FIRST SOLAR, INC. 10-K — AI Bull & Bear Analysis

The 2025 10-K presents a company at a critical inflection point, balancing aggressive industrial scaling against systemic regulatory and supply chain risks. While the company has successfully monetized U.S. industrial policy to drive profitability, the underlying cost of sales has risen, reflecting the friction of domestic manufacturing and new tariff impacts. The company's ability to maintain its edge now depends on the successful rollout of the CuRe technology roadmap and the stability of the U.S. trade regime. Ultimately, the filing reveals a high-stakes trade-off between a guaranteed revenue runway and the fragility of a single-source supply chain. The outcome of the JinkoSolar and Mundra patent litigations, alongside the ability to ramp capacity in Alabama and Louisiana, will determine if First Solar can sustain its position as a long-term infrastructure compounder.