$FSLR

First Solar's entire $1.5B net income depends on Section 45X manufacturing tax credits worth $2.1-2.2B annually; without them the business loses money. Backlog has fallen 27% YoY to 50 GW despite rising US energy demand, and the company has concentrated 15+ GW of 2027 production in the US, creating existential policy risk if IRA credits are repealed or reduced.