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Here are a few analogies for First Solar (FSLR):

• The Intel of utility-scale solar panels.
• The Caterpillar of large-scale solar power plants.

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• Thin-Film PV Modules: First Solar manufactures high-performance solar panels using proprietary cadmium telluride (CdTe) semiconductor technology for utility-scale solar projects.
• Utility-Scale PV Power Plant Solutions: The company provides integrated solutions for large-scale solar power plants, encompassing project development, engineering, procurement, construction (EPC), and operations and maintenance (O&M) services.

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First Solar (symbol: FSLR) primarily sells its products and services to other companies (B2B), not directly to individuals. Its major customers are typically utility-scale solar project developers, independent power producers (IPPs), and electric utilities.

While First Solar generally sells to a diverse range of customers and does not typically disclose individual "major customers" (e.g., those accounting for more than 10% of revenue) in its public filings, here are examples of prominent companies in the renewable energy sector that are known to be customers or partners that utilize First Solar's modules or acquire its solar power plants:

• NextEra Energy Resources: As one of the largest developers and operators of renewable energy projects globally, NextEra Energy Resources (a subsidiary of public company NextEra Energy, symbol: NEE) frequently uses advanced solar technology in its projects and is a significant player in the market First Solar serves.
• EDF Renewables: A major global renewable energy developer, EDF Renewables (a subsidiary of public company EDF, symbol: EDF on Euronext Paris) has partnered with First Solar on various large-scale solar projects.
• Lightsource BP: A global solar energy developer and asset manager, partially owned by public company BP (symbol: BP), Lightsource BP has deployed First Solar technology in its projects.
• Arevon Energy: A leading renewable energy company that develops, owns, and operates utility-scale solar and storage projects. Arevon is a private company that has significantly utilized First Solar modules.
• Leeward Renewable Energy: A prominent US-based renewable energy developer and operator that has acquired projects utilizing First Solar technology and often partners with module manufacturers for its developments. Leeward Renewable Energy is a private company.

These companies represent the types of large-scale developers, IPPs, and utilities that constitute First Solar's core customer base.

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• Materion Corporation (NYSE: MTRN)

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Mark Widmar, Chief Executive Officer

Mark Widmar became CEO of First Solar in July 2016. He joined the company in April 2011 as Chief Financial Officer and served as Chief Accounting Officer from February 2012 to June 2015. Prior to First Solar, Mr. Widmar was the Chief Financial Officer of GrafTech International Ltd. from May 2006 to March 2011, also serving as President, Engineered Solutions from January 2011 to March 2011. He held positions as Corporate Controller of NCR Inc. from 2005 to 2006 and a business unit Chief Financial Officer for NCR from 2002 to 2005. He also served as a division controller at Dell from August 2000 to November 2002 and held various financial and managerial positions with Lucent Technologies Inc., Allied Signal Inc., and Bristol Myers/Squibb Inc. He began his career in 1987 as an accountant with Ernst & Young. Mr. Widmar also served as a director on the board of 8point3 Energy Partners LP, a publicly-traded yieldco and affiliate of First Solar.

Alexander R. Bradley, Chief Financial Officer

Alexander R. Bradley has served as the Chief Financial Officer of First Solar since October 2016. Before this, he was the Vice President of Treasury and Project Finance for the company. Mr. Bradley brings over 10 years of experience in investment banking, mergers and acquisitions, project finance, and business development. He also serves as a Director of 8point3 Energy Partners LP.

Georges Antoun, Chief Commercial Officer

Georges Antoun has been the Chief Commercial Officer of First Solar since July 2016. His previous roles at First Solar include President (U.S.) from 2015 to 2016 and Chief Operating Officer from 2012 to 2015. With over 20 years of operational and technical experience, he has held leadership positions at several global technology companies. He was a Venture Partner at Technology Crossover Ventures. Mr. Antoun also served as CEO of Redback Networks and Head of Product Area IP & Broadband Networks for Ericsson following its acquisition of Redback Networks. His career also includes senior management roles at Newbridge Networks and NYNEX (now Verizon Communications), and he was Vice President of Worldwide Systems Engineering and Field Marketing, Vice President of Worldwide Optical Operations, and Vice President of Carrier Sales at Cisco Systems.

Jason Dymbort, General Counsel & Secretary

Jason E. Dymbort joined First Solar in March 2008 and was appointed General Counsel and Secretary in July 2020. He oversees First Solar's legal department globally, including transactional, trade, intellectual property, compliance, and corporate governance functions. Mr. Dymbort also served as general counsel and secretary for the general partner of 8point3 Energy Partners, a publicly-traded yieldco and affiliate of First Solar. Before his tenure at First Solar, he worked as a corporate attorney at Cravath, Swaine & Moore LLP.

