# EDGAR Filing Document

**Accession Number:** 0001274494
**File Stem:** 0001274494-25-000081
**Filing Date:** 2025-10
**Character Count:** 26018
**Document Hash:** a456d21c3b49dc6cd952cd2a4bfb6a1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001274494-25-000081.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001274494-25-000081

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST SOLAR, INC.
- **CENTRAL INDEX KEY:** 0001274494
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 204623678
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33156
- **FILM NUMBER:** 251435583

**BUSINESS ADDRESS:**
- **STREET 1:** 350 WEST WASHINGTON STREET
- **STREET 2:** SUITE 600
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85288
- **BUSINESS PHONE:** (602) 414-9300

**MAIL ADDRESS:**
- **STREET 1:** 350 WEST WASHINGTON STREET
- **STREET 2:** SUITE 600
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85288

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST SOLAR HOLDINGS LLC
- **DATE OF NAME CHANGE:** 20031229

?xml version='1.0' encoding='ASCII'? fslr-20251030

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**October 30, 2025**

*Date of Report (Date of earliest event reported)*

**FIRST SOLAR, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33156** | **20-4623678** |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

**350 West Washington Street, Suite 600**

**Tempe, Arizona 85288**

*(Address of principal executive offices, including zip code)*

**(602) 414-9300**

*(Registrant's telephone number, including area code)*

**Not applicable**

*(Former name or former address, if changed since last report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, $0.001 par value | FSLR | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On October 30, 2025, First Solar, Inc. is issuing a press release and holding a conference call regarding its financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](ex991pressreleaseq3-2025.htm)</u> | <u>[Press Release of First Solar, Inc. dated October 30, 2025](ex991pressreleaseq3-2025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **FIRST SOLAR, INC.** | **FIRST SOLAR, INC.** |
| Date: October 30, 2025 | By: | /s/ JASON DYMBORT |
|  | Name: | Jason Dymbort |
|  | Title: | General Counsel & Secretary |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![fslr_logox2021a.jpg](fslr_logox2021a.jpg)

 News Release

**First Solar, Inc. Announces Third Quarter 2025 Financial Results and Updates Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net sales of $1.6 billion; Record volume sold of 5.3 GW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income per diluted share of $4.24**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gross cash balance of $2.0 billion; Net cash balance of $1.5 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 2.7 GW gross bookings since our last earnings call with an average selling price of 30.9 cents per watt, excluding contract pricing adjusters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Contracted sales backlog of 53.7 GW, valued at $16.4 billion, as of September 30, 2025**

**TEMPE, Arizona, October 30, 2025** – First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the third quarter ended September 30, 2025, and updated its 2025 guidance.

Net sales for the third quarter were $1.6 billion, an increase of $0.5 billion from the prior quarter. The increase in net sales was primarily due to an increase in the volume of modules sold to third parties.

The Company reported third quarter net income per diluted share of $4.24, compared to net income per diluted share of $3.18 in the second quarter of 2025.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, increased to $1.5 billion from $0.6 billion at the end of the prior quarter. The increase was primarily due to higher cash receipts from module sales, including advance payments for future sales, and favorable changes in working capital.

"As a result of our disciplined approach to balancing growth, liquidity, and profitability, we've further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales," said Mark Widmar, Chief Executive Officer. "While trade and policy developments have introduced new challenges for many in our industry, we continue to differentiate ourselves by offering pricing and delivery certainty, enabling us to respond effectively to evolving demand drivers and reinforce our leadership."

