The company said net sales for 2025 rose 24% to $5.2 billion from $4.2 billion in 2024, primarily driven by higher volumes of modules sold to third parties.

10-KAnnual reportFiled Feb 24, 2026Period of report Dec 31, 2025Summary published (UTC) Oct 2, 2026

Key points

AI summary

The company said net sales for 2025 rose 24% to $5.2 billion from $4.2 billion in 2024, primarily driven by higher volumes of modules sold to third parties.
The company said gross profit as a percentage of net sales for 2025 fell to 40.6% from 44.2% in 2024, a decline of 3.6 percentage points. It cited a sales mix with more U.S.-produced modules, higher warehousing, duties, tariff and logistics costs as factors, partly offset by higher recognition of advanced manufacturing production credits under Section 45X of the IRC.
The company said it sold Section 45X tax credits generated in 2025 in two transactions for $701.9 million ($668.1 million in cash) and $699.7 million ($668.2 million in cash). It expects to receive $95.2 million of the latter in Q1 2026, and cash, cash equivalents and marketable securities went from $1.8 billion to $2.9 billion.
The company said it terminated its master supply agreements with BP Solar Holding LLC and Lightsource Renewable Energy Trading, LLC in 2025 because the customers failed to cure breaches of their contractual obligations. The termination payments under the contractual provisions totaled $384.6 million, of which it recognized $61.0 million as revenue. In September 2025, it filed a complaint seeking payment of the remaining termination payments.

Key figures

Fiscal year ended December 31, 2025

Revenue: $5.2B
Operating income: $1.6B
Net income: $1.5B
EPS: $14.21
Gross profit: $2.1B
Operating cash flow: $2.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net sales up 24% in 2025

The company said net sales for 2025 rose 24% to $5.2 billion from $4.2 billion in 2024, primarily driven by higher volumes of modules sold to third parties.

Source · Based on the MD&A text of the filing

Gross margin down 3.6 percentage points to 40.6%

The company said gross profit as a percentage of net sales for 2025 fell to 40.6% from 44.2% in 2024, a decline of 3.6 percentage points. It cited a sales mix with more U.S.-produced modules, higher warehousing, duties, tariff and logistics costs as factors, partly offset by higher recognition of advanced manufacturing production credits under Section 45X of the IRC.

Source · Based on the MD&A text of the filing

Section 45X tax credit sales and higher cash

The company said it sold Section 45X tax credits generated in 2025 in two transactions for $701.9 million ($668.1 million in cash) and $699.7 million ($668.2 million in cash). It expects to receive $95.2 million of the latter in Q1 2026, and cash, cash equivalents and marketable securities went from $1.8 billion to $2.9 billion.

Source · Based on the MD&A text of the filing

Contract terminations and lawsuit involving BP Solar Holding

The company said it terminated its master supply agreements with BP Solar Holding LLC and Lightsource Renewable Energy Trading, LLC in 2025 because the customers failed to cure breaches of their contractual obligations. The termination payments under the contractual provisions totaled $384.6 million, of which it recognized $61.0 million as revenue. In September 2025, it filed a complaint seeking payment of the remaining termination payments.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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