Michael Koralewski, Chief Supply Chain Officer

Michael Koralewski serves as First Solar's Chief Supply Chain Officer. Prior to this role, he held positions as Chief Manufacturing Operations Officer, Senior Vice President of Global Manufacturing from 2015 to 2020, Vice President of Global Site Operations and Plant Manager from 2011 to 2015, and Vice President of Global Quality at First Solar. His experience also includes various global operational and quality management roles at Dana Inc.

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The key risks to First Solar's business are primarily centered around policy changes and the inherent competitive dynamics of the solar industry, alongside operational challenges related to its supply chain.

1. Policy Uncertainties and Changes in Government Subsidies/Tax Credits: First Solar's financial performance and valuation are significantly influenced by government incentives, particularly the 45X tax credit and other provisions of the Inflation Reduction Act (IRA). There is a substantial risk associated with the potential repeal, modification, or an earlier phase-out of these crucial tax credits, which could materially impact the company's profitability and long-term growth strategy. For instance, the 45X tax credit is noted to "significantly distort[] First Solar's profitability and valuation", and a proposed bill in the U.S. Senate Finance Committee to phase out solar tax credits starting in 2026, four years earlier than expected, would directly affect First Solar due to its high reliance on U.S. projects. A shift in the political landscape could also lead to a less favorable regulatory environment for renewable energy companies, threatening the momentum attributed to current policies. The substantial role government subsidies play in First Solar's financial success makes it highly vulnerable to policy reversals.
2. Intense Competition and the Commodity Nature of Solar Panels: The solar panel market, especially in the utility-scale segment where First Solar operates, is largely characterized as a commodity market, leading to significant price fluctuations and intense competition. While First Solar utilizes proprietary thin-film technology, its competitive advantage in efficiency and performance is considered "fleeting" due to rapid advancements in competing technologies, such as mono-PERC. This environment challenges First Solar's ability to maintain pricing power and differentiate its products, particularly against lower-cost alternatives from international competitors.
3. Supply Chain Disruptions, Raw Material Volatility, and Trade Tariffs: First Solar faces operational and financial risks from volatility in raw material prices, such as tellurium used in its cadmium telluride modules, which can directly impact production costs and profit margins. Furthermore, ongoing trade disputes, tariffs, and other trade remedies on solar cells, modules, or related raw materials can disrupt supply chains, increase costs, and create market uncertainty. Even as a U.S.-based manufacturer, First Solar can be affected by tariffs on raw materials and components, which could impact its costs, competitiveness, and potentially its export markets.

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The rapid advancements in efficiency, manufacturing scalability, and potential for lower costs of perovskite solar cells pose a clear emerging threat. While still largely in the research and early commercialization phases, perovskite technology has demonstrated the potential for higher efficiencies and lower material consumption compared to conventional photovoltaic technologies, including First Solar's cadmium telluride (CdTe) thin-film technology. If perovskites overcome current stability and longevity challenges and achieve mass production at scale, they could fundamentally disrupt the solar module market by offering superior performance characteristics at a lower cost, thereby eroding the market share and competitive advantage of established players like First Solar.

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Expected drivers of future revenue growth for First Solar (FSLR) over the next 2-3 years include:

1. Expansion of Manufacturing Capacity and Series 7 Module Rollout: First Solar is significantly expanding its manufacturing capacity, particularly in the United States and India, to meet growing demand. The ramp-up and full utilization of new facilities, alongside the increased production and sales of its advanced Series 7 modules, are expected to directly drive higher sales volumes and revenue.
2. Strong Demand in the Utility-Scale Solar Market: The global and particularly the U.S. utility-scale solar market continues to exhibit robust demand, fueled by decarbonization goals, energy security initiatives, and favorable economics. First Solar, as a leading provider of thin-film modules for this segment, is well-positioned to capitalize on this sustained demand.
3. Benefits from the U.S. Inflation Reduction Act (IRA): The Inflation Reduction Act provides substantial manufacturing tax credits (e.g., Section 45X) for solar components produced in the United States. First Solar, with its significant and expanding U.S. manufacturing footprint, is expected to realize considerable benefits from these credits, which can enhance profitability and potentially allow for more competitive pricing, thereby supporting revenue growth.
4. Robust Booking Activity and Backlog: First Solar has consistently reported strong booking activity and a multi-year backlog of module sales. This extensive backlog provides significant revenue visibility and a stable foundation for future revenue recognition as these contracted sales are delivered over the coming years.

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