**www.firstsolar.com**

------

Our 2025 guidance has been updated as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prior** | **Prior** | **Prior** | **Current** | **Current** | **Current** |
| **Net Sales** | $4.90B | to | $5.70B | $4.95B | to | $5.20B |
| **Gross Margin (1)** | $2.05B | to | $2.35B | $2.10B | to | $2.20B |
| **Operating Expenses (2)** | $480M | to | $520M | $515M | to | $535M |
| **Operating Income (3)** | $1.53B | to | $1.87B | $1.56B | to | $1.68B |
| **Earnings per Diluted Share** | $13.50 | to | $16.50 | $14.00 | to | $15.00 |
| **Net Cash Balance (4)** | $1.3B | to | $2.0B | $1.6B | to | $2.1B |
| **Capital Expenditures** | $1.0B | to | $1.5B | $0.9B | to | $1.2B |
| **Volume Sold** | 16.7GW | to | 19.3GW | 16.7GW | to | 17.4GW |

---

——————————

(1)Assumes $155 million to $165 million of ramp and underutilization costs and $1.56 billion to $1.59 billion of Section 45X tax credits.

(2)Assumes $90 million of production start-up expense.

(3)Assumes $245 million to $255 million of production start-up expense, ramp and underutilization costs, and $1.56 billion to $1.59 billion of Section 45X tax credits.

(4)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2025.

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar's third quarter 2025 financial results, 2025 guidance, and financial outlook.

**Conference Call Details**

First Solar has scheduled a conference call for today, October 30, 2025, at 4:30 p.m. ET, to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. A replay of the webcast will also be available on the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for 30 days.

**About First Solar, Inc.**

First Solar, Inc. (Nasdaq: FSLR) is America's leading photovoltaic ("PV") solar technology and manufacturing company. The only U.S.-headquartered company among the world's largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at research and development ("R&D") labs in California and Ohio, our technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. For more information, please visit www.firstsolar.com.

**For First Solar Investors**

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for solar technology generally and for our technology specifically, including in the U.S. market, and our positioning to serve such demand; new capacity coming online; our expectations regarding the political and trade environment and its impacts; production and delivery of our modules; our financial guidance for 2025, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per diluted

**www.firstsolar.com**

------

share, net cash balance, capital expenditures, expected earnings cadence, volume sold, bookings, and expected module shipments; products and our business and financial objectives for 2025; the availability of benefits under certain production linked incentive programs, and the impact of the Internal Revenue Code including the Section 45X tax credits; and the impact of the implementation of new tariffs. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue," "contingent," and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications; the impact of public policies, such as tariffs, export controls, or other trade remedies imposed on solar cells and modules or related raw materials or equipment; interest rate fluctuations and our customers' ability to secure financing; our ability to execute on our long-term strategic plans, including our ability to secure financing and realize the potential benefits of strategic acquisitions and investments; the loss of any of our large customers, or the inability of our customers and counterparties to perform under their contracts with us, including through terminations by customers of any contract in part or in full; our ability to execute on our solar module technology and cost reduction roadmaps; the performance of our solar modules upon installation; our ability to improve the wattage of our solar modules; our ability to incorporate technology improvements into our manufacturing process, including the implementation of our Copper Replacement ("CuRe") program; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events and conflicts; environmental responsibility, including with respect to cadmium telluride ("CdTe") and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program or otherwise as required by external laws and regulations; supply chain disruptions; our ability to protect or successfully commercialize our intellectual property; our ability to prevent and/or minimize the impact of cybersecurity incidents or information or security breaches; our continued investment in research and development; the supply and price of key raw materials (including CdTe, tellurium, and tellurium compounds), components, and manufacturing equipment; our ability to construct new production facilities to support new product lines; evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters; our ability to avoid manufacturing interruptions, including during the ramp of our Series 7 module manufacturing facilities; our ability to attract, train, retain, and successfully integrate key talent into our team; the severity and duration of public health threats, and the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.

