First Solar designs, manufactures, and sells cadmium telluride (CdTe) thin film solar modules, used primarily in large utility-scale solar power plants in the U.S. Unlike dominant crystalline silicon (c-Si) competitors, First Solar's manufacturing process takes a raw glass sheet and produces a finished module in hours within a single factory, eliminating dependence on Chinese polysilicon and multi-step supply chains. This matters increasingly as U.S. tariffs, forced labor rules, and FEOC restrictions pressure Chinese-linked c-Si suppliers. First Solar sells modules directly to utilities, independent power producers, and large corporate energy buyers under long-term, fixed-price contracts with customer deposits, giving the company strong revenue visibility — its backlog stood at 50 GW (~$15B) at end of 2025. Revenue is driven by gigawatts shipped and ASP per watt. U.S.-manufactured modules benefit from the Section 45X Advanced Manufacturing Production Credit ($0.07/W), which is the primary driver of profitability. International facilities in Malaysia, Vietnam, and India carry lower costs but generate no 45X credit, and First Solar has curtailed Southeast Asia factories to near-idle as a result. The company is rolling out CURE, a next-generation CdTe platform improving energy yield and commanding ASP premiums, and is investing ~$100M annually in perovskite thin film R&D, which management views as the likely next step-change in solar efficiency. First Solar operates as a single Modules segment with no project development business.