of the Trade Act of 1974 into China’s targeting of the maritime, logistics, and shipbuilding sectors for dominance. The action imposes new port fees on Chinese vessel operators and/or Chinese vessel owners as well as on non-Chinese operators of Chinese-origin vessels beginning on October 14, 2025. The level of fees is on a sliding scale per net ton or, in the case of non-Chinese operators, the higher of a net ton or container-based fee. Effective November 10, 2025, however, the United States suspended implementation of such action for one year. Once implemented, such fees may impact our logistics services and consequently impact our profitability and results of operations.

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•United States — Potential Tariffs on Processed Critical Minerals and Derivative Products, Polysilicon, Robotics and Industrial Machinery. On April 22, 2025, the U.S. Secretary of Commerce initiated an investigation to determine the effects on the national security of imports of processed critical minerals, as well as their derivative products, under Section 232; on July 1, 2025, the U.S. Secretary of Commerce initiated a Section 232 investigation to determine whether imports of polysilicon and its derivatives impair U.S. national security; and on September 2, 2025, the U.S. Secretary of Commerce initiated an investigation to determine the effects on the national security of imports of robotics and industrial machinery under Section 232. The scope of these investigations is potentially broad and may cover materials and equipment used in solar module manufacturing. These investigations may result in the imposition of tariffs or import restrictions, or may remove barriers on the imports of competitor products and materials, all of which could negatively impact demand and/or price levels for our solar modules and limit our growth, lead to a reduction in our net sales, or increase our costs, thereby adversely impacting our operating results.

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prices or any limitations or disruptions in our supply chain could adversely impact our profitability and long-term growth objectives.

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5 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

September 30, 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 1,340,251 $ 1,007,346 Adjustments to reconcile net income to cash (used in) provided by operating activities: Depreciation and amortization 443,266 380,529 Share-based compensation 22,904 16,713 Deferred income taxes (37,466) 26,477 Other, net 43,196 36,274 Changes in operating assets and liabilities: Accounts receivable, trade (290,973) (196,967) Inventories (348,993) (679) Government grants receivable (1,285,786) (442,010) Other assets 15,328 (150,159) Income tax receivable and payable 56,711 (44,684) Accounts payable and accrued expenses (147,210) (164,194) Deferred revenue (220,745) 262,877 Other liabilities 6,803 83,689 Net cash (used in) provided by operating activities (402,714) 815,212 Cash flows from investing activities: Purchases of property, plant and equipment (434,662) (698,148) Purchases of marketable securities and restricted marketable securities (1,824,044) (1,307,656) Proceeds from sales and maturities of marketable securities 1,824,833 1,424,918 Other investing activities 5,806 2,952 Net cash used in investing activities (428,067) (577,934) Cash flows from financing activities: Proceeds from borrowings under debt arrangements, net of issuance costs 339,960 309,047 Repayment of debt (732,121) (357,515) Proceeds from other borrowings — 487,323 Repayment of other borrowings — (298,407) Payments of tax withholdings for restricted shares (945) (15,479) Other financing activities (874) (527) Net cash (used in) provided by financing activities (393,980) 124,442 Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents 3,670 2,021 Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (1,221,091) 363,741 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period 2,814,031 1,638,223 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period $ 1,592,940 $ 2,001,964 Supplemental disclosure of noncash investing and financing activities: Property, plant and equipment acquisitions funded by liabilities $ 128,461 $ 222,115 Proceeds to be received from asset-based government grants $ 111,681 $ 149,775

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of New York by Bradley Walkup. The parties filed a joint stipulation requesting that the court consolidate the derivative actions, which the court has not yet ruled on. We dispute all the allegations and intend to defend these actions vigorously. At this time, with respect to both the securities class action and the derivative actions, 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.

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On September 9, 2026, Swift Current Energy, LLC and certain of its affiliates (“Swift”) filed a complaint in the New York County Supreme Court against First Solar seeking damages and restitution. The complaint alleges certain modules deployed at the plaintiff’s Double Black Diamond Solar Power, Harvest Gold Solar Power, and Tres Bahias Solar Power projects failed to meet their warranted power output. The complaint also alleges that First Solar failed to honor its product warranties, that we misrepresented the power output of the modules sold to the plaintiffs, and that our module testing process is flawed and deliberately overstates module power output. We dispute the allegations in the complaint and intend to defend the action vigorously. The parties entered a stipulation allowing us to file an answer and/or move to dismiss on or before November 16, 2026. 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 this action.

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Legal proceedings

On September 23, 2026, TOYO Co., Ltd., TOPTOYO Investment PTE. Ltd., TOYO Solar Manufacturing One Member Private Limited Company, TOYO Solar Texas LLC, VSUN Solar USA Inc., Vietnam Sunergy Joint Stock Company, and Vietnam Sunergy (Bac Ninh) Company Limited (collectively, “TOYO”) filed suit in the district court for the Northern District of California seeking declaratory judgment that it does not infringe First Solar’s ’074 and

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’732 Patents through its manufacture, import, use, sale, and offering for sale of certain TOPCon solar products. First Solar’s deadline to answer or otherwise respond to the complaint is November 2, 2026.

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Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 24, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.