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FSLRFirst Solar

Technology · Semiconductors · Nasdaq
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The 10-K against last year's

164 changes: 20 added, 20 removed, 116 reworded, 8 quiet changes

10-K Feb 24, 2026 vs Feb 25, 2025
Risk FactorsRedline ↓
15.0%
of the text changed · 18,166 words now
MD&ARedline ↓
36.2%
of the text changed · 10,906 words now
Legal ProceedingsRedline ↓
36.3%
of the text changed · 2,216 words now
Accounting PoliciesRedline ↓
10.8%
of the text changed · 5,083 words now

10-K 0001274494-26-000021 (2026-02-24) vs 10-K 0001274494-25-000010 (2025-02-25)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 288 words changed in this paragraph; it is 32% similar to last year's version.
•India. The ALMM was introduced in 2021 as •United States. In April 2024, the American Alliance for Solar Manufacturing Trade Committee, which includes First Solar, filed a non-tariff barrier set of AD/CVD petitions with the USDOC and the USITC to incentivize domestic manufacturing of PV modules by approving the list of models impose duties on certain unfairly traded solar products from Cambodia, Malaysia, Thailand, and manufacturers who can participate in certain solar development projects. The ALMM is approved Vietnam. Following final affirmative determinations by the MNRE, USDOC and any modifications USITC that identified final subsidy rates of 534.67% to 3,403.96% for Cambodia, 14.64% to 168.8% for Malaysia, 263.74% to 799.55% for Thailand, and 68.15% to 542.64% for Vietnam, AD/CVD orders, including the ALMM assessment of countervailing duties and its application may affect future investments in suspension of liquidation of such products, were issued on June 9, 2025. On July 17, 2025, the Alliance for American Solar Manufacturing and Trade filed another set of AD/CVD petitions with the USDOC and the USITC to impose duties on unfairly traded crystalline silicon solar module manufacturing in India. For example, in December 2024, products from India, Indonesia, and Laos. In addition to a range of alleged illegal subsidies, the ALMM was amended petitioners identified dumping margins of 213.96% for India, 89.65% for Indonesia, and 245.79 to require nearly all solar development projects to use PV modules that contain domestically manufactured solar cells, which is expected to be effective 249.09% for such projects completed on or after June 2026. Laos. For more information about the ALMM, this development, see Item 1A. “Risk Factors – The modification, reduction, elimination, or expiration of government subsidies, economic incentives, eligibility limitations, 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, have, and in the future 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.”

Source: Item 7, 10-K 0001274494-26-000021 vs Item 7, 10-K 0001274494-25-000010

Legal Proceedings 247 words changed in this paragraph; it is 33% similar to last year's version.
We have 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. The ultimate loss Subsequently, we will incur for identified the causes of these manufacturing issues will depend and compiled and evaluated data 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 expected impact such issues may make to remediate the affected modules. Based have 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, performance, including select collecting samples of module performance data from several locations, locations. During the year ended December 31, 2025, we settled certain of our obligations related to these issues and continued to engage in settlement discussions with various additional customers. Based on such settlement experience, the estimated number of affected modules, and projections of probable costs to remediate the issues. As additional information becomes available to us, our issues, we believe a reasonable estimate of the aggregate potential future losses related will range from approximately $ 35 million to these manufacturing issues may change, and any change in estimate may also result in a change to our product warranty liability. $ 75 million.

Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001274494-26-000021 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001274494-25-000010

Risk Factors 224 words changed in this paragraph; it is 40% similar to last year's version.
•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 U.S. International Trade Commission (“USITC”) to impose duties on certain unfairly traded solar products from Cambodia, Malaysia, Thailand, and Vietnam. The investigations could potentially lead On April 21, 2025, the USDOC announced final determinations in the AD/CVD investigations. Final AD/CVD rates ranged from de minimis to over 3,400%, depending on the imposition particular foreign producer. On June 9, 2025, the USITC notified USDOC of its final affirmative determinations in the AD/CVD investigations. AD/CVD orders, including the assessment of AD/CVDs and suspension of liquidation of such products, were issued on June 9, 2025. On July 17, 2025, the Alliance for American Solar Manufacturing and Trade filed another set of AD/CVD orders petitions with the USDOC and the USITC to impose duties on such unfairly traded crystalline silicon solar products. products from India, Indonesia, and Laos. In June 2024, August 2025, 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 issue its preliminary countervailing duty determinations in June 2025. February 2026 and preliminary antidumping duty determinations in April 2026.

Source: Item 1A, 10-K 0001274494-26-000021 vs Item 1A, 10-K 0001274494-25-000010

Accounting Policies 124 words changed in this paragraph; it is 45% similar to last year's version.
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

Source: 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0001274494-26-000021 vs 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0001274494-25-000010

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of FSLR's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-25. Each links to the text at sec.gov.

All 164 Added 20Removed 20Reworded 116Quiet changes 8
RemovedRisk Factors
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
•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

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
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,

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

Show the other 11
RemovedMD&A
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
generation resources. Accordingly, future retirements of aging energy generation resources represent a significant increase in the potential market for solar energy.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
•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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.”

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-25 at sec.gov ↗

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