**Contacts**

**First Solar Investors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar Media**

<u>investor@firstsolar.com</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>media@firstsolar.com</u>

**www.firstsolar.com**

------

**FIRST SOLAR, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1992173 | $1621376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 47747 | 171583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable trade, net | 1442044 | 1261049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grants receivable, net | 684118 | 403759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1100850 | 1084384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 634836 | 546882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5901768 | 5089033 |
| Property, plant and equipment, net | 5759806 | 5413683 |
| Deferred tax assets, net | 183646 | 208808 |
| Restricted marketable securities | 215526 | 199136 |
| Government grants receivable | 296238 | 157570 |
| Goodwill | 30682 | 28335 |
| Intangible assets, net | 51262 | 54654 |
| Inventories | 254541 | 275372 |
| Other assets | 765840 | 697770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13459309 | $12124361 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $284542 | $482190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 78773 | 77363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 587679 | 508581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 272396 | 236424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1554707 | 712000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 311757 | 60884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3089854 | 2077442 |
| Accrued solar module collection and recycling liability | 145073 | 134394 |
| Long-term debt | 282565 | 373354 |
| Deferred revenue | 663058 | 1327825 |
| Other liabilities | 263447 | 233769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4443997 | 4146784 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,307,994 and 107,060,281 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2899631 | 2898418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 6270456 | 5263110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (154882) | (184058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 9015312 | 7977577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $13459309 | $12124361 |

---

**www.firstsolar.com**

------

**FIRST SOLAR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Net sales | $1594856 | $1097170 | $887668 | $3536594 | $2692258 |
| Cost of sales | 984111 | 597320 | 442357 | 2081596 | 1402055 |
| Gross profit | 610745 | 499850 | 445311 | 1454998 | 1290203 |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 47324 | 52590 | 46293 | 153078 | 138680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 60592 | 54487 | 50197 | 167468 | 144876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production start-up | 36734 | 31166 | 26822 | 85506 | 69681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation loss |  |  |  |  | 430 |
| Total operating expenses | 144650 | 138243 | 123312 | 406052 | 353667 |
| Gain on sales of businesses, net |  |  |  |  | 1115 |
| Operating income | 466095 | 361607 | 321999 | 1048946 | 937651 |
| Foreign currency loss, net | (8903) | (9728) | (5158) | (30224) | (17665) |
| Interest income | 23308 | 12100 | 22580 | 54273 | 74424 |
| Interest expense, net | (14121) | (9184) | (9008) | (32830) | (27983) |
| Other expense, net | (6034) | (2628) | (3071) | (10594) | (6435) |
| Income before taxes | 460345 | 352167 | 327342 | 1029571 | 959992 |
| Income tax expense | (4402) | (10299) | (14386) | (22225) | (61064) |
| Net income | $455943 | $341868 | $312956 | $1007346 | $898928 |
| Net income per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $4.25 | $3.19 | $2.92 | $9.40 | $8.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $4.24 | $3.18 | $2.91 | $9.37 | $8.36 |
| Weighted-average number of shares used in per share calculations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 107264 | 107245 | 107049 | 107211 | 107015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 107538 | 107518 | 107562 | 107492 | 107514 |

---

**www.firstsolar.com**

------

**FIRST SOLAR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $1007346 | $898928 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 388585 | 299079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 16713 | 21987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 26477 | (85343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of businesses, net |  | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 28218 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, trade | (196967) | (68823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (679) | (434375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government grants receivable | (442010) | (59181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (150159) | (183127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable and payable | (44684) | 35708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (164194) | (8953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 262877 | (13159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 83689 | 2139 |
| Net cash provided by operating activities | 815212 | 407003 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (698148) | (1212537) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities and restricted marketable securities | (1307656) | (2014764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of marketable securities | 1424918 | 1897997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 2952 | (12617) |
| Net cash used in investing activities | (577934) | (1341921) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings under debt arrangements, net of issuance costs | 309047 | 227654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt | (357515) | (205821) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from other borrowings | 487323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of other borrowings | (298407) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of tax withholdings for restricted shares | (15479) | (20144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payment and other financing activities | (527) | (7568) |
| Net cash provided by (used in) financing activities | 124442 | (5879) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 2021 | (2805) |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 363741 | (943602) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period | 1638223 | 1965069 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period | $2001964 | $1021467 |
| **Supplemental disclosure of noncash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment acquisitions funded by liabilities | $222115 | $264480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds to be received from asset-based government grants | $149775 | $159490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions funded by contingent consideration | $3600 | $11000 |

---

**www.firstsolar.com**

<br>