FIRST SOLAR, INC. (FSLR) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that FIRST SOLAR, INC. surfaced in its latest filing.

• The 'One Big Beautiful Bill' signed into law on July 4, 2025, accelerates termination of Section 45X advanced manufacturing production credit, ITC, and PTC.July 4, 2025
• IEEPA tariffs were ruled unlawful by the U.S. Supreme Court on February 20, 2026, and replaced by a 10% global tariff under Section 122 that terminated on July 24, 2026.February 20, 2026
• USTR imposed a final action under Section 301 on July 24, 2026, with a 10% tariff on Malaysia, India, and the EU, and a 12.5% tariff on China and Vietnam, related to failure to enforce forced labor prohibitions.July 24, 2026
• Port fees on Chinese vessel operators and owners under Section 301 published on April 17, 2025, were suspended for one year on November 10, 2025.April 17, 2025
• Section 232 tariffs on aluminum and steel increased to 50% effective June 4, 2025; copper tariffs of 50% effective August 1, 2025; softwood timber and lumber tariffs of 10% effective October 14, 2025.June 4, 2025
• Section 232 tariffs modified on April 6, 2026, to 50% on full value of primary aluminum, steel, and copper; 25% on derivative articles; and removal of certain products.April 6, 2026
• Section 232 investigations initiated on April 22, 2025 for processed critical minerals, July 1, 2025 for polysilicon, and September 2, 2025 for robotics and industrial machinery.April 22, 2025
• Final affirmative circumvention rulings in August 2023 for Cambodia, Malaysia, Thailand, and Vietnam using Chinese parts; AD/CVD duties apply from June 6, 2024, and for imports prior to that date not used by December 3, 2024.August 2023
• First Solar filed AD/CVD petitions in April 2024 on solar products from Cambodia, Malaysia, Thailand, and Vietnam; final AD/CVD rates ranged up to over 3,400%; AD/CVD orders issued on June 9, 2025.April 2024
• New AD/CVD petitions filed on July 17, 2025 for crystalline silicon solar products from India, Indonesia, and Laos; preliminary subsidy rates: India 125.87%, Indonesia up to 143.30%, Laos 80.67%; preliminary dumping rates: India 123.04%, Indonesia 35.17%, Laos 33.57%.July 17, 2025
• ALMM in India reimposed in April 2024 requiring qualifying modules from listed manufacturers including First Solar's Indian facility; amended in December 2024 to require domestically manufactured solar cells by June 2026; draft amendment in September 2025 requiring domestically manufactured wafers by June 2028 with First Solar as approved manufacturer.April 2024
• Indian import duty tariffs since April 2022; from February 2025, reduced to 20% each plus additional taxes resulting in aggregate 40% on modules and 27.5% on cells.April 2022
• Filed lawsuit on February 25, 2025 in Delaware against JinkoSolar alleging infringement of U.S. TOPCon patents.February 25, 2025
• On April 15, 2025, Mundra (parent: Adani Green Technology Limited) filed a declaratory judgment lawsuit in Delaware regarding two U.S. TOPCon patents.April 15, 2025
• Filed lawsuit on May 9, 2025 in Delaware against Canadian Solar alleging infringement of U.S. TOPCon patents.May 9, 2025
• Filed lawsuit on February 27, 2026 in Delaware against Trina Solar alleging infringement of U.S. TOPCon patents.February 27, 2026
• Filed petition on February 24, 2026 with USITC alleging infringement by entities affiliated with Axitec Solar, Canadian Solar, JA Solar, JinkoSolar, Mundra, Philadelphia Solar, Hanwha QCells, Runergy, Trina Solar, and VSUN through importation/sale of certain TOPCon solar products.February 24, 2026
• No insurance coverage against litigation costs.