First Solar, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Solar, Inc. has filed its 2023 Form 10-K, detailing its fiscal year-end financial performance and business operations.</b>

AI Summary

FIRST SOLAR, INC. (FSLR) filed a Annual Report (10-K) with the SEC on February 27, 2024. First Solar, Inc. reported its 2023 fiscal year-end results on February 27, 2024. The company's principal executive offices are located at 350 West Washington Street, Suite 600, Tempe, AZ 85288. The filing covers the fiscal year ending December 31, 2023. First Solar, Inc. is incorporated in Delaware. The company's SIC code is 3674 for Semiconductors & Related Devices.

Why It Matters

For investors and stakeholders tracking FIRST SOLAR, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of First Solar's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. As a key player in the solar energy sector, the details within this filing offer insights into the company's ability to navigate market dynamics, regulatory changes, and technological advancements in renewable energy.

Risk Assessment

Risk Level: medium — FIRST SOLAR, INC. shows moderate risk based on this filing. The company operates in the highly competitive and rapidly evolving solar energy industry, subject to significant technological changes, government policies, and global supply chain disruptions, as indicated by the nature of its business and the industry it serves.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand First Solar's performance and outlook in the dynamic renewable energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-27 — Filing Date (FILED AS OF DATE)
• 125 — Public Document Count (CONFORMED SUBMISSION TYPE)
• 3674 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• FIRST SOLAR, INC. (company) — FILER
• 350 WEST WASHINGTON STREET (address) — BUSINESS ADDRESS
• TEMPE (location) — CITY
• AZ (location) — STATE
• DE (location) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE
• 3674 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Risk Factors

• Market Competition and Pricing [high — market]: The solar energy market is highly competitive, with significant price pressure and rapid technological advancements that could impact First Solar's market share and profitability.
• Government Policies and Regulations [medium — regulatory]: Changes in government policies, incentives, and regulations related to renewable energy and trade could adversely affect First Solar's business, financial condition, and results of operations.
• Manufacturing and Supply Chain Risks [medium — operational]: Disruptions in the supply chain, manufacturing process issues, or the inability to scale production to meet demand could negatively impact First Solar's ability to deliver products and services.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FSLR The NASDAQ Stock Market
• $1 billion — l forms of energy generation. With over $1 billion in cumulative R&D investments in the la

Filing Documents

• fslr-20231231.htm (10-K) — 2612KB
• ex1030formofperformanceuni.htm (EX-10.30) — 178KB
• ex1031formofrsuawardagreem.htm (EX-10.31) — 177KB
• ex1032formofgrantnoticefor.htm (EX-10.32) — 15KB
• ex1033formofoptionawardagr.htm (EX-10.33) — 180KB
• ex1034formofshareawardagre.htm (EX-10.34) — 157KB
• ex1035formofcashincentivea.htm (EX-10.35) — 129KB
• ex1036formofperformancecas.htm (EX-10.36) — 125KB
• ex211listofsubsidiaries2023.htm (EX-21.1) — 7KB
• ex231consentofindependentr.htm (EX-23.1) — 2KB
• ex311certificationofchiefe.htm (EX-31.1) — 12KB
• ex312certificationofchieff.htm (EX-31.2) — 12KB
• ex321certificationofchiefe.htm (EX-32.1) — 8KB
• ex971firstsolarincclawback.htm (EX-97.1) — 25KB
• fslr-20231231_g1.jpg (GRAPHIC) — 173KB
• fslr-20231231_g2.jpg (GRAPHIC) — 167KB
• fslr_logox2021.jpg (GRAPHIC) — 173KB
• fslr_logox2021a.jpg (GRAPHIC) — 173KB
• fslr_logox2021b.jpg (GRAPHIC) — 173KB
• fslr_logox2021c.jpg (GRAPHIC) — 173KB
• fslr_logox2021e.jpg (GRAPHIC) — 173KB
• 0001274494-24-000004.txt (&nbsp;) — 17649KB
• fslr-20231231.xsd (EX-101.SCH) — 76KB
• fslr-20231231_cal.xml (EX-101.CAL) — 134KB
• fslr-20231231_def.xml (EX-101.DEF) — 561KB
• fslr-20231231_lab.xml (EX-101.LAB) — 1211KB
• fslr-20231231_pre.xml (EX-101.PRE) — 772KB
• fslr-20231231_htm.xml (XML) — 2603KB

Business

Item 1. Business 3 Information about Our Executive Officers 15

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity 43

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 45

Reserved

Item 6. Reserved 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 64

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 66

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66

Controls and Procedures

Item 9A. Controls and Procedures 66

Other Information

Item 9B. Other Information 67

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 67

Executive Compensation

Item 11. Executive Compensation 67

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 68

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 68 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 69

Form 10-K Summary

Item 16. Form 10-K Summary 124

Signatures

Signatures 125 Throughout this Annual Report on Form 10-K, we refer to First Solar, Inc. and its consolidated subsidiaries as "First Solar," "the Company," "we," "us," and "our." Units of electricity are typically stated in megawatts ("MW") and gigawatts ("GW"). Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Securities Act of 1933, as amended (the "Securities Act"), which are subject to risks, uncertainties, and assumptions that are difficult to predict. All statements in this Annual Report on Form 10-K, other than statements of historical fact, are forward-looking statements. These forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements, among other things, concerning: effects resulting from certain module manufacturing changes; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, module volumes produced, module volumes sold, revenues, gross margin, operating expenses, products, projected costs (including estimated future module collection and recycling costs), warranties, solar module technology and cost reduction roadmaps, restructuring, product reliability, investments, and capital expenditures; our ability to successfully integrate an acquired business; our ability to continue to reduce the cost per watt of our solar modules; the impact of public policies; the potential impact of legislation intended to encourage renewable energy investments through tax credits; our ability to expand manufacturing capacity worldwide, including our plans to construct new manufacturing facilities in the United States and

Business

Item 1. Business Company Overview We are a leading American solar technology company and global provider of photovoltaic ("PV") solar energy solutions. Developed at our research and development ("R&D") labs in California and Ohio, we manufacture and sell PV solar modules with an advanced thin film semiconductor technology that provide a high-performance, lower-carbon alternative to conventional crystalline silicon PV solar modules. From raw material sourcing through end-of-life module recycling, we are committed to reducing the environmental impacts and enhancing the social and economic benefits of our products across their life cycle. We are the world's largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. In addressing the overall global demand for electricity, PV solar modules provide energy at a lower levelized cost of electricity ("LCOE"), meaning the net present value of a system's total life cycle costs divided by the quantity of energy that is expected to be produced over the system's life, when compared to traditional forms of energy generation. With over $1 billion in cumulative R&D investments in the last 10 years alone, we have a demonstrated history of innovation and continuous improvement. We believe our strategies and points of differentiation provide the foundation for our competitive position and enable us to remain one of the preferred providers of PV solar modules. Business Strategy Advanced Module Technology Our current module semiconductor structure is a single-junction polycrystalline thin film that uses Cadmium Telluride ("CdTe") as the absorption layer. CdTe has absorption properties that are well matched to the solar spectrum and can deliver competitive wattage using approximately 2% to 3% of the amount of semiconductor material used to manufacture conventional crystalline silicon modules. In terms of performance, in many climates our solar modules provide certain e

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View this 10-K filing on SEC EDGAR